Investment Income Report -- Add Tax-Free and Taxable SubHeadings
kh57smth
Canada Beta Beta
The current Quicken Canadian version investment income report, see below, does not split the income and expenses based on the taxable and tax-free accounts security holdings income and expenses when accessing your investment account database to prepare the investment income report.
The _DivIncTaxFree line comes from when the user tags the security as tax-free when setting it up.
If the security is held in taxable and tax-free accounts Quicken consolidates the dividend income under the _DivInc line. This gives the user a false and higher dividend income than is actually occurring. Many users use it to plan their quarterly income tax installment payments to the Canadian Revenue Agency. As a consequence, the Canadian user ends up paying too much income tax.
If the account securities generate fixed income interest, the investment income report also needs to split this income under tax-free and taxable income subheadings in this report so the user can make the correct quarterly income tax installments to the Canadian Revenue Agency.
The Income Heading should have two subheadings: Tax-Free Income and Taxable Income with the appropriate consolidation of data from the user's database.
The Expenses Heading should have two subheadings: Tax-Free Expense and Taxable Expenses with the appropriate consolidation of data from the user's database.
The _DivIncTaxFree line comes from when the user tags the security as tax-free when setting it up.
If the security is held in taxable and tax-free accounts Quicken consolidates the dividend income under the _DivInc line. This gives the user a false and higher dividend income than is actually occurring. Many users use it to plan their quarterly income tax installment payments to the Canadian Revenue Agency. As a consequence, the Canadian user ends up paying too much income tax.
If the account securities generate fixed income interest, the investment income report also needs to split this income under tax-free and taxable income subheadings in this report so the user can make the correct quarterly income tax installments to the Canadian Revenue Agency.
The Income Heading should have two subheadings: Tax-Free Income and Taxable Income with the appropriate consolidation of data from the user's database.
The Expenses Heading should have two subheadings: Tax-Free Expense and Taxable Expenses with the appropriate consolidation of data from the user's database.
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