FreshBooks vs Wave Canada is one of the most practical accounting-software comparisons for Canadian freelancers. Both platforms support professional invoicing, expense tracking, estimates, accounting records and online payments, but they target different stages of business growth.
Wave is the better starting point for freelancers who want free invoicing and basic bookkeeping. Its Starter plan costs $0 and supports unlimited invoices, estimates, bills and bookkeeping records. Wave Pro costs $25 CAD per month or $250 CAD per year and adds bank transaction imports, automatic categorization, receipt scanning and automated payment reminders.
FreshBooks is more expensive, but it offers stronger time tracking, project billing, proposals, retainers, bank reconciliation and accounting reports on eligible plans. Its regular Canadian prices are $26 CAD for Lite, $42 CAD for Plus and $72 CAD for Premium, although temporary promotions may reduce the initial cost.
For most beginners, Wave offers better value. For established freelancers who bill by time, manage client projects or need more structured accounting, FreshBooks is usually the better long-term platform.
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FreshBooks vs Wave Canada: Quick Verdict
Choose Wave when you want:
- free invoicing;
- basic accounting;
- unlimited invoices and estimates;
- simple expense tracking;
- a low-cost starting point;
- optional online payments;
- a straightforward system for a small freelance business.
Choose FreshBooks when you want:
- built-in time tracking;
- project billing;
- proposals and client retainers;
- bank reconciliation;
- accountant access;
- double-entry accounting reports;
- stronger receipt and expense tools;
- project profitability on higher plans.
Best for beginners and free invoicing: Wave.
Best for time-based freelancers and service businesses: FreshBooks.
Best overall value at the start: Wave Starter.
Best overall features for an established freelancer: FreshBooks Plus.
Quick Comparison
| Category | FreshBooks | Wave |
|---|---|---|
| Best for | Established freelancers and service businesses | Beginners and small businesses |
| Free plan | No | Yes |
| Starting paid price | $26 CAD/month | $25 CAD/month |
| Annual paid price | 10% discount available | $250 CAD/year |
| Billable-client limits | 5 on Lite, 50 on Plus | No invoice client limit listed |
| Invoicing | Excellent | Very good |
| Estimates | Yes | Yes |
| Proposals | Plus and higher | No dedicated proposal workflow |
| Time tracking | Yes | No comparable built-in feature listed |
| Project billing | Yes | Limited |
| Recurring invoices | Yes | Pro or online payments |
| Online payments | Yes | Yes |
| Bank imports | All paid plans | Pro |
| Bank reconciliation | Plus and higher | Accounting tools available, but less advanced |
| Receipt scanning | Plus and higher | Pro or separate Receipts plan |
| Accountant access | Plus and higher | Collaborator access |
| Best accounting depth | FreshBooks | — |
| Best free value | — | Wave |
What Is FreshBooks?
FreshBooks is cloud invoicing and accounting software for freelancers, consultants, contractors, agencies and other service businesses.
Its workflow connects:
- estimates and proposals;
- client projects;
- tracked time;
- expenses;
- invoices;
- online payments;
- bank activity;
- accounting reports.
FreshBooks is particularly useful for businesses that bill by time or regularly pass expenses through to clients. Time entries and billable expenses can be added directly to invoices, reducing manual calculations.
The Lite plan supports five billable clients. Plus supports 50 clients and adds proposals, retainers, bank reconciliation, accountant access and double-entry reports. Premium supports unlimited clients and adds project profitability, bills, vendors and more advanced receipt capture.
Read our complete FreshBooks Review Canada for a detailed breakdown.
What Is Wave?
Wave is invoicing and accounting software designed for freelancers and small businesses.
The free Starter plan includes:
- unlimited invoices;
- unlimited estimates;
- bills;
- bookkeeping records;
- customer management;
- mobile invoicing;
- basic cash-flow visibility;
- optional online payments.
Wave Pro adds:
- automatic bank transaction imports;
- automatic transaction merging and categorization;
- unlimited receipt scanning;
- automated late-payment reminders;
- lower fixed card-transaction fees for the first ten monthly transactions;
- additional automation features.
Wave is especially attractive to new freelancers because the core invoicing and bookkeeping tools can be used without a monthly subscription.
For a broader evaluation, read our Wave Review for Freelancers in Canada.
FreshBooks vs Wave Pricing in Canada
Pricing is the biggest difference between these platforms.
FreshBooks Pricing Canada
| Plan | Regular monthly price | Billable clients | Best for |
|---|---|---|---|
| Lite | $26 CAD | 5 | New freelancers with few clients |
| Plus | $42 CAD | 50 | Established freelancers |
| Premium | $72 CAD | Unlimited | Agencies and growing businesses |
| Select | Custom | Unlimited | Larger businesses |
FreshBooks currently offers promotional discounts, but the regular prices above are better for long-term budgeting. Team members cost $13 CAD per month each, while Advanced Payments costs $25 per month on Lite, Plus and Premium.
You can verify current plans and promotions on the official FreshBooks Canada pricing page.
Wave Pricing Canada
| Plan | Monthly price | Annual price | Best for |
|---|---|---|---|
| Starter | $0 | $0 | Beginners and basic invoicing |
| Pro | $25 CAD | $250 CAD | Businesses needing automation |
| Receipts add-on | $11 CAD | $96 CAD | Starter users needing receipt scanning |
Wave charges its Pro subscription per business profile. A user managing multiple businesses must purchase Pro separately for each profile.
You can verify the latest plan details on the official Wave pricing page.
Pricing Winner
Wave wins.
Its Starter plan provides free unlimited invoicing and bookkeeping records. Wave Pro also costs less than FreshBooks Plus and Premium.
FreshBooks is worth the higher price only when its time tracking, project billing, proposals, retainers, bank reconciliation and deeper reports solve real business needs.
Free Plan Comparison
Wave offers a permanent free Starter plan.
It includes basic accounting and invoicing, while paid features such as online payments, receipt scanning and payroll can be added separately.
FreshBooks does not offer a permanent free business plan. It offers a 30-day trial and frequently runs promotional discounts.
Free Plan Winner
Wave wins clearly.
A new freelancer can create invoices, estimates and bookkeeping records without committing to a subscription.
Invoicing Comparison
Both platforms provide professional invoices.
FreshBooks Invoicing
FreshBooks includes:
- customized invoices;
- recurring invoices;
- automated reminders;
- late fees;
- deposits;
- payment schedules;
- tracked time;
- billable expenses;
- online payments;
- estimates;
- proposals on Plus and higher;
- retainers on Plus and higher.
FreshBooks can automatically add tracked time and expenses to an invoice and supports GST, HST and PST on applicable invoices.
Wave Invoicing
Wave includes:
- unlimited invoices;
- unlimited estimates;
- invoice customization;
- customer records;
- mobile invoicing;
- online payment options;
- invoice-status notifications;
- recurring billing with Pro or online payments;
- automatic reminders with Pro or online payments;
- sales-tax calculations.
Wave’s free plan is enough for freelancers who mainly need to create and send invoices.
Invoicing Winner
Wave wins for free invoicing.
FreshBooks wins for advanced service billing and time-based invoicing.
Time Tracking and Project Billing
FreshBooks includes unlimited time tracking across its paid plans.
Users can:
- start a timer;
- add time manually;
- assign time to clients and projects;
- track team hours;
- convert hours into invoices;
- connect time tracking with Asana, Basecamp, Trello and Teamwork;
- review project profitability on Premium and Select.
Wave’s Starter and Pro pricing pages do not list a comparable built-in time-tracking system. Wave is primarily focused on invoicing, bookkeeping, payments and transaction automation.
Time Tracking Winner
FreshBooks wins.
Freelancers who charge hourly or manage project budgets will receive substantially more value from FreshBooks.
Accounting and Reports
FreshBooks Accounting
FreshBooks Plus and higher include:
- bank reconciliation;
- chart of accounts;
- general ledger;
- trial balance;
- balance sheet;
- journal entries;
- accountant access;
- financial and accounting reports.
Premium adds accounts payable, bills, vendors and project profitability.
Wave Accounting
Wave Starter includes basic bookkeeping records, cash-flow management and accounting tools.
Wave Pro improves the workflow by adding automatic bank imports, transaction merging, categorization and receipt scanning. Wave also connects invoicing and payments with accounting records.
Wave is sufficient for many sole proprietors, but FreshBooks offers more structured reporting and project-focused financial tools.
Accounting Winner
FreshBooks wins for depth.
Wave wins for free basic bookkeeping.
Online Payments in Canada
Both platforms support online payments for Canadian businesses.
FreshBooks Payments
FreshBooks currently lists:
- standard cards: 2.9% + $0.30;
- American Express: 3.5% + $0.30;
- bank transfers: 1%;
- Buy Now, Pay Later: 6% + $0.30;
- instant payouts: additional 1%.
Wave Payments
Wave currently lists the following Canadian fees:
| Payment method | Starter | Pro |
|---|---|---|
| Visa and Mastercard | 2.9% + $0.60 | 2.9% + $0 for first 10 monthly transactions |
| American Express | 3.4% + $0.60 | 3.4% + $0 for first 10 monthly transactions |
| Bank payment | 1%, minimum $1 | 1%, minimum $1 |
After the first ten monthly Pro transactions, the standard fixed fees apply again. Canadian card payouts generally take one business day, while bank payments can take one to six business days.
Payments Winner
For standard card payments, FreshBooks has the lower fixed fee than Wave Starter.
Wave Pro can be cheaper for businesses processing ten or fewer card transactions per month because the fixed fee is waived for those transactions.
GST/HST Support
FreshBooks allows users to add federal and provincial sales taxes such as GST, HST and PST to invoices.
Wave also calculates taxes on invoices and tracks sales tax within its accounting records.
Neither platform should be treated as a substitute for checking Canadian place-of-supply rules or obtaining professional tax advice.
Canadian Tax Winner
Tie for invoice-level tax calculations.
FreshBooks provides stronger financial reports, while Wave provides lower-cost basic sales-tax tracking.
Bank Connections and Receipt Scanning
FreshBooks includes automated bank imports on all paid plans and bank reconciliation on Plus and higher. Receipt scanning is available on Plus and higher.
Wave Starter can be used for manual bookkeeping. Wave Pro adds automatic bank imports, transaction categorization and unlimited receipt scanning. Starter users can purchase receipt scanning separately for $11 CAD per month or $96 CAD annually.
Winner
Wave Pro wins for lower-cost automation.
FreshBooks Plus wins for more structured reconciliation and accountant workflows.
Ease of Use
Wave is easier for a beginner who wants:
- free invoices;
- basic bookkeeping;
- simple customer records;
- optional online payments.
FreshBooks requires a paid plan but provides a more organized workflow for:
- billable time;
- client projects;
- proposals;
- retainers;
- expense reimbursement;
- accounting reports.
Ease-of-Use Winner
Wave wins for beginners.
FreshBooks wins for established service businesses.
FreshBooks Pros and Cons
FreshBooks Pros
- Strong professional invoicing
- Built-in time tracking
- Project billing
- Estimates and proposals
- Client retainers
- Online payments
- Bank reconciliation
- Accountant access
- Double-entry reports
- Project profitability on higher plans
- Better for hourly and project-based freelancers
FreshBooks Cons
- No permanent free plan
- Lite supports only five clients
- Plus supports only 50 clients
- Additional users cost extra
- More expensive than Wave
- Premium is costly
- Advanced features require higher plans
Wave Pros and Cons
Wave Pros
- Free Starter plan
- Unlimited invoices and estimates
- Basic accounting included
- No FreshBooks-style client limit listed
- Low-cost Pro plan
- Mobile invoicing
- Online payments
- Receipt scanning with Pro
- Bank automation with Pro
- Good for beginners
Wave Cons
- No comparable built-in time tracking
- Limited project management
- No dedicated proposal workflow
- Less advanced accounting reports
- Fewer tools for retainers and project billing
- Pro is charged separately for each business profile
- Card fees include a higher fixed fee on Starter
Who Should Choose FreshBooks?
Choose FreshBooks when you:
- bill clients by time;
- manage projects;
- send proposals;
- use client retainers;
- need bank reconciliation;
- work with an accountant;
- need financial reports;
- want project profitability;
- have an established service business;
- can justify a monthly subscription.
FreshBooks is particularly well suited to consultants, developers, designers, marketers, contractors, coaches and agencies.
Who Should Choose Wave?
Choose Wave when you:
- are starting a freelance business;
- need free invoicing;
- have simple bookkeeping needs;
- do not need built-in time tracking;
- do not need proposals or retainers;
- want unlimited invoices;
- want to upgrade only when automation becomes necessary;
- process a small number of monthly transactions.
Wave is especially suitable for solo freelancers, new contractors and small businesses with straightforward billing.
FreshBooks vs Wave for Different Freelancers
New Freelancer
Wave Starter is the better choice because it provides free invoicing and accounting records.
Hourly Consultant
FreshBooks is better because time entries can be tracked and invoiced directly.
Designer or Developer
FreshBooks is better for project budgets, tracked hours, proposals and client billing.
Contractor
Wave can work for simple estimates and invoices. FreshBooks is better when jobs involve tracked time, reimbursable expenses and detailed financial records.
Freelancer With Many One-Time Clients
Wave may be more economical because FreshBooks Lite and Plus impose billable-client limits.
Growing Agency
FreshBooks Premium is better for unlimited clients, project profitability, bills and vendors.
Alternatives to FreshBooks and Wave
Zoho Books
Zoho Books is a stronger choice for businesses that need accounting automation, Canadian tax tools, bank reconciliation, projects, inventory and long-term scalability.
Review our Zoho Books Pricing Canada guide.
Try Zoho Books for Canadian invoicing and accounting.
Bonsai
Bonsai is better for proposals, contracts, project tasks, client onboarding and complete freelance workflow.
Read our Bonsai vs FreshBooks Canada comparison.
QuickBooks Online
QuickBooks is better for deeper accounting, inventory, payroll options and accountant collaboration.
Read our FreshBooks vs QuickBooks Canada comparison.
For more options, compare the best accounting software for small business Canada.
Frequently Asked Questions
Is Wave cheaper than FreshBooks?
Yes. Wave Starter is free, while FreshBooks Lite has a regular price of $26 CAD per month.
Is Wave really free in Canada?
Yes. Wave Starter provides basic accounting and invoicing at no subscription cost. Paid options include online payments, receipt scanning, payroll and Wave Pro.
Does FreshBooks have a free plan?
No. FreshBooks offers a trial and temporary promotions but not a permanent free business plan.
Which is better for invoicing?
Wave is better for free basic invoicing. FreshBooks is better for time-based billing, proposals, retainers and more advanced client workflows.
Which is better for accounting?
FreshBooks provides stronger accounting reports and bank reconciliation. Wave provides better free basic bookkeeping.
Does Wave support recurring invoices?
Yes. Recurring billing is available through Wave Pro or online payments.
Does FreshBooks support time tracking?
Yes. FreshBooks includes time tracking and allows tracked hours to be added to invoices.
Does Wave have time tracking?
Wave’s current Starter and Pro plan pages do not list a comparable built-in time-tracking feature.
Which platform is better for GST/HST?
Both can calculate sales taxes on invoices. FreshBooks provides stronger reports, while Wave provides lower-cost basic tracking.
Which platform is better for online payments?
The answer depends on transaction volume. FreshBooks has a lower standard fixed card fee, while Wave Pro waives the fixed fee on the first ten monthly card transactions.
Which platform is best for Canadian freelancers?
Wave is best for beginners and freelancers who need free invoicing. FreshBooks is best for established service businesses that need time tracking, projects and deeper accounting.
FreshBooks vs Wave Canada: Final Verdict
This FreshBooks vs Wave Canada comparison shows that the better platform depends on the stage and complexity of the business.
Wave is the stronger starting point. Its free Starter plan includes unlimited invoices, estimates, bills and bookkeeping records. Wave Pro adds useful automation for $25 CAD per month.
FreshBooks costs more but provides a more complete system for established service businesses. Its built-in time tracking, project billing, proposals, retainers, bank reconciliation, accountant access and financial reports justify the higher price for businesses that actively use those features.
Choose Wave when low cost, free invoicing and simple bookkeeping are the priorities.
Choose FreshBooks when tracked time, project billing and stronger accounting are more important than price.
Best for beginners: Wave.
Best for free invoicing: Wave.
Best for hourly freelancers: FreshBooks.
Best for established service businesses: FreshBooks.
Overall recommendation: Start with Wave when your needs are simple. Move to FreshBooks when client projects, billable time and accounting complexity justify the subscription.
Compare the latest Wave plans and review current FreshBooks Canada pricing.
Pricing and features were checked against the official FreshBooks Canada and Wave websites on August 4, 2026. Plans, promotions and fees can change.