Chartered Professional Accountant (CPA) is a designation given by the Chartered Professional Accountants of Canada (Canadian CPA) 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 – 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’s designation across Canada and internationally through various mutual recognition agreements.
CPA NEW BRUNSWICK 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 March 31st annually |
CPD Reporting Cycle | CPD reporting is based on the calendar year. CPD reporting for Alberta CPA is from January 1 to December 31 each year. |
Ethics Requirement | 4 verifiable hours in the area of professional ethics in each three-year rolling cycle |
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 New Brunswick.
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 in each three-year rolling cycle. Professional ethics CPD can cover a wide range of topics related to ethics and ethical decision-making. Various examples of Professional Ethics topics are given on the CPA New Brunswick website which may include but are not limited to:
CPA New Brunswick needs to renew their license by March 31st annually.
CPD reporting is based on the calendar year. CPD reporting for CPA New Brunswick is from January 1 to December 31 each year.
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As required under Rule 203 of the CPA Code of Professional Conduct, “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”.
The actual CPD model places the onus on each member to decide what their professional development needs are and how to address them through a variety of CPD activities. Members are asked to focus on the outcome of CPD activities, as opposed to the time spent on them.
CPA New Brunswick’s Continuing Professional Development requirements are closely aligned with the nationally recommended requirements of Canadian CPA and also meet the international educational standards (IES 7 and IES 8) of the International Federation of Accountants (IFAC).
CPD activities are expected to develop and maintain professional competence to enable you to continue to perform your professional role. Any learning and development that is relevant and appropriate to your work professional responsibilities and growth as a CPA will qualify for CPD.
Examples of activities that would not qualify for CPD include:
In the event of noncompliance, the following steps will be followed:
Members will be permitted to carry over a maximum of 40 verifiable CPD hours in excess of the minimum requirement from one year to the next. The 40 hours can only be carried forward to the next succeeding year. A carry-over will only be permitted once in a three-year rolling period.
Noncompliance with the CPD requirements inclusive of tardiness in filing will result in a noncompliance late fee of $100.00 being levied on the Member.
Verifiable CPD
Unverifiable CPD
Volunteer or pro bono work may only qualify as verifiable or unverifiable CPD to the extent it meets the above definitions.
myCPE provides a package for Canadian CPAs which will satisfy various professional development requirements for CPA professionals which including 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.
Every Active Member shall file his/her report online through mycpawebservices.ca at the time of payment of membership fees with a simple perfunctory annual declaration of compliance. A non-compliance fee of $100.00 will be applied to submissions received after the deadline of March 31.
Every Active Member shall retain documentation to support the verifiable learning activities that were reported on the Member’s detailed compliance report made either electronically or in paper form for at least 5 years from the date of reporting.
Verifiable CPD documentation should:
Such documentation may include certificates of completion, transcripts, evidence of attendance at conferences and seminars, published work, presentations, reports, or other such documentation or evidence of completion as may be available.
Every member must make a CPD declaration each year, not everyone must participate in CPD learning activities. The requirement to continue to take CPD activities, even when retired, is solely dependent upon what you are doing during your retirement years.
New members joining the provincial body through a Canadian certification program will be required to complete full CPD requirements in the year of admission to membership. However, new members will be permitted to report learning activities that occurred within the reporting year, prior to registration as a member, including PEP modules.
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 New Brunswick does not pre-determine how much CPD is gained at an activity, nor does the organization pre-determine what qualifies as CPD for each individual CPA. CPA New Brunswick 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 courses about Approval/Qualifications of CPD Credits for your reference. Webinars that qualify for Canadian CPA meets the standards for CPA New Brunswick (Chartered Professional Accountants New Brunswick). However, we are not specifically approved by CPA Canada.