The road toward financial success is challenging and demands discipline, the ability to make informed decisions and strategic planning for the future.
But with the use of personal finance software and apps like Neo Financial, Borrowell, YNAB, and Wealthsimple, you can better navigate this tricky road.
Below are 13 of the best personal finance software (free and paid versions) for Canadians who wish to achieve their financial goals this year.
Key Takeaways
- The best free personal finance software for Canadians include Neo Financial, Borrowell, PocketGuard and Wally.
- For paid personal finance software, YNAB, Wealthsimple, Pocketsmith, Justwealth, Spendee, GoodBudget and Quicken are among the best options in Canada.
- As for personal accounting and tax software, TurboTax and QuickBooks are two of the most reliable alternatives for Canadians.
Best Free Personal Finance Software In Canada
Neo Financial
Neo Financial is a financial technology company that provides savings and spending accounts and a rewards program. It offers a money management tool called Neo Money that lets you spend, save and earn cashback.
It comes with the Neo app that tracks your finances, gets real-time notifications, automates bill payments, and sends and requests money through Interac e-Transfer.
Accounts are available via two plans: Base (free) and Premium ($4.99/mo). Depending on the plan, the features include credit score monitoring, cashback on purchases, legal assistance, group life insurance, and personalized insights.
You can open a Neo Money account here.
Borrowell
Borrowell is a Canadian financial technology company that provides free weekly credit score and report monitoring through its partnership with Equifax.
The company, which provides one of the best free personal finance software, also offers personalized financial product recommendations from 75+ partners and free credit education through its AI-powered Credit Coach.
Borrowell offers its core service for free. To access your free credit score and report, sign up for an account.
PocketGuard
PocketGuard is a bill organizer and budget planner app that helps you control your spending and save more each month.
Through the app, you can access all your accounts and transactions in one place, track all your recurring expenses, create and personalize a budget, and access an education course on financial literacy and more.
PocketGuard offers a free plan and a premium version called PocketGuard Plus, which costs $7.99/mo., $79.99/yr., or $99.99 for a lifetime membership).
Wally
Wally is a GPT-powered budgeting app for smartphones that connects all your bank accounts, automatically tracks your spending habits and expenses in one place, and manages your finances better.
Powered by an AI named WallyGPT, the app also helps users plan and set goals and learn about finance and investing. The app is available worldwide, with more than 15,000 banks in 70 countries.
Wally offers a free plan with basic features and the Gold version that costs $24.99/yr. or $1.99/mo.
Best Paid Personal Finance Software In Canada
YNAB
You Need a Budget (YNAB) is a money management program known for its four rules: (1) give every dollar a job; (2) embrace your true expenses; (3) roll with the punches; and (4) age your money. It is the best budgeting app in Canada.
The software uses the zero-based budgeting method, wherein you assign every dollar you earn into a category of your choice, helping you set aside money for specific expenses.
YNAB costs US$14.99/mo. (plus tax), $99/yr. or $8.25 monthly (plus tax). You can also sign up for a 34-day free trial.
Wealthsimple
Wealthsimple is an online investment account management service that provides investing tools and personalized advice that help users achieve long-term wealth.
Its money management features enable you to effortlessly invest a portion of your paycheque using simple tools, buy your favourite stocks, reinvest your dividends, etc.
Wealthsimple offers three investing tiers: Core (requires only a dollar); Premium ($100,000 in assets); and Generation ($500,000 in assets). Management fees range from 0.2% to 0.5%.
You can easily open a Wealthsimple account online.
Pocketsmith
PocketSmith is a budgeting and personal finance software with features that help you monitor your spending, check your budgets and keep track of your money.
The software features of Pocketsmith Canada include automatic bank feeds, unlimited dashboards, unlimited accounts and budgets, and up to 60 years of projection, depending on the plan.
PocketSmith offers four plans: Free (for the casual budgeter); Fortune (US$26.66/mo.); Flourish (US$16.66/mo.); and Foundation (US$9.99/mo.).
Justwealth
Justwealth is an online portfolio management platform that aims to make investing a better experience for Canadians.
The platform’s features include a dedicated personal portfolio manager and support team, personalized financial planning, tax-efficient portfolios, and more.
All Justwealth accounts, except for RESPs/FHSAs, have a minimum management fee of $4.99/mo. and a minimum account size of $5,000. RESPs/FHSAs have no minimum account size and have a minimum fee of $2.50/mo.
Spendee
Spendee is a budgeting app that connects your bank accounts, manages your money from one place, tracks your cash flow, helps you stick to your budget, and analyzes your financial habits.
The app features include shared wallets, customization options, multiple currencies, alerts and reminders, and the ability to sync and backup.
Its personal finance software free version comes with basic features. Its paid plan costs up to $2.99 monthly and $22.99 per year. All plans come with a 7-day free trial period.
GoodBudget
GoodBudget is a virtual budget program and a home budget app designed to sync between Android and iPhone devices and the web.
Based on the envelope budget system, the app lets you create a budget, share it across multiple devices with family and friends, and track your expenses and financial goals.
The app comes in a free version with basic features and a paid plan called Plus that costs $8/mo. or $70/yr.
Quicken
Quicken is a personal finance and money management software that gives you the capability to manage your budget, save money, and plan your retirement.
Its unique features help you stay on budget, see all your finances, track and pay monthly bills, monitor and grow investments, etc.
Available in personal and business versions, Quicken pricing ranges from $2.79-$6.99/mo., depending on the plan. It also comes with a 30-day money-back guarantee.
Best Personal Accounting and Tax Software In Canada
TurboTax
Filing federal and state income tax returns with accuracy is the goal of the tax preparation software, TurboTax.
TurboTax costs $0 if you file a simple tax return. This free personal finance software for Canadians can be used to record employment and unemployment income, tuition, child care expenses, and more.
The program includes a step-by-step process and an auto-fill feature that saves time by importing your tax slips into your return from the Canada Revenue Agency.
QuickBooks
QuickBooks is a personal accounting software in Canada that comes with features for accounting tasks like income and expense tracking, invoicing, and payroll management.
Depending on the plan, QuickBooks helps you monitor your income and expenses, track sales and sales tax, capture and organize receipts, manage bills and payments, and create and manage budgets.
Quickbooks comes in four plans: EasyStart ($6/mo.); Essentials ($12/mo.); Plus ($14.40/mo.); and, Advanced ($28/mo.).
FAQ
Wealthica is considered a Canadian version of California-based wealth management service Personal Capital. Wealthica is an online financial aggregator that helps users simplify their financial lives by tracking their net worth and all their investments from a single dashboard.
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