Continuing Professional Development (CPD) is necessary for Chartered Professional Accountants (CPAs) in Canada to maintain their professional competence and stay in alignment with the ever-evolving accounting profession. Continuing Professional Development ensures that CPAs maintain relevant expertise, keeping their skills and knowledge aligned with current industry standards and best practices, thereby providing value to clients and employers.
What is CPA Canada Continuing Professional Development (CPD)?
CPD is a structured approach to lifelong learning that involves participating in various activities designed to develop a CPA's knowledge, skills, and competencies. It is a mandatory requirement for maintaining a CPA license and ensuring compliance with professional standards. CPD is more than just accumulating hours; it's about actively engaging in learning experiences that are relevant to your professional duties and contribute to your growth as a CPA. Aside from completing your CPA requirements, engaging in regular CPD activities can boost your career by introducing you to new concepts and ideas. Committing to continuing education also safeguards the integrity of the accounting profession, keeping it from unethical practices.
CPA Canada Continuing Professional Development Requirements Explained
CPAs in Canada typically have specific Continuing Professional Development requirements that all members must meet. These requirements align with the International Federation of Accountants' CPD standards and are harmonized among various professional accounting bodies. All CPD activities must be relevant to professional responsibilities, quantifiable in terms of a specific time requirement, and contain significant intellectual or practical content.
Recommended Packages for CPA Canada Continuing Professional Development:
CPA Ethics and Fraud Prevention Package
2025 Package: Professional & Personal Development for CPAs
60 Hour 3 Year Package: Verifiable CPD for Proactive CPAs
Annual Requirements
Annually, CPAs in Canada need to complete a minimum of 20 hours of CPD Continuing Professional Development, with at least 10 of them being verifiable. CPAs in Quebec, however, must complete a minimum of 25 hours annually, with at least 15 of those being verifiable.
Verifiable CPD activities are those that can be verified by a third party, for example, attending a conference or completing a course with a certificate of completion. CPDFormula offers a range of verifiable online CPD courses, making it convenient for you to complete your annual requirements.
Triennial Requirements
In addition to the annual requirement, CPAs in Canada must complete 120 hours of CPD every rolling three-year period. This means that CPD hours are tracked over three years, with the oldest year dropping off as a new year is added. Of these 120 hours, at least 60 hours must be verifiable, including 4 hours related to professional ethics. CPDFormula's CPD packages can help you efficiently fulfill your triennial requirements with curated learning paths and bundle options.
Ethics Requirements
The ethics requirement ensures that CPAs in Canada maintain a high level of ethical conduct in their professional practice. These 4 hours must cover topics that go beyond simply being aware of rules and standards. They should include ethical dilemmas, decision-making models, and the application of ethical principles in real-life situations. CPDFormula provides specific ethics-focused courses designed to meet those requirements.
Learn more about Ethics CPD for Canadian CPAs
Initial CPA Canada Continuing Professional Development (CPD) Requirements
New CPAs need to complete the full CPA Canada Continuing Professional Development requirements depending on their admission date and jurisdiction. CPDFormula can help new members catch up with their CPD obligations.
CPA Canada Continuing Professional Development Requirements
CPD Exemptions
Under certain circumstances, Canadian CPAs can be exempt from the CPD requirements. Reasons for exemptions include unemployment, maternity/parenting/family care leave, and medical leave.
What happens when the CPA Canada Continuing Professional Development requirements are not met?
It is crucial for Canadian CPAs to meet their CPD requirements. Failure to comply can result in sanctions, including suspension of membership and potential revocation of membership, making one ineligible to continue being registered.
CPDFormula's user-friendly platform can help you stay on top of your CPD obligations to avoid non-compliance.
CPD Record Retention
CPAs in Canada are required to maintain records and supporting documents of their CPD activities for at least five years. This is necessary in order to demonstrate compliance with CPD requirements in case of an audit.
CPDFormula provides certificates of completion and access to your learning history, making record retention simple.
CPD for Members with Statutory Registration
Members who hold a statutory registration must complete CPD related to their specific field of practice. This ensures that they maintain competence in the specialized areas where they are registered.
Verifiable vs. Unverifiable CPD
For CPD activities to be verifiable, an independent provider must provide documentation to confirm the hours. Examples of verifiable CPD activities include:
- Attending conferences, seminars, and workshops
- Completing online courses with assessments and certificates
- Participating in formal education programs
- Teaching or speaking at professional events
- Conducting research that results in a publication or presentation
Unverifiable CPD, on the other hand, involves activities that are more autonomous and do not necessarily have to result in formal documentation. Examples of unverifiable CPD include:
- On-the-job learning
- Self-study
- Learning activities acquired through volunteer work
While documentation is not required for unverifiable CPD, a record of these activities must be kept in case of an audit.
Where to Find CPA Canada Continuing Professional Development Resources?
CPAs in Canada have a variety of options for fulfilling their CPD requirements. Some popular resources include:
Online platforms such as CPDFormula offer a wide range of affordable CPD courses tailored to meet CPD requirements, with flexible online options.
CPA Canada Continuing Professional Development Courses
Universities and Colleges: Many universities and colleges offer continuing education programs and courses that qualify for CPD hours.
Industry Publications: Reading professional journals and publications, such as CPA Canada publications and the Canadian Accountant, can contribute to unverifiable CPD hours.
Tips to Easily Fulfill Your CPA Canada Continuing Professional Development Requirements
- Plan Ahead: Create a CPD plan that outlines your learning goals and the activities you will undertake to achieve them.
- Stay Organized: Keep a record of your CPD hours and track all your activities. Consider using a CPD diary or tracker to document your learning activities. CPDFormula offers a CPD tracker that can be used by members to log their CPD hours throughout the year.
- Diversify Your Learning: Choose a variety of CPD activities to broaden your knowledge and skills.
- Focus on Relevance: Choose activities that are relevant to your current role and future career progression.
- Reflect on Your Learning: Take time to reflect on what you have learned and how you can apply it in your work.
CPDFormula allows you to create a customized CPD package tailored to your needs, offering the flexibility to learn at your own pace.
Create your CPA Canada Continuing Professional Development Custom Package
Benefits of CPA Canada Continuing Professional Development
CPD benefits CPAs in many ways, including:
- Enhanced Professional Competence: CPD enables CPAs to maintain and upgrade their competence and knowledge, enabling them to provide high-quality services to clients and employers.
- Career Advancement: By remaining current with industry trends and developing new skills, CPAs are able to enhance their career prospects and develop new opportunities.
- Increased Confidence: CPD instills confidence by providing CPAs with the expertise and skills needed to excel in their career.
- Improved Client Service: CPD enables CPAs to improve their understanding of client needs and offer more detailed information and advice.
- Greater Credibility: Engaging in CPD reflects a commitment to professional development and enhances a CPA's credibility as a professional.
Conclusion
CPA Canada continuing professional development is an important element of professional competence and ongoing success in the accounting profession. By complying with the CPD requirements, CPAs demonstrate that they value continuous learning and their commitment to providing high-quality services. Remember to plan your CPD activities, make informed decisions in selecting relevant learning opportunities, and maintain records to maximize the benefits of your professional development journey. Explore the resources available to you and start planning your CPD journey today to enhance your career and stay ahead in the constantly evolving world of accounting.
Ready to meet your CPD requirements?
