At present there are three professional accounting bodies in Canada as well as in each province of Canada. The names of these three accounting bodies are:
- The Institute of Chartered Accountants (CAs).
- Association of Certified General Accountants (CGAs).
- Association of Certified Management Accountants (CMAs).
From 1st October 2015, these three accounting bodies CAs, CGAs and CMAs will be unified into one accounting body under the banner of Chartered Professional Accountants of Ontario (CPAs); the admission requirements for internationally trained accountants are set out by the CPA Ontario only.
The memorandum of understanding had already been signed by the all these three accounting bodies and from 1st October 2015 onwards, every person who is a member of international accounting body and interested to get Canadian accounting designation must need to enroll with CPA Ontario only.
Want to be CPA in Ontario?
Entry path for members of accounting bodies outside Canada
If you are an accountant who is a member of a professional body outside of Canada, your path to the CPA designation is guided by a Mutual Recognition Agreement (MRA). MRAs are signed with accounting bodies that have substantially equivalent qualification programs. Eligible individuals applying to register with CPA Ontario from an accounting body with which an MRA has been signed don’t have to complete the full qualification requirements.
As of now CPA Ontario has been signed MRAs with following accounting bodies of different countries:
- Association of Chartered Certified Accountants (ACCA) , England
- Practicing Accountants of Australia (CPA Australia)
- Certified Public Accountants of Ireland
- Chartered Institute of Management Accountants of the United Kingdom
- The Institute of Chartered Accountants of Australia
- The Institute of Chartered Accountants in England & Wales
- The Hong Kong Institute of Certified Public Accountants
- The Institute of Chartered Accountants of India
- The Institute of Chartered Accountants of Ireland
- The New Zealand Institute of Chartered Accountants
- The Institute of Chartered Accountants of Pakistan
- The Institute of Chartered Accountants of Scotland
- The South African Institute of Chartered Accountants
- The Institute of Chartered Accountants of Zimbabwe
- The Japanese Institute of Certified Public Accountants
- The Netherlands Institute of Chartered Accountants
If you are a member of above accounting bodies including The Institute of Chartered Accountants of India and Pakistan, then in order to get CPA Ontario designation you need you give only one professional exam as mentioned below:
- Common Final Examination (CFE)
If you are not a member of above mentioned accounting bodies but your accounting body is a members in good standing of IFAC (International Federation of Accountants ) then in order to get CPA Ontario designation you need you give following professional examinations as mentioned below :
- Canadian Business Law
- Capstone 1
- Capstone 2
- Common Final Examination (CFE)
Tip: To avail above exemptions, please make sure that you must be a member of your accounting body in good standing.
The Institute of Cost Accountants of India (ICAI) Members
The Institute of Cost Accountants of India (ICAI) and his overseas center “Toronto Overseas Centre of Cost Accountants” (TOCCA) is also in process of signing MOU (memorandum of understanding ) with CPA Ontario so that the members of ICAI who landed in Canada can also get maximum exemptions from CPA Ontario and eligible to give only one CFE (Common Final Examination) exam to get CPA designation.
Entry path for graduate and postgraduates
If you are not a member of an accounting body but have a university degree from an academic institution outside Canada you may be eligible to register based on your degree. Chartered Professional Accountants of Ontario (CPA Ontario) will assess your degree to ensure that it meets CPA Ontario’s registration requirements.
Before you can register, you need to have your international degree assessed by CPA Ontario to ensure you meet the enrollment requirements and then CPA Ontario decide that how many exams you need to pass, The number of exams are vary from country to country.
For more and detailed information please visit http://www.cpaontario.ca/