Disclosure: SmartFolio is ours. The advice works with any app, or with pen and paper.
In short
Bring each account’s history into one tracker, look at dividends by month and by stock, and check the next 12 months of expected income. Watch for US withholding tax in your TFSA and for DRIP shares that change your cost base.
- One place for every account.
- Income by month, and what’s coming.
- Know which account each dividend lands in.
Where dividends get lost
Dividends land in different accounts, in two currencies, some reinvested through a DRIP, some as cash. A broker app shows one account at a time; a spreadsheet needs updating every payment.
What to track
- Dividends by month — your “paycheque” from investing.
- Dividends by stock — which holdings do the work.
- Expected income for the next 12 months.
- Yield on cost — how your income compares with what you paid.
Two Canadian wrinkles
US dividends in a TFSA usually have 15% US withholding tax taken off, which you can’t recover; in an RRSP the treaty generally exempts it. DRIPs buy new shares with each dividend — they add to your cost base, so record them.How to do it with SmartFolio
- Import each account. Guides for Wealthsimple, Questrade, TD, RBC, BMO, Scotia iTRADE, CIBC, National Bank and Qtrade — each can be its own portfolio.
- Open Income. Dividends and interest by month, by year and by stock.
- See the next 12 months. Expected dividends from what you hold now, with yield and yield on cost.
- Totals in Canadian dollars. Every position keeps its own currency; totals convert with live exchange rates.
SmartFolio is free, with no account and no ads, and doesn’t give tax or financial advice.
Common questions
How do I track my dividends in Canada?
Import each account into one tracker and look at income by month and by stock.
Are US dividends taxed in a TFSA?
Usually yes — 15% US withholding tax is taken and isn’t recoverable in a TFSA.
Do I need to track DRIP shares?
Yes — they add to your cost base.
Is there a free dividend tracker app in Canada?
SmartFolio is free and has import guides for the major Canadian brokers.
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