Updated Checked by the Tax-Services.ca editorial team How we check
Waves bookkeeping is the name people search for when they want to know if a particular bookkeeping product will do the job. We can’t answer that. We didn’t verify features, prices or reviews of any product, so this page covers what you can check yourself, starting with the one rule that applies to every option: you keep your business records for six years, whatever software holds them.
What should you check before you sign up for Waves bookkeeping or anything else?
Start with what you need the books to do, and only then look at products. A freelancer with a dozen invoices a month needs something different from a company with staff and several sales tax rates.
Then put the same questions to every option, Waves or otherwise. Prices and plans change often, so read the provider’s own page on the day you decide, and don’t trust an old comparison, including ours.
| Question | Why it matters |
|---|---|
| Does it handle GST/HST for your province? | Rates differ across Canada and errors show up on returns |
| Can it run payroll, or does it link to a payroll tool? | Staff add CPP, EI and tax remittances |
| Can you export all your data? | You’ll need the records if you leave |
| Can an accountant get access? | Year end goes faster when they can look |
| What happens to your records if you cancel? | The six-year rule doesn’t stop |
| Where is support based, and when? | Problems appear at filing time |
Who is responsible for the records?
You are. The CRA says to keep records for six years from the end of the last tax year they relate to, unless it has given permission to destroy them sooner. It also says you’re responsible for adequate records even if a bookkeeper, accountant or an application service provider keeps them for you.
That last part is worth reading twice, because a subscription feels like handing the job over. It doesn’t. If the provider shuts down or locks you out, the CRA still expects the books.
We couldn’t confirm the CRA’s detailed rules for records held only in the cloud, so ask the provider how to export a full set, and download one every year.
How can you test a tool with real numbers?
Enter a sale and see what the tool does with the tax. In Ontario, a $100 sale plus 13% HST should give $113. You can confirm that against our GST/HST calculator, which shows $13 of tax on $100. Do the same in another province if you sell there. Tools that apply one tax rate to everything, or leave out an exempt item, will misstate your return.
Try payroll the same way. One employee in Ontario paid $3,000 every two weeks costs $3,228.41 per period, according to the payroll remittance calculator. Of that, $961.03 goes to the CRA, and $228.41 is your employer share of CPP and EI. If your software shows something wildly different for the same pay, find out why before you rely on it.
What if you incorporate later?
Pick something that carries on when the business changes. A sole proprietor with $80,000 of net income in Ontario faces about $22,126 in income tax and CPP, per the self-employed tax calculator, which leaves out EI and GST/HST. A corporation earning $300,000 pays $35,088 in the corporate tax calculator, about 11.7%, for a calendar 2026 year.
Those two numbers aren’t comparable, since one is personal and the other corporate. The point is that a company adds a T2 return, a separate set of accounts and payroll for yourself. If your bookkeeping tool can’t cope with that, moving later costs more than choosing carefully now. Our guide to company bookkeeping explains the difference.
What mistakes come with bookkeeping tools?
The biggest is trusting the categories without checking them. Software guesses at where a payment belongs, and it can guess wrong. Read the monthly summary, not just the dashboard.
The second is mixing personal spending into the business account. No software fixes that.
The third is skipping the bank reconciliation. If the tool’s balance doesn’t match your bank, something is missing, and it’s cheaper to find it in October than in April.
If the reports still look strange after that, ask a bookkeeper or accountant to review one month with you. We don’t quote fees, because we found no official figure, so ask for the price before you start.
Where do these numbers come from?
The record-keeping rule comes from the CRA’s publication RC188, Keeping records. The tax examples come from our 2026 calculators, which use published federal and Ontario rates, checked on 29 September 2026. We have no connection with any bookkeeping provider, the CRA or any government body, and we made no claims about the product named in this page’s title.
Frequently asked questions
Is Waves bookkeeping good?
We haven't verified any product's features, prices or reviews, so we can't say. Test any option with your own numbers and read the provider's current page.
How long do I keep records if I use online software?
Six years from the end of the last tax year they relate to, according to the CRA. The rule applies to every method of keeping records.
Am I responsible if software or a bookkeeper holds my books?
Yes. The CRA says you must make sure adequate records are kept even when a bookkeeper, accountant or application service provider keeps them for you.
Can I move my books to another tool later?
Only if the current one lets you export your data. Ask about export before you subscribe and test it once a year.
How can I test a tool's sales tax?
Enter a known sale and compare the result with a calculator. In Ontario, $100 plus 13% HST should show $113.
- Self-employed taxes in Canada: income, CPP and GST
How tax works when you are self-employed in Canada: reporting income and expenses, paying both halves of CPP, instalments and when to register for GST
Information only. This page is general information, not tax, legal or accounting advice. Tax-Services.ca is an independent publisher: we don't prepare or file tax returns or offer tax services, and we have no connection with the CRA, Revenu Québec, any government or any company named on this page. Check the figures that matter with an official source or a qualified professional.