How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barbara Your Own Question
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3363
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
Type Your Tax Question Here...
Barbara is online now
A new question is answered every 9 seconds

Question regarding form 3520 and Canadian RESP reporting.

Customer Question

Question regarding form 3520 and Canadian RESP reporting for trusts.I am Canadian who is now US resident.Before moving to the US and becoming US resident - I transferred my family RESP - to my parents - Canadians. By having the grandparents becoming the subscribers of the RESP, I am hopefully able to avoid the anual reporting of this as a trust by a US resident and I am no longer direclty connected to the trust and it was transferred while a CDN resident only.The beneficiaries are my children who are US citizens.My understanding is the only reporting now required is if any distributions are used - my child receiving the distribution would then report the income on 3520.Can you confirm if this is correct?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: Don't think so
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Actually, TFSA, RDSP, and RESP plans are not trusts under U.S. law, and no filing of Form 3520 is required. However, the income/generated generated by the RESP is required to be reported on a U.S. citizen's tax return.

The following links contain excellent information which you will find helpful:

Please let me know if you require further information or clarification.

Thank you and best regards,


Expert:  Barbara replied 1 year ago.

Just following up with you to see if you have any other questions or concerns. If so, please come back to me here, and I will be happy to assist you.

Best regards,