It depends on the value of your account and the type of account you hold. If your TFSA is held in a trust then you may be required to complete all three forms. See the dollar amounts below that detail which forms you may need to file.
For unmarried taxpayers, if the total value of your specified foreign financial assets is more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year, then Form 8938 is required.
If you receive a gift and the value was more than $100,000, then you need to complete Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts. If the gift came from a trust, the form is required regardless of the dollar amount. Trust accounts also need to complete Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner every tax year. However, certain Canadian pension plans (RRSPs and RRIFs) are exempt from the reporting requirement. Forms 3520 and 3520-A are not supported by TurboTax.
