Canada’s banking and finance industry is one of the best and most prosperous in the world. Employment openings in the banking and finance sector in Canada are abundant. Accounting is described as the process of managing a company’s financial transactions. Summarizing, evaluating, and reporting these transactions to oversight agencies, regulators, and tax collection bodies are all part of the accounting process. Accounting is one of the most important aspects of almost every business. It may be managed by a bookkeeper or accountant in a small company or by large finance departments with hundreds of staff in larger organizations. Various accounting reports, such as cost accounting and administrative accounting, are crucial in assisting management in making informed business decisions.
Banking can be described as the business activity of taking and safeguarding money owned by other people and entities and then lending it out for profit. However, as years have passed, the tasks covered by the banking sector have broadened, and banks now provide a variety of other services. These days, banking services include the issuance of debit and credit cards, secure custody of valuable items, lockers, ATM services, and online fund transfers from around the country and around the world.
Every year, banks are forced to generate statutory reports that disclose all of the company’s assets. The primary objective of financial accounting is to prepare financial reports that tell external parties such as investors, creditors, tax authorities, and others about the bank’s performance.
1. Prepare financial records for individuals, departments within organizations, companies, and other institutions through planning, setting up, and administering accounting systems.
2. Examine financial documents and prepare financial statements and reports.
3. Develop and maintain protocols for cost analysis, monitoring, and internal control.
4. Examine financial statements and reports, and use accounting records to file income tax returns.
5. Provide financial, company, and tax advice by reviewing financial statements and reports.
6. Can also act as a trustee in bankruptcy proceedings
7. Articling students, other accountants, or administrative technicians should be supervised and trained.
If you're curious if it'll be difficult to immigrate to Canada as an accountant, we can tell you right now that it won't. There are several immigration services available to you as a highly-skilled and trained specialist to make your immigration intentions as effective as possible. The next question you'll most likely have is about your job opportunities in Canada.
Canada does not have a shortage of highly qualified workers; in fact, you will be arriving in a country with one of the world's most trained adult populations. Around 32% of people aged 25 to 64 have a bachelor's degree, and a whopping 61 percent have completed some level of post-secondary education. Canada, on the other hand, has difficulty meeting the demands of the labor market.
As the economy grows, our population is aging at an alarming rate, and there are simply not enough young people to fill both current and new jobs generated each year. Canada is looking to the outside world to solve this issue. So, if you are planning to migrate as an accountant, Canada could be one of the best choices!
In this section, we will talk about the minimum qualifications that are required to migrate to Canada as an Accountant. You’ll need chartered or controlled status in your home country to move to Canada as a certified accountant. You’ll still need an undergraduate degree in addition to the chartered status. Even though the Educational levels of the Chartered exams can be considered Masters level or higher, this undergraduate degree is required in addition to the Chartered status.
It is also necessary to be able to communicate effectively in English or French in order to live and work in Canada. A Canadian Language Benchmark (CLB) test, such as the IELTS, TOEFL, or DILF, is required.
Companies typically aim for at least 1 year (1,560 hours total / 30 hours per week) of continuous full-time or part-time equivalent jobs over the last 10 years, but ideally, you can have considerably more depending on your age.
In Canada, the average accountant income is $58,500 a year ($30 per hour). Starting salaries for entry-level jobs begin at $40,950 per year, with most seasoned employees earning up to $80,000 per year.
The annual banking wage in Canada is around $36,092 per year, i.e. $18.51 hourly. Starting wages vary from $31,688 to $60,962 a year for the highest-paid workers as per their experience.
Provinces like Alberta, where the median salary is around C$134,000, Ontario with an average income of C$108,000, and Saskatchewan with a median payroll of C$105,000, are the highest-paying regions in Canada for accounting work.
Accounting is one of the most lucrative occupations in the financial services sector. To determine if accounting is a viable career option for you, you must first determine if openings exist in the Canadian industry.