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Instructions to for setting up manual RRSP accounts?

Unknown
Unknown Member
edited January 2019 in Investing (Mac)
As Quicken (MAC 2018) does not recognize my RRSP provider (Investor's Group), I need to set up the RRSP account manually. In my mind it should recognize the automatic withdrawal from my bank account, apply it to the RRSP account each month automatically. I'll also need to regularly adjust the balance due to interest gained - I get I need to do that manually. Except HOW DO I DO ANY OF THIS? I cannot find any instructions how to accomplish this besides creating a simple "Retirement Account"...

Comments

  • John_in_NC
    John_in_NC SuperUser, Mac Beta Beta
    edited January 2019
    Tom:

    What you are trying to accomplish is really not that hard. But, your question is very broad and beyond the scope of a single, simple answer. Now, I am less familiar with RRSP as I don't live in Canada. But, here are some of the general concepts you will need to work out:
    • Yes, you will have to manually create an investment account. If you have your preference set to Canada, you can set it up as a RRSP account.
    • How is this RRSP being funded? From funds out of a checking account? From a paycheck employee/employer contribution? You will have to represent the money as a transfer over to your RRSP account. You likely will also want to set this up as a recurring scheduled transaction.
    •  Once the $ is in your RRSP account, then you will make Buy transactions for the various things you have (stocks, mutual funds, and so on.) And before you do that, you might have to setup those securities. The Canadian users can help with with the tricks if things are listed on the Toronto Stock Exchange, etc.
    • The cash part will be handled like any other cash account. You can adjust for interest, etc. Again, you can use scheduled transactions for these.
    That is the general overview, and I think it is within the capabilities of most people to handle manually. But, you are going to have to take this one step at a time.
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