Canada is trying to close the gap between supply and demand by inviting skilled foreign immigrants to the country. As a result, more and more people are immigrating to Canada under the Federal Skilled Worker Program (FSWP) of the Express Entry program. Through this program, Canada can target specific occupations and businesses that are struggling to find qualified employees for their economic livelihood. Accountant jobs are among the most in-demand occupations.
What does it mean to be CA in Canada?
The Canadian job market for accountants remains strong and is expected to do so over the next five years. The unemployment of qualified accountants in Canada is well below average. Canada wants your skills!
A chartered accountant plays a key role in advising clients on tax matters and helping businesses manage their finances by working in the background for them all the time. It is a stable profession that will always be in demand and will help thousands more keep their jobs. The average salary for a chartered accountant in Canada is between CAD 63,000 and CAD 75,000.
Suppose a candidate is considering immigrating to Canada as a chartered accountant. In this case, he/she must ensure that they have justified training for employment as a chartered accountant in Canada. The main requirements of the job are a bachelor’s degree in accounting, economics, or any other broader field such as business administration.
For a managerial role, a master’s degree is also required. In addition, internships and little experience will be a plus. Additionally, the Chartered Professional Accountant (CPA) designation is the license and registration of a Chartered Accountant in Canada, which is a mandatory requirement to work as a Chartered Accountant in Canada.
Following is the respective National Occupation Classification (NOC) code:
- NOC 0111 Skill type 0 – Financial Managers
- NOC 1111 Skill type A – Financial Auditors and Accountants
A new chartered accountant with less than 5 years of CPA experience in Canada can expect to earn an average salary of around $ 75,000, while a CPA with mid-level experience can expect to earn an average salary of around $ 75,000. average total compensation of $ 96,000.
An experienced chartered accountant with 10 to 20 years of experience can expect to earn an average total compensation of $ 113,600 and a chartered accountant with late-career experience can expect to earn an average total compensation of 165,000.
How to become a Chartered Accountant in Canada?
In Canada, CA is called Certified Public Accountants (CPA). If the applicant is a fully qualified member of the Institute of Chartered Accountant (ICAI), it means that they have obtained their membership by going through the qualification process of the accounting body and not through a recognition agreement. with another accounting body, and he obtained his designation while not a resident of Canada, they have the right to obtain an equivalence in the Chartered Accountants (CPA) certification program under the Memorandum of Understanding (MOU).
Candidates who have applied under this agreement are exempt from the modules of the CPA Professional Training Program (CPA PEP). They must pass the joint final exam.
Follow the simple steps mentioned below to get the CPA license in Canada:
- The first step would be to verify your eligibility. For the international candidate, use NASBA’s international assessment services to determine their eligibility to take the exam.
- After that, the candidate should submit their application with all the required documents. Then your application will be assessed for validity and the applicant will receive a Planning Notice (NTS) which will be valid for six months.
- With the NTS, candidates will schedule their exam with Prometric. The exam will be taken at Prometric centers, and for international sites, an additional fee will be charged.
- The next step would be to prepare for the exam. The NTS candidate will get six months of free access to the NASBA Professional Literature Package.
- Candidates must then pass all four examination sections within 18 months.
- After passing the exam, candidates can apply for their license to practice. Typically, applicants should have 150 credit hours of education with a concentration in accounting. These 150 credit hours include:
- 24 semesters hours in subjects related to business administration and 30 semester hours in a subject related to accounting
- At least 15 semester hours in accounting must be at a higher or higher level
- Applicants must have at least one year of experience verified by a licensed CPA (approximately 2,000 hours). Experience must be in accounting, certification, auditing, or taxation.
How to move to Canada as a Chartered Accountant?
For a chartered accountant, the procedure for applying for permanent resident (PR) status in Canada is the same as for any other profession. However, there are three most popular programs – the Express Entry program, the Provincial Nominee Program (PNP), and the Quebec Skilled Worker Program (QSWP).
The best way to move to Canada for a Chartered Accountant is the Express entry program. It has a subcategory, Federal Skilled Worker Program, which is the ideal subcategory for immigration as a licensed account. The Express Entry program is an online filing system for applying for permanent residence (PR) status. The candidate can immigrate to Canada in 6 months or even less than six months in some cases.
When considering immigrating to Canada, the provinces with huge demand for chartered accountants are British Columbia, Ontario, and Alberta. Thus, the candidate must try to immigrate to these provinces, and for this, he can apply through the Provincial Nominee Program (PNP).
Getting a provincial nomination as part of your Canadian immigration increases your CRS score by 600, thus ensuring the success of your invitation to apply for permanent residence in Canada. Some provinces require a job offer (more on this later) although others do not.
With any Canadian Provincial Nominee Program, you will be a Canadian Permanent Resident from the start, although you will have to live and work in the nominating province for two years. After these two years, you will be free to live and work anywhere in Canada.
The penultimate step in your immigration to Canada is to receive your invitation to apply through the Express Entry program. You will receive this invitation based on your express entry record which will have either been strong enough to have been selected directly on a federal basis, or selected through the provincial nomination described above, or selected based on obtaining a formal job offer in Canada.
However you got to this milestone, it is a huge achievement and your immigration consultant will have worked tirelessly to ensure this milestone for you and your family. It is this step that makes all of our efforts worthwhile.