How to transfer cash between 2 TFSA Quicken Canada accounts without it being a Contribution?

questionsforever

I transferred cash between 2 tfsa accounts but quicken shows it as a 'CONTRIBX' for year 2021 but it is not a contribution, it's just Aton cash transfer between 2 tfsa's at 2 different brokers. Is there anyway to not have it be a contribution?

Tom Young

I'm not a user of Canadian Quicken.

Looking up what a Canadian TFSA is, it looks remarkably similar to a Roth IRA in the US.  I set up a test file with two Roth IRAs and transferred cash between the two and saw that the transfer was recorded as a CONTRIBX, but there was no entry on Quicken's Tax Schedule for either the the initial funding of the 1st IRA or the transfer of funds to the second IRA, so I suppose one could simply live with that transfer as recorded, making a Memo note that it really wasn't a contribution, simply a transfer.

A different approach that would work here if you don't want to see that CONTRIBX action is to create a phony Money Market fund in the first Account and "Buy" however many shares, at $1 a share, that represents the cash transferred.  Then do a REMOVE of those shares in the 1st Account and an ADD in the second Account, then sell the "stock" at no gain or loss.  In the Memo field make a note as to what these transactions really represent.

Tom Young

I'm not a user of Canadian Quicken.

Looking up what a Canadian TFSA is, it looks remarkably similar to a Roth IRA in the US.  I set up a test file with two Roth IRAs and transferred cash between the two and saw that the transfer was recorded as a CONTRIBX, but there was no entry on Quicken's Tax Schedule for either the the initial funding of the 1st IRA or the transfer of funds to the second IRA, so I suppose one could simply live with that transfer as recorded, making a Memo note that it really wasn't a contribution, simply a transfer.

A different approach that would work here if you don't want to see that CONTRIBX action is to create a phony Money Market fund in the first Account and "Buy" however many shares, at $1 a share, that represents the cash transferred.  Then do a REMOVE of those shares in the 1st Account and an ADD in the second Account, then sell the "stock" at no gain or loss.  In the Memo field make a note as to what these transactions really represent.