Investment account types

Chris11 Member ✭✭✭
Right now Quicken Windows Canada has three different account types for investment accounts. They are "brokerage", "retirement" and "TFSA". This needs to be changed.

First of all, "brokerage" is not an account type, and neither is "retirement". "Brokerage" refers to the institution holding the account while "retirement" is more of an investment strategy.

In Canada we have five types of registered investment accounts. They are:

1) Registered Retirement Savings Plan
2) Tax Free Savings Account
3) Registered Education Savings Plan
4) Registered Disability Savings Plan
5) Registered Retirement Income Fund

There also exists the Locked in Retirement Account, which basically operates the same way as an RRSP.

For non-registered investment accounts, these can be held with banks, brokerage firms, credit unions, etc.

My suggestion is to have all five of the above listed accounts available as options when creating a new investment account in Quicken. Quicken staff will need to do their homework to understand the ins and outs of each account type and a full discussion of that is beyond the scope of this post.

Finally, we need a sixth choice for non-registered investment accounts (what is currently listed as "brokerage" and for simplicity sake I suggest is just be called "Non-Registered"
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  • Bleach
    Bleach Member
    Yes please! This is so frustrating not to have these categories preset.
  • sb8301450-misc
    sb8301450-misc Member ✭✭✭
    This would certainly make sense for Canadian users.
  • JohnWC
    JohnWC Member
    My beef is Quicken categorizes a TFSA as a "Personal Retirement" account, whereas I look at it as a "Personal Investment" account.
  • BMJ
    BMJ Member ✭✭
    Quicken this a great idea, and will help us in our reporting but because is for Canadian I dont expect any change.