Tax Preparation Services in Canada
The Tax Preparation Services industry in Canada has steadily grown over the five years to 2019, driven by increasing employment and consumer disposable income. The industry provides assistance to individuals and small businesses in completing, reviewing and filing tax returns. Industry operators review consumer financial documents, nominate appropriate deductions and claims, review files and send documents to the Canada Revenue Agency (CRA). As disposable income grew, more consumers became able to pay for industry services. The introduction of online tax preparation services has been the most prominent industry trend over the past five years. Strong growth of user-friendly online products provided by operators, coupled with increasing internet capabilities, has enabled more consumers to complete their returns through tax software. These technological advancements are disrupting traditional industry operations. Over the five years to 2024, industry revenue is forecast to grow. Since the economy is expected to grow steadily with unemployment remaining low and the need for tax services is unlikely to change in the near future, demand for industry services is expected to grow.
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.
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