Wave is free. FreshBooks starts at $19–$25/month. That gap drives most of the comparison — but the right answer depends on where friction costs you more than money. Here is a direct Wave vs FreshBooks comparison for Canadian freelancers in 2026.
The Core Trade-Off
Both Wave and FreshBooks handle invoicing, expense tracking, and GST/HST for Canadian freelancers. The differences are in polish, automation, and how much manual work you are willing to do in exchange for $0/month.
Pricing
| Feature | Wave (Free) | Wave Pro ($19 USD/month) | FreshBooks Lite (~$25 CAD/month) |
|---|---|---|---|
| Invoicing | Unlimited | Unlimited | Unlimited (5 active clients) |
| Expense tracking | Yes (manual bank import) | Yes (auto bank import) | Yes (auto bank import) |
| GST/HST tracking | Yes | Yes | Yes |
| Time tracking | No | No | Yes (on Plus and above) |
| Receipt scanning | Yes (free) | Yes | On Plus and above |
| Multi-user | No (free) / Yes (Pro) | Yes | Yes (add-on) |
Invoicing: FreshBooks Wins on Polish
Both create professional invoices. FreshBooks is more customizable (logo placement, colour schemes, custom columns), sends more effective automatic reminders, and has a client-facing payment portal. Wave invoicing is functional but more basic — clients receive an email with a pay button or pay instructions.
For most sole proprietors, Wave’s invoicing is sufficient. If you have corporate clients who expect a polished experience, or you are regularly chasing late payments, FreshBooks’ automatic reminders and client portal add real value.
Bank Transaction Imports
In 2024, Wave moved automatic bank transaction imports behind the Pro plan ($19 USD/month). On the free plan, you connect your bank but transactions require manual approval or CSV import. FreshBooks includes automated bank transaction imports on all paid plans.
For freelancers with 20–30 transactions per month, manual bank imports on Wave’s free plan add roughly 15–20 minutes of monthly work. For more active accounts, the friction is more significant.
Time Tracking
Wave does not include time tracking. FreshBooks includes it from Plus upward. If you bill by the hour, FreshBooks’ time tracking → billing integration is the most compelling reason to pay for it. There is no equivalent in Wave — you would need a separate time tracking app (Toggl, Harvest) and manual entry.
GST/HST: Both Adequate, Neither Files Directly
Both platforms track GST/HST collected on invoices and paid on expenses. Neither files the return directly to CRA — that requires logging into CRA My Business Account and entering the numbers from your report (a 10–15 minute task per filing period). This is not a meaningful differentiator between them; both require the same manual step.
When to Upgrade from Wave to FreshBooks
- You bill by the hour and want time tracking → invoicing in one place
- You have more than 30 transactions per month and want automatic bank imports without paying for Wave Pro
- You send more than 10 invoices per month and want automatic payment reminders
- Your clients expect a more polished invoice and payment experience
Frequently Asked Questions
Is Wave actually free in Canada?
Wave’s core accounting features — invoicing, expense tracking, GST/HST reports, and basic financial reporting — remain free in Canada. The paid Pro plan ($19 USD/month) adds automatic bank transaction imports and multi-user access. Payments processing (credit card acceptance through Wave) charges a per-transaction fee. For most freelancers accepting Interac e-Transfer directly, the core Wave product is entirely free.
Does FreshBooks have a free trial?
Yes — FreshBooks offers a 30-day free trial on all plans without requiring a credit card. This is enough time to set up your account, send a few invoices, and evaluate whether the interface works for your workflow before committing.
Can I switch from Wave to FreshBooks without losing my data?
Wave does not have a native export-to-FreshBooks migration tool. You can export transactions as CSV and import them into FreshBooks, but the process is manual and imperfect. Most people switch at year-end (January 1) so prior-year data stays in Wave for historical reference and the new year starts clean in FreshBooks.