How to specify an account as TFSA (Canada).
Hi
I am using the Deluxe Classic verion R58.9.
I am looking for a way to create and track TFSA.
RRSP is fine, but I cannot find the TFSA selection.
Anyboy has any ideas?
Thank you !!
Miguel
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R58.9 is a Quicken Windows US version. Are you using Quicken Windows US or Canadian?
You can't specify Canadian account types in Quicken Windows US.
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But if you continue to use the US version, the approx equivalent is an IRA, and a RRSP would be a 401K.
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(Canadian user since '92, STILL using QM2007)
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R58.9 is, in fact, the current Canadian release. The screenshot is from my Quicken Classic App.
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I recommend using the "Brokerage" account type for most TFSA accounts. I use the "Brokerage" account type and simply include "TFSA" in the account name. I also set the brokerage account to "Tax Deferred" for TFSA.
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I'm sorry if I got it wrong about the release, but that sort of points to a failure in the Quicken Inc release system/documents.
I assume that you got this update from an automatic update, correct?
Well, the release notes/manual update page says that you should be on R56.9:
Quicken for Windows: Manual Patch Update | Quicken
That is what I was going by.
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I got R58.9 by way of an automatic update sometime within the last week if memory serves me correctly.
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I am using the Canadian Quicken Classic Deluxe R58.9. I updated it a couple of days ago.
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That is what I suspected, and that is a BIG failure, either in the release system or in communicating the new process.
At this point, I'm not sure if you guys have gotten the US patch by mistake or if the manual update page is wrong.
Back to the original problem, I suspect @Arctic Hare that even in Canadian version there was never a TFSA type, correct?
EDIT: Note in the past you could tell the difference because the wrong patch would prevent installing the patch on the wrong country version of Quicken, but sometime ago it looks like they merged the Canadian branch back into the US/main branch, and I can tell you for sure that it is possible to apply the wrong country patch, because I guess whatever they were using to tell the two apart before, no longer exists.
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Also note that the US side got R58.9 on August 5th. And it was basically a "hot fix" for a problem introduced in R58.8, which was released on July 30th.
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There is, in fact, a TFSA account type in the Canadian version as indicated in the screenshot below:
HOWEVER, the TFSA function in the Canadian version simply creates an IRA account, which is confusing because the term IRA isn't applicable in Canada. Yup, you click on TFSA and what you get is IRA. It looks like Quicken implemented TFSA functionality in the Canadian version by creating a button that initiates the process to create and IRA account. It is bizarre, but would have been a very quick programming implementation, no doubt.
Generally speaking, Quicken's account types - for investing accounts - do not provide any special functionality for Canadians. What a user really should consider is whether the investment account will hold only a single mutual fund or a portfolio of various securities. The tax implications can be handled by the Tax Deferred switch and the link to tax form lines.
Hence, I ignore the Retirement and TFSA account types and simply use the Brokerage account type. There is no magic functionality available from using the Retirement or TFSA account types… just confusion IMHO.
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@Arctic Hare thanks for information.
Note that the "switching" between US and Canadian "behavior" is no longer controlled by the version of Quicken you have installed. It is controlled by something in the data file itself.
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BTW, I too only use the Brokerage type accounts and the Tax Deferred switch for the same reasons.
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