Canada Tax Software Market Size and Forecasts (2020 – 2030)

Canada Tax Software Market Size and Forecasts (2020 – 2030), Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Product (Software and Service), Tax Type (Sales Tax, Income Tax, Corporate Tax, and Others), Deployment Type (Cloud and On-Premise), End Users (Individual and Commercial), Enterprise Size (Small Enterprises, Medium Enterprises, and Large Enterprises), and Industry Vertical (BFSI, Government, IT & Telecom, Healthcare, Retail, and Others)

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Description

The Canada tax software 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 retail sector in Canada has experienced a tremendous transformation with the growing trend of online shopping. For instance, according to the International Trade Administration (ITA), in 2022, there were ~27 million eCommerce users in the country, which was ~75% of the Canadian population. This number is anticipated to increase to 77.6% in 2025. Thus, the rise of online shoppers has led to the continuous introduction of various advanced technological solutions that help retailers increase their efficiency. Companies in the tax software market catering to this sector maintain an enormous quantity of sensitive data that varies from financial statements, invoices, and legal contracts to e-mails and receipts.

Retailers face vast pressures from stakeholders to gain higher returns. With advancements in solutions offering and pricing being no longer a barrier, they are increasingly adopting automated systems to enhance order accuracy, optimize business, and maximize throughput, boosting the growth of the tax software market. Tax automation is a key part of operations in the retail sector; it helps retailers compile sales data from different systems and keep up with retail sales tax requirements. Automation helps them bring convenience to their operations and ensure compliance with minimal human efforts. Moreover, introducing digitalization in retail rules out the need for tax printouts and receipts, as governments would accept digital records instead of paper records for VAT submissions. Therefore, the growing scope of digitalization and tax automation in the retail sector is encouraging tax software providers to cater to more retail markets, fueling the growth of the tax software market.

In Canada, the retail sector is among the rapidly evolving and essential sectors. Increasing penetration of supply chain technologies, changing competitive landscapes, rising sustainability concerns among customers, and increasing regulatory pressure are facilitating transformation in the retail sector in Canada. With the help of tax automation, retailers can increase efficiency and lower the risk associated with manual tax management, boosting the growth of the tax software market. It also assists them in preparing themselves to enter new markets and establish sales channels that drive growth. Many retail companies are opting for cloud-based services. Cloud tax technology offers benefits such as business continuity management (BCM) and cost-reduction, which leads to a lower total ownership cost and disaster recovery benefits. In addition, retailers that have adopted cloud tax technology are benefitted from cross-channel support (point-of-sale, e-commerce, mobile, etc.), speedy implementation, and scalability as additional advantages. Therefore, the adoption of tax software, especially cloud-based solutions, in the retail sector drives the tax software market growth in Canada.

Increased digitization of taxes and regulatory mandates by the Canadian government has accelerated the process of reviewing business practices in the country, propelling the growth of the tax software market. The country is planning to adopt a digital services tax (DST). The country first expressed to adopt this tax service in the 2021 budget. The Canadian government is planning to enact a Canadian digital services tax by January 2024, as DST would levy a 3% tax on revenues from online markets, social media platforms, online ads, and the sale and licensing of user data by the tech companies with at least US$ 818 million in total annual worldwide revenues and Canadian revenues of US$ 14.8 million (CAD 20 million). Thus, the implementation of DST will contribute to the increasing adoption of digital solutions in the tax department, simplifying the complex and time-consuming processes. This, in turn, will provide lucrative opportunities for the Canada tax software market growth.

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 tax software market players profiled in the report. Several other major tax software market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The tax software market report provides detailed market insights, which helps the key players strategize their growth.

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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.

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.

Canada Tax Software Market – Country Analysis, 2022

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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TABLE OF CONTENTS

1. Introduction
1.1 Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Clinic Casting and Splinting Products Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 Asia Pacific PEST Analysis
5. Asia Pacific Clinic Casting and Splinting Products Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Rising Prevalence of Musculoskeletal Conditions
5.1.2 High Prevalence of Age-Related Orthopedic Disorders
5.2 Key Market Restraints
5.2.1 Complications Related to Casting and Splinting
5.3 Key Market Opportunities
5.3.1 Advancements in 3D Technology in Casting and Splinting
5.4 Future Trends
5.4.1 Rising Adoption of Fiberglass Material for Casting and Splinting
5.5 Impact Analysis
6. Clinic Casting and Splinting Products Market – Asia Pacific Market Analysis
6.1 Asia Pacific Clinic Casting and Splinting Products Market Revenue (US$ Mn), 2022 – 2030
7. Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 – by Product
7.1 Overview
7.2 Asia Pacific Clinical Casting and Splinting Products Market Revenue Share, by Product 2022 & 2030 (%)
7.3 Casting
7.3.1 Overview
7.3.2 Casting: Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
7.3.2.1 Casts
7.3.2.1.1 Overview
7.3.2.1.2 Casts: Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
7.3.2.2 Tapes
7.3.2.2.1 Overview
7.3.2.2.2 Tapes: Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
7.3.2.3 Cutters
7.3.2.3.1 Overview
7.3.2.3.2 Cutters: Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
7.3.2.4 Casting Accessories
7.3.2.4.1 Overview
7.3.2.4.2 Casting Accessories: Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
7.4 Splinting
7.4.1 Overview
7.4.2 Splinting: Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
7.4.2.1 Splints
7.4.2.1.1 Overview
7.4.2.1.2 Splints: Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
7.4.2.2 Splinting Accessories
7.4.2.2.1 Overview
7.4.2.2.2 Splinting Accessories: Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
8. Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 – by Application
8.1 Overview
8.2 Asia Pacific Clinical Casting and Splinting Products Market Revenue Share, by Application 2022 & 2030 (%)
8.3 Acute Fracture or Sprains
8.3.1 Overview
8.3.2 Acute Fracture or Sprains: Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
8.4 Tendon and Ligament Injuries
8.4.1 Overview
8.4.2 Tendon and Ligament Injuries: Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
8.5 Others
8.5.1 Overview
8.5.2 Others: Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
9. Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 – by Material
9.1 Overview
9.2 Asia Pacific Clinical Casting and Splinting Products Market Revenue Share, by Material 2022 & 2030 (%)
9.3 Plaster of Paris
9.3.1 Overview
9.3.2 Plaster of Paris: Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
9.4 Fiberglass
9.4.1 Overview
9.4.2 Fiberglass: Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
9.5 Others
9.5.1 Overview
9.5.2 Others: Asia Pacific Clinical Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
10. Asia Pacific Clinic Casting and Splinting Products Market – Revenue and Forecast to 2030 – Country Analysis
10.1 Asia Pacific Clinic Casting and Splinting Products Market
10.1.1 Overview
10.1.1.1 China: Asia Pacific Clinic Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.1.1 Overview
10.1.1.2 China: Asia Pacific Clinic Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.2.1 China: Asia Pacific Clinic Casting and Splinting Products Market, by Product, 2020–2030 (US$ Million)
10.1.1.2.1.1 China: Asia Pacific Clinic Casting and Splinting Products Market, for Casting by Product, 2020–2030 (US$ Million)
10.1.1.2.1.2 China: Asia Pacific Clinic Casting and Splinting Products Market, for Splinting by Product, 2020–2030 (US$ Million)
10.1.1.2.2 China: Asia Pacific Clinic Casting and Splinting Products Market, By Application, 2020–2030 (US$ Million)
10.1.1.2.3 China: Asia Pacific Clinic Casting and Splinting Products Market, By Material, 2020–2030 (US$ Million)
10.1.1.3 Japan: Asia Pacific Clinic Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.3.1 Overview
10.1.1.4 Japan: Asia Pacific Clinic Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.4.1 Japan: Asia Pacific Clinic Casting and Splinting Products Market, by Product, 2020–2030 (US$ Million)
10.1.1.4.1.1 Japan: Asia Pacific Clinic Casting and Splinting Products Market, for Casting by Product, 2020–2030 (US$ Million)
10.1.1.4.1.2 Japan: Asia Pacific Clinic Casting and Splinting Products Market, for Splinting by Product, 2020–2030 (US$ Million)
10.1.1.4.2 Japan: Asia Pacific Clinic Casting and Splinting Products Market, By Application, 2020–2030 (US$ Million)
10.1.1.4.3 Japan: Asia Pacific Clinic Casting and Splinting Products Market, By Material, 2020–2030 (US$ Million)
10.1.1.5 India: Asia Pacific Clinic Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.5.1 Overview
10.1.1.6 India: Asia Pacific Clinic Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.6.1 India: Asia Pacific Clinic Casting and Splinting Products Market, by Product, 2020–2030 (US$ Million)
10.1.1.6.1.1 India: Asia Pacific Clinic Casting and Splinting Products Market, for Casting by Product, 2020–2030 (US$ Million)
10.1.1.6.1.2 India: Asia Pacific Clinic Casting and Splinting Products Market, for Splinting by Product, 2020–2030 (US$ Million)
10.1.1.6.2 India: Asia Pacific Clinic Casting and Splinting Products Market, By Application, 2020–2030 (US$ Million)
10.1.1.6.3 India: Asia Pacific Clinic Casting and Splinting Products Market, By Material, 2020–2030 (US$ Million)
10.1.1.7 Australia: Asia Pacific Clinic Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.7.1 Overview
10.1.1.8 Australia: Asia Pacific Clinic Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.8.1 Australia: Asia Pacific Clinic Casting and Splinting Products Market, by Product, 2020–2030 (US$ Million)
10.1.1.8.1.1 Australia: Asia Pacific Clinic Casting and Splinting Products Market, for Casting by Product, 2020–2030 (US$ Million)
10.1.1.8.1.2 Australia: Asia Pacific Clinic Casting and Splinting Products Market, for Splinting by Product, 2020–2030 (US$ Million)
10.1.1.8.2 Australia: Asia Pacific Clinic Casting and Splinting Products Market, By Application, 2020–2030 (US$ Million)
10.1.1.8.3 Australia: Asia Pacific Clinic Casting and Splinting Products Market, By Material, 2020–2030 (US$ Million)
10.1.1.9 South Korea: Asia Pacific Clinic Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.9.1 Overview
10.1.1.10 South Korea: Asia Pacific Clinic Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.10.1 South Korea: Asia Pacific Clinic Casting and Splinting Products Market, by Product, 2020–2030 (US$ Million)
10.1.1.10.1.1 South Korea: Asia Pacific Clinic Casting and Splinting Products Market, for Casting by Product, 2020–2030 (US$ Million)
10.1.1.10.1.2 South Korea: Asia Pacific Clinic Casting and Splinting Products Market, for Splinting by Product, 2020–2030 (US$ Million)
10.1.1.10.2 South Korea: Asia Pacific Clinic Casting and Splinting Products Market, By Application, 2020–2030 (US$ Million)
10.1.1.10.3 South Korea: Asia Pacific Clinic Casting and Splinting Products Market, By Material, 2020–2030 (US$ Million)
10.1.1.11 Rest of Asia Pacific: Asia Pacific Clinic Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.11.1 Overview
10.1.1.12 Rest of Asia Pacific: Asia Pacific Clinic Casting and Splinting Products Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.12.1 Rest of Asia Pacific: Asia Pacific Clinic Casting and Splinting Products Market, by Product, 2020–2030 (US$ Million)
10.1.1.12.1.1 Rest of Asia Pacific: Asia Pacific Clinic Casting and Splinting Products Market, for Casting by Product, 2020–2030 (US$ Million)
10.1.1.12.1.2 Rest of Asia Pacific: Asia Pacific Clinic Casting and Splinting Products Market, for Splinting by Product, 2020–2030 (US$ Million)
10.1.1.12.2 Rest of Asia Pacific: Asia Pacific Clinic Casting and Splinting Products Market, By Application, 2020–2030 (US$ Million)
10.1.1.12.3 Rest of Asia Pacific: Asia Pacific Clinic Casting and Splinting Products Market, By Material, 2020–2030 (US$ Million)
11. Asia Pacific Clinic Casting and Splinting Products Market–Industry Landscape
11.1 Overview
11.2 Recent Growth Strategies
11.2.1 Overview
12. Company Profiles
12.1 DeRoyal Industries Inc
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Prime Medical Inc
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 3M Co
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Essity AB
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Zimmer Biomet Holdings Inc
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Ossur hf
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Performance Health Holding Inc
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Enovis Corp
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
13. Appendix
13.1 About Us
13.2 Glossary of Terms

LIST OF TABLES

Table 1. Tax Software Market Segmentation
Table 2. Canada Tax Software Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. Tax Software Market Revenue and Forecasts To 2030 (US$ Million) – Product
Table 4. Tax Software Market Revenue and Forecasts To 2030 (US$ Million) –Tax Type
Table 5. Tax Software Market Revenue and Forecasts To 2030 (US$ Million) – Deployment Type
Table 6. Tax Software Market Revenue and Forecasts To 2030 (US$ Million) – End Users
Table 7. Tax Software Market Revenue and Forecasts To 2030 (US$ Million) – Enterprise Size
Table 8. Tax Software Market Revenue and Forecasts To 2030 (US$ Million) – Industry Vertical
Table 9. Heat Map Analysis By Key Players
Table 10. List of Abbreviation

LIST OF FIGURES

Figure 1. Tax Software Market Segmentation, By Geography
Figure 2. PEST Analysis
Figure 3. Ecosystem: Tax Software Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Canada Tax Software Market Revenue (US$ Million), 2022 – 2030
Figure 6. Tax Software Market Share (%) – Product, 2022 and 2030
Figure 7. Software Market Revenue and Forecasts To 2030 (US$ Million)
Figure 8. Service Market Revenue and Forecasts To 2030 (US$ Million)
Figure 9. Tax Software Market Share (%) – Tax Type, 2022 and 2030
Figure 10. Sales Tax Market Revenue and Forecasts To 2030 (US$ Million)
Figure 11. Income Tax Market Revenue and Forecasts To 2030 (US$ Million)
Figure 12. Corporate Tax Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. Income Tax Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. Tax Software Market Share (%) – Deployment Type, 2022 and 2030
Figure 15. Cloud Market Revenue and Forecasts To 2030 (US$ Million)
Figure 16. On-Premise Market Revenue and Forecasts To 2030 (US$ Million)
Figure 17. Tax Software Market Share (%) – End Users, 2022 and 2030
Figure 18. Individual Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. Commercial Market Revenue and Forecasts To 2030 (US$ Million)
Figure 20. Tax Software Market Share (%) – Enterprise Size, 2022 and 2030
Figure 21. Small Enterprises Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. Medium Enterprises Market Revenue and Forecasts To 2030 (US$ Million)
Figure 23. Large Enterprises Market Revenue and Forecasts To 2030 (US$ Million)
Figure 24. Tax Software Market Share (%) – Industry Vertical, 2022 and 2030
Figure 25. BFSI Market Revenue and Forecasts To 2030 (US$ Million)
Figure 26. Government Market Revenue and Forecasts To 2030 (US$ Million)
Figure 27. IT and Telecom Market Revenue and Forecasts To 2030 (US$ Million)
Figure 28. Healthcare Market Revenue and Forecasts To 2030 (US$ Million)
Figure 29. Retail Market Revenue and Forecasts To 2030 (US$ Million)
Figure 30. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 31. Company Positioning & Concentration

The List of Companies – Canada Tax Software Market
– 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
– CloudTax Inc

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