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How to categorize RRIF transfers to a savings account

pblair

I am using Quicken 2019 Canadian version. Most Canadians who use Quicken will be familiar with how RRIF payments get deposited into a cash or chequing account. The challenge is that the funds transferred must be categorized as income. Can someone explain how to account for transfers from a RRIF account to a savings account while categorizing the transfer to "RRIF Income". I realize that I can categorize the transaction if I download the deposit from my savings account, but that doesn't reduce the cash balance in my RRIF account. I am hopeful that someone may have found a process that works. I spoke to Quicken support but they don't understand how RRIF's work and thus it was a frustrating conversation that I gave up on.

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Accepted answers

NotACPA

Do TOOLS, Account List. Click EDIT adjacent to the RRIF account. Click "Tax Schedule" at the bottom of the "Account Details" dialog and set the appropriate Tax Line for "Transfers Out".

Jim_Harman

@NotACPA's approach will allow Quicken to handle the tax reporting correctly, but transfers in Quicken do not get Categories.

If you want to show the transfer from your retirement account as income for reporting purposes, you will have to customize the report to include the transfer. For example in the Banking > Cash Flow report you would click the gear to customize then on the Advanced tab next to Transfers pick Exclude internal. You might have to customize further if you include some investing accounts as "spending" accounts for the purpose of the report.

All comments

NotACPA

Do TOOLS, Account List. Click EDIT adjacent to the RRIF account. Click "Tax Schedule" at the bottom of the "Account Details" dialog and set the appropriate Tax Line for "Transfers Out".

Jim_Harman

pblair

Thank you to both of you for your responses. I have seen the response that NotACPACA provided. I will try that but will see what it does. I really want the income to show up on the "Income/Expense by Category" report. That is sort of my main report that I use in Quicken. I will try your suggestions and will reply back if I have any other questions.

Jim_Harman

OK, on the Income/Expense by Category report, if you exclude the RRIF account from the report and keep the Advanced > Transfers setting at Exclude Internal, you should see the incoming transfer from the RRIF account in the Income section of the report.

Stephen Fisher

That isn't possible in the latest QM version.