I have a question that's been very challenging to find the correct answer regarding if there is definitely a need to file form 8938 for a RRSP under this circumstance:
- US Green Card living in US since 2009. Has Canadian RRSP since 2005 ($20K in 2005, now $60K USD in 2021), and DID file 8891 every year from 2009 up until 8891's discontinuation in 2014.
- Has reported the RRSP every year to date on FBAR/finCEN 114.
- Has answered YES to year 2013's 8891 form to question 6a: "Have you previously made an election under Article XVIII(7) of the U.S.-Canada income tax treaty to defer U.S. income tax on the undistributed earnings of the plan?"
Does form 8938 still need filing every year? (again, taking into account that the election of deferring US income tax going forward was answered YES in form 889) If form 8938 IS still required, how to best correct years past of not filing form 8938 and what are the possible likely penalties?
