In the country of Canada, financial professionals work in a variety of accounting environments, such as private companies, government, and private practice. The designation of a chartered accountant came into the limelight when Canada rolled out three well-acknowledged roles into one united designation – Certified Management Accountant (CMA), Certified General Accountant (CGA) and Chartered Accountant (CA).
The average salary in Canada for the CA profession is approximately $90,163/year. So, are you taking IELTS online classes and wish to become a Chartered Professional Accountant (CPA) in Canada? If yes, you have landed upon the correct post. Let’s find out everything about becoming a chartered accountant in Canada here.
Canadian Institutes and Organizations for Chartered Accountant
Up to ten provinces and three territories in Canada have been mapped into four distinct educational regions depicted by separate educational bodies liable for clearing the way for graduate-level education during the work experience aspect of a CA program.
Quebec and Ontario are regarded as educational regions in themselves. On the other hand, the Western Canadian Region comprises:
- British Columbia
- NW territories
The Atlantic Canadian Region comprises:
- Prince Edward Island
- Newfoundland and Labrador
- New Brunswick
- Nova Scotia
Ways to Become a Chartered Accountant in Canada
On the basis of the providence of residence, if anybody is interested in the average salary in Canada and wants to become a professional CA, they can work with regional educational bodies until graduate-level education and relevant experience are met. At this point, candidates can get membership through providence-specific provincial bodies that govern the practice in each of their provinces. Jotted down below is a list for your understanding.
All of these provincial institutes and educational bodies function under the patronage of the Canadian Institute of Chartered Accountants (CICA). This is the national organization that is liable for foundationing, maintaining and updating the competency, education and standards of testing for CA professionals throughout the country.
Regional Educational Bodies
- Western region provincial institutes work with the Canadian School of Business (CASB)
- Atlantic region provincial institutes work with Atlantic School of Chartered Accountancy (ASCA)
- Ontario’s regional education body is the Institute of Chartered Accountants of Ontario (ICAO), which also functions as its provincial institute
- Quebec’s regional education body is the Ordre des comptables agréés du Québec (OCAQ), which also functions as its provincial institute
Atlantic Regional Provincial Institutes
- Institute of Chartered Accountants of Nova Scotia (ICANS)
- New Brunswick Institute of Chartered Accountants (NBICA)
- Institute of Chartered Accountants of Newfoundland and Labrador (ICANL)
- Institute of Chartered Accountants of Prince Edward Island (ICAPEI)
Western Regional Provincial Institutes
- Institute of Chartered Accountants of the Yukon (ICAYK)
- Institute of Chartered Accountants of British Columbia (ICABC)
- Institute of Chartered Accountants of Saskatchewan (ICAS)
- Institute of Chartered Accountants of Alberta (ICAA)
- Institute of Chartered Accountants of Northwest Territories and Nunavut (ICANTNU)
- Institute of Chartered Accountants of Manitoba (ICAM)
Provincial Institute of Quebec
- Ordre des comptables agréés du Québec (OCAQ)
Provincial Institute in Ontario
- Institute of Chartered Accountants of Ontario (ICAO)
Essential Steps to Become a Chartered Accountant in Canada
There are diversified pathways that can qualify you to take CPA Professional Education Program (PEP) and become a CPA in Canada. If you wish to seek professional help throughout the process, you can effortlessly find plenty of institutes, like IELTSMaterial that offer IELTS online classes to assist you throughout the procedure.
Having said that, majorly, the process comprises four significant components as mentioned below:
- The prerequisite of acquiring an undergraduate education comprises earning a bachelor’s degree from a recognized Canadian university that offers specific courses at certain levels as decided by every educational region.
- The educational modules come into the picture for a three-year work experience component. There will be four education modules that together combine online and in-person classes, seminars and workshops to enhance the work life experience. Generally, these modules are concluded with a Finalist Preparation Program (FPP) that is specifically designed to assist students in the preparation of UE.
- The competency based practical experience comprises 30 months (three years) of full-time employment. During this time, competencies can be achieved via supervised work experience. CA candidates will have to invest their time into developing certain competencies.
- Basically, they will have to choose two areas of competency out of the six, such as:
- Performance measurement and reporting
- Risk management
- Management decision-making
- The Uniform Evaluation (UFE) is an integral step when it is about becoming a chartered accountant in Canada. This one is a three-day long examination where candidates will have to showcase their expertise in accountancy and knowledge of competencies developed during the work experience.
All About CPA PEP
CPA PEP is referred to as a part-time accounting program that lasts up to two years. It is specifically designed for accounting professionals who are into full-time jobs. This program comprises six varying modules:
- Two integral modules in six technical competencies, which are management accounting, financial reporting, finance and taxation, strategy and governance and audit and assurance
- One capstone exam preparation module
- Two electives in the choice of performance management, assurance, and tax and finance
- One capstone integrative module where you get to develop leadership and professional skills
Each of these modules gets completed with an exam. Also, if you wish to get into public or tax accounting, you would have to write an examination geared toward these specialities. As a CPA aspirant, you would have to pass every module exam before you can move on to the next one.
Canada Immigration Ways to Pursue CPA Course
To migrate to Canada and pursue CPA course, here are varying ways suitable for the requirements:
- Express entry
- Provincial nomination
Cost of CPA in Canada
The fees for Canada CPA varies as per the region. However, some of the basic costs, as per the Western School of Business (WSB) is as mentioned below:
- Purpose Fees (CAD)
- Initial Registration Fee $430
- Annual Canada CPA Dues $1,020
- Prior Experience Recognition Fee $510
- New Candidates Due $510 – $1,020 per year
- Module Registration $310
- Transcript Assessment $100
Don’t Have a Bachelor’s Degree? Here’s Another Way Out
If you don’t have a graduate degree, don’t fret. Another way out here is that you would have to give proof of work experience in CPA technical areas for a minimum of eight years. Apart from this, you will also have to complete prerequisite CPA PEP courses, give a personal statement and three letters of reference.
If you are not a Canadian citizen or have acquired accounting training from some other nation, CPA Canada will evaluate your credentials before you can get the CPA certification.