TD F 90-22.1 -

Subject:        TD F 90-22.1
Expert:         taxman at centa.com
Date:           Thursday February 08, 2007
Time:           01:25 PM -0500
QUESTION:
Can you please explain the purpose of this form and tell me if I need to
file it.  I am US citizen married to a Canadian and living in Canada for
several years.  I am filing married separately in US. I was finally added to
the checking account, savings account, and GIC's in 2006.  So I now have
signature authority, but what does "financial interest in" mean exactly?
Since we were married,have I had financial interest in his accounts prior to
my name being added?  Since my US interest amount was over $1500 this year
and I had to fill out a Schedule B, I just noticed this.  I hate this tax
stuff - do they just make it difficult on purpose??
-------------------------------------
david ingram replies:
If the combined total of all the accounts you have signing authority over
exceeds $10,000 US, you MUST file a TDF form for each and every account.  I
suggest that you do a whole form for each account rather than filling out
page two which allows for three accounts per page.  That was, if you wish to
change an account it is much easier than pulling one out of the middle of
page 2.
The penalty for getting caught if you do not fill them in is up to $500,000
PLUS 5 years in jail.
I knew one person personally who has done jail time over these and know of
one other 68 year old lady who was given 6 months and a $60,000 fine but the
jail time was suspended and she did not go to jail.  Another 105 year old
lady received a $10,000 fine.
You must fill them in.
A financial interest occurs if it is your money or half your money or ten
percent your money.
If you are simply signing cheques for the Church Bazaar or a Girl Guide
Troup of the company  payroll cheques where you work, you would not have a
financial interest.
Depending upon your agreement with your husband, you may or may not have a
financial interest in the accounts.  If you are simply capable of signing on
the accounts and they are still "his", you do not have a financial interest
while he is alive and the marriage is in good standing.
If, on the other hand, he specifically put your name on as a joint tenant
with right of survivorship, than you likely do have a financial interest.
The purpose of the TDF is to stop US citizens from hiding money in foreign
countries.
-------------------------
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