My RRSP was "locked" for year 2006 -- that means no contribution, no withdrawal, no fund switching. Am I correct my gain/loss is the difference between the first and last day of yr 2006?
Thanks!
Reporting RRSP "internal earning" to FTB
Moderator: Mark T Serbinski CA CPA
No. If you did not sell any investments, there was no capital gains, regardleess of the change in value. This is just like any stock you hold: you don't have any gain/loss until you actually sell.
Now, if you received internal distributions, which can be interst, dividends or capital gains,then these are consdered income andmust be reported in Cal. The fund usually describes what the distribution was, somewhere; (ie. $1.22 /unit distribution: 0,20 interst, .25 dividend, 0.77 cap gans.)
Now, if you received internal distributions, which can be interst, dividends or capital gains,then these are consdered income andmust be reported in Cal. The fund usually describes what the distribution was, somewhere; (ie. $1.22 /unit distribution: 0,20 interst, .25 dividend, 0.77 cap gans.)
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
What you have to do for FTB purposes, is to remove the "fence" around your RRSPs and treat them like ordicary investment accounts. In such accounts one normally doesn't care, for tax purposes, about the daily value. One cares only about distributions or dividends, and capital gains arising from sales of stock/units during the year.
Anyone with an non-RRSP investment account does this every year for IRS/FTB/CRA.
Anyone with an non-RRSP investment account does this every year for IRS/FTB/CRA.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best