Canada Tax Software Market is expected to reach US$ 1,506.87 million by 2030

Growing Tax Industry to Provide Opportunities for Canada Tax Software Market During 2022–2030

According to our latest market study on "Canada Tax Software Market Size and Forecast (2020–2030), Trends, and Growth Opportunity Analysis – by Product, Tax Type, Deployment Type, End Users, Enterprise Size, and Industry Vertical," the market was valued at US$ 775.27 million in 2022 and is expected to reach US$ 1,506.87 million by 2030; it is estimated to record a CAGR of 8.7% from 2022 to 2030.

The tax industry in Canada is flourishing with the increasing collection of corporate tax and GST. The federal government is constantly investing in providing essential and enhanced services to citizens, which widens the scope of the tax industry. In the Budget 2023, the government announced that it would focus on increasing spending on methods and solutions that are sustainable, efficient, and beneficial for citizens. In addition, to boost the country’s economy further, the government is taking several initiatives and investing in various technologies.

Canada Tax Software Market – Country Analysis, 2022

A fair tax system further ensures that the wealthiest Canadians pay their fair share. In addition, digitalization in the tax industry encourages tax compliance among firms by prompting the digitalization of their processes. Many accounting firms and industries in Canada are taking advantage of cloud technologies to assist users in filing GST and corporate tax. Besides, strong relationships between financial service institutions and clients are creating a positive impact on the Canada tax software market growth. Accountancy firms are adopting the software for handling invoicing and billing, payroll, reporting, and bookkeeping. The accountancy profession contributes significantly to the Canadian economy via specialist accounting practices and in-house accountants existing in all industries. Moreover, the accounting and legal firms are pivotal to the country's financial and professional services ecosystem. All these factors are anticipated to boost the market growth in the coming years.

Sage Group Plc, Thomson Reuters Corp, Xero Ltd, IRIS Software Group Ltd, Wolters Kluwer NV, Intuit Inc, HRB Digital LLC, Wealthsimple Technologies Inc, SAP SE, and CloudTax Inc are among the key Canada tax software market players profiled in the report. Several other major Canada tax software market players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The Canada tax software market report provides detailed market insights, which help the key players strategize their growth.

The constant change in rules and regulations impact the property tax bills. With the changes in property taxes, the country is required to update the assessed value of properties every four years. This fluctuation in the property tax generates the demand for tax software solutions, which can help update the recent changes in the tax rates and decrease the complexity for the property owners to evaluate the taxes. It helps the property owners to stay up to date with the latest requirements during the tax form filing. It can also help reduce the mistakes generated due to fluctuations in the property tax. Such benefits offered by the tax software during the fluctuation in the property tax rates are leading to its adoption, fueling the tax software market growth in Canada.

Furthermore, the imposition of tax on digital services is expected to increase the sales of tax software in Canada during the forecast period. Owing to the rising number of freelancers, small business owners, and sole traders across the country, the need for advanced software for filing taxes is increasing. Moreover, with the growing digitalization and rising integration of advanced technologies into industries, the tax software market is growing in Canada.

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