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USD Stocks Inside RRSP CAD Account

This issue was asked years ago so not sure if anything has changed. Is there no way of including USD stocks inside a CAD RRSP Account in Quicken and have it automatically adjust market value by doing the appropriate foreign exchange adjustment? I find it strange it wouldn't support such a simple thing.

Is there any way of accomplishing this? I really don't want to have to open two separate RRSP accounts, one CAD and one USD because that's not actually how the account is setup with my broker.

Best Answers

Answers

  • A1MB1G
    A1MB1G Member ✭✭
    Not sure what you mean by I don't have to open 2 accounts, just have 2 separate registers. In Quicken, how can you have 2 registers for 1 account? Or were you referring that I don't have to have 2 accounts with my broker? If you could clarify, that would be helpful. Thanks!
  • A1MB1G
    A1MB1G Member ✭✭
    edited August 2019
    @jr7107 Thanks, that clarifies it more. Last question, I keep reading that we should be opening the account in Quicken as a regular brokerage account instead of as an RRSP account because of some quirks with Quicken - what are those quirks? Are you aware of anything related to this?
  • jr7107
    jr7107 SuperUser ✭✭✭✭
    I don't have the CAD version of the software currently (converted in 2002 once US version supported multicurrency) so I'm not sure how the RRSP accounts are currently behaving (might not allow a USD RRSP account type?).

    If that is the case, regular brokerage account should be fine to track transactions, there may be a check box that says "tax deferred account"?

    Also, with these types of RRSP transactions, I remember always having to make a transfer from CAD RRSP to the USD RRSP to cover trades. You might want to keep an eye on cost of currencies manually as well. Q does not handle forex gain/loss for trading positions.
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
  • A1MB1G
    A1MB1G Member ✭✭
    @jr7107 Thanks for the tips. You are correct, I was not able to setup a USD RRSP account so I setup a standard Brokerage account. I don't use Quicken for any tax reporting so it's not too much of a concern in terms of whether I'm able to use "tax deferred account".

    One question I did have is whether there is a way to see all my portfolios/acounts market value in CAD. Right now, when I go to the Portfolio screen under the Investing tab, it shows me the market value of all holdings within each account but it still reports the market value for the USD in USD. I'd prefer to see everything in CAD. I do have the currency pull down menu set to "Canadian Dollar" but seems it doesn't impact how the USD is displayed.
  • A1MB1G
    A1MB1G Member ✭✭
    @jr7107 Perfect, just noticed that now as well and that helps. I've also created a custom report that I can pull which has all the relevant information. out of curiousity, do you actually use Quicken for tax reporting?

    I know it has a lot of tax capabilities but it's not something I've ever used - just wondering how other users might be using that functionality, particularly since for things like Brokerage accounts I can simply pull a report from the brokerage directly with all the relevant tax info e.g. capital gains/losses, T1135 etc.
  • jr7107
    jr7107 SuperUser ✭✭✭✭
    I use Q selectively for tax reporting on investments to match to a 1099, and another trading specific package. US rules much different from Canada, but a capital gains/loss report should be accurate irrespective of tax rules.

    Q is very good at tracking cash and shares and all of the transactions that can be missed if you are monitoring by spreadsheet, or worse statements only.
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
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