Information on FinCEN Form 114 is available at /NoRegFBARFiler.html.Ĭopyright royalties and other like payments for the production or reproduction of any literary, dramatic, musical, or artistic work (other than payments for motion pictures and works on film, videotape, or other means of reproduction for use in connection with television, which may be taxed at 10%), However, the revenue procedure does not affect any other reporting obligations that a beneficiary or annuitant of a Canadian retirement plan (including RRSPs and RRIFs) may have, including the requirement to file a Form 8938, Statement of Specified Foreign Financial Assets, and FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).įor more information on the election and information reporting requirements, see Revenue Procedure 2014-55. Revenue Procedure 2014-55 also provides guidance concerning information reporting with respect to interests in certain Canadian retirement plans (including RRSPs and RRIFs). If these individuals want to make the election, they must seek approval from the IRS. federal income tax return are not eligible individuals as described in Revenue Procedure 2014-55, and must continue to report the undistributed income accrued in their Canadian retirement plan on their U.S. Individuals who have previously reported the undistributed income accrued in a Canadian retirement plan (including RRSP or RRIF) on a U.S. An individual who has previously made the election on Form 8891 or under the procedures set forth in Revenue Procedure 2002-23 (superseded by Revenue Procedure 2014-55) is not required to file Form 8891 or a similar statement for tax years after December 31, 2012. tax on the undistributed income from the plan.įiling Form 8891 (now obsolete) is no longer required to make the election. citizen or resident.Įligible individuals are treated as having made the election in the first year in which they would have been entitled to defer U.S. Has reported any and all distributions received from the plan as if the individual had made an election under Article XVIII(7) of the Convention for all years during which the individual was a U.S. federal income tax return the earnings that accrued in, but were not distributed by, the plan during any tax year in which the individual was a U.S. Has not reported as gross income on a U.S. federal income tax return for each tax year during which the individual was a U.S. Has satisfied any requirement for filing a U.S. citizen or resident (within the meaning of section 7701(b)(1)(A)) while a beneficiary of the plan