RRIF funds transfer into a chequing account
wicket242 Member ✭
edited January 28 in All Things Canadian (Windows)
I just had some funds in my RRIF transferred to my chequing acct but I need to show these funds not only as a transfer but as income. Not sure how to do this. Please help. Thanks
In the US product you'd associate a transfer of cash out of that retirement Account with a 1099-R, to get the tax accounting correct, and you'd specify in whatever Spending report you're using that the transfer would show up in the Income section of the report as "FROM [Name of Retirement Account]." You do the latter by selecting the retirement Account under the Customization Category tab and unselecting that retirement Account Account under the Customization Category tab, and turning on "Exclude self-transfers" under the Customization Advanced tab. You might have to then do more customization to exclude transfer you DON'T want to see in the report.I assume the above can also be done in the Canadian product.0
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