CPAs Optimistic About Canada’s Economic Prospects

By Andrew Rickard | June 11 2014 02:10AM

According to the latest CPA Canada Business Monitor survey, 55% of Canadian Professional Accountants (CPAs) said they were optimistic about the economy. This is a significant increase compared to the same period last year when only 34% were upbeat. In this latest survey only 6% described themselves as pessimistic, while the remaining respondents were neutral.

Projections for revenues and profits were particularly good, with 73% of respondents expecting their revenues to grow in the next year and 66% forecasting an increase in profits. The majority of respondents were also positive about their own company's prospects over the next 12 months, with 62% expressing optimism.

As for employment, 43% of the CPAs survey expect employee numbers to increase in the year ahead while 39% predict no change and 17% predict a decline. The remaining 1% were uncertain.

"There definitely is a strong undercurrent of optimism flowing through the survey findings," commented Kevin Dancey, FCPA, FCA, president and CEO of the Chartered Professional Accountants of Canada. "However, as we have said before, one quarter does not represent a trend but in this case the many encouraging signals do offer hope of a strengthening Canadian economy."