How to categorize RRIF transfers to a savings account

Quicken Windows Subscription Member
edited February 2024 in All Things Canadian (Windows)

I want to show the transfer of funds from a RRIF Account to my checking account but I need to show these funds not only as a transfer but as income. Can someone help me please.

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  • Quicken Windows Subscription Moderator mod

    Hello @collectv,

    If you haven't already done so, I would recommend following the suggestions from this earlier discussion on the topic (click the date to view the discussion):

    https://community.quicken.com/discussion/comment/20056559#Comment_20056559

    I hope this helps!

    Quicken Kristina

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  • Quicken Windows Subscription Member

    Thanks for your response. Yes, I did as you suggest and selected "Transfer Out" - then on the Tax Schedule Information I selected T1 General RSP Income. I then go into Reports to check income and expense but no income is noted?

  • Quicken Windows Subscription SuperUser ✭✭✭✭

    I haven't tried this, but it seems to me that the issue here is that Quicken isn't properly recognizing the RRIF as a tax sheltered deferred income investment.

  • Quicken Windows Subscription Member

    I just noticed on Quicken DASHBOARD that system is displaying Year to Date Income and Expense. However, when I check "Reports - Income and Expense by Category", zero income is noted. Suggestions please?

  • Quicken Windows Subscription Member ✭✭✭✭

    It looks like the tax line assignment/transfer out isn't working in Quicken Windows Canadian.

    Here is a workaround.

    image.png
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  • Quicken Windows Subscription Member ✭✭✭✭

    For what it is worth, the proper tax line seems to be:

    T1 General: Other Pensions/Superann.

    Based on what Quicken has as a tax line for RRIF Income. But note I tried changing the Account Details tax line transfer out to this and it still didn't show up (without the workaround above).

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