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How to report RRIF transfers

Hello community. We just last month started making RRIF withdrawals. I have the accounts set up (just called the RRSPs RRIFs for simplicity). I am trying to show and include/track the transfers out in my budget and budget report. I see I can categorize the cash transferred out transactions as "RRIF"; that exists. But I have $ coming from 3 accounts and would like to track each separately. Also, using that category doesn't allow me to transfer the funds out to my bank account, I think. Tried it once and not sure where the $ goes, as in where is "RRIF"? So does anyone else here do this that can explain how it works? Seems Quicken doesn't handle this too well as in it isn't straight forward.

Thanks in advance;

John

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    "Hello community. We just last month started making RRIF withdrawals" 
    Not sure exactly what an RRIF is but the disbursement of money out of a retirement account is purely a transfer from one Quicken Account to another Quicken Account, and nothing more.  You can't "Categorize" that transfer, but you can make the transfer show up as a form of "income" in budgets and reports; it will appear as a line item titled "FROM [Name of Account]" in the income section.  If you're taking distributions from three different Accounts then each Account will have its own "FROM" line in the income section.
    To avoid double counting income here - once in the RRIF and then again in whatever is seeing the transfer as "income" - de-select the RRIF Account as a source of information for the report but then set up the RRIF Account as a "Category"."
  • Hi Tom; Thanks for the response and guidance. Will give this a shot, but could you clarify the last sentence? How do I set up the RRIF as a category, and where?

    BTW, a RRIF is a registered retirement income fund here in Canada. That's how one withdraws funds from a registered retirement savings plan (RRSP) which I think is similar to a 401K in the US.
  • Just tried it and still it isn't doing what I expected. Perhaps the issue is with the type of transaction I'm using to move the cash from the accounts. I see 3 options; "withdraw" and "other cash transaction" in the cash transactions section and "cash transferred out" in the investment transactions section. The one I ended up with is the first, "withdraw" in the cash transactions section. Perhaps this is the crux of the problem; what to categorize the transfer as?
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