Steps to Becoming an Accountant in New Brunswick
According to the Government of Canada, job prospects for financial auditors and accountants are currently considered good in the province of New Brunswick. The most recent Canadian Occupational Projection System (COPS) Forecast shows that the average employment growth rate for jobs in accountancy is above the average for all other occupations in the province. During the period between 2009 and 2018, it is projected that demand for accountants in New Brunswick will outweigh the supply.
New Brunswickans who wish to become accountants typically get a four-year degree. From there, an accountant may opt for membership with the New Brunswick Institute of Chartered Accountants, the Society of Management Accountants in the Maritime Provinces, or the Certified General Accountants Association of New Brunswick. Major employers of accountants in the New Brunswick area include “Big Four” international accounting firms Deloitte, Pricewaterhouse Coopers, KPMG, and Ernst & Young, all with offices in Saint John. Other international accounting firms like Grant Thornton LLP in Moncton also have a strong presence in the province. The New Brunswick provincial government also employs accountants at various levels in agencies that include the Department of Health in Fredericton, and the Department of Justice and Consumer Affairs in Moncton.
Job Trends for Accountants in New Brunswick
The main industries in New Brunswick are agriculture, forestry, fishing, and mining. Cost and capital accountants, financial controllers, management accountants, and internal auditors are necessary at all levels of business in these types of industries, to ensure that money flowing into and out of the business is properly accounted for.
Information and communications technology is another major sector in New Brunswick’s economy. The province houses 650 companies that employ more than 30,000 people, mainly in the areas of Moncton, Fredericton, Saint John and Miramichi. Companies in this sector that are recognized as major employers of accountants include Computer Generated Solutions Canada in Saint John, Sykes in Riverview, as well as New Brunswick Investment Management Corporation and Xplornet Communications, both located in Fredericton.
According to the Canadian government, New Brunswick’s many food-processing companies employ many of the provinces residents. This includes companies such as Canada Bread Atlantic Ltd. in Moncton, McCain Foods Canada in Lawrenceville, and Maple Leaf Foods, Inc. in Moncton. These companies are also recognized as leading industry employers of accountants in the province.
New Brunswick Accountants: Salary and Employment Facts
According to the Government of Canada’s 2010 annual report, the approximately 900 accountants in the St. John/St. Stephen area of New Brunswick averaged the highest wage in the province at $69,680 annually, with top earners averaging $99,840 yearly. Wages for the 2,885 accountants in the Campellton-Miramichi area averaged $50,107 per year, with the potential of earning $77,812 annually.
The 710 accountants working in the Moncton-Richibucto area averaged $49,108 annually, and could make up to $78,811 per year. The approximately 1,155 accountants in the Fredericton/Woodstock/Grand Falls/Edmundston areas earned an average salary of $42,619, and can expect to make up to $66,518 per year as their careers progress.
Salary information compiled by Working in Canada
New Brunswick Resident Income and Tax Laws in the News
A recent news report claims that the average after-tax income for a New Brunswick family has risen by four percent in the past year, and by 11 percent in the past four years. The average New Brunswickan earns $51,300 annually, while the average Canadian income is $59,700. Although New Brunswick still has the third-lowest average family income in Canada, its low-income population dropped from 12.4 percent in 2007 to 11.2 percent in 2009.
In other news, New Brunswick has had a Harmonized Sales Tax (HST) since 1997 and is one of the few provinces in Canada whose residents don’t seem to complain about the tax. Proponents of the HST say that it has helped increase employment in New Brunswick, increased real GDP per capita, and fostered economic prosperity in the province. Opponents of the HST say that it brought out new taxes that were previously embedded in the price of goods and services and therefore shocked consumers and affected consumer spending.