adding RRSP account
Chris11
Member ✭✭✭
I have Quicken Home & Business Canada and have been an unsatisfied user for over 20 years. :-)
Today's issue: I'm trying to add a new RRSP account that will have both Canadian and US-denominated holdings (stocks and cash).
From what I gather in Quicken, there is no way to add a single account with multi currency support (something I've been complaining about for years). You can only do it by adding two separate accounts in Quicken.
Problem #2: when using the "add account" feature, Quicken asks for account type (options are "Brokerage, Retirement, TFSA". If I choose "retirement" (which is a misnomer BTW. It should say "RRSP") then not only does my broker (Interactive Brokers) not show up, but there is no option to choose US Dollar as the base currency.
The only way to choose a US base currency for the account is to choose "Brokerage" as the account type (in this case, Interactive Brokers does show up as an option).
Am I reading this issue correctly? The only way to have a multicurrency RRSP account in Quicken is to have two accounts (one USD and one CAD) and for the USD account to actually be a brokerage account and not a retirement account?
Today's issue: I'm trying to add a new RRSP account that will have both Canadian and US-denominated holdings (stocks and cash).
From what I gather in Quicken, there is no way to add a single account with multi currency support (something I've been complaining about for years). You can only do it by adding two separate accounts in Quicken.
Problem #2: when using the "add account" feature, Quicken asks for account type (options are "Brokerage, Retirement, TFSA". If I choose "retirement" (which is a misnomer BTW. It should say "RRSP") then not only does my broker (Interactive Brokers) not show up, but there is no option to choose US Dollar as the base currency.
The only way to choose a US base currency for the account is to choose "Brokerage" as the account type (in this case, Interactive Brokers does show up as an option).
Am I reading this issue correctly? The only way to have a multicurrency RRSP account in Quicken is to have two accounts (one USD and one CAD) and for the USD account to actually be a brokerage account and not a retirement account?
0
Answers
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Hello @Chris11,
Thank you for reaching out to the Community with your question.
Since RRSP accounts specifically are not an available option to choose as an account type, and your financial institution does not show up under Retirement, then yes, you would need to add the account as a Brokerage account as well as create 2 separate accounts for each currency as the ability to add multiple currencies to one account is, unfortunately, not currently offered.
However, if you would like to submit an official request for these features to be added in the future, what you can do is create an idea post and add your vote. This way other users who have the same or a similar request can vote on your idea.
Our Development and Product teams frequently use our idea posts in order to improve Quicken and implement new features requested by customers.
I hope this helps!
-Quicken Anja
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I actually figured out a workaround. You create the brokerage account, then go into the "edit account details" dialog box. Then you change the account tax deferred status to "yes" and at that point a new box appears at the bottom of the dialog box that says "convert to RRSP". You click on this and voila.
That said, this is completely the wrong way to go about this and it would be better if Quicken had a more robust methodology. I'll take Anya's advice and create an idea post.2 -
@Chris11 Thanks for the update! I'm glad to hear you found a workaround that works for you for now until it can be implemented.
-Quicken Anja
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This discussion has been closed.