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Industry Landscape
The accounting and tax industry is undergoing significant transformation, driven by digital adoption, cloud-based solutions, and increasing regulatory complexity. There's a growing demand for advisory services beyond traditional compliance. Automation is streamlining routine tasks, allowing firms to focus on value-added services. The industry is highly competitive, with a mix of large global firms and smaller, specialized local practices. Multi-lingual support is becoming a differentiator in diverse markets.
Total Assets Under Management (AUM)
Number of Accounting Firms in Canada
~Approximately 18,000 to 20,000 (estimation based on various sources for Canada)
(2.5% to 3.5% CAGR)
- Driven by new business formations.
- Increasing regulatory complexity.
- Growing demand for specialized advisory services.
Total Addressable Market
25 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
AI and Machine Learning (ML) in Accounting
AI and ML are automating data entry, reconciliation, and anomaly detection, enhancing efficiency and accuracy in financial processes.
Cloud-Based Accounting Platforms
Cloud solutions enable real-time collaboration, remote access to financial data, and seamless integration with other business tools, increasing flexibility and accessibility.
Blockchain for Financial Transactions
Blockchain offers immutable and transparent record-keeping for transactions, potentially streamlining audits and enhancing data security and integrity.
Impactful Policy Frameworks
Canada Revenue Agency (CRA) Digital Services Expansion (Ongoing)
The CRA continues to expand and mandate digital filing and communication for various tax forms and interactions, encouraging electronic submissions for both personal and corporate taxes.
This policy pushes accounting firms to adopt robust digital platforms and processes, improving efficiency in tax preparation and submission for G.B. Experts Group.
Amendments to the Income Tax Act (Various Years, e.g., 2023-2024)
The Canadian government frequently introduces amendments to the Income Tax Act, affecting corporate tax rates, personal tax credits, and eligibility for various deductions and benefits.
Ongoing changes require G.B. Experts Group to continuously update their knowledge and advisory services to ensure clients remain compliant and optimize their tax positions.
New Corporate Transparency and Beneficial Ownership Register Requirements (Federal & Provincial, e.g., BC's Land Owner Transparency Act, 2020 and federal Bill C-42, 2022)
Governments are implementing new regulations to establish public or accessible registers of beneficial ownership for corporations and land, aimed at combating money laundering and tax evasion.
G.B. Experts Group will need to guide clients through new disclosure requirements, impacting business incorporation and ongoing compliance services, ensuring clients meet transparency obligations.
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