I know this has been discussed over and over.
For my non-RRSP accounts, I have set up two accounts - one for US securities and the other for Canadian securities. My statement is in Canadian, and to simplify things, I always maintain the cash balance at zero in the US account, and when I buy a US stock I transfer the cash from the Canadian account with the correct exchange rate. Usually the exchange works, but occassionally Quicken gives a number 1 or 2 cents different from the brocker exchange calculation (it has to do with Quicken rounding the exchange rate in this instance). Anyone else do it this way?
I have recently added US securities to my RRSP. I tried to set up a US RRSP account, but, of course, found out that it only allowed Canadian currency. I then set up an investment account with US currency, and set it as tax-deferred. This works, but it shows up in the normal accounts section and not the RRSP. On reviewing past posts, someone mentioned that Quicken, at this point, asks is you want to convert to a US RRSP, but I was never asked that. Does anyone have a US currency RRSP account in the correct RRSP section in XG 2005? What's the advantage of the separate section? What's the implications for a "tax-deferred account" versus a "RRSP" account.
This currency issue frustrates me to no end. For convenience, I like to have one investment statement, and don't mind if the broker converts to Canadian for each transaction (it helps with taxes), but I like to see the US stocks in their true currency and amounts.
How are people currently dealing with this issue? Thanks... Happy 2006.