The accountancy sector plays a significant role in the tax industry's growth in Canada. The country's accountancy sector is doing its business resiliently, backed by long-term investment into the profession, coupled with the availability of high-quality talent. The country also witnesses imprints of the largest global firms in the country. They expanded their business across Canada, which increased the probability that these businesses from diversified sectors could tap financial expertise from the country, leading to the adoption of solutions offered by tax software providers of the country.
Increasing digitization across tax systems and growing adoption of tax software from the retail sector are contributing to the growth of the market. Further, the growth of the tax industry and support from the Canadian government are expected to provide lucrative opportunities for the growth of the market in Canada. The increasing focus of organizations on enhancing business processes through integrating advanced technologies is anticipated to be a market trend during the forecast period. The tax software market is a highly fragmented and competitive marketplace. As leading companies in this market continue to broaden their addressable market by expanding their current offerings and diversifying their client base, all prominent players face an increasing level of competition, both from start-ups to established companies across the world.
Since the advent of digitalization in Canada, end-user companies have adopted advanced technologies for reducing manual business processes and implementing automated processes for increasing productivity and achieving efficient business outcomes. Owing to the internet and various platforms, such as desktops and smartphones, there is no need for individuals to visit a tax office; they can file a tax return and make a tax payment remotely. End users such as commercial enterprises and individuals are adopting tax software, as it automates tax processes and reduces the manual efforts of computing tax. The software allows registering the information of the taxpayer, and it is then automatically entered into tax returns; it also enables automatic calculation. Various industries use tax software for filing and returns, and they also generate a massive volume of data. In such cases, the industries have to be cautious while transferring tax-related files online. Therefore, tax software vendors provide software with security measures.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 775.27 Million |
| Market Size by 2030 | US$ 1,506.87 Million |
| Global CAGR (2022 - 2030) | 8.7% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | Canada
|
| Market leaders and key company profiles |
The List of Companies - Canada Tax Software Market
The sales tax segment held the largest share in the Canada tax software market, whereas income tax segment is expected to grow with the highest CAGR during 2022-2030.
The software segment held the largest market share in 2022 and is expected to grow with the highest CAGR in the market.
The key players, holding majority shares, in Canada tax software market includes Intuit Inc, Wolters Kluwer NV, Thomson Reuters Corp, Sage Group Plc, and HRB Digital LLC.
Integration of advanced technologies is the future trends of the Canada tax software market.
Increase in digitization of tax systems and rise in adoption of tax software from retail sector are the driving factors impacting the Canada tax software market.
The Canada tax software market was valued at US$ 775.27 million in the year 2022 and is expected to grow at a CAGR of 8.7% during 2022-2030.
The Canada tax software market is expected to reach US$ 1,506.87 million by 2030.