WealthWatch is an impressive all-in-one: portfolio tracker, research tool, options lab, and tax module in one platform. Sched3 is purpose-built for a single job — making your Canadian capital gains filing defensible. If your tax season is the pain point, a focused tool beats a feature of a broader platform.
WealthWatch is an ambitious platform: it connects to 10+ Canadian brokers, tracks net worth, calculates ACB using the weighted average method, detects superficial losses, classifies dividends (eligible vs. foreign), monitors TFSA/RRSP contribution room, includes risk analytics and an options lab, and supports both Canadian and US tax rules. It even self-hosts.
Sched3 deliberately doesn't do most of that. It does one job: take your broker files, apply every CRA capital gains rule (superficial losses, T5008 reconciliation, T3 box 42 adjustments, per-trade Bank of Canada FX, equity compensation), and produce a filing-ready package that your accountant can defend. That focus means deeper compliance workflows and a cleaner tax-season experience, without the complexity of a tool that also tries to be your research terminal.
If you want a single dashboard for everything — net worth, real-time holdings, risk analytics, options strategies, TFSA/RRSP tracking, and tax — WealthWatch is genuinely more comprehensive. It replaces 3-4 separate tools.
If you primarily care about year-round portfolio visibility and the tax features are just a nice-to-have on top, WealthWatch is the right fit. Sched3 is the right fit when the tax numbers are the priority: when you need T5008 reconciliation, a fully-resolved superficial-loss audit trail, and a package that survives a CRA review.
| Capability | Sched3 (Active, $129/yr) | WealthWatch (Premium) |
|---|---|---|
| CRA pooled ACB method | ✓ | ✓ |
| Superficial-loss detection | ✓ Full CRA formula, affiliated accounts, safe rebuy date, auto-resolved | ✓ Detection across accounts |
| T5008 reconciliation (line-by-line) | ✓ Box 20 matched, discrepancies explained | ✗ |
| T3/ETF return of capital & phantom distributions | ✓ Per-fund Canadian data, auto-applied | Partial (ROC supported) |
| Bank of Canada FX per trade date | ✓ | ✓ Multi-currency engine |
| RSU / ESPP / options cost base | ✓ Vest-date FMV, T4 benefit linking | ✗ |
| Crypto (swaps as dispositions) | ✓ CAD-valued pooled ACB | ✓ Supported |
| Corporate actions (splits, spin-offs, mergers) | ✓ Guided workflows, ACB carry-through | Partial |
| "What if I sell?" tax simulator | ✓ | ✗ |
| Schedule 3-ready accountant package | ✓ PDF + audit trail + cover letter | Year-end tax summary export |
| Multi-client accountant tools | ✓ Pro plan, 20 clients (+$15/client) | ✗ |
| Portfolio tracking & net worth | Basic (realized/unrealized gains) | ✓ Full platform with real-time data |
| Dividend classification (eligible/foreign) | At T3 level for ACB | ✓ Per-dividend classification |
| TFSA/RRSP room tracking | — | ✓ |
| Risk analytics & options lab | — | ✓ DCF, Piotroski, IV rank, wheel tracker |
WealthWatch's tax features are good — ACB and superficial-loss detection are built in. But a tax module inside a portfolio tracker optimizes for the dashboard experience: showing you your numbers in real time. Sched3 optimizes for the filing experience: reconciling against what the CRA actually received (T5008 slips), producing the audit trail an accountant needs, and catching every edge case (partial superficial losses, phantom distributions, cross-brokerage transfers) that turns a simple filing into a reassessment.
The distinction matters most for investors who trade actively, hold equity compensation, or have portfolios complex enough that the T5008 reconciliation alone saves them from a CRA letter.
Many investors benefit from WealthWatch for year-round portfolio monitoring and Sched3 for the tax-season crunch. Both import from the same broker files, so there's no double entry.
But if you're choosing one tool to solve the "what do I put on my tax return?" problem specifically, Sched3 is purpose-built for that question. A focused tool has fewer distractions, a simpler workflow at filing time, and deeper compliance features in the one area that actually costs money when it's wrong.
For basic ACB and superficial-loss detection, yes. For T5008 reconciliation, equity compensation, accountant-ready packages, and the full compliance workflow — no. Those are Sched3's core product, not a side feature.
Yes — WealthWatch for year-round portfolio analytics and Sched3 for the tax-season filing package. Both import from the same broker files.
WealthWatch has a free tier with limited account connections. Premium features (full broker sync, advanced analytics) require a paid plan. Sched3 also has a free tier — manual entry plus one broker import of 100 transactions, and 18 calculators with no account needed.
Honestly, probably not — WealthWatch is the better year-round dashboard if that's your primary need. Add Sched3 specifically for the tax-season job: T5008 reconciliation, the resolved superficial-loss trail, and the Schedule 3 package. Use the right tool for each question.