Steps to Becoming an Accountant in Prince Edward Island
According to Working in Canada, a resource provided by the Government of Canada, the outlook for accountants on Prince Edward Island is good based on their five-year projection. Jobs in the private sector and government are expected to be available for those with a degree in accounting, and optional certification.
For those who choose to work in public accounting, membership with the Chartered Accountants of Prince Edward Island or the Certified General Accountants of Prince Edward Island is an option worth considering. Those who do not review or report on financial statements or perform public audits need not be regulated or licensed by any agency. While none of the “Big Four” multinational accounting firms have offices on Prince Edward Island, accountants and auditors are employed by provincial government agencies including Gouvernement de l’Ile du Prince Edouard in Charlottetown and the Town of Cornwall. Additionally, opportunities exist for private accountants in the various businesses located on the island.
Job Trends for Accountants on Prince Edward Island
The business, finance and administration industry employs 11,900 people in Prince Edward Island, making it the second most popular economic sector (retail trade being the first). Prince Edward Island is a major exporter of food, and 4,000 people are employed in the island’s food processing sector. Companies such as Cavendish Produce in O’Leary and Keybrand Foods, Inc. in Charlottetown employ cost and capital accountants, financial controllers, and internal auditors to keep track of money flowing into and out of these businesses.
One of the fastest growing sectors of the Island’s economy is aerospace, representing 25 percent of the province’s exports. Many aerospace companies can be found in the Slemon Park area of the island, and these companies employ accountants as well. They include Atlantic Turbines, Honeywell, Wiebel Aerospace, Testori Americas, Tube-Fab Limited, Tronosjet, and MDS-PRAD.
Information technology is another promising and growing sector to Prince Edward Island’s economy. Many IT and high-tech companies have relocated to the island due to the competitive business costs and positive tax climate. Multinational IT and high-tech companies that have offices on the island include CGI Group in Stratford, Other Ocean in Charlottetown, and Carestream Health in Summerside.
Prince Edward Island Accountants: Salary and Employment Facts
The population of Prince Edward Island is young, with 30% of residents under age 25, and relatively small, with only 139,000 residents. While the labor force totals just over 70,200, exact numbers for those working in accounting on the Island are unavailable.
Working in Canada lists the average salary in 2010 for accountants on Prince Edward Island as $24.40 per hour, or $50,752 annually. The potential is available, however, to earn up to $41.35 hourly, or $86,008 annually. Optional certifications like the CGA, CMA, and CA will also contribute to an increase in an accountant’s salary.
Salary information compiled by Working in Canada
Prince Edward Island Tax Laws in the News
The Specialized Labour Tax Credit in Prince Edward Island gives a jump start to new businesses. This tax credit provides an incentive for workers with specialized skills or knowledge to work on the Island. Additionally, the Island’s Share Purchase Tax Credit provides a tax rebate on personal income tax of 35 percent of the value of an investment made in a corporation located on the Island. These two tax credits make the business climate on the island quite favorable.