Tax Preparation Services in Canada
Over the past five years, the Tax Preparation Services industry has grown. Operators have experienced an uptick in demand for industry services as new businesses enter the Canadian economy and the national unemployment rate falls. As more individuals earn income and disposable incomes rise, demand for tax preparation services increases. However, industry growth has been constrained by rising internet penetration and more online offerings, which offer inexpensive substitutes for industry services. Macroeconomic conditions will be more favourable to the industry over the next five years, as rising unemployment and higher disposable incomes increase demand for professional tax advice. Companies able to offer online services will benefit most from these trends, as the industry experiences increased competition, including from free government-provided services.
This industry provides tax return preparation services to individuals without also providing accounting, bookkeeping, billing or payroll process services. Although the offices of CPAs are excluded from this industry, basic knowledge of tax law and filing requirements is required.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.