Accountancy in Canada

Country overview

Founded in 1867, Canada is celebrating its 150th Anniversary in 2017.  Canada is a land of vast distances and rich natural resources.  Canada bolsters a stable independent government and is known as an excellent country to live in as it provides for a high standard of living. Furthermore, Canada is great country to do business with due to its well-developed trade network, sound financial system, and developed infrastructure.

Canada maintains a parliamentary democracy, a federation, and a constitutional monarchy with ties with the British crown.

Canada has an elected, parliamentary system of government, divided among a federal government, ten provincial governments, and three territorial governments. Legislative authority is divided between various levels of government, including the Parliament of Canada, the legislatures of Canada’s provinces and territories, and various local governments or municipalities.

Canada’s legal system in most provincial jurisdictions is based on the English common law system except for the province of Quebec, which is based on the French Napoleonic code.

Canada has approximately 36,000,000 inhabitants, 18 million sof whom are in the workforce. The two official languages are English and French, with English being the predominately used language outside the province of Quebec.

Economic overview

Canada is a high tech industrial society with a market-oriented economic system and high living standards. While previously a rural country, since World War II Canada’s manufacturing, mining and service industries have grown giving it a primarily industrial and urban economy. The 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North

American Free Trade Agreement (NAFTA) (which includes Mexico) enabled an increase in trade and economic integration with the US, its main trading partner. Thanks to Alberta’s oil sands and offshore oil reserves in Newfoundland, Canada now has the third largest proven oil reserves in the world, and is the world’s fifth-largest  oil producer.

Canada’s abundant natural resources, highly skilled and educated labour force, and modern capital plants have facilitated economic growth such that it became the world’s tenth largest economy (by GDP, 2016), and GDP per capita is estimated at

$43,000 USD. Canada is a member of the Organization for Economic Co-operation and Development (OECD) and the Group  of Eight (G8), and is one of the world’s top ten trading nations, with a highly globalized economy. Canada uses its  own independent currency, the  Canadian dollar.


Latest version updated 18th January 2018

Country Breakdown

36

Million

Population

$

Canadian Dollar

Currency

$ 1.53

Trillion

GDP

9.985

Million

km2