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Accounting and Finance Average Salaries in Canada 2020

How much money does a person working in Accounting and Finance make in Canada?


Average Yearly Salary
123,000 CAD
( 10,300 CAD monthly)

LOW
49,800
CAD
AVERAGE
123,000
CAD
HIGH
247,000
CAD

A person working in Accounting and Finance in Canada typically earns around 123,000 CAD per year. Salaries range from 49,800 CAD (lowest average) to 247,000 CAD (highest average, actual maximum salary is higher).

This is the average yearly salary including housing, transport, and other benefits. Salaries vary drastically between different Accounting and Finance careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
Account Examiner60,900 CAD
Account Executive108,000 CAD
Accountant80,600 CAD
Accounting Assistant65,600 CAD
Accounting Associate63,500 CAD
Accounting Clerk51,300 CAD
Accounting Coordinator73,000 CAD
Accounting Manager178,000 CAD
Accounting Supervisor119,000 CAD
Accounting Technician59,300 CAD
Accounts Executive111,000 CAD
Accounts Payable and Receivable Specialist87,300 CAD
Accounts Payable Clerk64,600 CAD
Accounts Payable Manager161,000 CAD
Accounts Receivable Clerk63,100 CAD
Accounts Receivable Manager171,000 CAD
Assistant Accounting Manager166,000 CAD
Assistant Auditor80,700 CAD
Audit Supervisor159,000 CAD
Auditing Clerk68,600 CAD
Auditing Manager173,000 CAD
Billing Coordinator76,600 CAD
Billing Specialist86,000 CAD
Billing Supervisor129,000 CAD
Bookkeeper57,700 CAD
Bookkeeping Specialist80,800 CAD
Budget Analyst142,000 CAD
Budget Manager176,000 CAD
Business Support Analyst91,000 CAD
Capital Markets Associate129,000 CAD
Cash Flow Analyst134,000 CAD
Cash Management Officer99,500 CAD
Cashbook Clerk58,600 CAD
Chartered Accountant104,000 CAD
Collections Clerk54,600 CAD
Collections Specialist82,300 CAD
Corporate Treasurer154,000 CAD
Cost Accountant82,900 CAD
Cost Accounting Manager167,000 CAD
Cost Analyst139,000 CAD
Credit and Collection Manager171,000 CAD
Credit and Collection Staff64,900 CAD
Credit and Loans Officer59,100 CAD
Credit Controller122,000 CAD
Debt Adviser137,000 CAD
Debt Collector69,500 CAD
Debtors Clerk58,000 CAD
Deputy CFO229,000 CAD
Derivative Trader148,000 CAD
Escrow Assistant78,800 CAD
External Auditor121,000 CAD
Finance Associate75,000 CAD
Finance Executive184,000 CAD
Finance Licensing Clerk64,000 CAD
Finance Licensing Manager159,000 CAD
Finance Licensing Specialist93,800 CAD
Finance Officer79,700 CAD
Finance President256,000 CAD
Finance Relationship Manager202,000 CAD
Finance Release Analyst101,000 CAD
Finance Team Leader 183,000 CAD
Financial Actuary127,000 CAD
Financial Administrator147,000 CAD
Financial Analyst160,000 CAD
Financial Applications Specialist105,000 CAD
Financial Assistant70,500 CAD
Financial Associate70,900 CAD
Financial Claims Analyst114,000 CAD
Financial Claims Manager157,000 CAD
Financial Commercial Analyst119,000 CAD
Financial Compliance Analyst141,000 CAD
Financial Consultant109,000 CAD
Financial Controller131,000 CAD
Financial Coordinator76,800 CAD
Financial Customer Service Manager161,000 CAD
Financial Dealer and Broker92,400 CAD
Financial Encoder68,700 CAD
Financial Manager226,000 CAD
Financial Manager241,000 CAD
Financial Operations Manager223,000 CAD
Financial Policy Analyst133,000 CAD
Financial Project Manager173,000 CAD
Financial Quantitative Analyst142,000 CAD
Financial Reporting Consultant124,000 CAD
Financial Reporting Manager164,000 CAD
Financial Services Sales Agent88,900 CAD
Fixed Assets Administrator91,200 CAD
Forensic Accountant102,000 CAD
Fraud Detection Supervisor102,000 CAD
Fraud Prevention Manager176,000 CAD
Fund Accountant77,400 CAD
Grants Coordinator65,400 CAD
Internal Auditor109,000 CAD
Internal Control Adviser131,000 CAD
Internal Control Officer75,100 CAD
Inventory Accountant86,800 CAD
Investment Analyst173,000 CAD
Investment Fund Manager193,000 CAD
Investment Underwriter69,000 CAD
Investor111,000 CAD
Investor Relations Manager162,000 CAD
KYC Team Leader166,000 CAD
Management Economist188,000 CAD
Paymaster66,600 CAD
Payroll Clerk73,700 CAD
Payroll Manager160,000 CAD
Pensions Administrator85,500 CAD
Pricing Analyst145,000 CAD
Private Equity Analyst148,000 CAD
Proposal Development Coordinator71,800 CAD
Receivables Accountant81,900 CAD
Regulatory Accountant96,800 CAD
Retirement Plan Analyst132,000 CAD
Revenue Management Specialist143,000 CAD
Revenue Recognition Analyst157,000 CAD
Risk Management Director209,000 CAD
Risk Management Supervisor161,000 CAD
Tax Accountant79,800 CAD
Tax Advisor125,000 CAD
Tax Associate74,400 CAD
Tax Manager173,000 CAD
Teller49,300 CAD
Treasury Accountant88,500 CAD
Treasury Analyst146,000 CAD
Underwriter58,800 CAD
Underwriting Assistant57,400 CAD
Vice President of Finance228,000 CAD

Accounting and Finance Jobs Salary Distribution in Canada

Median and salary distribution yearly Canada Accounting and Finance
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The median, the maximum, the minimum, and the range

  • Salary Range

    Accounting and Finance salaries in Canada range from 49,800 CAD per year (minimum average salary) to 247,000 CAD per year (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 130,000 CAD per year, which means that half (50%) of people working in Accounting and Finance are earning less than 130,000 CAD while the other half are earning more than 130,000 CAD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Accounting and Finance are earning less than 81,100 CAD while 75% of them are earning more than 81,100 CAD. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 200,000 CAD while 25% are earning more than 200,000 CAD.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
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The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
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It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Canada costs anywhere from 49,800 Canadian Dollar(s) to 149,000 Canadian Dollar(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Accounting and Finance Salary Comparison By Gender

Salary comparison by gender yearly Canada Accounting and Finance
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Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Canada who work in Accounting and Finance earn 5% more than their female counterparts on average.

Male
126,000 CAD
Female-5%
120,000 CAD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Canada for all Careers

Salary comparison by gender yearly Canada
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Accounting and Finance Average Annual Salary Increment Percentage in Canada

How much are annual salary increments in Canada for Accounting and Finance professionals? How often do employees get salary raises?

Accounting and Finance

Accounting and Finance professionals in Canada are likely to observe a salary increase of approximately 11% every 13 months. The national average annual increment for all professions combined is 9% granted to employees every 15 months.

Annual Salary Increment Rate Canada Accounting and Finance
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The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Canada / All Professions

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in Canada is 7%.

Annual Increment Rate By Industry 2019

Banking
2%
Energy
4%
Information Technology
6%
Healthcare
8%
Travel
1%
Construction
3%
Education
5%

Listed above are the average annual increase rates for each industry in Canada for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

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Accounting and Finance Bonus and Incentive Rates in Canada

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Canada Accounting and Finance
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Accounting and Finance is considered to be a high bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

17% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while 83% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 5% to 9% of their annual salary.

Received Bonus
83%
No Bonus
17%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Accounting and Finance Hourly Average Wage in Canada


59 CAD per hour

The average hourly wage (pay per hour) in Canada is 59 CAD. This means that the average person in Canada earns approximately 59 CAD for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

Accounting and Finance VS Other Jobs

Salary Comparison Between Accounting and Finance and Accounting and Finance yearly Canada
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The average salary for Accounting and Finance is 3% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Brampton126,000 CAD
Calgary130,000 CAD
Edmonton129,000 CAD
Gatineau119,000 CAD
Halifax120,000 CAD
Hamilton127,000 CAD
Kitchener124,000 CAD
Markham123,000 CAD
Mississauga131,000 CAD
Montreal138,000 CAD
Ottawa132,000 CAD
Quebec130,000 CAD
Regina117,000 CAD
Richmond111,000 CAD
Saskatoon118,000 CAD
Surrey121,000 CAD
Toronto138,000 CAD
Vancouver132,000 CAD
Vaughan120,000 CAD
Windsor119,000 CAD
Winnipeg128,000 CAD

Salary Comparison By State

StateAverage Salary
Alberta132,000 CAD
British Columbia135,000 CAD
Manitoba127,000 CAD
New Brunswick113,000 CAD
Newfoundland-Labrador111,000 CAD
Northwest Territories123,000 CAD
Nova Scotia116,000 CAD
Nunavut128,000 CAD
Ontario138,000 CAD
Prince Edward Island107,000 CAD
Quebec136,000 CAD
Saskatchewan119,000 CAD
Yukon110,000 CAD

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in Canada earn 4% more than their private sector counterparts on average across all sectors.

Private Sector
117,000 CAD
Public Sector+4%
122,000 CAD
Percentage increase and decrease are relative to the previous value

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