A system and method are provided for calibrating the IQ-imbalance in a low-IF receiver. A Test Signal can be generated in a mirror frequency and conveyed to the receiver. The power of the signal produced in the receiver from the conveyed Test Signal can be measured. In the absence of an IQ-imbalance, the Test Signal can be completely eliminated in the receiver and the corresponding measured power of the produced signal can be minimized. Accordingly, a two dimensional algorithm is described for calibrating a receiver and correcting the IQ-imbalance by adjusting the phase and gain difference between the I and Q channels in the receiver based on the measured power of the signal produced in the receiver.