How to best set up contribution (RRSP/TFSA/RESP etc) reminders? Bill or transfer? other?

JoJoWest
JoJoWest Quicken Canada Subscription Member
in All Things Canadian (Windows)

What is the best way to set up reminders for monthly contributions from chequing so they are reflected in the chequing account's Projected Balances tab? I use wealthsimple for chequing and investments and have to manually input.

If I set up as a recurring transfer, then the contibutions won't be reflected in the budget.

If I set up as a recurring bill, then the investment account isn't updated when I enter the reminder.

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Answers

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭

    Your basic problem in a mis-understanding of accounting. A Transfer is neither Income nor an Expense. It merely moves cash from one account to another, much like moving your wallet is neither Income nor Expense.

    Those contributions reduce your chequing balance, but they increase your RRSP/etc balances, and thus you're neither richer (Income) nor poorer (expense).

    You might want to take a look at Cash Flow reports, which will show what I think you might be looking for.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Arctic Hare
    Arctic Hare Quicken Windows Subscription SuperUser ✭✭✭✭

    While I concur with NotACPA on accounting principles, you do have the OPTION of including transfers in the budget, if that floats your boat. Click on "Manage Budget Categories" and you can choose to include Transfers In & Out, if you so choose.

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