Transceivers using direct conversion between baseband and RF have become popular for low-cost designs. Bandwidth-efficient modulations employ information on both phases of the carrier, and for high-order signaling alphabets, it becomes problematic to realize Direct-Conversion transceivers for which adequate gain balance between I and Q channels throughout the transmit and receive chains. For heterodyne transceivers I-Q balance is often less of an issue, by contrast, because most of the required gain operates at an Intermediate Frequency. In both cases, the trend toward lower supply voltages further exacerbates this problem because of the poorer control of analog parameters at low voltage. The present invention addresses this difficulty via a calibration method and system in which a calibration signal is generated in the transmit stage and injected into the receive stage so that any mismatches in gain can be observed and corrected.