When Wave makes sense
Wave is hard to beat on price for basic invoicing and bookkeeping. If you are a sole proprietor with simple needs and want free professional invoices plus light accounting, Wave does that well, with paid add-ons for payments and payroll.
Where Wave falls short for Canadian contractors
Wave is general-purpose accounting, not construction software. It has no Ontario Construction Act proper invoices, no 28-day payment clock, no T5018 tracking, no statutory holdback, and no lien-deadline tracking. More features have moved behind its paid Pro tier over time, and none of them address Canadian construction compliance.
Feature comparison
| Feature | Markup | Wave |
|---|---|---|
| Ontario Construction Act proper-invoice fields | All 7 section 6.1 fields by default. | General invoice templates. No proper-invoice fields. |
| 28-day payment clock tracking | Automatic, with deadline alerts. | Not available. |
| GST/HST/PST/QST (province-aware) | Published rate for all 13 provinces and territories. | Canadian sales tax supported. |
| T5018 subcontractor tracking | Built-in YTD tracker with $500 threshold alerts. | Not available. |
| Statutory holdback (ON, BC, AB) | Automatic per province with release timeline. | Not available. |
| Lien deadline tracking | Per-project deadline by province with alerts. | Not available. |
| CRA deadline reminders | GST/HST remittance and T5018 deadlines tracked. | Not available. |
| Pricing (CAD) | Free to $89/mo. Solo $49, Plus $89. | Free core; Pro around $16-19/mo. Payments and payroll are paid add-ons. |
| General accounting | Invoicing and compliance focused, not a full general ledger. | Free double-entry accounting, bank reconciliation, reports. |
Choose Wave if:
- You are a sole proprietor with simple needs who wants free invoicing and light bookkeeping.
- Cost is the deciding factor and you do not need construction-specific compliance.
- You do not work under the Construction Act and do not pay subcontractors who trigger T5018.
Choose Markup if:
- You are a Canadian contractor who needs invoices that legally start the 28-day payment clock.
- You pay subcontractors and need T5018 and statutory holdback handled automatically.
- You want lien-deadline tracking and province-aware tax in the same tool as your invoicing.
Wave alternative: frequently asked questions
Is Markup a good Wave alternative for contractors?
For construction trades, yes. Wave is excellent free general accounting, but it has no Construction Act proper invoices, no 28-day clock, no T5018, no holdback, and no lien tracking. Markup adds that compliance layer. If you only need basic free invoicing, Wave may be enough; if you work under the Construction Act, it is not.
Is Wave still free?
Wave's core invoicing and accounting remains free, with a paid Pro tier (around $16 to $19/mo CAD) and paid payments and payroll add-ons. It supports Canadian sales tax but has no construction compliance, T5018, holdback, or lien tracking at any tier.
Is Wave Canadian?
Yes. Wave was founded in Toronto in 2009 and was acquired by H&R Block in 2019.
How much does Markup cost compared to Wave?
Wave's core is free, with paid add-ons. Markup is Free, Solo $49/mo, or Plus $89/mo in CAD. The difference is the Canadian construction compliance bundle Wave does not offer.
Related
Comparison data reflects publicly available information and Markup’s direct testing as of May 2026. Feature sets change. Verify current capabilities on each vendor’s website before making a purchasing decision. Prices shown in CAD where available.