In today’s business world, accountants are custodians of financial data as well as trusted advisors whose knowledge & expertise inform business decisions across various industries & departments. Qualified accountants are required in Canada & there is no shortage of opportunities in accounting, taxation, financial management, auditing, etc. Whether you have completed your studies in accounting or are a working professional, immigrating to Canada can introduce you to numerous opportunities.  In this blog, we will talk about how one can move to Canada as an accountant & what opportunities one has. So, make sure you stick with us till the end. 

Reasons To Move to Canada As An Accountant

As an internationally educated accountant, settling in Canada can be an excellent opportunity for numerous reasons. Some of them include: 

  • Higher Salaries 

Although accountants’ salaries are based on province & the level of seniority, auditing & accounting jobs in Canada pay quite well. The median income for accountants is $35.75 per hour. However, experienced accounting professionals, like CPAs, can earn over $60 per hour. 

  • In-Demand Jobs 

Accounting jobs are in demand in numerous Canadian provinces, like Saskatchewan, Manitoba, Quebec, & Nova Scotia. Moreover, according to the Government’s Job Bank, job prospects for accountants as well as financial auditors in Canada will stay strong until 2028, with demand outweighing the availability of skilled accountants.  

Immigration Programs For Internationally Qualified Accountants 

Canada welcomes newcomers with in-demand skills & qualifications to apply for PR. Well, there are several programs you can choose to move to Canada as an accountant. 

  • Federal Skilled Worker Program 

Internationally qualified skilled workers can come to Canada as permanent residents via the Express Entry Federal Skilled Worker Program. Under this program, candidates are ranked & selected based on their profile CRS rather than their profession. 

It is vital to note that the CRS score accounts for factors like age, education, language proficiency, work requirements, etc. Moreover, candidates obtain additional points if they have a Canadian job offer, a provincial nomination, relevant work experience, or educational credentials. 

  • PNPs (Provincial Nominee Programs)

PNPs allow various Canadian provinces & territories to nominate permanent residence applicants with the required skills, experience, as well as qualifications to fulfill labor shortages. Except for Quebec & Nunavut, all territories & provinces have their PNP programs. 

 

Selection under Express Entry PNP streams depends on CRS scores, but other Provincial Nominee Program streams enable provinces to nominate skilled workers in certain in-demand professions or NOC codes. Candidates may have a better chance at getting a provincial nomination for a province looking for qualified financial auditors, bookkeepers, & accountants. 

  • Quebec Regular Skilled Worker Program 

Quebec, through its Regular Skilled Worker Program, invites applicants with the skills, expertise, language skills, & experience to work & settle in the province permanently. 

Candidates in all professions can submit an EOI, i.e., an Expression Of Interest under this program. Selection under this program is based on several factors like age, language proficiency in English/ French, education, experience, etc. If selected, applicants obtain a Quebec Selection Certificate & can apply for PR with IRCC. 

  • Atlantic Immigration Program 

The Atlantic Immigration Program is a federal program which enables skilled professionals to settle permanently in one of the Atlantic provinces in Canada, i.e., Nova Scotia, Prince Edward Island, New Brunswick, & Newfoundland & Labrador. 

It is vital to note that selection under the program isn’t based on profession. Applicants can be qualified for the program if they have at least one year of full-time paid work experience in the last five years. 

Do You Have To Become A CPA To Work As An Accountant In Canada?

In Canada, the CPA is a leading professional qualification for accountants. A CPA designation can be your pathway to executive & advisory roles in accounting, business, & finance. However, one doesn’t necessarily need a CPA designation to work as an accountant in Canada. 

Many entry-level & mid-level positions, like accounting technicians, bookkeepers, accounts receivable clerks, etc., do not need a CPA designation. In addition, many Canadian employers hire individuals with a Bachelor’s degree in accounting/ business administration or a master’s in business administration. Also, if you have completed your education outside Canada, you’ll need an ECA to verify that your foreign credentials are valid & equivalent to the Canadian one. 

However, for senior-level positions in accounting as well as finance, most companies tend to recruit CPAs. Moreover, some employees might hire qualified individuals working to obtain their CPA designation for mid-level positions so that they can learn & grow within the organization.     

So, while a CPA designation isn’t a mandatory requirement, it can help fastrack one’s career & open the doors to new opportunities & roles.

How To Become A CPA As An Internationally Trained Accountant

In order to move to Canada as an accountant, you can become a CPA. Now, the process of becoming a CPA varies depending on the applicant’s current qualifications as well as certifications. 

For example, if you have a relevant undergraduate/ graduate degree but are not a member of an international accounting body, then you will need to start a CPA certification process in Canada from scratch. 

However, in case if you already have a CA/ CPA designation in another nation, then you might be able to qualify for Canadian CPA designation under a reciprocal agreement or MOU, i.e., Memorandum of Understanding. Below are the steps to get a Canadian CPA designation. 

  • Registration With Your Provincial CPA Body 

The primary step is registering with your provincial CPA body as a student & creating a profile. You’ll further have to pay for the transcript assessment & submit your application. 

  • Credential Assessment 

You must submit your academic & professional credentials to the provincial CPA body where you intend to settle & practice. Well, each provincial body specifies how you have to submit your documents. 

Your provincial body will further use your transcript evaluation to determine if you meet the academic requirements & have completed the prerequisite subjects for entry into CPA PEP. In case you haven’t completed the prerequisites, the provincial body will suggest how to bridge those gaps before applying for the program. 

  • Language Proficiency 

Since the CPA PEP program is entirely in English, applicants need to have proficiency in the language. Although the requirements differ by province, one has to submit a language test result with a minimum CLB level 8 in four areas, i.e., reading, writing, comprehension, & listening. In addition, to enroll in a CPA program in Quebec, you have to submit evidence of French language proficiency. 

  • The Common Final Examination 

The CFE, i.e., Common Final Examination, is a three-day exam wherein students solve business-related simulations & demonstrate their capabilities & competence in technical areas covered by the CPA PEP program. 

  • Gaining Relevant Work Experience

Competency-based practical experience is important to acquire a CPA designation. An applicant must have a minimum of 30 months of relevant accounting experience to qualify for the designation. 

Well, this experience can also be earned during the CPA PEP program. This begins once an applicant has a CPA mentor. However, up to 12 months of prior work experience gained within the past seven years can be considered, provided it meets a level one proficiency in two CPA technical areas. 

  • Earning The CPA Designation 

Once you have completed your Common Final Exam & acquired relevant practical experience, you can register as a CPA member & start using your designation. As a CPA member, you will be paying annual membership fees, completing the necessary Professional Development Programs, & adhering to the guidelines for members.   

Conclusion 

Certified accountants are much needed in most Canadian provinces & the local supply isn’t sufficient enough to fulfill the labor market needs. However, as an internationally-trained accountant, Canada offers various immigration programs. They are a lucrative opportunity to move & settle permanently in the nation. 

So, if you intend to move to Canada as an accountant, make sure to apply for an immigration program & earn your CPA designation. Remember that if you work as a CPA, the certification process can be a bit time-consuming, but it will definitely help you get senior-level accounting jobs in Canada.