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Accountly vs. Wave vs. Spreadsheets (2026)
An honest comparison of Accountly, Wave, and spreadsheets for Canadian freelancers. Features, pricing, limitations, and who each option is best for.
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Accountly Team·
Built for self-employed
Accounting for Canadian consultants & freelancers
Invoice clients, log project expenses, and track your T2125 as you go — whether you're a designer, developer, coach, writer, or any other independent professional.
Start free for 30 days No credit card required
Great at the work. Less great at the admin.
You got into consulting to do the work, not manage spreadsheets. But invoices pile up, expenses go untracked, and every April you're reconstructing the year from a mess of bank statements. Accountly keeps the financial side clean while you focus on clients.
Invoice clients and get paid faster
Create professional invoices in seconds, send them directly to clients, and track what's paid and what's outstanding. When an invoice is marked paid, the income lands in your books automatically.
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Custom invoices with your logo and payment terms - Track outstanding, overdue, and paid invoices
- Income recorded automatically on payment
Track every project expense as it happens
Snap receipts on your phone the moment you spend. Software subscriptions, travel, equipment, client meals — categorized and attached to the right project before you forget what they were for.
- Receipt capture from your phone camera
- Attach expenses to clients or projects
- GST/HST input tax credits captured on every business expense
T2125-ready all year, not just in April
Your T2125 totals update every time you log income or an expense. By tax time, the numbers are done. Hand it to your accountant or file yourself — everything is backed by receipts and organized by CRA category.
- T2125 line items calculated in real time
- Every expense backed by a receipt or note
- Invite your accountant for direct access
Deductions consultants & freelancers actually claim
Built into Accountly's categories from day one.
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Home office
If you work from home, claim a percentage of utilities, internet, rent or mortgage interest — calculated on square footage.
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Software & subscriptions
Figma, Adobe CC, Notion, Slack, GitHub, hosting. Tools you pay for to do the work are fully deductible.
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Phone & internet
Business-use portion of your mobile plan and home internet. Keep a reasonable estimate and document it.
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Equipment & gear
Laptop, monitor, camera, microphone, drawing tablet. Major purchases may need to be depreciated over time.
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Professional development
Online courses, conferences, books, certifications. Learning that keeps your skills billable is deductible.
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Travel & client meetings
Flights, accommodation, and ground transport for client work. Keep receipts and note the business purpose.
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Client meals & entertainment
Business meals with clients or prospects. CRA allows 50% of eligible meal and entertainment expenses.
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Professional fees
Your accountant, a lawyer reviewing contracts, professional liability insurance, E&O coverage.
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Marketing & website
Portfolio hosting, domain, ads, design tools, and anything else you spend to land clients.
Guides for independent professionals
Tax, invoicing, and business basics — written for self-employed Canadians.
Guide
Year-End Tax Prep Checklist for Freelancers
A month-by-month tax preparation checklist for Canadian freelancers, from October through June, so you're never scrambling at tax time.
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Accountly Team·
Guide
RRSPs for the Self-Employed in Canada
A practical guide to RRSP contributions, retirement planning, and building long-term wealth as a Canadian freelancer. No employer pension required.
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Accountly Team·
Guide
How to Track Vehicle Expenses the CRA Won't Reject
A practical guide to tracking vehicle expenses for self-employed Canadians: CRA logbook requirements, business-use percentage, and what you can actually deduct.
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Accountly Team·Consultant & freelancer FAQs
Do consultants and freelancers file a T2125?
Yes. If you earn self-employment income — whether from consulting, design, writing, coaching, or any other service — you file a T2125 Statement of Business or Professional Activities with your T1 return.
When do I need to register for GST/HST?
Once your gross revenue from self-employment crosses $30,000 in any rolling four-quarter period, you must register with the CRA and charge GST/HST on your invoices. Accountly tracks your revenue so you know exactly where you stand.
Can I track time and then invoice from Accountly?
Yes. Log time against projects and convert it directly to an invoice. Send the invoice from Accountly and the income is recorded automatically when it is marked paid.
How does Accountly handle project expenses?
You can attach expenses to specific clients or projects. This makes it easy to see actual profit per engagement and to pass expenses through to clients on an invoice.
Can I claim my home office if I also rent a studio or coworking space?
Generally you can only claim one primary workspace. If you rent an external space, that rent is deductible as a business expense. A home office claim is for the space in your home used regularly and exclusively for work.
Can I invite my accountant to review my books?
Yes. Invite your accountant directly into your Accountly account. They get read or edit access to your income, expenses, and T2125 totals — no exports, no email attachments.
Your books sorted. Your clients get your full attention.
Free for 30 days. No credit card required.