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.
|Job Title||Average Salary|
|Account Examiner||60,900 CAD|
|Account Executive||108,000 CAD|
|Accounting Assistant||65,600 CAD|
|Accounting Associate||63,500 CAD|
|Accounting Clerk||51,300 CAD|
|Accounting Coordinator||73,000 CAD|
|Accounting Manager||178,000 CAD|
|Accounting Supervisor||119,000 CAD|
|Accounting Technician||59,300 CAD|
|Accounts Executive||111,000 CAD|
|Accounts Payable and Receivable Specialist||87,300 CAD|
|Accounts Payable Clerk||64,600 CAD|
|Accounts Payable Manager||161,000 CAD|
|Accounts Receivable Clerk||63,100 CAD|
|Accounts Receivable Manager||171,000 CAD|
|Assistant Accounting Manager||166,000 CAD|
|Assistant Auditor||80,700 CAD|
|Audit Supervisor||159,000 CAD|
|Auditing Clerk||68,600 CAD|
|Auditing Manager||173,000 CAD|
|Billing Coordinator||76,600 CAD|
|Billing Specialist||86,000 CAD|
|Billing Supervisor||129,000 CAD|
|Bookkeeping Specialist||80,800 CAD|
|Budget Analyst||142,000 CAD|
|Budget Manager||176,000 CAD|
|Business Support Analyst||91,000 CAD|
|Capital Markets Associate||129,000 CAD|
|Cash Flow Analyst||134,000 CAD|
|Cash Management Officer||99,500 CAD|
|Cashbook Clerk||58,600 CAD|
|Chartered Accountant||104,000 CAD|
|Collections Clerk||54,600 CAD|
|Collections Specialist||82,300 CAD|
|Corporate Treasurer||154,000 CAD|
|Cost Accountant||82,900 CAD|
|Cost Accounting Manager||167,000 CAD|
|Cost Analyst||139,000 CAD|
|Credit and Collection Manager||171,000 CAD|
|Credit and Collection Staff||64,900 CAD|
|Credit and Loans Officer||59,100 CAD|
|Credit Controller||122,000 CAD|
|Debt Adviser||137,000 CAD|
|Debt Collector||69,500 CAD|
|Debtors Clerk||58,000 CAD|
|Deputy CFO||229,000 CAD|
|Derivative Trader||148,000 CAD|
|Escrow Assistant||78,800 CAD|
|External Auditor||121,000 CAD|
|Finance Associate||75,000 CAD|
|Finance Executive||184,000 CAD|
|Finance Licensing Clerk||64,000 CAD|
|Finance Licensing Manager||159,000 CAD|
|Finance Licensing Specialist||93,800 CAD|
|Finance Officer||79,700 CAD|
|Finance President||256,000 CAD|
|Finance Relationship Manager||202,000 CAD|
|Finance Release Analyst||101,000 CAD|
|Finance Team Leader||183,000 CAD|
|Financial Actuary||127,000 CAD|
|Financial Administrator||147,000 CAD|
|Financial Analyst||160,000 CAD|
|Financial Applications Specialist||105,000 CAD|
|Financial Assistant||70,500 CAD|
|Financial Associate||70,900 CAD|
|Financial Claims Analyst||114,000 CAD|
|Financial Claims Manager||157,000 CAD|
|Financial Commercial Analyst||119,000 CAD|
|Financial Compliance Analyst||141,000 CAD|
|Financial Consultant||109,000 CAD|
|Financial Controller||131,000 CAD|
|Financial Coordinator||76,800 CAD|
|Financial Customer Service Manager||161,000 CAD|
|Financial Dealer and Broker||92,400 CAD|
|Financial Encoder||68,700 CAD|
|Financial Manager||226,000 CAD|
|Financial Manager||241,000 CAD|
|Financial Operations Manager||223,000 CAD|
|Financial Policy Analyst||133,000 CAD|
|Financial Project Manager||173,000 CAD|
|Financial Quantitative Analyst||142,000 CAD|
|Financial Reporting Consultant||124,000 CAD|
|Financial Reporting Manager||164,000 CAD|
|Financial Services Sales Agent||88,900 CAD|
|Fixed Assets Administrator||91,200 CAD|
|Forensic Accountant||102,000 CAD|
|Fraud Detection Supervisor||102,000 CAD|
|Fraud Prevention Manager||176,000 CAD|
|Fund Accountant||77,400 CAD|
|Grants Coordinator||65,400 CAD|
|Internal Auditor||109,000 CAD|
|Internal Control Adviser||131,000 CAD|
|Internal Control Officer||75,100 CAD|
|Inventory Accountant||86,800 CAD|
|Investment Analyst||173,000 CAD|
|Investment Fund Manager||193,000 CAD|
|Investment Underwriter||69,000 CAD|
|Investor Relations Manager||162,000 CAD|
|KYC Team Leader||166,000 CAD|
|Management Economist||188,000 CAD|
|Payroll Clerk||73,700 CAD|
|Payroll Manager||160,000 CAD|
|Pensions Administrator||85,500 CAD|
|Pricing Analyst||145,000 CAD|
|Private Equity Analyst||148,000 CAD|
|Proposal Development Coordinator||71,800 CAD|
|Receivables Accountant||81,900 CAD|
|Regulatory Accountant||96,800 CAD|
|Retirement Plan Analyst||132,000 CAD|
|Revenue Management Specialist||143,000 CAD|
|Revenue Recognition Analyst||157,000 CAD|
|Risk Management Director||209,000 CAD|
|Risk Management Supervisor||161,000 CAD|
|Tax Accountant||79,800 CAD|
|Tax Advisor||125,000 CAD|
|Tax Associate||74,400 CAD|
|Tax Manager||173,000 CAD|
|Treasury Accountant||88,500 CAD|
|Treasury Analyst||146,000 CAD|
|Underwriting Assistant||57,400 CAD|
|Vice President of Finance||228,000 CAD|
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).
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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
Listed above are the average annual increase rates for each industry in Canada for the year 2021. 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.
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.
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.
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.
The main two types of jobs
|Revenue Generators||Supporting 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.
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.
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.
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.
The average salary for Accounting and Finance is 3% more than that of All Jobs.
|British Columbia||135,000 CAD|
|New Brunswick||113,000 CAD|
|Northwest Territories||123,000 CAD|
|Nova Scotia||116,000 CAD|
|Prince Edward Island||107,000 CAD|
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.