Posted on December 12 2022

Canada Job trends of Finance Officers, 2023-24

By
Anshul Singhal
, Editor

Updated February 24 2024

Why work in Canada as a Finance Officer?

6% employment growth is expected by 2031
1.5 million new comers by 2025
Canada offers median annual wages CAD 98,323.20 to Finance Officers
7 provinces offer highest wages for Financial Officers
No LMIA required to work in Canada
13 pathways are available for civil engineers' immigration to Canada

About Canada

Canada revised its immigration targets as it is been facing workforce shortages for the last few months. The new immigration target levels plan for 2023-2025 is been set by the Canadian government based on the shortages.

The immigration levels plans for the next 3 years for Canada are shown in the following table:

Year	Immigration Levels Plan
2023	465,000
2024	485,000
2025	500,000

Canada has released the immigration levels plan for 2023-2025 and have clear plans for maximizing the immigration targets. It aims to welcome 1.5 million newcomers by 2025. With this step, the country can bounce back in terms of economy and balance the needs of the country’s international obligations.

Canada so far has already crossed its immigration target for 2022 and has plans to extend the immigration targets for the coming 3 years. In order to attract more foreign immigrants Canada has been modernizing the immigration system and has been introducing to convert temporary routes to permanent ones.

50% Canadian population will be the immigrants by 2041

Job trends in Canada, 2023

Around 40% of Canadian businesses have severe shortages in the workforce. More than 18.5% of Canadians are above 65 years old. Hence there is a huge scope of employment for foreign immigrants.

Employment is maximized for both part-time and full-time jobs in Canada during September 2022. The unemployment rate has reached 5.7%, which is the highest in the last 2 years i.e., post-pandemic. No Canadian citizens or permanents are present to fill the unoccupied jobs even the current ones are doing multiple. Hence Canada is looking for immigration as its response strategy.

Most of the provinces of Canada have reported an increase in job vacancies in the second half of 2022. Canadian employers have been increasing the average hourly wages for almost all sectors by 5.3% by 2021 end.

The table mentioned below shows the increased job vacancies and the provinces in percentage

Canadian Province	Increase in percentage of job vacancies
Ontario	6.6
Nova Scotia	6
British Columbia	5.6
Manitoba	5.2
Alberta	4.4
Quebec	2.4

80% of employers are hiring immigrant skilled workers in Canada

1 Million+ Jobs vacant for 150 days in Canada; Unemployment drops to record low in September

Finance Officer, NOC Code (TEER code)

The finance officer’s job role is also similar to the role of accounting technicians and bookkeepers. They need to maintain and keep records of accounts, complete sets of books, check the procedures used for recording financial transactions, & issue personal bookkeeping services.

The financial officers can be employed through the public and private sectors, or even can be self-employed. The NOC code as per 2016 version 1311 for the Finance officer. Whereas the upgraded NOC, 2021 version 12200, and the TEER code 11102.

Roles and Responsibilities for Finance Officer

Retain financial records and set up, maintain & balance different accounts using either manual or computerized bookkeeping systems.
Entries of post journal & reconcile accounts, make the trial balance of books, continue maintaining general ledgers & prepare the financial statements.
Compute and prepare cheques for tax, payrolls, and for utility & other bills.
Finish off and submit the tax remittance forms, forms related to pension contributions, workers' compensation, and related to other government documents.
Get ready with the preparation of tax returns and perform bookkeeping services that are personal.
Prepare reports related to financial and accounting and other statistics.

Prevailing wages of Finance Officer in Canada

Northwest Territories, Nunavut, Ontario, Newfoundland and Labrador, Saskatchewan, British Columbia, and Alberta, on average pay the highest wages per annum for Finance Officer Jobs.

Apart from these the other provinces also have a huge requirement for Finance related jobs. The average hourly wage for Finance Officers in Canada is between CAD 16.00 per hour to CAD 38.69/per hour.

The hourly wages differ based on the requirement of provinces & territories. To get a job as a Finance Officer, individuals need to know the requirements of the jobs for each province.

The table below displays the average wages per annum with respect to the provinces of Canada.

Province/Areas	Average wages per annum
Canada	46,156.80
Alberta	53,164.80
British Columbia	46,156.80
Manitoba	43,392
New Brunswick	40,320
Newfoundland and Labrador	48,000
Northwest Territories	82,214.40
Nova Scotia	38,400
Nunavut	98,323.20
Ontario	48,000
Prince Edward Island	39,955.20
Quebec	44,313.60
Saskatchewan	47,270.40

Eligibility criteria for Finance Officer

A secondary school certificate is needed.
Must have completed a college program in accounting, bookkeeping, or an associated field. Or must have completed 2-years of a recognized professional program in accounting. Or must have done courses in accounting or bookkeeping by combining with several years of experience as an accounting clerk or financial-related work is required.

Finance Officer - Number of vacancies in Canada

Currently around 2257 Finance officer jobs across the provinces and territories of Canada. Check out the table for the list of available jobs for the Finance Officer.

Location	Available jobs
Alberta	588
British Columbia	678
Canada	2257
Manitoba	78
New Brunswick	27
Newfoundland and Labrador	9
Nova Scotia	41
Nunavut	1
Ontario	571
Prince Edward Island	5
Québec	171
Saskatchewan	84
Yukon	4

*Note: The number of job vacancies may differ. This is given as per the information on October, 2022.

Finance Officers have different prospects based on their work. Following is the list of titles that come under this occupation.

Accounting technician
Bookkeeper
Accounting bookkeeper

The Finance Officer opportunities for the next 3 years in the provinces and the territories are listed in the following table.

Location	Job prospects
Alberta	Fair
British Columbia	Good
Manitoba	Good
New Brunswick	Good
Newfoundland and Labrador	Good
Northwest Territories	Fair
Nova Scotia	Fair
Nunavut	Good
Ontario	Fair
Prince Edward Island	Good
Quebec	Good
Saskatchewan	Good
Yukon Territory	Good

How can a Finance Officer migrate to Canada?

Finance Officer is one of the highest in-demand occupations across provinces and territories in Canada. To search for a job, or directly migrate to Canada as a Finance Officer, individuals need to either apply through TFWP (Temporary Foreign Worker Program), IMP (International Mobility Program), and Federal Skilled Trades Program (FSTP).

They can migrate to Canada through:

Also read….

Start working in Canada within 2 weeks through GSS visa, from November 16, 2022

Am I eligible to apply for 2 Canadian immigration programs at once?

How Y-Axis can helps a Finance Officer to immigrate to Canada?

Y-Axis offers assistance to find Finance Officer jobs in Canada with the following services.

Eligibility Check: You can check your eligibility for free through the Y-Axis Canada Immigration Points Calculator
Coaching Services: Y-Axis provides coaching services for language proficiency tests which include IELTS, CELPIP, and PTE
Counseling: Y-Axis provides free counseling services
Canada PR Visa: Avail of complete guidance related to Canada PR visa
Job services: Avail job search services to find right jobs in Canada