This comparison is for Canadian sole proprietors and small businesses choosing between the two lowest-cost accounting tools on the market. Both start at CAD $0. The difference is what you get once you register for GST/HST, want bank feeds, or need your accountant to log in.
This is a research-based comparison. We did not use either product hands-on. We compared both using their Canadian pricing pages and help centre articles, plus CRA guidance. Prices are list prices in CAD, checked in October 2026. For the full write-ups, see our Zoho Books review and Wave review.
The quick answer
Choose Zoho Books if you are registered for GST/HST or QST, have no employees, and want your accountant to log in without paying for it. Choose Wave if your revenue is above C$50,000 and you want to stay free, or if you have employees outside Quebec and want payroll in the same system.
| Feature | Zoho Books | Wave |
|---|---|---|
| Free plan | Yes, while yearly revenue is under C$50,000 | Yes, no revenue limit |
| Invoices on the free plan | 1,000 a year | Unlimited |
| Accountant login on the free plan | ||
| Cheapest plan with bank feeds | Standard: C$15/mo billed annually, or C$20 monthly | Pro: CAD $250/year, or $25 monthly |
| Bank feed provider | Yodlee | Plaid |
| Users on the cheapest paid plan | 3 | Invite admins, editors, viewers |
| Sales tax output | Return reports by form line | Summary report |
| Combined GST/HST-QST return | ||
| Card payments | Through Stripe, PayPal, Square, and others | Built in: 2.9% + $0.60 |
| Foreign currency | Professional, C$30 to C$35/mo | Free plan |
| Canadian payroll | None | CAD $25/mo + $6/employee, not Quebec |
| T4A and T5018 contractor tracking | Every plan | T4A through Wave Payroll |
Free plans: which one goes further?
Zoho Books' Free plan goes further while you are small. Wave's goes further once you grow, because it never ends.
Zoho Books Free costs C$0 for one user plus one accountant, for as long as your revenue for the financial year stays under C$50,000. It includes 1,000 invoices and 1,000 expenses a year. It includes GST/HST and provincial return reports, bank reconciliation, recurring invoices, payment reminders, a customer portal, and T4A and T5018 contractor tracking.
Wave Starter costs CAD $0 with unlimited estimates, invoices, bills, and bookkeeping records, and no revenue limit. Automatic bank imports, receipt capture, late payment reminders, and invited users, including your accountant, come with Pro.
Neither free plan has bank feeds. On both, you upload bank statements instead. Zoho accepts CSV, OFX, QIF, and other files, plus PDF statements from National Bank, CIBC, RBC, and Kindred Credit Union. Wave accepts OFX, QBO, QFX, ASO, and CSV files.
What does it cost once you need bank feeds?
Zoho Books is cheaper. Its Standard plan costs C$180 a year on annual billing, or C$20 a month billed monthly. Wave Pro costs CAD $250 a year, or CAD $25 a month.
| Plan with bank feeds | Monthly billing (CAD) | Annual billing (CAD/year) | Users |
|---|---|---|---|
| Zoho Books Standard | $20 | $180 | 3 |
| Wave Pro | $25 | $250 | Invite admins, editors, viewers |
Both connect through a third-party provider, Yodlee for Zoho and Plaid for Wave, and both note that not every bank connects. Use Zoho's 14-day trial, or check Plaid's coverage before paying for Wave Pro, to confirm that your bank and credit card connect.
Which one is better for GST/HST and QST?
Zoho Books. It prepares return reports laid out the way the tax authority's form is. Wave gives you a summary to map yourself.
Zoho's help centre says its GST/HST return report follows the lines on the CRA's return form. It also prepares B.C. PST, Manitoba RST, Saskatchewan PST, and QST returns. Quebec businesses can generate one combined GST/HST-QST return on any plan. Once you file, you mark the return as filed, which locks that period.
Wave lets you set up each tax with its rate and your registration number. Its sales tax report totals sales, tax collected, purchases, recoverable tax paid, and net tax owing for each tax. That is enough for an annual filer with a handful of transactions. A quarterly filer maps those totals to the CRA's lines four times a year.
Neither one files for you. The CRA says most GST/HST registrants with reporting periods beginning in 2024 or later must file electronically. With either tool, you enter the figures in NETFILE or My Business Account. Our GST/HST registration guide covers when you have to register.
Getting paid: built-in payments vs gateways
Wave has card processing built in. Zoho Books connects to a payment gateway you sign up for separately.
Wave charges Canadian businesses 2.9% plus $0.60 per Visa or Mastercard payment, 3.4% plus $0.60 per American Express payment, and 1% (minimum $1) per bank payment. Pro waives the $0.60 on the first 10 card payments each month. Wave does not allow surcharging.
Zoho Books lists Stripe, PayPal, Square, and other gateways, and the gateway sets the fee. Stripe's Canadian pricing is 2.9% plus C$0.30 per domestic card payment. On a C$1,000 card payment, that is C$29.30 through Stripe and C$29.60 through Wave Starter.
Payroll and contractors
Wave has Canadian payroll. Zoho Books does not.
Wave Payroll costs CAD $25 a month plus $6 per active employee and $6 per contractor paid. It covers every province and territory except Quebec, and it creates T4 and T4A slips at year end. Our Wave Payroll guide covers what you still file yourself.
Zoho's Canadian pricing page lists no payroll option, so a Zoho Books user with employees needs a separate provider. Zoho does track contractor payments for T4A and T5018 slips on every plan, and generates the e-filing XML from Standard. Construction businesses filing T5018 slips should look at that. Our T5018 guide explains the rules.
Users, support, and data location
Zoho Books Standard includes 3 users, and Professional includes 5. Wave Pro lets you invite admins, editors, and viewers. On Starter, the only role Wave allows is payroll manager.
Zoho offers email support on Free, and email, phone, and chat on paid plans. Wave's help centre routes you through its chatbot, which can hand you to a support agent.
Zoho says Canadian accounts are hosted in its Toronto data centre, with Montreal as the secondary site.
Which should you choose?
Choose Zoho Books if you:
- Are registered for GST/HST and file quarterly or monthly
- Are in Quebec and want a combined GST/HST-QST return
- Want your accountant to log in without paying for it
- Want bank feeds for less than CAD $250 a year
- File T5018 or T4A slips for subcontractors
Choose Wave if you:
- Have revenue above C$50,000 and want to stay on a free plan
- Have employees outside Quebec and want payroll in the same system
- Want card payments built in, without setting up a gateway
- Bill in a foreign currency but do not want to pay for Professional
If you have employees in Quebec, neither covers payroll there. Compare QuickBooks Online or a standalone provider in our best payroll software in Canada review.
Zoho Books
Our verdict
4.0For most small Canadian businesses that are registered for GST/HST and have no employees, Zoho Books is the better choice. Its free plan includes an accountant login and return reports laid out by form line, and its bank feeds cost less than Wave's. Wave wins on two points: its free plan has no revenue cap, and it sells payroll outside Quebec. If either of those decides it for you, Wave is the simpler fit.
Frequently asked questions
Which is cheaper, Zoho Books or Wave?
Both are free to start. Once you need bank feeds, Zoho Books Standard costs C$180 a year on annual billing or C$20 a month, and Wave Pro costs CAD $250 a year or CAD $25 a month. Zoho's Free plan ends when your yearly revenue passes C$50,000; Wave's Starter plan has no revenue limit.
Which one is better for GST/HST?
Zoho Books. Its GST/HST return report follows the lines on the CRA's return form, and it also prepares QST and combined GST/HST-QST returns. Wave's sales tax report gives totals per tax, which you map to the return yourself. Neither files the return for you.
Can my accountant log in for free?
On Zoho Books, yes: the Free plan includes one user plus one accountant. On Wave, inviting an accountant as an admin, editor, or viewer requires Pro.
Which has payroll in Canada?
Wave. Wave Payroll costs CAD $25 a month plus $6 per active employee and $6 per contractor paid, and it covers every province and territory except Quebec. Zoho Books Canada lists no payroll option.
Which is better for a Quebec business?
Zoho Books, for the books. It generates a combined GST/HST-QST return on every plan. Wave lets you set up GST and QST as separate taxes, with a summary report, and Wave Payroll covers every province except Quebec. You need a separate payroll provider with either one.
Sources
- Zoho Books Canada pricing (checked October 2026)
- Zoho Books Canada features (checked October 2026)
- Zoho Books: GST/HST returns (checked October 2026)
- Zoho Books: Combined tax returns (checked October 2026)
- Zoho Books: Bank feeds (checked October 2026)
- Zoho Books: Add transactions and import statements (checked October 2026)
- Zoho Books: Online payments (checked October 2026)
- Zoho: Know your data centre (checked October 2026)
- Wave pricing (checked October 2026)
- Wave: Online payments processing fees and timelines (checked September 2026)
- Wave: Upload bank and credit card statements (checked September 2026)
- Wave: User types and permission levels for collaborators (checked September 2026)
- Wave: View and understand your sales tax report (checked September 2026)
- Wave: Full-access payroll subscription pricing (checked September 2026)
- Stripe Canada pricing (checked October 2026)
- CRA: How to file your GST/HST return (checked October 2026)