Godfada said:
Guys i am now hearing that there is another way to get certified in Canada to work as a CPA. All that is needed is to be licenced in any one of the 52 states in the US as a US CPA and it can be transferable to Canada. Can anyone verify this method?
Godfada,
I've done some research on this as well, even before deciding to apply for FSW 2014. I found that there is a Mutual Recognition Agreement (MRA) between the US & Canadian accounting bodies [AICPA/NASBA & CICA (now CPA Canada)]. As a result, persons who are licensed as a CPA in one of the eligible US jurisdictions will be able to register for membership with a Canadian chartered accounting provincial body (only after being assessed as eligible) and ultimately get the CPA, CA designation upon completing the Canadian Reciprocity Exam (CARE). Similarly, Canadian CAs (only) can obtain US CPA after doing the IQEX exam. The reciprocity exam is similar in nature to the one that has to be done for ACCA members to gain reciprocity and become Canadian CGAs in that they require knowledge of Canadian business law and taxation. However, the issue is that it is not as clear cut as it sounds, as there are some residency and practical experience requirements, and hence you will only know if you are eligible for reciprocity by applying to a provincial body and them doing an assessment. It is therefore important to note that not all CPAs in all US jurisdictions are eligible for this reciprocity. There are 2 paths - One with a 4-step process and one with a 6-step process. Hence, there are instances where US CPAs licensed in some jurisdictions will still have to do the Professional Education Program (PEP) and Uniform Evaluation (UFE) [2 additional steps, though CARE is not required in this instance]. Therefore, if you haven't yet been licensed, choose carefully.
Refer to the links below for more details:
Information for all of Canada (showing the different pathways available):
http://www.becomeacaincanada.ca/
Information for Ontario:
http://www.cpaontario.ca/admissions/InternationallyTrainedAccountants/MemberRecipAcctgBody/1010page13478.aspx
http://www.gocpaontario.ca/ita
Another thing that I have found is that the annual membership fees for the Canadian chartered accounting bodies are HIGH
! Like in total approaching CAD 1,000 and more!