RRSP Taxation in New Jersey (NJ)

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jyu201
Posts: 2
Joined: Fri Jun 18, 2021 9:51 pm

RRSP Taxation in New Jersey (NJ)

Post by jyu201 »

Hello,

I moved to New Jersey a few years ago and kept my Canadian RRSP accounts. The cross-border tax accountant I used for the first two years did not include any interest, dividend, and/or capital gains (I have not sold anything within the accounts) generated in the accounts since he said the Canada-US Tax Treaty allowed for tax deferral (until I actually start withdrawing) and I have been completing the FBAR every year.

I recently came across a Reddit post that mentions although the IRS allows tax deferral on RRSPs, not all states follow the same tax rules. New Jersey was mentioned, but I am trying to find specific NJ tax bulletins/codes/rules that mention interest and dividends within RRSPs are taxable in the year earned. There are a lot of articles on California, but I can't seem to find anything on New Jersey.

Any guidance or specific references on New Jersey's stance on RRSP would be greatly appreciated.

Thanks in advance!
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: RRSP Taxation in New Jersey (NJ)

Post by nelsona »

Yes, there was mention in the past of something in NJ, but that has never come to pass. Assume that the NJ treats the income as the IRS does.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
jyu201
Posts: 2
Joined: Fri Jun 18, 2021 9:51 pm

Re: RRSP Taxation in New Jersey (NJ)

Post by jyu201 »

Great! I'll continue to treat the RRSP the same in NJ as I do for IRS.

Appreciate the quick response and all the advice you provide in the forums :)
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