How to categorize RRIF transfers to a savings account

I am using Quicken 2019 Canadian version. Most Canadians who use Quicken will be familiar with how RRIF payments get deposited into a cash or chequing account. The challenge is that the funds transferred must be categorized as income. Can someone explain how to account for transfers from a RRIF account to a savings account while categorizing the transfer to "RRIF Income". I realize that I can categorize the transaction if I download the deposit from my savings account, but that doesn't reduce the cash balance in my RRIF account. I am hopeful that someone may have found a process that works. I spoke to Quicken support but they don't understand how RRIF's work and thus it was a frustrating conversation that I gave up on.

Best Answers


  • pblair
    pblair Member ✭✭
    Thank you to both of you for your responses. I have seen the response that NotACPACA provided. I will try that but will see what it does. I really want the income to show up on the "Income/Expense by Category" report. That is sort of my main report that I use in Quicken. I will try your suggestions and will reply back if I have any other questions.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    OK, on the Income/Expense by Category report, if you exclude the RRIF account from the report and keep the Advanced > Transfers setting at Exclude Internal, you should see the incoming transfer from the RRIF account in the Income section of the report. 
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  • Stephen Fisher
    Stephen Fisher Member ✭✭✭
    That isn't possible in the latest QM version.
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