Canadian CPA’s CPD Requirements for License Renewal in 2024
Chartered Professional Accountant (CPA), a designation which is given the highest accounting credential in Canada by Chartered Professional Accountants of Canada (Canadian CPA). To maintain this credibility, every CPA in Canada has to maintain their license by completing their Canadian CPA’s CPD requirements.
This comprehensive guide will provide you very insightful ways to understand the Canadian CPA’s CPD requirements and get you through the dilemma of which course to choose, from where to choose, and many more.
So let's go on the expedition to explore all the Canadian CPA’s CPD requirements step-by-step:
In order to maintain a Canadian CPA’s license intact CPA Canada requires a Canadian CPA to make sure that they complete certain Continuous Professional Development requirements each year.
There are basically two main requirements for the CPD:
As a CPA you must make sure that you have obtained a minimum 20 Hours of CPD each year so as to maintain your CPA’s license and credibility. Out of these 20 hours at least 10 hours must be verifiable.
As a CPA you must also make sure that the total CPD hours in the preceding three years should be 120 hours. Out of these 120 hours at least 60 hours must be verifiable.
So, for example if you have attained 25 hours and 40 hours of CPD in your Year 1 and Year 2 respectively, then in Year 3 you will be required to complete a minimum 55 hours of CPD so as to make it a total of 120 CPD hours triennially. In this example, you can also note that the individual has completed his yearly minimum 20 Hours CPD requirement too.
Unverifiable CPD hours: These are those CPD hours which do not need to be documented or evidenced but if required for audit purposes you might need to show the activity log of the same.
Verifiable CPD hours: These are those CPD hours which are required as a minimum 50% requirement of the total CPD hours required so as to maintain your CPA license and should be well documented and evidenced.
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Each province in Canada has their own Canadian CPA’s CPD hours requirement for the license renewal process. So, let's explore one by one all the province-wise Canadian CPA’s CPD requirements and the license renewal period:
120 hours over a three-year rolling cycle (current year and prior two years), of which 60 hours must be verifiable. Each member must complete a minimum of 20 hours of CPD annually of which 10 hours must be verifiable. The license is to be renewed by March 1st annually. Click here to know more.
120 hours over a three-year rolling cycle (current year and prior two years), of which 60 hours must be verifiable. Each member must complete a minimum of 20 hours of CPD annually of which 10 hours must be verifiable. The license is to be renewed by 1st September annually. Click here to know more.
120 hours over a three-year rolling cycle (current year and prior two years), of which 60 hours must be verifiable. Each member must complete a minimum of 20 hours of CPD annually of which 10 hours must be verifiable. The license is to be renewed by 31st January annually. Click here to know more.
120 hours over a three-year rolling cycle (current year and prior two years), of which 60 hours must be verifiable. Each member must complete a minimum of 20 hours of CPD annually of which 10 hours must be verifiable. The license is to be renewed by 31st March annually. Click here to know more.
120 hours over a three-year rolling cycle (current year and prior two years), of which 60 hours must be verifiable. Each member must complete a minimum of 20 hours of CPD annually of which 10 hours must be verifiable. The license is to be renewed by 31st January annually. Click here to know more.
120 hours in a triennial period and for each triennial period thereafter, of which 60 hours must be verifiable. Each member must complete a minimum of 20 hours of CPD annually of which 10 hours must be verifiable. The license is to be renewed by 31st March annually. Click here to know more.
120 hours in a triennial period and for each triennial period thereafter of which 60 hours must be verifiable. Each member must complete a minimum of 20 hours of CPD annually of which 10 hours must be verifiable. The license is to be renewed by 1st June annually. Click here to know more.
120 hours over a three-year rolling cycle (current year and prior two years), of which 60 hours must be verifiable. Each member must complete a minimum of 20 hours of CPD annually of which 10 hours must be verifiable. The license is to be renewed by 31st March annually. Click here to know more.
120 hours of continuing training directly related to the fields of activity in which he works per reference period of 3 years, including a minimum of 25 hours by each reference year. Click here to know more.
CPAs not holding a public accountancy permit can declare up to 15 hours of self-learning every year.
CPAs holding a public accountancy permit shall complete at least 15 hours of structured training in the area of public accountancy every year and 60 hours every 3-year period.
The license is to be renewed by 30th September annually.
120 hours every 3 years of which 60 hours must be verifiable. Each member must complete a minimum of 20 hours of CPD annually of which 10 hours must be verifiable. The license is to be renewed by 15th April annually. Click here to know more.
You can also check for the Province-wise detailed requirements here: CPA Canada Province-wise CPD requirements.
For CPA Canada there are no mandatory subject requirements for CPD as CPAs can choose those subjects which are in consistency with their role and professional development as a CPA. These are some general subject areas that are commonly accepted for CPD requirements in the field of accounting:
Accounting & Auditing
Accounting
Auditing
ASPE
Financial Reporting
Taxes
Fraud and Forensics
CFO Advisory/Corporate Finance
Data and Financial Analytics
Cyber Security and Cyber Fraud
Management & Leadership
Personal Development
Practice and Business Development
Excel and Google Sheets
Technology
Professional Ethics
Communications and Marketing
Diversity and Inclusion
Budgeting & Forecasting
Behavioral Finance
Influencing & Negotiation skills
In order to complete CPD requirements for CPA one must also complete the mandatory ethics CPD hours requirement which again varies from province to province and can be checked here as per the jurisdiction of your province: CPD hours CPA Canada in ethics - province wise.
In today’s world, everyone is well aware of the importance of AI in Accounting, taxes and audit.
If a CPA obtains CPD hours for Canadian CPA’s requirements by opting for Canadian CPA CPD courses with AI, taxes and A&A then it gets him an edge over other competitors as it gets him updated with the latest trends and the technologies involved in order to provide the best possible services to the client.
It also increases the effectiveness and efficiency of CPAs as you would be able to spend less time on simple routine tasks and more time on value-adding services, making better use of the professional knowledge and skills that you have.
It is really important to keep in mind the source we are getting our CPD hours from so as to ensure that the CPD provider gives us an in-depth knowledge of the latest development in the CPA field. However, CPD providers are not required to be approved by any organization in order to offer CPD.
For example, MY-CPE is an excellent CPD provider trusted by 20,000+ CPAs since 2019.
So, there are some examples of various sources through which we can obtain the CPD hours:
MY-CPE offers two types of subscription plans for CPD courses:
MY-CPE offers the most affordable packages and user-friendly CPD plans, making it easier for every CPA to get through their CPD hours process effortlessly.
MY-CPE provides a CPD hours tracker for each of our users. Once a user enrolls in a subscription plan and finishes their CPD course they earn their hours, then they would be able to track their earned CPD hours on the tracker. They can also download their certificates which can be kept as evidence for the CPD course completed.
For CPA Canada CPD requirements, a CPA needs to understand the annual requirement as well as the rolling triennial requirement. Also, it is important to keep in mind to complete the minimum verifiable hours of CPD from some trustworthy sources. These all things mentioned above gives you a full comprehensive overview of all the Canadian CPA’s CPD hours requirements.
No, as long as the subject meets the requirements specified in the regulations of the provincial CPA body, you are good to go.
Yes, but don’t forget about the minimum yearly CPD hours requirement of 20 hours and 120 hours requirement triennially.
Not to worry at all as you can contact MY-CPE team for any query related to the CPD courses offered.
