Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO

RESP- I just started using Quicken 2016 Home & Business. How do I set up an RESP account?

Unknown
Unknown Member
edited October 2018 in Investing (Windows)
need help setting up an RESP in Quicken

Comments

  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited March 2017
    What is a RESP account?
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    If you're referring to the Canadian, "Registered Education Savings Plan", I've found this description:

    Subscribers to an RESP make contributions that build up tax-free
    earnings - tax-free because subscribers cannot deduct payments made to
    the plan from their income.


    What type of investments do you hold in the RESP?
    Clearly, Transfers into the account would not be a deduction from your income ... so on the Tax Schedule for the account, don't set a "Transfer In" item.

    The transfers out, do appear to be tax free, as are the Cdn gov't payments to the account.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Unknown
    Unknown Member
    edited December 2016
    Yes, it is a Registered Education Savings Plan.  In this case, the money will be in Mutual funds.  I didn't know if I should add the account in Quicken as an investment account or as a savings account.  I was surprised there wasn't an option for RESP.
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited March 2017
    I would add it as an investment account. A savings account cannot hold mutual funds or other securities.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    When you try to create a new account (such as this RESP) in Q Cda, what are the available INVESTMENT account types?  Like mshiggins, I use Q US, so we're not familiar with the details of Q Cda.
     In Q US Home & Business, the following are available:
    • Brokerage (which can be set up as either taxable or non-taxable)
    • 401k or 403b (employer sponsored retirement plans)
    • IRA or Keogh Plan (individual sponsored retirement plan)
    • 529 Plan (which, I think, is similar to your RESP)
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Unknown
    Unknown Member
    edited October 2018
    Thanks so much for trying to help me. My options in the Canadian program are: 1) Brokerage 2) Retirement 3) TFSA I was hoping someone from Canada has already figured this out -- or someone from Intuit would reply.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited December 2016

    Thanks so much for trying to help me. My options in the Canadian program are: 1) Brokerage 2) Retirement 3) TFSA I was hoping someone from Canada has already figured this out -- or someone from Intuit would reply.

    Intuit hasn't owned Quicken for several months now ... so they'll NEVER reply.
    And mshiggins and I have been designed SuperUsers by Quicken for our extensive knowledge of the product.

    With only those 3 options, it looks like your RESP would need to be a brokerage account with it's tax attributes set to reflect how RESPs work.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
This discussion has been closed.