RRSP Withdrawal

sksailr

Hi - I am having a challenge in figuring out how I categorize a transfer from an RRSP account into a chequing account and identifying it as income. Any help is most welcome. Thanks.

Tom Young

I don't know anything about the Canadian product but I'd assume it's more or less standard Quicken, with funny spelling. :-)

If you're talking about showing the transfer as "income" in Spending reports and such, customize the report and tick the RRSP Account under the Categories tab.  That way transfers out of the Account to checking will show up in the income section of the report labeled "FROM [Name of Account]."

If the issue has to do with the tax report do Tools > Account List and select the RRSP Account for editing.  At the bottom of the Account Details window that comes up click on the Tax Schedule button and make sure that transfers out are reported on whatever Canadian tax form is used to capture this sort of income.

Tom Young

I don't know anything about the Canadian product but I'd assume it's more or less standard Quicken, with funny spelling. :-)

If you're talking about showing the transfer as "income" in Spending reports and such, customize the report and tick the RRSP Account under the Categories tab.  That way transfers out of the Account to checking will show up in the income section of the report labeled "FROM [Name of Account]."

If the issue has to do with the tax report do Tools > Account List and select the RRSP Account for editing.  At the bottom of the Account Details window that comes up click on the Tax Schedule button and make sure that transfers out are reported on whatever Canadian tax form is used to capture this sort of income.

sksailr

Thanks Tom - this worked perfectly! I doubt I would have figured it out by myself.