Using Quicken software, it's probably saved my marriage more than once in 30+ years.
Use it to track not just your money, use it to calculate the ACB (cost) of your net assets.
Use it to compare ACB (cost) to FMV to make informed decisions, taking tax in to account.
Ask a tax preparer (not me, I've retired) how to take tax consequences into account.
Many Canadians have set aside $5,000 a year for 20 years, only to find they still don't have $100,000 invested. They haven't even been able to hang on to their original capital. How sad is that?
If you're not sure how much you've invested, you can find out. Sign up for "My Account" on the www.cra-arc.gc.ca website to find out how much you've invested in your RRSP's since the beginning.
If the value in your RRSP accounts isn't what you put in, maybe it's time to make different choices?
CLICK HERE to purchase my videos about how to use Quicken software to keep track of your net worth and your cash flow. Use it to budget and to plan for retirement. Use it to keep track when you've been entrusted with someone else's net assets and money management.
The videos are in Windows Media Player, you can start, stop, rewind, and replay any time you want to.
In 2012, I found a course online from CCH about Losses. In that course I learned there are a number of types of losses, all of which you can account for using Quicken. From what I learned, I created sample files to explore how to use Quicken to record these types of losses
Click here to see an explanation, and the free Quicken software data sample files to SAVE AS.
Here's some blog posts about how important investment accounting is, for your financial health and for the integrity of your tax compliance
Private sessions for financial management groups on Mastering Quicken® software available on request!
Accounting for your investment portfolio's could save you and your clients money and time.
Reconciling fair market value and adjusted cost base is useful for all taxpayers, even estates and trusts need this information.
For corporate portfolios, using Quicken software can help with those pesky calculations to report Comprehensive Income on reviews or audits
(Comprehensive...is cumulative unrealized gains/losses net of tax).
See the story below:
Contact email@example.com to arrange for an online consultation.
Learn to use Quicken® software to track and manage your money and your portfolio of investments.
"The ever changing CICA Handbook and CRA’s quite often different approach had done it again. Another challenge at hand. I was in need of an accounting tool, already in use and proven to be effective. What was out there! What a migraine it caused just thinking about the complex spreadsheet that I might have to create and maintain. The cause of this looming headache? The Section 3855, Financial Instruments requirements for a non-publicly accountable business to report marketable securities at fair market value and the tax effects.
To the rescue, Eileen Reppenhagen, TaxDetective. The software? QUICKEN was recommended by Eileen, as a tool that eliminates complex spreadsheets, makes efficient and easy the maintaining at cost records, reporting at fair market value and reconciling with tax reporting for each of the multitude of transactions in investment portfolios.
Eileen’s knowledge of Section 3855, guidance in the correct set up of the software and excellent teaching skills brought my staff up to speed very quickly. Two years of detail to a current status within a short time period. We are now ready for the effective date of tax change reporting October 2007. Current year end independent tax filing has been completed with the Quicken reports as part of the reconciling and working papers provided.
Eileen will always be a professional that comes to mind for innovative advice, support and service."
Susan Haines, CGA, Vancouver, BC Controller, Manufacturing July 2007
Who could make use Quicken® software?
- Young adults contemplating college, their first apartment or shared housing
- Young couples starting out and working towards saving for their first home, or once they buy their first home for keeping track of expenses and to control their spending
- Unhappily married and contemplating separation or divorce
- Happily single, manage money and rebuild financial life
- Investors who enjoy managing their portfolio with reports that brokers will never give you comparing ACB and FMV
- Accountants who do investment accounting for clients
- Executors required to keep track all of the transactions and report to beneficiaries about their management of the estate and how much will be available for distribution.
- Seniors, your executor may have to hire an accountant to do all this work when you are gone. Why not start your end of life record keeping now and save your executor much grief when you are gone. Hopefully, your executor will thank you for saving them hours, days, weeks of figuring out what you did with your documents and your calculations... and did I mention the cost of the accountant to prepare those calculations.
I've been writing about investment accounting, and speaking about it for many years. You'll find that if you type investment in to the search box on my blog http://taxdetective.blogspot.ca
you'll find articles about the history of investment accounting in Canada since 1971. I love the list of 27 reasons to account for your ACB. I've used that list to tell stories about investment accounting for professional development workshops for CGA chapters.
These articles were published in Canadian MoneySaver by Eileen Reppenhagen:
"I frequently murmer to myself "now THAT was worth the price of the subscription!" as I read each new issue of MoneySaver. Most recently it was because of Eileen Reppenhagen's "Bumping Up and Bumping Down" article.
I was sitting at my desk, staring at T3 Forms for TSX iShares Gold and Energy funds, wondering "what the heck are these, and what do I do with them?" Befuddled, I took a break and while sipping my coffee, flipped through the Nov/Dec 06 copy of the magazine. There was the explanation AND the guidance on how to adjust the cost base for the ETFs, using my Quicken software. Once again I gratefully murmered "now THAT was worth the price of the subscription!
Thanks to Canadian MoneySaver and to Eileen." -- R.W.
Did you know that calculatung your parent's capital losses might increase the size of your inheritance?
Seniors may not be claiming their full entitlement to GIS, paying too much for their care or nursing home and paying excessive provincial medical premiums because their net income has been overstated.
Why? That would happen if they haven't reported capital losses on the sale of mutual funds to offset the capital gains from T3 slip allocations on mutual funds in the same year!
Don't believe me? Check out Schedule 3, to see capital losses can be used as a reduction against capital gains on T3 slips in the same year. If the loss is carried forward, then it can only be used against gains after net income and before taxable income. But in the same year, capital losses reduce capital gains in the year, before calculating net income.
Net income is used to calculate benefit programs, and the cost of care in a retirement home is one of the calculations! So is Pharmacare.
Even if you can't use the capital losses against income in the year, they can be carried back for three years, against other capital gains, and forward forever, until date of death. At that point, they can be used against any income to reduce tax on the final return. You don't have to believe me, check out what CRA says about net capital losses in year of death here.