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The Unique Features of Canadian Accounting

Published On: December 18, 2020

Accountants are in high demand in Canada and will continue to be for some time. There has never been a better time for internationally-trained accountants to seek employment in the Canadian job market than right now. Moving into the Canadian accounting sector will require you to be aware of Canadian accounting practices, rules, and regulations.

Gaining an understanding of Canadian accounting principles is as simple as enrolling in the right accounting courses online. Earning a certificate in accounting from Ashton College will show employers that you possess the specific knowledge and skills needed to succeed in the Canadian accounting sector. To help you get a head start on your Canadian accounting education, we are going to lay out some of the unique features of Canadian accounting you will encounter.

Taxation and Payroll

Canada’s tax and payroll systems are similar to other nations in the world, but there are some key differences. Finding success in a Canadian accounting position will require you to have an in-depth understanding of the Income Tax Act and both federal and provincial regulations. Knowledge of income tax liability on both an individual and business level according to Canadian law is also critical for succeeding in the Canadian accounting sector. The knowledge of taxation goes beyond just income tax. Accountants need to be aware of the Government Sales Tax (GST) and Harmonized Sales Tax (HST) as well.

 Knowledge of Canadian payroll law is also important. Many accountants go on to find work as payroll administrators and this requires them to have an understanding of payroll deductions, T4 preparation, statement preparation, and other areas of knowledge relevant to payroll.

Accounting Standards

In Canada, all publicly accountable enterprises adhere to the International Financial Reporting Standards (IFRS) as set by the International Accounting Standards Board (IASB). Private enterprises in Canada have the option of choosing between the IFRS or the Accounting Standard for Private Enterprises (ASPE).

The ASPE is unique to Canada and designed to be simpler to implement for businesses of varying sizes. If you are looking to work for private companies in Canada, then having a knowledge of the ASPE is crucial.  By earning an accounting certificate online through Ashton College, you will be familiarized with fundamental accounting techniques and practices for a variety of different business types.

The Accounting Standards Board

In Canada, the Accounting Standards Board (AcSB) is responsible for issuing accounting standards for private businesses. Any changes to accounting standards in Canada for private enterprises come from the AcSB. The AcSB also works closely with the Chartered Professional Accountants of Canada (CPA). All of the accounting standards adopted by the AcSB are published in the CPA Canada Handbook – Accounting.

Canadian Regulatory Bodies

There are multiple organizations in Canada that oversee the growth and advancement of the accounting industry. CPA is one such organization, another is the Canadian Bookkeepers Association (CBA). The CBA is committed to the advancement of the bookkeeping profession and they offer their accreditation to education programs that they believe meet the current standards of the industry. Our Certificate in Accounting program at Ashton College is accredited by the CBA. By taking courses that are accredited by Canadian regulatory bodies, you can be assured that you are learning skills that meet the standards of the Canadian job market.

Moving into Canadian Accounting

If you are an internationally-trained accountant looking to move into the Canadian accounting sector, then getting high-quality continuing education in Canadian accounting can help facilitate your entry into the job market. Apply now for our Certificate in Accounting Program, learn the intricacies of the Canadian accounting industry and take your career to the next level in Canada.


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