Are Chartered Accountants in demand in Canada?

 Chartered accountants have ample opportunities of finding work almost anywhere in the world. To this end, the Institute of Chartered Accountants of India (ICAI) offers a series of instructional sessions on professional aspects to young accounting professionals. The Institute of Chartered Accountants of India (ICAI) CA qualification is considered equivalent to a postgraduate degree. Therefore, there are many opportunities for Indian Chartered Accountants in Canada.

A chartered accountant's average yearly salary in Canada is $62,500, or $32.05 per hour. Starting salaries for entry-level positions start at $57,000 per year, with the highest-paid employees earning up to $90,500 per year.

Canada are the three primary national accountancy bodies in Canada.

• The Canadian Institute of Chartered Accountants (CICA)
•  The Certified General Accountant Association (CGA) - Canada
•  The Certified Management Accountant (CMA)

Under the rules of the MoU, ICAI members in good standing with the required experience are excused from CPA Canada's practical training requirements, as well as from participating in the CPA Professional Education Program (CPA PEP), Capstone 1 and Capstone 2 modules, and from passing the final exam.

There are three main advantages for Indian CA to practise in Canada:

• To begin with, Canada's immigration process is rather simple and transparent when compared to those of other countries such as the United States, Australia, and New Zealand. There is express entry, as well as more than 80 different programmes to apply for a PR, such as the PNP and business visas.
•  Second, the economy of Canada is relatively stable. Canada has the fastest expanding economy among the three countries: the United States, Australia, and Canada. There are lower chances of a recession or similar event given the current state of affairs.
•  Finally, there is a significant presence of Indian CAs in Canada. CICA and ICAI had already signed a Memorandum of Understanding (Canadian Institute of Chartered Accountant). Following the merger, the ICAI is in discussions with CPA Canada regarding renewing the certification. As a result, Indian CAs will be able to receive CPA (Canada) registration, letting them to join Canada's formalised profession.

It's worth noting, that Indian chartered accountants who want to work in Canada under the "professional" category of the Immigration Act and Regulations will need a labour market opinion and a work visa. Also, Indian Chartered Accountants are only allowed to work in foreign departments with Indian operations; alternatively, you must enrol in a locally recognised college course, check what exemptions you are entitled to as a result of your Indian education, and complete that course in order to practise in both foreign and Indian operations.

New job vacancies for financial auditors and chartered accountants are predicted to reach 79,600 between 2019 and 2028, with 79,500 new job seekers (resulting from school leavers, immigration, and mobility) available to fill them. The equilibrium between labour supply and demand exhibited in recent years is predicted to remain over the projection period, as job vacancies and job searchers are expected to be at nearly comparable levels.

The code for anyone wishing to move to Canada as a chartered accountant is 1111 in the Financial Auditors and Accountants category on the Canadian NOC List. The NOC Code for Accountants Immigrating to Canada is also known as the NOC Code for Accountants. Accountants Canada's code contains the following Migration Groups and Sub Groups, according to the NOC Classification Schedule:

Accountant, analyst, audit unit head – taxation, auditor – finance, auditor-CA (chartered accountant), auditor-chartered accountant (CA), bank branch accountant, bankruptcy trustee, budget accountant, CA (chartered accountant), certified general accountant (CGA, certified, management accountant (CMA), CGA (certified general accountant), chartered accountant (CA), chartered accountant (CA) student, chief accountant, CMA (certified management accountant), cost accountant, cost accountant, financial accountant, general accountant, tax accountant, income tax specialist, project accountant amongst others.

 

What is the average salary in Canada 2022?

In a recent news on a Canada immigration, employers in Canada have added 1,54,000 jobs to the labour market. This resulted in a one-point increase on the employment scale, bringing it back to pre-pandemic levels. Furthermore, unemployment dropped to 6%, which is within 0.3 percentage points of its February 2020 low.

The new labour force figures reveal that Canada is on the verge of completing its economic recovery, with employment exceeding predictions and unemployment returning to pre-pandemic levels. The unemployment rate fell 0.7 percentage points to 6.0 percent in November, marking the sixth consecutive monthly drop and the largest since March 2021.

Due to the rise in employment rate, companies are being pushed to provide greater percentage of wages because of tight labour market conditions and skilled worker shortages exacerbated by the Covid-19 pandemic. This year, the average wage in Canada will rise for competent individuals looking for work in the country.

Given the current labour market conditions caused by the epidemic, now is an excellent moment to apply for Canada PR visa and immigrate there. Many employers in Canada are looking for skilled professionals in a variety of fields. Furthermore, job seekers can receive a job offer with a higher pay rate. The average compensation for skilled professionals in Canada currently ranges from CAD 54,600 to CAD 105,000. It's important to remember that your pay in Canada is highly dependent on your employment location, amount of experience, talents, and province.

The average salary in various Provinces

•        British Columbia- 33,100 CAD- 584,000 CAD
•             Ontario- 33,900 CAD-599,000 CAD
•           Alberta- 32,500 CAD- 574,000 CAD
•          Manitoba- 31,300 CAD-551,000 CAD
•           Prince Edward Island- 26,200 CAD- 463,000 CAD
•           Saskatchewan- 29,300 CAD-516,000 CAD
•           Nova Scotia- 28,500 CAD-503,000 CAD

Range of Salaries in Canada according to Work Experience

The salary range in Canada ranges between 30,200 CAD or INR 1763897 to an average salary of 534,000 CAD or INR 31189445.

•          You get a 32% rise in wages if you have a working experience of 2-5 years.
•          A 36% raise in salary for working for 5-10 years.
•         A 21% hike in salary for an experience of 10-15 years.
•          14% hike for 15-20 years, and
•          9% rise for 20 and above years.

Range of salary according to education

•         An employee can get up to a 17% raise in salary after completing High School and a Certificate or Diploma course.
•          A 24% hike for a Bachelor's degree.
•          A 29% rise after completing a Postgraduate degree.
•          And, a 23% rise for Ph.D. or post-doctorate holders.

According to the salary comparison as per gender, men in Canada earn 5% more than females on average in every career field. An average salary in Canada worker earns roughly 120,000 CAD per year. Salaries range from 30,200 CAD (the lowest average) to 534,000 CAD (the highest average) (highest average, actual maximum salary is higher).

This is the average annual wage, which includes housing, transportation, and other perks. Salaries for various occupations fluctuate dramatically. See below for salaries for individual job titles if you're interested in learning more about a certain job.