FATCA Services.ca | Form 3520 - Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts. The 3520 is an annual return to report ownerships of foreign trusts, transactions with foreign trusts and receipt of certain foreign gifts. Separate 3520 forms are required for

Penalties:
If the form is not timely filed or contains incomplete information, and there is no reasonable cause for failing to comply, then the initial penalty is equal to the greater of $10,000 or:

• 35% of the gross value of any property transferred to a foreign trust for failure by a U.S. transferor to report the
.. creation of or transfer to a foreign trust or

• 35% of the gross value of the distributions received from a foreign trust for failure by a U.S. person to report receipt
.. of the distribution or

• 5% of the gross value of the portion of the trust's assets treated as owned by a U.S. person for failure by the U.S.
.. person to report the U.S. owner information.

 

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Fax: 416-621-7136
E-mail: info@fatcaservices.ca
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Form 3520
3520 – Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts

The 3520 is an annual return to report ownerships of foreign trusts, transactions with foreign trusts and receipt of certain foreign gifts. Separate 3520 forms are required for transactions with each foreign trust. Also, Form 3520A is required to be filed by the grantor/owner of a foreign trust.
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Form 3520
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Report of Foreign Bank and Financial Accounts (FBAR)
What happens when and after I file
Am I eligible for the streamlined program
US Backtaxes for Canadian Residents
Ways to Invite an IRS Audit
Foreign Account Tax Compliance Act (FATCA)
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FATCA Services | Foreign Account Tax Compliance Act | US back taxes services for Canadians Foreign Account Tax Compliance Act  | info@fatcaservices.ca GBCA / CPA Firm 416-626-2727 Toronto Tax Services Back Taxes Canada Owner, Gary Booth CA Professional Corp Toronto Tax Services Back Taxes Canada Owner, Gary Booth CA Professional Corp Film - Fatca (CPA Firm in Toronto, Canada) FATCA Services | Form 3520 - Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts. The 3520 is an annual return to report ownerships of foreign trusts, transactions with foreign trusts and receipt of certain foreign gifts. Separate 3520 forms are required for transactions with each foreign trust. Also, Form 3520A is required to be filed by the grantor/owner of a foreign trust.