Many investors in Canada have multiple investment accounts, including RRSPs and accounts for various purposes. This subsequently often results in finances being scattered across multiple platforms, making it easy to lose track of financial progress. Keeping track of all these investments especially if you have multiple brokerages can be challenging.
Even if you manage to aggregate them in one place, gaining valuable insights into your investments remains difficult. Are you on track for retirement? Are your investments performing well? Does your portfolio beat the benchmark? These important questions often go unanswered.
This is where portfolio management software comes in. These tools can help you track, visualize, analyze, and manage your investments. In this article, we will surely cover some of the best portfolio trackers that can help Canadian investors like you stay organized and informed, paving the way to financial success.
Best Canada Portfolio Tracker Summary:
Here are the full reviews on each of these portfolio tracking tools.
1. Portseido – Best for performance performance and goal tracking:
Portseido is a powerful portfolio tracker designed to provide deep insights into your investments, including portfolio allocation, performance measurement, and benchmarking using both money-weighted and time-weighted returns. You can start using Portseido for free, with a premium plan starting at $8 per month.
Measure and Benchmark Portfolio Performance
Portseido allows you to measure portfolio’s performance from various angles, i.e. returns (money-weighted and time-weighted), gains and losses by type, drawdown, Sharpe ratio, dividends, portfolio turnover, and more. This comprehensive view helps you analyze and improve your investment strategy.
Easy Data Import from Canadian Brokers
Portseido supports importing data from multiple brokers in Canada, such as Questrade, Interactive Brokers, and RBC Direct. This makes onboarding easy and seamless for Canadian investors.
Track Your Financial Goals
With Portseido’s goal tracker, investors can monitor their investments as well as retirement goals, ensuring that they are on the right trajectory to achieve financial dreams.
2. Wealthica – Best for tracking net worth
Wealthica offers a complete view of your wealth by aggregating all your financial accounts, not just investment accounts, in one place. Meanwhile, Wealthica’s premium plan starts at $4.20 per month.
Net Worth Tracker for Your Family
To point out the key advantage of Wealthica is its ability to track net worth over time with minimal effort. By setting up connections with your financial accounts, including investment, bank, and US investment accounts, everything then stays in sync automatically. While its analytics might be limited, it is sufficient for some users.
Easy Connection to Financial Accounts
Wealthica provides extensive coverage of Canadian financial institutions, allowing investors to easily connect all your accounts. The data syncs daily, so all you need to do is focus on growing your net worth.
3. Sharesight – Best for simplifying tax reporting
With over 500,000 assets covered, Sharesight is without a doubt a robust portfolio tracker that helps you aggregate and monitor your investments in one place. You can start with Sharesight’s Starter plan for $7 per month.
Tax Reporting
A standout feature of Sharesight is its Tax Report. It certainly simplifies tax time by reporting and breaking down investment income from various sources, making it easier for investors to manage their taxes.
4. Yahoo Finance – Best for data and news
Yahoo Finance is one of the most popular investment apps globally, offering a comprehensive suite of tools, including news and portfolio tracking. You can start tracking your portfolio on Yahoo Finance for free, with premium plans starting at $7.95 per month to unlock additional functionalities. However, we think that the free plan is more than enough for most users already.
Investment News
Yahoo Finance allows you to personalize your news feed based on your portfolio positions and transactions, ensuring you stay up-to-date with the latest information on your investments. Hence, if you care about staying up-to-date, this maybe the right tool for you.
Fundamental data
Apart from portfolio tracking, Yahoo Finance provides extensive data on securities, for example historical price data, dividends, brief financial statements, and more. This comprehensive data indeed helps you get a detailed view of your investments in one place.
5. Stock Events – Best for tracking events and dividends
Stock Events is a portfolio tracker tailored for dividend investors, with features designed to optimize dividend income. Moreover, the app is free to use, with a premium plan available for additional functionalities.
Event Tracking
As the name suggests, Stock Events excels at tracking important events, including dividend events, earnings calls, and key economic announcements. It also offers detailed monitoring of your dividend portfolio, ensuring you have access to the information that matters most to you.
Then, what is the best Canada Portfolio Tracker tool?
Selecting the right portfolio tracker is crucial for investors in Canada aiming to streamline their financial management and gain valuable insights into their investments. Each of the tools mentioned above offers unique features tailored to different needs, whether it’s detailed performance measurement, easy data import from Canadian brokers, comprehensive wealth tracking, or specialized event tracking for dividend investors.
- Portseido stands out with its robust performance measurement and goal tracking features, making it an excellent choice for those looking to gain deeper insights into their investment strategies.
- Wealthica offers an extensive view of the entire financial picture, which is great for tracking net worth effortlessly.
- Sharesight simplifies tax reporting.
- Yahoo Finance provides a wealth of data and news to keep you informed.
- Stock Events caters specifically to dividend investors, ensuring you never miss a crucial update.
Undoubtedly, by choosing the right Canada portfolio tracker, investors can stay organized, informed, and on the path to achieving financial goals. Explore these tools and find the one that best suits your needs to make the most of your investments.