Accounting is one of the most stable and in-demand professions in Canada today, which ensures a good amount of earnings compared to the average national overall salaries.
As a core function of every organization, accountants ensure financial reporting accuracy, compliance, strategic planning, and data-driven decision making. This article will provide an overview of average accountant salaries in Canada, including the key factors that impact earning potential.
Whether you’re starting a career in accounting or want to compare your salary to others in the field, this guide will help you understand national trends and regional nuances in accountant pay.
What are the Average Accountant Salaries in Canada?
According to the latest Statistics Canada data, the average accountant salary in Canada is $64,581 per year.
However, salaries for individual professionals can vary considerably based on credentials, specialization, and location.
It’s also worth noting that Canada has witnessed steady growth in accounting salaries over the past decade. Demand for financial professionals continues to rise across most provinces.
Source: https://ca.indeed.com/career/accountant/salaries
What are the Key Factors Influencing Accountant Salaries in Canada?
Several essential factors impact how much accountants can earn in Canada. So, understanding these dynamics allows employers and professionals to make informed decisions during recruitment and salary negotiations.
The most significant factors include:
- Experience Level: More years in accounting leads to higher pay, with the most significant leaps at senior levels.
- Credentials: Earning the Chartered Professional Accountant (CPA) designation provides the most significant salary boost.
- Industry: Accounting specialists in banking, investment firms, and tech enjoy higher salaries.
- Location: Major metro regions like Toronto and Vancouver offer more opportunities for high pay.
Let’s explore each of these key factors in more detail.
Experience Level
Gaining experience is the most straightforward path to increasing salary as an accountant. While entry-level salaries still provide a comfortable living, senior accountants can expect to earn significantly higher compensation.
According to Worldsalaries data, the average salaries by experience level are:
| Experience Level | Average Salary Range |
| Entry-Level (0-2 years) | $46,300 – $66,000 |
| Early Career (2-5 years) | $66,000 – $85,100 |
| Mid-Career (5-10 years) | $85,100 – $105,200 |
| Senior-Level (10+ years) | $105,200 – $121,800 |
The biggest salary leaps occur between the mid-career and senior stages, with over 20% growth. This reflects the specialized expertise that senior accountants develop over time.
Source: https://worldsalaries.com/average-accountant-salary-in-canada/
Credentials – The Impact of a CPA Designation
Earning the Chartered Professional Accountant (CPA) credential represents the most valuable career investment for accountants in Canada.
CPAs enjoy median salaries nearly 25% higher than non-designated accountants:
- CPA Median Salary: $130,000
- Non-CPA Median Salary: $88,000
The gap widens at senior levels, with experienced CPAs earning over 30% more than their non-designated peers.
Along with the salary benefits, the CPA designation opens doors to leadership roles like Chief Financial Officer, Controller, and Director of Finance. Nearly 80% of C-suite finance executives at major Canadian companies hold a CPA.
In short, the CPA credential provides long-term value for accounting professionals across all sectors.
Source: https://www.cpaontario.ca/insights/blog/how-much-do-cpas-make
Industry Sectors
While accountants earn relatively stable salaries across most industries, certain sectors tend to pay slightly higher:
- Investment Banking & Asset Management
- Technology & Software
- Consulting & Professional Services
- Energy & Mining
These industries involve higher risk, compliance demands, and commercial complexity, requiring accountants with specialized expertise.
Conversely, government agencies, school boards, hospitals, charities, and other public/non-profit entities offer stable employment. Still, they typically cannot match the salaries of the private sector, especially in corporate finance.
Location – Major Metropolitan Regions
Accounting salaries in Canada’s largest metropolitan centers tend to be higher than in smaller towns, mainly due to the higher cost of living in bigger cities.
Based on Worldsalaries data, the top-paying major cities for accountants are:
- Toronto – $94,900
- Montreal – $92,400
- Vancouver – $86,100
- Calgary – $88,600
- Ottawa – $91,000
However, higher urban salaries are primarily offset by increased living expenses. When choosing a location, accounting professionals should focus more on opportunity, career growth prospects, and lifestyle fit.
What are the Accountant Salaries by Accounting Specialization?
Beyond the core general accounting track, professionals can boost their earning potential by specializing in key high-demand niches. Based on Worldsalaries data, here’s the breakdown of the average accountant salaries varied by specialization:
Forensic Accounting
Average Salary - $103,600
With financial crimes like fraud rising, forensic accounting skills are invaluable for detecting irregularities and preventing losses. These specialized auditors work closely with law enforcement on white collar crime cases.
International Tax Accountant
Average Salary - $105,200
Canadian companies with global operations require international tax expertise. This fast-growing specialization includes transfer pricing, cross-border transactions, and tax treaties.
Information Systems Auditor
Average Salary - $95,500
Digitization makes financial systems and data more vulnerable to cyber-attacks. Information systems audit specialists assess risks, test controls, and identify system weaknesses.
Government Accountant
Average Salary - $79,000
Accountants in government roles ensure the effective use of public funds and transparency. Federal, provincial, and municipal agencies offer stable employment.
Management Accountant
Average Salary - $92,100
Also known as cost accountants, these professionals prepare internal budgets, analyze performance metrics, and support executive strategy decisions.
How Different are Accountant Salaries Varied Between Industries?
As noted in the key factors above, specific industries offer more substantial compensation for accounting professionals in Canada.
Below, we’ll look at the salary differences across the major sectors:
| Industry | Median Salary |
| Technology/IT & Financial Services | $150,000 |
| Marketing/Advertising | $133,000 |
| Retail | $126,000 |
| Professional services | $123,000 |
| Not-for-profit | $113,000 |
Investment banking and asset management firms offer the highest salaries due to the fast-paced, high-pressure environment. Bonuses also factor heavily in the finance sector.
Conversely, government agencies and non-profit organizations pay moderately lower base salaries, with excellent job security and work-life balance as trade-offs.
Large multinational companies tend to pay more than minor or mid-size businesses in corporate accounting. Internal accountants at tech firms also earn higher salaries.
What are the Key Skills That Increase Earning Potential for Accountants in Canada?
While job title, years of experience, credentials, and education impact salaries, developing key in-demand skills can provide further earning power.
According to PayScale, the specialized skills that lead to the highest pay increases for accountants include:
- Taxation & Financial Compliance: +25% pay increase
- Budgeting & Cost Accounting: +20% pay increase
- Forecasting, Modeling & Financial Analysis: +15% pay increase
- Data Analytics & Business Intelligence: +10% pay increase
Conversely, general foundational skills like bookkeeping, data entry, payroll administration, and basic MS Excel tend to pay below average.
Source: https://www.payscale.com/research/CA/Job=Accountant/Salary
What is the Future Outlook for Accountant Salaries in Canada?
The future continues to look bright for accounting professionals in Canada.
Ongoing regulatory complexity, technology innovation, and globalized business are fueling demand. Compliance roles are growing fastest as governments heighten transparency laws.
Higher salaries typically follow rising demand for skilled labour. This suggests that pay for accountants in Canada will continue to increase over the next 5 to 10 years.
However, professionals must stay up-to-date on emerging technologies and develop specialized expertise to maximize their value. Passive CPAs relying on legacy skills risk being left behind.
Curious about other professions' salaries in Canada? Learn more here:
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The Bottom Line
While wages remain attractive overall, accountant salaries vary based on location, credentials, experience, and skills.
Senior accountants earn well above the national average, reflecting their years of honed expertise. But even entry-level salaries allow new graduates a comfortable standard of living.
That said, accounting remains among Canada’s most stable and well-compensated professions. With strong demand and plenty of opportunities, accounting remains a rewarding career for those who enjoy working with numbers.
Frequently Asked Questions about Average Accountant Salaries in Canada
If you are planning to become an accountant in Canada, these FAQs can help you understand more about this field, especially the potential earnings.
What is the average salary for an accountant in Canada?
According to the latest salary data, the average accountant salary in Canada is approximately $64,581 per year. Individual salaries may range from $43,000 for entry-level roles to $128,200 for senior managers with over 20 years of experience.
How do accountant salaries vary across different cities in Canada?
Major metro areas like Toronto, Vancouver, Montreal, and Calgary offer the highest accountant salaries in Canada. However, smaller cities may provide a better cost-of-living-adjusted wage. Location, demand for specific expertise, and local economic conditions impact geographic salary differences.
Does having a CPA certification affect salary in Canada?
Yes, earning the Chartered Professional Accountant (CPA) designation typically results in 15-20% higher salaries than non-CPA accountants. The median CPA salary is approximately $130,000 compared to $95,000 for non-CPAs.
What are the top industries for accountants in Canada?
The finance, technology, accounting, and energy sectors offer some of the highest salaries for accountants in Canada. Public accounting, banking, and corporate finance roles at major companies allow professionals to maximize their earning potential.
How has the demand for accountants changed in Canada over the years?
Robust demand has made accounting one of Canada’s most stable and recession-proof careers. Financial and tax regulations continue to get more complex, driving up salaries for compliance experts, CPAs, and those with specialized advisory skills. Integrating new technologies also enables accountants to add more value.