Wave has earned its place as the default free invoicing tool for Canadian freelancers. It does a lot without charging a cent—unlimited invoices, expense tracking, basic bookkeeping. But a growing number of users are hitting the same wall: payment holds that freeze their cash flow, a Starter plan fee of 2.9% + $0.60 per credit card transaction, and a Pro plan that costs $25 CAD a month without offering much that free alternatives don't already provide.
If you're questioning whether Wave is still worth it, you're not alone. Here are the five best Wave alternatives for Canadian freelancers in 2026—and exactly how each one compares to what Wave offers.
Why Freelancers Are Looking Beyond Wave
Transaction fees. The Wave Starter plan charges 2.9% + $0.60 per credit card transaction. On a $100 invoice, that's $3.50—3.5% of the total. On a $50 invoice, it's $4.00—8%. The flat $0.60 hits small invoices disproportionately hard.
Payment holds. Wave can flag accounts for review and hold payouts for days or weeks without notice. This is standard practice in payment processing, but Wave's support is slow to resolve disputes. Freelancers regularly report losing access to funds at critical moments—right before rent, right before payroll.
The Pro plan trade-off. Wave Pro costs $25 CAD/month. The main benefit is removing the $0.60 flat fee—but only for the first 10 transactions per month. After that, you're back to $0.60 per transaction. For $25/month, the alternatives below offer considerably more.
Wave's core problem isn't that it's bad software. It's that its payment processing model—holds included—was designed for general small businesses, not for freelancers who depend on fast, predictable payouts to manage their cash flow.
1. Paymavo — Best for Lower Transaction Fees
Best for: Freelancers who invoice regularly and want the lowest per-transaction cost with no payment holds.
Paymavo is a Canadian invoicing tool built on Stripe. Stripe charges 2.9% + $0.30 per transaction—half of Wave's $0.60 flat fee—and Stripe's payout timeline is predictable, without Wave's account-hold surprises.
Key features
- CRA-compliant invoices with automatic GST/HST/QST calculation by province
- Online payments via Stripe at 2.9% + $0.30 per transaction
- Invoice generator, tax calculator, and late payment calculator
- Professional invoice templates
Compared to Wave
On Wave Starter, you pay $0.60 flat per transaction. Paymavo charges $0.30. That's $6 saved on every 10 transactions—$72/year at 20 invoices/month—with no monthly subscription to eat into those savings. Compared to Wave Pro ($25 CAD/month): Paymavo costs nothing monthly, and its $0.30 rate beats Wave Pro's discounted fee even before the 10-transaction threshold kicks in. No holds, no surprises.
👉 Try Paymavo free — no monthly fee, no setup cost.
2. ibill.ca — Best for Full Accounting Features
Best for: Freelancers who want double-entry accounting without paying for QuickBooks. Currently available outside Quebec.
ibill.ca is a newer Canadian platform that includes a full double-entry general ledger, bank reconciliation, and 9 CRA-ready tax reports—features Wave omits entirely or saves for its paid tier. Everything is free during the launch period.
Key features
- Unlimited invoices and unlimited clients
- Automatic GST/HST/PST/QST calculations for all provinces
- Full double-entry accounting with financial statements
- Time tracking and expense tracking with receipt uploads
- Client portal with online payments via Stripe
- Multi-currency support: CAD, USD, EUR, GBP
- All business data hosted in Canada
Compared to Wave
Wave's free tier has no double-entry accounting and no bank reconciliation. Wave Pro ($25 CAD/month) adds bank import—but still no double-entry ledger, no financial statements. ibill.ca provides a full accounting suite at no cost. If your main frustration with Wave is its thin bookkeeping, ibill.ca is the most direct upgrade.
Limitation to know: ibill.ca is currently available to businesses in Canadian provinces and territories other than Quebec. If you're based in Quebec, see option 3 below.
3. Momenteo — Best for Quebec Freelancers and Bilingual Teams
Best for: Freelancers in Quebec, or anyone who invoices clients in both French and English.
Momenteo is a Quebec-built invoicing tool designed specifically for Canadian freelancers. It's one of the few platforms that lets you generate bilingual invoices—French for Quebec clients, English for clients elsewhere—without switching templates or language settings manually.
Key features
- Calendar-based time tracking and invoice creation
- Automatic GST/HST/QST with Quick Method support
- Bilingual invoices: French or English, set per client
- Recurring invoices and online payments via Stripe
- Client portal
| Plan | Monthly | Annual | Active clients |
|---|---|---|---|
| Free | $0 | $0 | 2 |
| START | CA$10 | CA$8/mo | 5 |
| EXPLORE | CA$17 | CA$14.85/mo | 10 |
| PLUS | CA$26 | CA$22.95/mo | Unlimited |
Compared to Wave
Wave has no bilingual invoice support and no Quick Method calculation for QST. For a Quebec freelancer invoicing both French and English clients, Wave is a one-language tool in a bilingual market. Momenteo fills that gap directly—and its QST Quick Method support is something Wave has never offered.
Limitation to know: The free plan limits you to 2 active clients per year. Time tracking is available on EXPLORE and above (CA$17/month).
4. Zoho Invoice — Best Free Option With the Most Features
Best for: Freelancers who want a full-featured free tool and send fewer than 500 invoices per year.
Zoho Invoice is completely free in Canada—no paid plans, no upsells, no credit card required. It has been free since 2022 and remains one of the most feature-rich options at any price.
Key features
- Unlimited estimates and recurring invoices
- Time tracking and expense tracking
- Client portal with automated payment reminders
- Integrations with Stripe, PayPal, and other payment gateways
- Mobile app
Limitations
- 500 invoices per year (about 41 per month)
- Maximum 2 users
- Maximum 3 projects
- "Powered by Zoho Invoice" branding on all client-facing documents
Compared to Wave
Both Wave and Zoho Invoice are free. But Zoho includes time tracking and a client portal that Wave omits entirely. The critical difference: Zoho doesn't process payments directly—it routes through gateways like Stripe or PayPal that you connect yourself. That means no Zoho-triggered payment holds on your payouts. If Wave's holds are your main frustration, Zoho eliminates that risk entirely by removing the middleman.
5. FreshBooks — Best Paid Alternative for a Polished Experience
Best for: Freelancers who want proposals, client retainers, time tracking, and a polished mobile experience—and are ready to pay for it.
FreshBooks is a Toronto-born accounting platform with over two decades of Canadian history. It's the most expensive option in this list, but also the most complete for freelancers who send proposals, manage retainers, and need a mobile-first workflow.
| Plan | Monthly (CAD) | Clients | Key features |
|---|---|---|---|
| Lite | $22 | 5 | Invoices, expenses, time tracking, estimates |
| Plus | $40 | 50 | Recurring invoices, proposals, retainers |
| Premium | $60 | Unlimited | Custom email templates, advanced reporting |
Key features
- Native GST/HST/QST/PST calculation, applied automatically by province
- Mobile app with mileage tracking
- Client retainer and proposal tools (Plus and above)
- Automated late payment reminders and configurable late fees
- Bank account connection for expense categorization
Compared to Wave
Wave Pro costs $25 CAD/month. FreshBooks Lite costs $22 CAD/month and includes proposals and a better mobile app—for less money. At Plus ($40/month), you get client retainers, 50 billable clients, and recurring billing tools Wave doesn't offer at any price. If you're already paying for Wave Pro and not getting enough for it, FreshBooks Lite is the natural next step.
Note: the Lite plan's 5-client cap makes it impractical for most active freelancers. Most will need Plus at $40/month.
Wave vs. the Alternatives: Full Comparison
| Wave Starter | Paymavo | ibill.ca | Momenteo | Zoho Invoice | FreshBooks | |
|---|---|---|---|---|---|---|
| Price | Free | Free | Free (launch) | Free–CA$26/mo | Free | CA$22–$60/mo |
| CC fee per transaction | 2.9% + $0.60 | 2.9% + $0.30 | 2.9% + $0.30 (Stripe) | Stripe rates | Varies by gateway | Varies by gateway |
| Payment holds risk | Yes | No | No | No | No | No |
| Double-entry accounting | No | No | Yes | No | No | Yes |
| GST/HST/QST | Yes | Yes | Yes | Yes | Yes | Yes |
| Time tracking | No | No | Yes | EXPLORE+ only | Yes | Yes |
| Quebec / bilingual | Basic | Yes | Not currently | Yes (bilingual) | Yes | Yes |
| Invoice limit | Unlimited | Unlimited | Unlimited | Per plan | 500/year | Per plan |
| Free plan | Yes | Yes | Yes | Yes (2 clients) | Yes | No |
Which Alternative Is Right for You?
- "I want lower fees than Wave Starter." → Paymavo. At 2.9% + $0.30, you pay $6 less per 10 transactions—no monthly subscription required.
- "I want real accounting for free." → ibill.ca (outside Quebec). The only free tool here with a full double-entry ledger, bank reconciliation, and CRA-ready reports—features Wave Pro still doesn't offer.
- "I'm in Quebec or invoice bilingual clients." → Momenteo. Quebec-built, QST Quick Method, and the only tool that generates bilingual invoices per client. Wave can't match this.
- "I want no payment holds and the most free features." → Zoho Invoice. Routes payments through your own Stripe/PayPal—no middleman, no holds. Adds time tracking and client portal that Wave omits.
- "I want proposals, retainers, and a polished app." → FreshBooks. More complete than Wave Pro at a lower price point (Lite at $22 vs Wave Pro at $25).
Tired of Wave's $0.60 per transaction and unpredictable holds? Try Paymavo free — Stripe's standard rates, no monthly fee, no surprises.
