MyCostBase keeps a solid ACB ledger. Sched3 is a full Canadian tax engine — it catches the superficial losses, reconciles your T5008 slips line-by-line, handles crypto and RSUs, and outputs a package your accountant can file from. The recommended upgrade for investors who've outgrown a simple ledger.
MyCostBase is a focused product that does one thing well: maintain a CRA-compliant ACB ledger across multiple brokerages. It handles pooled ACB, ETF distribution adjustments, Bank of Canada FX rates, and broker CSV imports. At $59/year for up to 5 tax owners, its value proposition is clear.
Sched3 starts from the same foundation — correct pooled ACB — but adds the layers that turn a ledger into a tax engine: automated superficial-loss detection across affiliated accounts, T5008 line-by-line reconciliation that catches mismatches before CRA does, crypto dispositions, equity compensation (RSU/ESPP/options), corporate action workflows, a what-if tax simulator, and an accountant-ready output package. If your portfolio has complexity beyond buy-hold-sell, that engine saves real money at filing time.
If you hold only Canadian stocks and ETFs across 1-3 brokerages, never tax-loss sell, and your accountant just needs the ACB numbers — MyCostBase does that correctly at a lower price point. Its ledger is clean, focused, and audit-ready.
You should probably stay with it if none of the following apply: tax-loss selling (superficial loss risk), US-traded or USD-denominated holdings that need trade-date FX, RSUs/ESPPs from your employer, crypto, or a portfolio large enough that T5008 reconciliation saves you from CRA reassessment.
| Capability | Sched3 (Active, $129/yr) | MyCostBase (Household, $59/yr) |
|---|---|---|
| Pooled ACB (CRA weighted-average method) | ✓ | ✓ |
| Broker CSV import | ✓ 6 brokers, auto-mapped | ✓ Multiple brokers |
| Cross-brokerage ACB pooling | ✓ Automatic | ✓ Automatic |
| ETF return of capital & phantom distributions | ✓ Per-fund Canadian data, auto-applied | ✓ Applied from distribution data |
| Bank of Canada FX rates | ✓ Per trade date | ✓ Per trade date |
| Superficial-loss detection | ✓ 30-day windows, affiliated accounts, safe rebuy date | ✗ |
| T5008 reconciliation (line-by-line) | ✓ Box 20 matched against true ACB | ✗ |
| RSU / ESPP / options cost base | ✓ Vest-date FMV, T4 benefit linking | ✗ |
| Crypto (swaps as dispositions) | ✓ CAD-valued pooled ACB | ✗ |
| Corporate actions (splits, spin-offs, mergers) | ✓ Guided workflows, ACB carry-through | ✗ |
| "What if I sell?" tax simulator | ✓ | ✗ |
| Schedule 3-ready accountant package | ✓ PDF + audit trail + cover letter | Capital gains summary (reconciliation report) |
| Multi-client accountant tools | ✓ Pro plan, 20 clients included | 5 tax owners on Household plan |
| Free tier | ✓ Manual entry + 1 broker import (100 tx) + 18 calculators | ✓ Manual entry (no import) |
MyCostBase answers: "what is my ACB?" Sched3 answers: "what does the CRA expect on my Schedule 3, given every rule that applies?" That second question requires machinery that no ledger provides — superficial-loss scanning across every account you and your spouse control, T5008 slip matching that flags when your broker's cost field is wrong, and line-by-line output that an accountant can defend in an audit.
The ACB number is the starting point. The tax engine is everything built on top: which losses are denied, which adjustments your broker missed, and whether the final number on your return is actually correct.
One superficial loss you didn't catch can cost hundreds in denied deductions. One T5008 mismatch the CRA flags triggers a reassessment notice and possible penalties. The $70/year difference between MyCostBase and Sched3 Active pays for itself the first time the engine catches something the ledger wouldn't have.
And Sched3's Investor plan ($49/yr) already includes broker import, superficial-loss detection, and BoC FX — nearly matching MyCostBase's $59 Household tier while adding the loss-detection layer. For investors who don't need multi-owner support, it's actually cheaper with more features.
You don't need to export from MyCostBase. Sched3 imports directly from your brokers' original CSV files (Wealthsimple, Questrade, IBKR, TD, RBC, National Bank). Since your brokers are the source of truth, your complete history comes in fresh — and Sched3 will catch any adjustments the ledger might have missed.
No — MyCostBase calculates ACB correctly for the transactions in your ledger. The gap is in what happens around the ACB: superficial losses that deny deductions, T5008 slips that report incorrect cost, and tax-optimisation opportunities (like safe rebuy dates). A ledger won't flag those; a tax engine will.
Sched3's Pro plan ($499/yr) includes 20 client accounts with additional at $15/client — designed for accountants or households with complex multi-person filing. For a simple household, Sched3 Active handles one primary filer with linked affiliated accounts for superficial-loss detection.
Yes — unlimited manual entry, one broker import of up to 100 transactions, basic ACB, CSV export, plus 18 free calculators and 58 guides that need no account at all. The free tier is more generous than MyCostBase's.