Statistics Canada has released the 2008 edition of Service Bulletin: Accounting Services, which contains industry highlights along with financial data including revenues, expenses, and operating profit margins. The publication also includes product information, data by type of client and by geographic region.
Download a free copy: http://bit.ly/amv7XV
If you like pretty, coloured graphs, see our own, based on the same data.
The highlights of the StatsCan report are as follows:
• In 2008, the operating revenue of the Canadian accounting services industry totalled $12.5 billion, up 10.3% from 2007. This growth rate was in line with the double digit growths of 2005 (13.6%) and 2006 (11.6%), but higher than 2.5% growth in 2007.
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It is now easier and less costly to file suits in Ontario. If you or your clients want to recover a debt, sue for wrongful dismissal or for any other cause, Ontario’s courts have changed their claim limits and eased some procedural requirements. I am pleased to reprint here an excellent summary of recent changes to Ontario’s Court procedures, focussed on employee claims against former employers, but applicable to a wide range of cases you or your clients may encounter.
Statistics Canada recently released the 2007 Accounting Services Prices Indexes, only 2½ months after the 2006 Indexes. Inflation in tax preparation fees slowed significantly in 2007, with corporate tax preparation
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Another 18,000 Ontarians made an insolvency filing in the third quarter of 2009, bringing the total to 51,000 for the year so far.
This means that about 1 in every 200 Ontario adults filed a proposal or made an assignment in bankruptcy in just three-quarters of 2009.
If you want to see the results in graphical form, they can be found here. The raw data was published here.
This flood of insolvencies, running at about 40% above 2008 rates, has come in a period of historically low interest rates and is likely the result of higher unemployment. Unemployment does not look to be declining and interest rates have nowhere to go but up. We have also produced charts showing the close correlation between consumer insolvencies and unemployment.
During Q3 2009, the rate of insolvencies remained steady in Toronto, Ottawa, London, and Kitchener-Waterloo-Barrie. The rates fell in Muskoka-Kawarthas, Hamilton-Niagara, and the Northwest. Rates have continued to rise during Q3 2009 in Windsor-Sarnia, Kingston-Pembroke, Stratford-Bruce, and the Northeast.
If you have an opinion or story about how your practice is coping with the current recession, please leave a comment!
GrossmanCGA published today the first-ever graphs of quarterly regional Ontario consumer bankruptcy and insolvency statistics.
Using data provided by Statistics Canada, these graphs illustrate local trends in consumer bankruptcies, proposals, and total insolvencies. The graphs for each region are available exclusively from GrossmanCGA.
General comments on provincial trends and their import for accountants in public practice were published earlier as Ontario Consumers are in Trouble.
When I saw the June bankruptcy numbers, I just had to share them with you. They amaze me.
In the first 6 months of 2009, more than 33,000 Ontarians (1 out of every 300 adults!) made filings under Canada’s Bankruptcy and Insolvency Act. That’s a record number both absolutely and as a proportion of the adult population. Each region in the province differs somewhat, but the trend is
