canadian expert

California Residents: Does your financial advisor tax-manage your RRSPs?

Residents of California that hold RRSPs, LIRAs, RRIFs or other Canadian tax-deferred accounts are subjected to a unique set of tax planning and reporting requirements.  While most U.S. states continue to allow Canadian retirement accounts to grow on a tax-deferred basis, California does not take this position.  Unfortunately, this can present a serious income tax problem for residents of California given the state taxes the annual income distributions (interest and dividends) and realized capital gains inside a Canadian registered plan. (more…)