Q2018 Deluxe GIC

unknown

To those Canadians ...

What is the preferred method of tracking GICs using Q2018 Deluxe? I have GICs that are within RRSPs and some non-registered? Any suggestions/tips would be appreciated. TIA

jr7107

I have done this in the past two methods when I had GICs, T-Bills, any kind of short term note.

1. If the note was purchase for a discount, to mature at par, I would buy a "GIC Security" for say $97, then at maturity sell it for $97, and create a $3 income transaction for Interest Income. Drawback is that actual income accrual doesn't happen until the note matures.

2. If the note was purchased at par with scheduled payments, I would buy a "GIC Security" for the price say $100, and create income transactions as the schedule paid. Assuming the GIC matured at par, then generate a Sell transaction for $100.

If the principal is at risk (which if memory serves it is not), then you would sell the "GIC Security" at the price.

To shorten the story, I really treat the GIC like an exchange traded ETF versus a Bond or other security type to simplify the process. Quicken does not care about the vehicle, and you can classify its presentation to fit your needs.