10’s of thousands of Canadians Have a RIFF account. It is a Retirement savings Account. At the age

10’s of thousands of Canadians Have a RIFF account. It is a Retirement savings

Account. At the age of 72 and every year after we have to take a % of savings

out of account till there is none left.

This money is treated as income and we have to pay tax on it. There has to be

A way in Quicken to treat this as income. If not tax calculations will be wrong.

Please try to fix this. Thank you from all of us.

Answers

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    Well I'm certainly no expert on the retirement investment accounts let alone Canadian ones, but it sounds like the same thing that goes on in the US retirement accounts.

    The accounts are setup with "Tax deferred" (on the account details dialog).
    As such anything you do in the account isn't going affect taxes.

    And there is two ways to hand this.  One is to use the "Tax Schedule" button to assign a tax line to any transfer out.

    The other is to transfer the money out from a taxable account using a split transaction to do put the right amounts in the right tax category(s).

    What definitely will not work is trying to do the tax withdraws from inside that account.
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  • Walt
    Walt Member
    Thank you. Just have to find a way to do this now.
    Walt
  • Walt
    Walt Member
    edited November 2020
    Maybe I am not bright enough to figure it out. Spend a lot of time on it I am ready to give up. Thanks for your answer. I might try [removed - no soliciting]. it is a lot cheaper and I seem to like it.
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