Dear CPA Aspirant, after going through all the hurdles, you have successfully passed CPA US course and established yourself as a CPA US. Now, for some obvious reasons, you want to be a Canadian CPA too but might be a little bit confused about how to go for it or what are the procedures? Is it too complicated? Will you have to sit for another exam? This blog is created to clear all your doubts and confusions to provide you a smoother journey. Let’s discuss.
First of all, make it clear that If you hold a CPA US course credential, you can earn a Canadian CPA designation. To obtain the Canadian CPA designation, eligible CPA US must register with the appropriate provincial/regional CPA body by: completing the International Candidate Application Form and sending it to the provincial/regional CPA body to which you intend to apply. Here are the details.
1. MRA- The avenue
The mutual recognition agreement (MRA) between all Canadian CPA bodies and the U.S. International Qualifications Appraisal Board (IQAB), representing the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA), came into effect on January 1, 2018.
2.Provincial/regional CPA bodies grant members the right to:
A. Use the CPA designation
B. Be registered
D. Other services or licensure
3.CPA Eligibility Requirements
Holding a CPA US credential give you the privilege to be eligible to obtain the Canadian CPA designation via this MRA if you are a licensee in good standing of a State Board, and you meet the following additional criteria:
1.You have the equivalent of at least 150 semester hours of college or university education, including a baccalaureate or higher degree conferred by a college or university acceptable to a State Board. CPA US’s who qualified prior to the introduction of the 150-semester hour requirement are grandfathered in by this agreement as having met the 150-semester hour requirement.
2. You have passed the Uniform CPA Examination.
3. You have 30 months of relevant practical experience. Applicants with two years of relevant post-qualification experience are considered to have met the 30 month experience requirement. Applicants with less than two years of relevant post-qualification experience must complete the International Practical Experience Verification and Employer Details form.
4. You are in compliance with the Continuing Professional Education (CPE) requirements of your State Board.
Note: CPA US’s who are, or have been, Canadian residents must meet additional requirements. Applicants who wrote one or more parts of the US Uniform CPA examination while:
A. a resident of Canada; or
B. after they became a resident of Canada; or
C. after they returned as a resident to Canada
3.2 In addition to the above eligibility requirements, have obtained either:
1. A university degree from a degree-granting institution of higher education in the United States of America (USA) as a result of having attended the institution in person for classroom instruction on a full-time basis; or
2. Have at least one year of full-time practical experience in accounting in the USA.
Upon checking the above mentioned eligibility criteria, if you want to decide to opt for Canadian CPA, take the following steps.
4.Trail towards Canadian CPA Designation for CPA US Holders
To obtain the Canadian CPA designation, eligible CPA US’s must register with the appropriate provincial/regional CPA body by:
1.Completing the International Candidate Application Form and sending it to the provincial/regional CPA body to which you intend to apply
2.Completing the Certification of Membership with US State Board form
3.Providing confirmation that you are a CPA US in good standing with your Home Institute; such confirmation must be provided by the Home Institute directly to the provincial/regional CPA body
4.Providing proof of your legal name as evidenced by acceptable government-issued documentation
5.Providing a detailed chronological resume listing all relevant work experience
6.Paying the appropriate fee as determined by the applicable provincial/regional CPA body
7.Completing any additional requirements as prescribed by the applicable provincial/regional CPA body
5. Maintenance of membership
Once you cross the above steps and become a Canadian CPA, you have to make your membership active. In order to maintain membership with the applicable provincial/regional CPA body through this agreement, you must successfully complete the CPA Reciprocity Professional Development (CPARPD) course within two years of your official membership admission date. This course consists of approximately 20 hours of online study in Canadian tax, law and ethics in a modular form. Applicants must register for this course through their provincial/regional CPA body.
Practical benefits of US CPA course – Becoming a US CPA is an aspiration for many finance professionals and accountants. Most CPAs agree that becoming a US CPA completely transformed their career. When you get your CPA license, it opens a wide range of opportunities both in India and abroad. For further reading please follow the link.
6. Pathway requirements for licensure
While the CPA profession strives for national consistency, provincial regulations and bylaws take precedence over national practical experience requirements. Applicants should refer to provincial regulations and bylaws for the specific requirements in each jurisdiction. Once eligible to become a member of a provincial/regional CPA body, you may receive a license to practice public accounting in Canada if you meet the following criteria:
1. You meet any additional Canadian CPA experience requirements for public accounting, which may include at least 1,250 chargeable hours in assurance, of which a minimum of 625 hours must be obtained in the audit of historical financial information
2.Appropriate audit experience
3. If obtained in the USA, it may count towards meeting the more than 1,250 / 625 chargeable hours’ requirement.
4.It must be within five years of application to the provincial/regional CPA body.
5.It must meet any additional experience requirements for public accounting specific to the provincial/regional CPA body in which you seek the right to audit and to other services requiring provincial registration or licensure.
6.Complete the CPA Reciprocity Education and Examination (CPARE) program
7.Applicants must register in the CPARE program through their provincial/regional CPA body
8.Applicants who pass the CPARE program within two years of obtaining membership with a provincial/regional CPA body will not be required to also complete the CPARPD.
US Certified Public Accountants Salary in India :- A fresh CPA US in India starts with an average annual salary of INR 7 Lakhs in a Big4 or MNC. The salary of a CPA increases at a higher rate than his non-certified peers. A CFO in India earns within average monthly salary of INR 12-25 Lakhs.
7. MRA Exclusions
CPA US’s who obtained their CPA US course credential by qualifying under a reciprocal agreement that the NASBA and the AICPA may have with another professional accountancy organization are not eligible under this agreement. This includes all mutual recognition agreements, reciprocal membership agreements, and other similar agreements that the NASBA/AICPA may have had at any time. The Canada-USA Reciprocity list identifies the U.S. state boards with which Canadian CPA bodies currently have reciprocity agreements.
8. Is AICPA accepted in Canada?
The AICPA is proud to offer qualified CPA Canada members access to select advisory credentials, including the Certified in Financial Forensics (CFF) credential and the Certified Information Technology Professional (CITP) credential.
8.1 At a Glance
A. A successful CPA US course achiever doesn’t have to sit for any other exam to be a CPA Canada.
B,. This exemption has become possible through the Mutual Recognition Agreement( MRA) in operation since January,2018.
C. Fulfilment of required administrative procedures upon registration with the respective provisional/regional CPA body.
10.Benefits of holding CPA US and CPA Canada
A. Value addition – It can be stated that a CPA US course holder can obtain CPA Canada designation as effective value addition through the MRA without sitting in any other additional examination for the same.
B. Dual qualification – Hence by pursuing CPA US has become more beneficial now as one can achieve DUAL Qualifications through this path.
Top preparation tips for US CPA exam in India for 2021– Like any other accounting exams, US CPA exam in India requires correct planning, constant motivation and guidance from experts. Some of the key attributes include a. Create a detailed study plan b. Support from experts c. Booking exams in advance. For further reading follow the link.
11.What about the Canada CPA to US CPA?
Membership recognition agreements also allow Canada CPA holders to go after the CPA US course credential. However, candidates may have to jump through some extra hoops. Specifically, candidates:
· Must pass the IQEX, or the International Qualification Examination.
· Should apply to their chosen board of accountancy and learn about their requirements. For example, candidates might need additional college coursework to reach 150 hours, pass an ethics exam, or take CPE courses.
To sum up, it can be stated having a CPA US course credential is more advantageous to obtain a Canadian CPA certification in an easy manner without sitting for a separate exam. Depending on your career location, you can select which one to use.
Furthermore, a dual certification would be a great value addition to your career. CPA US course has just 4 papers to clear and you get 360-degree support from Uplift CPA to clear all 4 parts. Moreover you get the guidance for eligibility evaluation, registering to AICPA for exams, applying for NTS and applying for your CPA License.
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