Chartered Professional Accountant (CPA) is a designation the Chartered Professional Accountants of Canada (Canadian CPA) gives to individuals who pass the Uniform CPA Examination and meet the education and experience requirements. The CPA designation helps enforce professional standards in the accounting industry. CPA (Chartered Professional Accountant) is the highest accounting credential in Canada. CPA ensures global recognition for accounting & finance professionals.
CPAs are admitted to the profession through their Provincial Institutes. These bodies are responsible for establishing and administering the qualification process, admission criteria, and performance standards within their jurisdictions. The Canadian CPA's role – in concert with all provinces, and territories – is to develop and maintain consistent, uniform standards for the profession's qualification process. These standards ensure the portability of the CPA designation across Canada and internationally through mutual recognition agreements.
CPA MANITOBA CPD REQUIREMENT OVERVIEW
| CPD Requirements | 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. |
| License Renewal Period | Renew your license by January 31, annually |
| CPD Reporting Cycle | CPD reporting is based on the calendar year. CPD reporting for CPA Manitoba is from January 1 to December 31 each year. |
| Ethics Requirement | 4 verifiable hours in the area of professional ethics |
| Subject Area Requirement | Practicing CPAs responsible for audits of financial statements are required to fulfill professional competence requirements as stated in IES 8. |
All members are required to make a CPD Declaration annually, regardless of any previously declared exemptions or change of employment status. Each member must complete 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. Many of our programs in Live and Self-Study are eligible for continuing education for CPA Manitoba.
Here is a link to Canadian CPA packages which will provide you with professional development in various fields like financial reporting, Domestic & International Taxation, Fraud & Risk Management, Information Technology, Leadership skills and development, and business in one go.
Each member is required to complete 4 verifiable hours in the area of professional ethics. Various examples of Professional Ethics topics are given in CPA Manitoba CPD Regulations which may include but are not limited to:
CPA Manitoba needs to renew its license by January 31 annually.
CPD reporting is based on the calendar year. CPD reporting for CPA Manitoba is from January 1 to December 31 each year.
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The CPD program does not mandate areas of study however, the members must meet the professional competence requirement that is a member shall sustain professional competence by keeping informed of, and complying with, developments in professional standards in all functions in which the member provides professional services or is relied upon because of the member’s calling.
General competencies in which the CPA should be up-to-date may include but are not limited to:
Technical competencies:
Enabling Competencies:
Note: Members performing the role of an engagement practice leader responsible for audits of financial statements are required to complete an annual self-assessment and declaration that they have undertaken sufficient relevant CPD to develop and maintain professional competence as per IES 8.
Activities that would not qualify for CPD, but are not limited to, include:
If a member fails to deliver an annual compliance report or fails to comply with the applicable requirements of the Continuing Professional Development Program the member shall be suspended from membership until the compliance report is filed and accompanied by the prescribed reinstatement fee.
If the person, whose membership has been suspended continues to fail to provide the approved compliance report, accompanied by the prescribed reinstatement fee, within two months of suspension, the person’s membership shall be terminated. A member may be readmitted upon filing the approved compliance report accompanied by the prescribed readmission fee.
Failure to report CPD hours by January 31st will result in a $105 late fee.
A newly admitted member to CPA Manitoba is required to complete full CPD reporting requirements in the year of admission to membership whether the date of admission is in January or later in the calendar year.
Verifiable CPD
Unverifiable CPD
myCPE provides a package for Canadian CPAs which will satisfy various professional development requirements for CPA professionals which include on-demand webinars on financial reporting, Domestic & International taxation, Fraud & Risk Management, Information Technology, Leadership skills, and development and business. This CPD package comes in a variety of CPD bundles such as 10 CPD, 20 CPD, and 40 CPD.
CPA Manitoba members must keep a record of their CPD activities as well as supporting documentation that provides third-party verification of the CPD learning activities for a minimum of 36 months. The board can request to review your CPD log/record and supporting documentation at any time. It is your responsibility to ensure that you have a copy of your CPD log and sufficient supporting documentation for your learning activities to qualify as verifiable learning.
Your CPD log must provide:
Members may still be required to meet the full CPD requirements even after retirement as some members continue to use their CPA designation. If members remain active on boards and committees or engage in any activity where they may be relied upon for their skills as a CPA, they are required to fulfill the full CPD requirements. Please review the CPD Requirements Policy for more information on full CPD and exempt CPD status.
CPA Manitoba is required to pay full fees ($ 1025) if:
CPA Manitoba affiliate fees ($ 175) are paid if:
CPD providers are not required to be approved by any organization in order to offer CPD hours to Canadian CPAs as long as the activity offered by them allows CPAs to develop and maintain professional competency to enable them to perform their professional role, it will qualify for CPD. Therefore, the courses listed on myCPE for CPA in Canada are eligible for fulfilling Canadian CPA CPD requirements. However, we are not specifically approved by CPA Canada.
CPA Manitoba does not pre-determine how much CPD is gained at an activity, nor does the organization pre-determine what qualifies as CPD for each CPA. CPA Manitoba follows the International Federation of Accountants (IFAC) criteria for CPD and is working towards harmonizing exemption and qualifying activities for verifiable and non-verifiable CPD with provincial CPA organizations across Canada.
For further guidance, we have provided details for “QUALIFIES FOR” on each page of the course for your reference. Webinars that qualify for Canadian CPA meet the standards for CPA MANITOBA (Chartered Professional Accountants Manitoba). However, we are not specifically approved by CPA Canada.
