RRSP account in USD - latest version of Quicken Canadian version

Microfiche

I just went to create a new RRSP account in USD and I can't seem to do it? It doesn't offer an option to change the currency, and it didn't even ask me for a cash balance?

I have an existing USD RRSP account that I use for US stock holdings, so I was able to do this previously, Has something changed?

Arctic Hare

Try a brokerage account instead of the RRSP account type. I recommend avoiding the built in RRSP account and always using the brokerage type instead.

Microfiche

Sorry, I knew I could do it that way, I have a bunch of those too.
I was hoping to make it the same as my other 4 RRSP accounts.
Why avoid using the RRSP account type?

Arctic Hare

Microfiche said:

Sorry, I knew I could do it that way, I have a bunch of those too.
I was hoping to make it the same as my other 4 RRSP accounts.
Why avoid using the RRSP account type?

I've always found that Quicken's RRSP accounts had odd nuances, which are disadvantages, and no obvious advantages. For example, previously (they've now changed this) the RRSP account forced you to enter an employer (you couldn't leave it blank or null)... Quicken assumed that the only way you could have an RRSP account is if it was tied to a specific employer, which is obviously not the case. It has always seemed to me that whoever was responsible for designing the RRSP account type, really didn't understand how real RRSP accounts work. I've even written to Quicken's Office of the President about the annoying nuances with the RRSP account type. In the meantime, I'll continue to use the brokerage account for RRSP and non-RRSP accounts. Also, if you have a RESP, LIRA, Spousal RRSP, RIF, etc.... would you choose "RRSP" or Brokerage? This furthers my assertions about the RRSP type... just use Brokerage for all of them.

Can you name one specific advantage to using a "RRSP" account type over a "Brokerage" account? I can't... but maybe I'm missing something. Remember, you can make the Brokerage account flagged as tax deferred.

Microfiche

Microfiche said:

Sorry, I knew I could do it that way, I have a bunch of those too.
I was hoping to make it the same as my other 4 RRSP accounts.
Why avoid using the RRSP account type?

Nope, I have no specific advantage I personally know of to using the RRSP account type, other than it grouping my accounts together in the accounts display.

The Quicken help says "Doing so will more accurately identify the purpose of the account in Quicken,
and assure that its tax-deferred status is represented correctly in Quicken
reports and graphs.", but the the Quicken help also tells you to "Click 401(k)/403(b)" in the account list to add an RRSP account - which is why I gave up looking in the help for this answer.

That being said, I looked again this AM and noticed that you can convert a brokerage account to an RRSP (the option appears once you change it to tax deferred). So, for some unknown reason, you can convert a USD brokerage account to an RRSP, but not not create a USD RRSP account directly.

It seems to work fine, I can make it as my spouse's and show no employer for her now that she is retired - but I would be interested to know  what Quicken says is the advantage of the RRSP account type, and answers to your other questions as well, as I have an RESP to move into my account as well....

Arctic Hare

Microfiche said:

Sorry, I knew I could do it that way, I have a bunch of those too.
I was hoping to make it the same as my other 4 RRSP accounts.
Why avoid using the RRSP account type?

There is no advantage to the Q RRSP account type. Quicken created it to window dress the product to look more Canadian. It serves no real functional purpose that is not already (better) served by the Brokerage account type.

smayer97

Microfiche said:

Sorry, I knew I could do it that way, I have a bunch of those too.
I was hoping to make it the same as my other 4 RRSP accounts.
Why avoid using the RRSP account type?

And you can always prefix your brokerage account with RRSP.... ;-)

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