RRSP on Form 8938

[jflav]

I have to report an RRSP account on Form 8938.  Is an RRSP considered a Custodial Account or an Other Foreign Asset in Part VI.

[JohnW152]

This would appear to be a custodial account.  

According to Financial Account in the IRS’ Instructions for Form 8938 (Rev. November 2021):  

A financial account is any depository or custodial account (under Regulations section 1.1471-5(b)(1)(i) or (ii)) maintained by a foreign financial institution as well as any equity or debt interest in a foreign financial institution (other than interests that are regularly traded on an established securities market) or any cash value life insurance or annuity contract maintained by an insurance company or other foreign financial institution. A specified foreign financial asset includes a financial account maintained by a financial institution that is organized under the laws of a U.S. possession (American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, Puerto Rico, or the U.S. Virgin Islands).

[JMS306]

RRSPs used to get reported on a different form. The year that form was discontinued, the IRS instructed us to report is as an "Other Foreign Asset".  So I continue to report it that way (even though Custodial Account seems to make the most sense).  Have a look at page 1 of the 2014 instructions for Form 8938: 

 https://www.irs.gov/pub/irs-prior/i8938--2014.pdf