Many Canadian residents who are U.S. citizens, Green Card holders, or otherwise subject to U.S. tax filing obligations hold Tax-Free Savings Accounts (TFSAs), Registered Education Savings Plans (RESPs), and First Home Savings Accounts (FHSAs). While these plans receive favorable treatment under Canadian tax law, they often create significant U.S. tax compliance challenges. This practical course focuses on understanding the U.S. reporting implications of these plans and provides step-by-step guidance on the preparation and review of Forms 3520 and 3520-A.

• CPAs 
• Tax Lawyers
• U.S. tax practitioners
• Canadian tax practitioners
• Global mobility professionals
• Cross-border tax specialists
• Tax managers
• New practitioners entering cross-border tax
• Professionals advising U.S. persons residing in Canada

• Understand the U.S. tax treatment of TFSAs, RESPs and FHSAs.
• Understand when Forms 3520 and 3520-A may be required.
• Learn how to prepare Forms 3520 and 3520-A using practical examples.
• Understand common reporting errors and penalty exposure.
• Understand interactions with FBAR and Form 8938 reporting.
• Understand practical considerations when advising U.S. persons residing 

• Overview of U.S. tax rules for Canadian residents with U.S. filing obligations and the reporting issues associated with Canadian registered plans such as TFSAs, FHSAs, RESPs, RRSPs, and RRIFs.
• U.S. tax and foreign trust considerations for TFSAs, FHSAs, and RESPs, including income, gains, withdrawals, ownership, beneficiaries, and government grants.
• Reporting requirements for Forms 3520 and 3520-A, including practical examples of completing the forms for TFSAs and RESPs.
• Related international reporting obligations, including FBAR, Form 8938, and PFIC considerations.
• Common compliance issues, penalties, late-filing relief options, documentation requirements, and practice management considerations.

Live webinars have varying levels of expected interaction, with some requiring microphone and camera capabilities to support a proper learning experience – please email pdreg@bccpa.ca if you have concerns. 

In general, we encourage participants to have their cameras turned on to enhance their virtual learning experience. This practice promotes a stronger connection with the instructor and fellow participants, and fosters improved communication and collaboration.

Live Webinar FAQs can be found here.  

Registration terms and conditions, including the cancellation policy can be found here. If you require further assistance, please contact the PD Department.