Canada does not have a specific date to celebrate national holiday for accountants, thus it is International Accounting Day on November 10 that is celebrated in Canada as acknowledgment to the work of professionals all around the country.
Accounting is routinely an underappreciated job. It will make headlines only when deception and fraud are involved. Yet, what is done to appreciate the work of quality, meticulous accountants in Canada? And what activities takes place on this celebratory day? While, there may not be any financial incentives and/or prizes rewarded, appreciation comes in the form of spreading the word. Accountants on this day are frequently seen distributing information about their profession to schools, universities, and other institutions around Canada. An International Accounting Day is a splendid icebreaker to begin speaking about the perks associated with this profession.
Local firms will frequently throw informal parties in a bid to recognize their employees’ efforts. It is a jovial occasion that is short, but sweet for all hardworking accountants. November 10th is a fond reminder of all that is right with the profession and its representatives in Canada.
Interesting Facts about Accounting in Canada
Total Country Population: 34.48 Million Citizens, total area: 9,984,670 Square Kilometres, Total GDP: 1.736 Trillion dollars (US).
Total Number of Accountants in Canada: 75,000+; which makes:
- 0.218% of the population
- 1 accountant per 459 people
- 1 accountant per 133 square kilometres
- 1 accountant handles 23.146 trillion dollars (US) of GDP
According to Statistics Canada among all accountants:
- 36% - Working for accounting firms
- 32% - Working as independent contractors
- 13% - Working for public administration purposes
- 10% - Working in the trade sector
- 9% - working in the industrial sector
All 75,000 accountants are currently split between three designations CA (Chartered Accountants), CGA (Chartered General Accountant), and CMA (Chartered Management Accountant).
New laws found within Canada are guiding the merging of all three designations. All 75,000 accountants will fall under the CPA (Chartered Professional Accountants) designation with new federal regulations in place.
The future of this profession has been seen as being ‘up and down’ because of mythical reasoning in recent years. Reality suggests, with business expanding in Canada, the necessity of fresh, young accountants is on the rise. With the merger between all three designations on the horizon, chances of further growth are being reported, according to Statistics Canada.
International accounting day will be a bright spot during an arduous schedule for accountants around Canada. It is a chance to sit back and relax for a moment and soak in the glory of being an accountant. On November 10th, Canadian accountants will celebrate their day in the sunshine.