TFSA and RESP Issues
Hey All, I’m a dual citizen who’s been living in Canada for the last 20 years. I recently became aware that I should have been reporting and paying taxes on my TFSA and maybe my kids, RESP. The TFSA has about 30k and the RESP around 40k. Both have been invested in non us mutual funds which I now know further complicates things.
It seems like many in a similar situation have closed their TFSA and moved the money to their RSP which seems like an easy option. Not sure about the RESP though.
Ideally I’d like to refile amended returns myself to keep costs down but I normally just use turbo tax and realize I might be in cross-border accountant territory to get this rectified correctly. How many years of amended returns are needed, I’ve read from 3-6 ?
Also it’s worth noting Ive always reported all accounts on the FBAR so that should be fine. Any thoughts or advice is appreciated. Thanks!