OMG please help me, I have not slept or eaten in 2 days I am beyond sick with worry.
I was reading on a travel site about people who live and move form USA to other countrys, and vice vera, then one lady asked about
FBAR....I continued to read since I had no idea what that was, to my absolute horror it is a foreign bank acct report.
Also to my horror people who are US residents and have RRSP in canada are suppose report this on their 1040,using a 8891.
also you have to fill out FBAR to the dept of treasury if you have more than $10,000 us.
this was all from extensive research for 2 whole nights, and days.
Here is my background,
married to a canadian 22 years ago, moved to usa 19years ago.
to date as of dec 2013 I still have 2 RRSP'S worth about $6,000 mine
my husband has 4 small RRSP'S as of dec 2013, they were worth $14,000
the RRSP's have just been in TD and RBC ,they have not been touched, moved ,or even looked at for years.
We receive the end of year statements form canada and thats it, ...or so I thought.
I had no idea that these were foreign, off shore assets, I swear to god.
Since they RRSP and similar to IRa's I just left them be, we never received 1099's or anything similar to suggest anything else.
I understand ignorance on my part is not a defense.
nothing was removed from the accts, they have stayed the same for years, in fact I think my husbands RRSP have grown a total of maybe $1,500 in more than 10 years.
my main worry is his, since its more than $10,000us
I am out of my mind with panic and worry, seriously have only slept 4 hrs in the past 48 hrs.
From all my searching, this is what I am thinking to do.
on monday call our tax person and explain to him my findings, talk to him about amending our 2013 returns , and previous 3 years returns using 8891 and get him to write a letter about his ingnorent client...me.
I will also ask him about the FBAR reporting.
I am totally a nervous wreck as you can tell, someone please help me.
we have never,ever tried to lie, deceive or hide anything ever.