Shareworks vs Carta: Which is better for Canadian RSUs?

Receiving Restricted Stock Units (RSUs) is a significant benefit. The next step is managing their sale effectively. Maximizing your financial gain requires a clear understanding of the process, potential costs, and tax implications, especially when converting proceeds to Canadian dollars (CAD).

This guide explains the key differences between Shareworks and Carta for Canadian RSU holders, focusing on the selling process and financial outcomes. We've also explained how Wise can help you manage currency conversions to keep more of your money.

Shareworks vs Carta: What's different for Canadian RSU sales?

Your employer chooses the platform to manage your equity, either Shareworks or Carta. Both are leading equity management platforms, but they serve different company profiles and offer distinct employee experiences.

Shareworks, now part of Morgan Stanley, is often used by large, established public companies.^1,2,5 Carta is popular with private companies and startups, known for its focus on cap table management and valuations from incorporation through to IPO^1,2. For an employee, the difference appears in the user interface and sale process.

Key differences for Canadian employees

Understanding the practical differences helps you navigate the platform your company uses^2,3.

• User Interface and Experience: Carta is often described as having a modern, streamlined interface, popular with tech-focused companies.¹ Shareworks provides a comprehensive, corporate-grade portal reflecting its backing by a major financial institution.⁵

• Grant Management: Both platforms provide a dashboard to view your RSU grants, vesting schedules, and the potential value of your holdings. You can track when your shares become available to sell.

• Selling Process: The process to sell shares is initiated within each platform. However, the transaction is executed by a partner brokerage firm. The steps and timelines depend on this partnership.

• Support for Canadian Employees: Both platforms support global users, but the level of specific Canadian tax and currency resources can vary. Always refer to your company's plan documents for detailed support.

Understanding RSU sales: Key factors for Canadians

When you sell your RSUs, several factors impact your final payout. Vesting schedules determine when you receive ownership of the shares. Once vested, the value of those shares is considered a taxable benefit.⁴

The most critical factor for Canadian employees is often currency conversion. If your company's stock is priced in US dollars (USD), the proceeds from your sale will be in USD. Converting these funds to CAD involves exchange rates and fees that can reduce your take-home amount.

What's the tax impact in Canada?

In Canada, the total value of your RSUs at the time they vest is typically considered employment income. This amount is taxable in that year and will be included on your T4 slip⁵. Your employer may sell a portion of the shares automatically to cover this withholding tax.

If you hold the shares after they vest and their value increases, you may be subject to capital gains tax on the growth when you eventually sell them. Tax rules are complex; consult a Canadian tax professional for advice specific to your situation.

The currency conversion question

For Canadians employed by US-listed companies, RSU sales result in USD. The process of converting this to CAD directly impacts your net proceeds.

The brokerage handling your sale will offer a currency conversion service, but the exchange rate they use often includes a markup over the mid-market rate. This spread, along with any transaction fees, is a direct cost to you.

How Shareworks manages employee RSU sales

When your RSUs vest in Shareworks, they appear in your account as owned shares. To sell, you log into the Shareworks portal and create a sale order. You can typically choose a market order (sell at the current price) or a limit order (sell only at a specific price or better).

The sale is executed by Morgan Stanley's brokerage services. Once the trade settles, usually within two business days6, the funds are available. Unless you already have a USD account set up, currency conversion from USD to CAD may happen automatically as part of the withdrawal process, at the bank's prevailing rate.

How Carta manages employee RSU sales

Carta provides employees with a portal to accept grants and view their equity.¹ When RSUs vest, you can see your vested shares and their current market value. The platform facilitates sales, often through a partner broker.

The process involves logging in, navigating to your portfolio, and initiating a sale for your vested shares. Carta's platform aims to simplify this for employees of both private and public companies.⁴ After the sale settles, the proceeds are made available for transfer.

Comparing Shareworks and Carta: What costs more for Canadians?

For an employee, the platform itself is usually free. The costs come from the transaction. Both Shareworks and Carta rely on brokerage partners to execute sales, which is where fees are incurred.

The most significant and often least transparent cost for Canadians is currency conversion. A less favourable exchange rate can cost you hundreds or thousands of dollars, depending on the size of your sale. A small difference in the rate makes a large impact on your final CAD payout.

Understanding the true cost of selling

To understand the total cost, look at these four components:

• Platform Fees: Generally, there are no direct platform fees for employees selling vested RSUs.
• Brokerage Fees: The partner broker will charge a commission or fee for executing the stock sale. This is often a flat fee or a small percentage of the sale value.
• Currency Exchange Rate Differences: This is a primary cost. Brokerage services often apply a margin of 1-3% or more on top of the mid-market exchange rate when converting your USD proceeds to CAD.
• Taxes and Withholding: Your employer is required to withhold taxes on the income portion of your vested RSUs. This is handled before you receive the net shares or sale proceeds.

Avoid losing money to currency conversion with Wise

For Canadian employees receiving RSU sale proceeds in USD, Wise offers a way to take control of currency conversion. By using a multi-currency account, you can receive USD from your brokerage sale without an immediate forced conversion.

The Wise account provides you with US account details (like an ACH routing number). You can direct your USD proceeds there. From your Wise account, you can convert USD to CAD when you choose, using the mid-market exchange rate and a small, transparent fee. This helps you maximize the amount you receive.

Frequently asked questions about Shareworks and Carta in Canada

How do I sell my RSUs through Shareworks in Canada?

Log into your Shareworks account, view your vested and owned shares, and initiate a sale transaction. You will specify the number of shares to sell. The order is then sent to the brokerage for execution.

How do I sell my RSUs through Carta in Canada?

After your RSUs vest, log into Carta to view your holdings. Follow the platform's instructions to place a sell order for the desired number of shares. Carta or its brokerage partner will manage the sale.

Are there hidden fees when selling RSUs on Shareworks or Carta?

While the platforms may not charge you directly, fees are charged by the partner brokers for trade execution and currency conversion. The largest potential cost is often the margin applied to the FX rate, which is not always clearly disclosed.

Can I receive my RSU sale proceeds directly in CAD?

This depends on your company's setup with the platform and its broker. Often, the sale settles in USD first. The conversion to CAD is a separate step that may be automatic or initiated by you, incurring FX costs.

Conclusion

Maximizing the value of your RSU sale depends on understanding the entire process, especially the costs associated with currency conversion. Whether your company uses Shareworks or Carta, making a wise decision about how you convert your USD proceeds to CAD can significantly increase your net payout. Businesses can use Wise for international payments at a transparent rate and clear fees. By providing you with multi-currency account details and access to the mid-market exchange rate, Wise gives you the tools to manage your RSU earnings effectively.

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Sources verified on 15 June 2026