Chartered Professional Accountant (CPA) is a designation given by the Chartered Professional Accountants of Canada (CPA Canada) to individuals that 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 CPA Canada’s role – in concert with all provinces, 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 ONTARIO CPD REQUIREMENT OVERVIEW
|CPD Requirements||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.|
|License Renewal Period||Renew your license by June 1st annually|
|CPD Reporting Cycle||CPD reporting is based on the calendar year. CPD reporting for CPA Ontario is from January 1 to December 31 each year.|
|Ethics Requirement||4 verifiable hours in the area of professional ethics|
What are CPD Requirements for CPA Ontario?
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 Ontario.
Here is a link to Canadian CPA packages which will provide you 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.
What is the Ethics Requirement for CPA Ontario?
Each member is required to complete 4 verifiable hours in the area of professional ethics. Various examples on Professional Ethics topics are given on CPA Ontario website which may include but not limited to:
- CPA Ontario regulatory updates covering the Act, Bylaws, Regulations and Code of Professional Conduct
- Regulatory updates that are relevant and appropriate to the member’s role or industry
- Corporate codes of conduct
- Independence/conflict of interest
- Ethical business culture
- Corporate social responsibility
- Bribery and corruption, etc.
What is license renewal period?
CPA Ontario needs to renew their license by June 1st annually.
What is the CPD reporting cycle?
CPD reporting is based on the calendar year. CPD reporting for CPA Ontario is from January 1 to December 31 each year.
Frequently Asked Questions on CPA Ontario CPD Regulations?
For completing CPD requirements, which competencies are required to be up-to-date from a CPA?
Learning outcomes for the professional competence of members applying for or renewing a public accounting licence are mentioned below:-
- Financial accounting and reporting
- Government and risk management
- Business environment
- Information technology
- Business laws and regulations
- Finance and financial management
- Interpersonal and communication
Professional Values, Ethics and Attitudes
- Commitment to the public interest
- Professional scepticism and professional judgment
- Ethical principles
Click here for further reference on CPA Ontario website.
What happens if you do not meet the CPD requirements?
If you do not meet your Continuing Professional Development (CPD) requirements, you must submit an online Plan of Action within 14 days of completing your annual obligations requirement. The plan of action indicates you agree to complete the missing minimum verifiable and unverifiable CPD requirements.
The Plan of Action allows you an additional 120 days to complete the missing CPD hours. You must declare compliance via My Portal when you have completed the plan. You must ensure that you complete the current year’s CPD requirement in addition to the hours required in the Plan of Action.
For more details, CLICK HERE.
What is Verifiable and Unverifiable CPD?
Hours are considered verifiable if you have acceptable documentation to support the professional development hours. CPAs must keep records and supporting documents of these activities for at least five years in case you are audited.
Verifiable hours can be gained through continuing education, instruction/speaking, committees and research/publications.
CPAs obtain unverifiable hours through independent and informal learning activities. These activities can include:
- on-the-job training for new software or techniques
- self-study that does not involve an exam
- casual reading of journals and magazines
Members must also track their unverifiable hours to ensure that they are meeting the requirements. If you are selected for audit, you may need to include unverifiable hours completed in your log in order to meet the minimum CPD hours required.
Why one should choose myCPE Package for Canadian CPAs?
myCPE provides package for Canadian CPAs which will satisfy various professional development requirements for CPA professionals which includes 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 variety of CPD bundles such as 10 CPD, 20 CPD and 40 CPD.
What are the CPD reporting and record retention requirements?
Every Member shall retain documents, records and other evidence satisfactory to CPA Ontario of the professional development activities undertaken or to the Member’s Compliance with the requirements of this Regulation for the previous five years.
A Member shall, upon request, produce any document, record, declaration, evidence or Other item relating to professional development activities undertaken or to the Member’s Compliance with the requirements of this Regulation.
I am a new member who has just completed the CPA Ontario student program. Do I need to complete my CPD hours or am I exempt?
All members, including new members, are required to submit a CPD Declaration each year regarding the previous calendar year.
New members who were admitted during the previous calendar year after completion of the CPA Ontario student programs may declare ‘I comply’ for that year based on their completion of the applicable student program. Additional CPD hours are not required for that year.
New members admitted under any other pathway are required to complete the minimum CPD hour’s requirement.
I am a retired CPA. Do I need to complete my CPD requirements?
If you are retired CPA, then you must meet all of the following criteria if you want to take an exemption from CPD requirements:-
- Ceased full time practice, employment or business activity
- Do not hold a public accounting license (PAL)
- 55 or more years of age as of December 31 of the CPD year
- Age and total number of years of membership adds up to 70 or more
- Have not provided any reliance services, with the exception of professional services with gross annual income less than $25,000
- You did not sit on the board of any public company or any public interest entity
How much does it cost to renew the CPA Ontario license?
CPA Ontario is required to pay Annual Membership Dues (AMD) as per below mentioned details:
|Deadline for Payment||Dues|
$980 + applicable taxes
(CPA Ontario $580 + CPA Canada $400)
|June 2, 2021|
Late dues applied, up to maximum of $100
|June 30, 2021||Final deadline to avoid membership suspension|
For new members, they pay a one-time admission to membership application fee of $500 + HST, plus they must also pay the applicable portion of the current year’s AMD. Members admitted January 1 – March 31 will not have to pay AMD with their admission to membership application fee, however, will be billed AMD as of April 1 and must pay by June 1.
You can access Fees Schedule from here.
Are myCPE courses approved for CPA Ontario?
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 Canada page are eligible for fulfilling Canadian CPAs CPD requirements.
CPA Ontario 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 Ontario 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 which qualifies for Canadian CPA meets the standards for CPA Ontario (Chartered Professional Accountants Ontario). Here is the link to CPA Ontario website.
|National Association of State Boards of Accountancy (NASBA)||143597|
|Internal Revenue Service (IRS)||GEHNZ|
|California Tax Education Council (CTEC)||6273|
|Certified Financial Planner Board (CFP)||8061|
|Society for Human Resource Management (SHRM)||RP5359|
|Human Resource Certification Institute (HRCI)||714694|
|American Payroll Association (APA)||372961|
|Texas State Board of Public Accountancy (TSBPA)||010556|
|Illinois Department of Financial & Professional Regulation (IDFPR)||158002756|
|New York State Board of Public Accountancy (NYSPA)||002976|
|Association of Certified Fraud Examiners (ACFE)||Approved|
|National Association of Certified Valuators and Analysts (NACVA)||Approved|
|Institute of Management Accountants (IMA)||Approved|
|Institute of Internal Auditors (IIA)||Approved|
|Institute of Finance and Management (IOFM)||Approved|
|Society of Trust and Estate Practitioners (STEP)||Approved|
|Certified Senior Advisor (CSA)||Approved|