Entering RRSP Transaction in GnuCash

[jfjunior]

Hi everyone, 

I'm wondering if someone can help me with a question about the proper way to
register a transaction where my employer makes a direct contribution to my
RRSP account. 

RRSP is more or less the Canadian equivalent of the USA 401(k) and as such
is a Retirement Fund. So basically my employer makes a biweekly contribution
to my RRSP account. For now I'm registering these transactions as an Income,
however this is not correct because RRSP contributions will only be
considered  income when I have access to the funds, at which time I will pay
Income Tax on the value I withdrawal from my account.

This is the way I'm entering my employer RRSP contributions to my RRSP
account in GnuCash:

DB: Assets:Investments:EmployerContrib - $100.00
CR: Income:MyName:RRSP - $100.00

Now if I make, for sake of argument,  a withdrawal of $500.00, I will enter
the transaction in GnuCash as such:

DR: Expenses:Taxes:Income Tax Investments - $50.00
DR: Assets:Current Assets:ChequingAccount - $450.00
CR: Assets:Investments:EmployerContrib -                       $500.00 

I also make RRSP contributions directly from my paycheque, which I register
in GnuCash this way:

DR: Assets:Current Assets:ChequingAccount: $1000.00
DR: Taxes and Deductions:Expense01              $200.00
DR: Taxes and Deductions:Expense02              $200.00
DR: Assets:Investments:EmployeeContrib:        $500.00
CR: Income:Salary:MySelf                                                  
$1900.00

So the issue here is that the first transaction if fundamentally incorrect
as I cannot consider the RRSP contribution from my employer as an income
yet, since I've not accessed the funds and paid income taxes on it. 

I would appreciate any input, so I can get this right. :)

Thank you very much everyone!






















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