The role advisors can play in helping new immigrants, and the importance of immigration and diversity in Canadian society, were central themes at DAC last week. Now, with a timely release, Statistics Canada has published new data on the important impact education has on immigration, pointing to valuable opportunities for new Canadians in the tax and financial services.
According to a Statistics Canada report released on November 14, 28 percent of working-age adults who immigrate to Canada enroll in post-secondary education to update their credentials or improve their employment prospects. It’s a decision that pays off for many immigrants – especially refugees.
According to employment data from 2013 (figures represent government-assisted refugees, and privately sponsored refugees), 84 to 89 percent of refugees who pursued post-secondary education in Canada were employed. Meanwhile, only 57 to 66 percent without Canadian post-secondary education maintained employment.
Not only are employment rates better for refugees with Canadian education; data collected eight-years following immigration also showed that average annual earnings for those with Canadian education were $9,000 higher.
What educational opportunities should new Canadians focus on pursuing to reap these advantages? As we have previously reported, the tax and financial services offer significant growth potential, both in terms of employment opportunity and earnings. Jobs in STEM fields, which include tax filing and bookkeeping services, also help improve eligibility for permanent residence status in Canada.
New Canadians, therefore, can benefit by enhancing their existing education in these fields, or by starting a new career path, taking entry-level courses to become tax practitioners or bookkeepers. Further specialized education, such as Knowledge Bureau’s programs leading to DFA – Tax Services Specialist and DFA – Bookkeeping Services Specialist Designations, will help new Canadians improve their advisory skills and can be of added value to those offering technical services.
Additional educational resources: New to Canada and looking to start your career? Consider enrolling in a free trial of Bookkeeping for Small Business or Income Tax Filing Fundamentals. Completion of these full courses contributes credits towards obtaining the designations mentioned above. Attending the Winter CE Summits this January can also provide those already practicing with important information on personal income tax updates for 2019.
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