Businesses in the accounting, tax preparation, bookkeeping and payroll services industry earned $30.3 billion in operating revenue in 2024, up 7.3% from 2023, according to data from Statistics Canada.
While the growth was slower than 2023 when compared to 2022 (10.8%), revenue growth in the sector remained above pre-pandemic levels.
Operating expenses rose by 5.7% to $23.4 billion in 2024, leaving a profit margin of 22.9%, up from 21.8% in 2023. Human resource costs like salaries, wages, commissions and benefits — which account for 53.4% of total industry expenses — rose by 5.5% to $12.5 billion in 2024.
The accounting, tax preparation, bookkeeping and payroll services industry is relatively concentrated, with the top 10 firms accounting for 45% of the industry’s operating revenue.
“These firms consistently outperform the broader industry, due in part to the strength of their advisory services,” Statistics Canada said. “On average, management consulting services represent approximately one-quarter of their sales, compared with about one-sixth across the industry overall.”
Taxation preparation and representation services were the leading source of industry revenue in 2024, comprising 27.7% of total sales. Auditing and other assurance services followed at 26.3%, with insolvency and receivership services ranking last, at 2.4%.
Ontario remained the leading contributor to operating revenue in the accounting, tax preparation, bookkeeping and payroll services industry, representing 44.6% of the national total last year. Quebec (18.9%), then British Columbia (15.8%) and Alberta (12.3%) followed. Revenue share by province was little changed from 2023.
The Canadian economy continued to grow in 2025, with real GDP increasing in both the first and second quarters. Meanwhile, the accounting industry is adopting emerging technologies like AI, Statistics Canada noted. Leading firms are automating routine tasks, which is expected to improve operational efficiency and boost profit margins. Detailed financial estimates for the 2025 reference year will be published in 2026.