The Great Resignation & Accounting in Canada: What Really Changed
What was the Great Resignation, and what did it actually do to the accounting profession in Canada? In 2021, a record wave of workers quit their jobs or changed careers after the COVID-19 pandemic — Microsoft’s 2021 Work Trend Index found 41% of the global workforce was considering leaving their employer within the next year. In Canada, job vacancies peaked at 985,900 in the second quarter of 2022, a vacancy rate of 5.6%. Accounting firms felt it directly: staff left mid-file, tax season got harder, and firms had to rethink pay, flexibility, and hiring.
That wave is over. By the third quarter of 2025, Canadian job vacancies had fallen by roughly half, to 492,500, and the vacancy rate was back to 2.8%. But the changes the wave forced on accounting — hybrid work, higher expectations, and a permanent shift toward advisory work — have stayed. This guide explains what really happened, what the numbers show, and what it means for you if you are building an accounting career in Canada now.
What Actually Happened: The Numbers
The Great Resignation was real, and the numbers behind it were historic. Microsoft’s 2021 Work Trend Index, based on a survey of more than 30,000 workers in 31 countries, found that 41% of the global workforce was considering leaving their current employer within the next year, and 46% were planning a major pivot or career transition. In the same survey, 73% of workers said they wanted flexible remote work options to continue.
In Canada, Statistics Canada’s Job Vacancy and Wage Survey tells the same story. Job vacancies climbed through 2021 and peaked at 985,900 in the second quarter of 2022 — a job vacancy rate of 5.6%, the highest on record. Then the market turned. Vacancies fell for thirteen straight quarters, reaching 492,500 in the third quarter of 2025, with the vacancy rate back at 2.8%. In November 2025 there were 3.2 unemployed people for every job vacancy in Canada, compared with roughly one unemployed person per vacancy at the peak of the shortage. The labour shortage became a job shortage — and job seekers now face more competition for every opening.
For accounting, the swing matters more than the average. Accountants were in demand through the whole cycle: firms needed help with government support programs, restructurings, and tax changes during the pandemic, and they still need it now. The Government of Canada’s COPS outlook for financial auditors and accountants expects 83,100 job openings against 118,900 job seekers between 2024 and 2033 — a balanced outlook, not a shortage, and not a surplus either. In other words: accounting stayed steady while the rest of the market swung wildly, and today the advantage goes to the best-prepared candidates, not to everyone who applies.
Why Did So Many People Quit?
The wave had several causes, and most of them were about more than pay. Here are the ones the evidence actually supports.
1. Delayed decisions, released all at once
Many people had planned to leave before the pandemic, then held on through the uncertainty of 2020. When vaccines arrived and economies reopened, those delayed resignations landed at the same time — which is why the wave felt so sudden.
2. Time to reflect
Lockdowns gave people months to reconsider their working lives. Many concluded that life was too short for a job they did not like at a company they felt did not care about them — and started looking for something better.
3. The desire to work remotely
Before the pandemic, most office workers had never worked from home. After eighteen months of it, many did not want to go back to five days in an office. Microsoft found 73% of workers wanted flexible remote options to continue, and 46% said they might relocate because remote work made it possible. For accounting firms, this was a shock: work that had always been done in the office suddenly had to be done from kitchen tables — and it worked.
4. Pay that no longer kept up
With inflation and the cost of living rising, many workers found their pay no longer matched their bills. In accounting, that pushed salaries up: firms that wanted to keep staff had to pay more, and job changers could often get a raise simply by moving.
5. Burnout
Long hours, tax-season pressure, the sudden shift to remote work, and the stress of the pandemic itself left many accountants exhausted. Burnout was one of the most commonly cited reasons for quitting across every industry, and accounting — with its hard deadlines — was no exception.
6. Careers put on hold
Many workers had paused their own development during the pandemic to keep their employers afloat. By 2021 they wanted to press play again: new skills, a new qualification, a new direction. That is why enrolment in practical training and professional courses rose through the wave.
7. A financial cushion
Workers who kept their jobs through the pandemic often saved money — no commuting, no lunches out, no holidays. That cushion gave many people the confidence to quit without another job lined up, something few could afford in normal times.
How the Wave Hit the Accounting Profession in Canada
Accounting firms were hit from two sides at once. On one side, their own staff left: juniors, seniors, and managers quit mid-file, moved to industry roles with better hours, or left the profession entirely. Firms that had always relied on long hours and loyalty suddenly had to compete for their own people. On the other side, client demand rose. Businesses needed help with pandemic support programs, loan applications, restructurings, and complicated tax questions — and they needed it urgently.
The result was a strange combination: firms were busier than ever and shorter-staffed than ever. Tax seasons in 2021 and 2022 were the hardest many firms had ever run. The firms that coped best were the ones that moved fastest — adopting cloud accounting, letting staff work from home, and paying more to keep the people they had. The firms that insisted on the old ways lost staff to the firms that did not.
For job seekers, the wave was the best hiring market in a generation. Firms hired people they would previously have passed over, including newcomers without Canadian experience, because they needed hands. That window has now closed — but the lesson from it has not: when you can do the work, employers find a way to hire you.
What Changed for Good
Five changes from the Great Resignation are still shaping accounting in Canada today.
1. Hybrid and remote work are now normal
Before 2020, most accounting firms expected staff in the office five days a week. Today, hybrid work is standard in most firms: two or three days in the office, the rest from home. Cloud tools — QuickBooks Online, Xero, and client portals — made it possible, and the pandemic proved it worked. If you are entering the profession now, expect to learn remote-work habits as part of the job: clear written updates, tidy digital files, and video calls with clients.
2. Pay and expectations went up — and stayed up
The wave forced firms to raise salaries and improve benefits to keep staff. According to Job Bank, financial auditors and accountants (NOC 11100) now earn a national median wage of $40.36 per hour, with a range from $25.00 to $71.43 per hour. Accounting technicians and bookkeepers (NOC 12200) earn a median of $28.02 per hour. The market has cooled since 2022, but the pay levels the wave created have largely held.
3. Advisory work replaced routine work
The pandemic pushed accountants from compliance into advisory: helping clients restructure, plan cash flow, and make decisions under uncertainty. That shift has stayed. Routine data entry is increasingly automated — AI tools now handle much of it — while the human work is analysis, advice, and judgment. The accountants who thrive now are the ones who can explain what the numbers mean, not just produce them.
4. Technology skills became mandatory
Cloud accounting, video meetings, digital signatures, and client portals went from nice-to-have to everyday tools in a matter of months. Employers now expect new hires to be comfortable with QuickBooks Online and Excel from day one. Our guide on the skills needed for an accounting career explains exactly which tools to learn first.
5. Employers now compete on culture, not just salary
Workers learned during the wave that they could leave — and employers learned that retention takes more than a paycheque. Flexibility, reasonable hours outside tax season, training, and a respectful workplace are now part of how firms attract staff. That is good news for newcomers: a firm that treats its people well is also more likely to train you properly.
The Market in 2026: What Job Seekers Face Now
Be honest about the present: the market is tougher than it was in 2022. Vacancies have halved, there are 3.2 unemployed people for every vacancy, and employers can be choosier. But accounting is still one of the more stable places to be. The COPS outlook is balanced — 83,100 openings against 118,900 seekers over 2024–2033 — and Ontario’s outlook for the occupation is rated Good. Demand for accountants did not disappear when the wave ended; it settled back to normal, steady levels.
What changed is what it takes to get hired. In 2022, firms hired anyone who could do the work. In 2026, they hire the candidates who can prove they can do the work: practical Canadian skills, a Canadian-style resume, and a reference. That is a higher bar — but it is a fair one, and it is entirely within your control. Our guides on whether accountants are in demand and getting an accounting job with no experience explain the current market and the seven routes in.
How to Use the Post-Resignation Market to Your Advantage
1. Learn the skills firms actually test
Bookkeeping, QuickBooks Online, Excel, Canadian tax basics (T1, T2, GST/HST, payroll), and clear communication. A bookkeeping course or accounting course built on real client files proves all of these at once.
2. Target the roles firms still struggle to fill
Entry-level roles — accounts payable, junior bookkeeper, payroll clerk, seasonal tax preparer — remain the fastest way in. Our guide on good entry-level accounting jobs lists seven of them with real pay figures. Tax season, January to April, is still the best time to apply.
3. Get Canadian experience on your resume
A CO-OP placement — three weeks on real client files under a Canadian expert — or a volunteer finance role at a charity gives you the Canadian reference employers ask for. In a cooler market, that reference is worth more than ever.
4. Negotiate on more than salary
The wave taught workers to ask for flexibility, training, and reasonable hours — and firms learned to offer them. When you get an offer, ask about hybrid days, CPA support, and training time, not just the pay. The best first job is the one that teaches you the most.
The Bottom Line
The Great Resignation was a real, historic disruption: 41% of the global workforce considered quitting, Canadian vacancies hit a record 985,900, and accounting firms were stretched to their limits. Then the market cooled — vacancies halved, competition returned, and the easy hiring window closed. But the wave left accounting better than it found it: hybrid work, higher pay, advisory work, and employers who finally compete on culture. For newcomers, the message is simple: the market rewards preparation now more than ever. Build practical Canadian skills, prove you can do the work, and the steady demand for accountants will do the rest.
Reach out to Get Trained Get Hired to book a free 30-minute career counselling meeting. Our training is based on practical real-life cases. After the training, we work on your resume and try to place you in accounting firms through our network. You will also get access to like-minded individuals who are looking for jobs through our WhatsApp group. Please feel free to contact us at salman@gettrainedgethired.com or call us at 647-276-7150.
Frequently Asked Questions
What was the Great Resignation?
The Great Resignation was the wave of mass resignations and career changes that followed the COVID-19 pandemic. Microsoft’s 2021 Work Trend Index found 41% of the global workforce was considering leaving their employer within the next year. In Canada, job vacancies peaked at 985,900 in the second quarter of 2022, a vacancy rate of 5.6%.
Is the Great Resignation over?
Yes. By the third quarter of 2025, Canadian job vacancies had fallen to 492,500 — roughly half the 2022 peak — and the vacancy rate was back to 2.8%. In November 2025 there were 3.2 unemployed people for every job vacancy. The wave ended, but its effects — hybrid work, higher pay expectations, and a shift toward advisory work — have stayed.
How did the Great Resignation affect accountants in Canada?
Accounting firms lost staff at the same time client demand rose, making the 2021 and 2022 tax seasons exceptionally difficult. Firms responded by raising pay, adopting hybrid work and cloud accounting, and hiring more broadly — including newcomers without Canadian experience. The profession shifted permanently toward advisory work and technology skills.
Are accountants still in demand in Canada in 2026?
Yes. The Government of Canada’s COPS outlook expects 83,100 job openings for financial auditors and accountants against 118,900 job seekers between 2024 and 2033 — a balanced outlook, with Ontario rated Good. Financial auditors and accountants earn a national median wage of $40.36 per hour according to Job Bank. Demand is steady; competition for each role is higher than in 2022.
Did remote work in accounting survive the Great Resignation?
Yes. Hybrid work is now standard in most Canadian accounting firms — typically two or three days in the office and the rest from home — supported by cloud tools such as QuickBooks Online. Microsoft’s 2021 survey found 73% of workers wanted flexible remote options to continue, and firms that kept flexibility retained staff better.
How can I get an accounting job in the current market?
Build practical Canadian skills first — bookkeeping, QuickBooks Online, Excel, and T1/T2 tax basics — then prove them with real practice files or a co-op placement on real client files. Fix your resume the Canadian way, apply directly to firms, register with accounting recruiters, and target tax season (January to April) when firms hire most. Most of our students who follow this route land their first role within 3 to 6 months.
