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JMS306
Returning Member

The state of California taxes the earnings from my Canadian RRSP account, so I have to declare the capital gains from it. Can I declare a capital loss if I have one?

The state of California taxes the earnings from my Canadian RRSP account, so I have to declare the capital gains from it, eventhough I am not withdrawing from the account.    Can I declare a capital loss if I have one on that account to decrease my income taxable to California?
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DaveF1006
Expert Alumni

The state of California taxes the earnings from my Canadian RRSP account, so I have to declare the capital gains from it. Can I declare a capital loss if I have one?

According to this link California does not allow Canadian retirement accounts to grow on a tax-deferred basis. This includes the annual income distributions (interest and dividends) and realized capital gains inside Canadian registered plans. 

 

Since this the case, it sounds like they determined the overall realized capital gains and losses, resulted in a capital gain. Even if one the accounts resulted in a capital loss, that was used to offset the gains in other accounts thus was factored in the overall realized capital gains amount.

 

 

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