Tax Preparation Services in Canada - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

Refund cheque: Corporate profit and disposable income are expected to improve, driving demand for the industry's services

Revenue for tax preparation providers in Canada has steadily grown throughout 2023, driven by an increasing number of households earning $100,000 or more. The industry provides assistance to individuals and small businesses in completing, reviewing and filing tax returns. Industry operators review consumer financial documents, nominate appropriate deductions and claims, review files and send documents to the Canada Revenue Agency (CRA). As the population grows and more people are expected to file their taxes, demand for industry services is expected to grow. As a result, industry revenue has been growing at a CAGR of 3.4% over the past five years and is expected to total $1.7 billion in 2023, when revenue will jump an estimated 5.8%.

The Tax Preparation Services industry in Canada provides tax return preparation services to individuals without also providing accounting, bookkeeping, billing or payroll process services. Although the offices of CPAs are excluded from this industry, basic knowledge of tax law and filing requirements is required.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.