I am a dual citizen (US and Canada) living in California. I know that California requires me to include my RRSP earnings in the tax year earned.
I could use some guidance.
Let’s say my RRSPs increased in value by Cdn$30,000 in 2023
In 2023 I took distribution of Cdn$35k from these RRSPs which was reported on my NR4 statement and will be included as income (in US$) on my US tax return.
Do I need to report the C$30 increase in value, or does the C$35k reported as taxable income cover this RRSP growth? Do I only report RRSP/LIRA growth when it exceeds by distribution draw?
