It depends because foreign specified assets include financial accounts deposited in Banks as well as other things such as stock or securities issued by someone other than a U.S. person,any interest in a foreign entity, and any financial instrument or contract that has an issuer or counterparty that is other than a U.S. person, that are held for investment and not held in an account maintained by a financial institution. According to the IRS, examples of other specified foreign financial assets (not an exhaustive list) include, if they are held for investment: stock issued by a foreign corporation; a capital or profits interest in a foreign partnership; and interest in a foreign trust or foreign estate.
Foreign specified assets embrace many aspects of which foreign financial are a part of. Here is an IRS source that explains this and the difference between FBAR & 8938 filing requirements.
As far as reporting on a 3520, I looked in the instructions for form 3520, you do not need to report distributions from a Canadian RRSP plan. I read this in the section titled Exceptions to Filing.
It also mentions that certain eligible individuals’ transfers to, ownership of, and distributions from certain tax-favored foreign retirement trusts and certain tax-favored foreign nonretirement savings trusts, as described in section 5 of Rev. Proc. 2020-17. For more information about whether you are an eligible individual and whether your foreign trust qualifies for an exemption from foreign trust information reporting, see Rev. Proc. 2020-17, 2020-12 I.R.B. 539, available at IRS.gov/IRB/2020-12_IRB#REV-PROC-2020-17. You may research this link to see if your RESP or TFSA falls within the definition of a tax-favored trust that can be considered an exception for filing on a 3520.
Lastly, if you have a 3520 reporting requirement, Foreign Deposit Accounts ar accounts that are maintained in Foreign Banks. All other types of accounts are considered custodial.
Let me know if this helps.
{Edited 03/02/23 } 1:36 PM PST} @bogao3037
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