Wave is the dominant free accounting platform for Canadian freelancers. Founded in Toronto in 2009 and now owned by H&R Block, it offers invoicing, expense tracking, GST/HST reports, and financial reporting at zero monthly cost. This review explains what you actually get, what changed with the 2024 Pro plan introduction, and when Wave is — and is not — the right choice.
What Wave Includes for Free
- Unlimited invoices with custom branding
- Expense tracking with manual bank import and bank feed connections
- GST/HST tracking on invoices and expenses with multi-province rate support
- Financial reports: profit and loss, balance sheet, accounts receivable aging
- Receipt scanning via the Wave mobile app
- Accountant access at no charge
- Multiple businesses under one account
What Changed: Wave Pro (2024)
In January 2024, Wave introduced a paid Pro plan at $19 USD/month. The most significant change: automatic bank transaction imports (previously free) now require the Pro plan on the free tier. On the free plan, bank connections still exist, but transactions require manual approval rather than importing automatically.
For freelancers with 20–30 transactions per month, manual approval adds roughly 15–20 minutes per month. For higher-volume accounts, the friction is more significant. At $19 USD (~$26 CAD) per month, Wave Pro is competitive with FreshBooks Lite but more expensive than it was before 2024.
GST/HST: Fully Supported for Free
Wave’s tax setup covers the Canadian GST/HST system correctly and at no cost:
- Configure HST rates by province (Ontario 13%, Nova Scotia 14%, Alberta 5% GST, etc.)
- Apply tax automatically to Canadian client invoices, zero-rating to export clients
- Track ITCs on business expenses (categorize HST paid when entering expenses)
- Generate a GST/HST tax summary report showing collected tax vs paid tax
The one limitation: Wave does not file your GST/HST return directly to the CRA. You read the numbers from Wave’s report and enter them in CRA My Business Account manually — a 10–15 minute task per filing period.
Wave Payroll (Canada)
Wave Payroll is available in all Canadian provinces. Pricing starts at approximately $25–$40 USD/month base plus $6 per employee. Handles payroll calculations, TD1 forms, payroll remittances to the CRA, and year-end T4 slips. Most solo freelancers do not need payroll — it is relevant only if you hire employees.
Support: Self-Serve on Free Plan
Wave’s free plan includes help center access and community forums but no live chat or phone support. Pro plan adds email support. For the majority of Wave questions, the help center and YouTube channel are comprehensive enough.
When Wave Is the Right Choice
- You are just starting out and want a capable free tool before committing to paid software
- Your monthly transaction volume is moderate (under 30–40 transactions) and manual bank approval is acceptable
- You do not need time tracking integrated with invoicing
- You accept payment by Interac e-Transfer and do not need an online payment portal
When to Upgrade Beyond Wave
- You want automatic bank transaction imports without a monthly fee → FreshBooks does not solve this cheaper; consider Wave Pro
- You bill by the hour and need time tracking → FreshBooks Plus
- You want direct GST/HST filing to CRA → QuickBooks Online Canada
- You are incorporated → QuickBooks Online Canada
Frequently Asked Questions
Is Wave actually free in Canada?
The core accounting features — invoicing, expense tracking, GST/HST reports, financial reporting, and receipt scanning — remain free in Canada. The Pro plan ($19 USD/month) adds automatic bank transaction imports and multi-user access. Interac e-Transfer acceptance (the most common Canadian payment method) is free — no per-transaction fee. Credit card payment processing through Wave Payments charges a per-transaction fee, but most Canadian freelancers skip this and use e-Transfer instead.
Does Wave work with my Canadian bank?
Wave supports bank connections with most major Canadian banks (RBC, TD, Scotiabank, BMO, CIBC, Desjardins, and many credit unions). On the free plan, transactions from connected accounts appear in Wave but require manual approval. On the Pro plan, transactions import automatically and are categorized with AI suggestions.
Can I use Wave for both invoicing and tax preparation?
Wave handles invoicing and bookkeeping — it is not a tax return preparation tool and does not file your T1 personal return. Use Wave for your year-round books, then export your profit and loss report at year-end and enter the totals into Wealthsimple Tax or TurboTax Self-Employed to complete your T2125 and T1 filing.