CA In Canada 2023: Overview, Scope, Eligibility, Process & Benefits

In Canada, the designation of a Chartered Accountant is one of the most respected and in-demand jobs. However, for Indian students looking to become a CA in Canada, it will not be an easy road. This is because the India CA qualification (from the Institute of Chartered Accountants of India) is not readily recognised in Canada. Instead, it is better to go through the process of the Canadian Institute of Chartered Accountants (CICA).

Doing a CA course in Canada to become a full-time professional accountant working with a successful company, or to work as an individual CA (freelancers with accounting expertise), requires aspirants to put in a lot of work over a few years.

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To become a recognised professional accountant in Canada, the individual has to earn some credentials through education. They also have to garner proper and full-time practical experience and pursue some essential modules in accountancy to become a CA.

Scope of CA Course in Canada

Becoming an accounting professional in Canada with the designation of a Chartered Accountant opens up doors to many opportunities. This is particularly because Canada is an immensely growing, integral part of the global economy that is a big trading partner for many countries. Therefore, the scope of qualified CA professionals with adequate knowledge of bookkeeping, taxation, assurance standards, etc., has increased multifold in the country.

Additionally, ever since the designations of Certified General Accountant (CGA) and Certified Management Accountant were merged into the single designation of a Chartered Accountant, the scope of all accounting professionals has surged.

Along with a rising scope of work throughout the country, the salaries for CAs have also increased. On average, the annual salary of a Chartered Accountant or Chartered Professional Accountant (CPA) in Canada is about CA$65,000. This figure can vary depending on factors like years of experience in the profession, the province or the territory in which the CPA is practising, the company with which they are employed, etc.

Eligibility Criteria for CA In Canada

To become eligible as a Chartered Accountant in Canada, the individual needs to meet the following requirements before applying for membership with the CICA:

• A relevant bachelor’s degree with study of specific courses like financial accounting, economics, business law, auditing, etc.
• After completing their university degree from a recognised institute, the individual must undergo at least 30 months of relevant professional experience to meet their PER or professional experience requirements.
• Along with the professional experience requirements, the students also have to undergo essential training modules (four in total) to successfully complete their training to become a CPA or a CA in Canada.
• Once the modules and professional experience have been completed, aspirants have to undergo the Uniform Evaluation (UFE) as a final examination. On passing it, they will become certified Chartered Professional Accountants in Canada.

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Overview of the CA Education Bodies based on Province

Canada’s ten provinces and three territories are divided into four educational regions separately represented by four different educational bodies. These four bodies are responsible for providing aspiring CPAs in Canada with their necessary graduate-level education. This incorporates essential training modules that every CPA must complete during their full-time work experience.

The following four educational regions have their own routes and processes of requirements to be met to become a Chartered Accountant in Canada:

• Ontario: It is a province in itself and also an educational region. The name of the provincial institute is the Institute of Chartered Accountants of Ontario (ICAO).
• Quebec: It is also a province and an educational region in itself. The name of the provincial institute is Ordre Des Comptables Agrees Du Quebec (OCAQ).
• Atlantic Provinces: This educational region comprises New Brunswick, Nova Scotia, Newfoundland and Labrador, Prince Edward Island and Bermuda. There are many provincial institutes in this educational region like the Institute of Chartered Accountants of Nova Scotia (ICANS), the Institute of Chartered Accountants of Prince Edward Island (ICAPEI), etc. However, they are all under the Atlantic School of Chartered Accountancy (ASCA).
• Western Provinces: This region includes Manitoba, British Columbia, Alberta, Saskatchewan, NW Territories, Yukon and Nunavut. Like the Atlantic Provinces, this region also has many provincial institutes like the Institute of Chartered Accountants of British Columbia (ICABC), the Institute of the Chartered Accountants of the Yukon (ICAYK), etc. However, they are all linked with the Canadian School of Business (CASB).

The Process to Become CA in Canada

The process of becoming a CA in Canada consists of four steps:

1. Meeting all prerequisite requirements for the bachelor’s degree. For this, every educational region specifies certain courses that should have been taken at specified levels during the undergraduate degree. Aspirants must ensure they meet these guidelines by looking into the region-specific educational requirements.
2. Gaining active full-time experience over 30 months (almost three years), wherein the candidate will choose two core competencies of the six specified: management, decision-making and finance, assurance, taxation, risk management, and performance measurement and reporting. This full-time experience can only be gained at an approved CA training office, commonly called a CATO.
3. While taking up active full-time experience in accountancy, the candidate also has to complete four essential training modules with the respective provincial institutes of their educational regions. These training modules add a component of applying new education to their practical experience. These programs commonly end with a Finalist Preparation Program (FPP) to get the candidate ready for the last stage of becoming a CA, the Uniform Evaluation. All candidates have to clear the rigorous three-day long test of the UFE, showcasing good accountancy skills and expertise in their chosen competencies as well as a strong display of ethical standards in the profession.

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Benefits of CA in Canada

There are many pros to becoming a Chartered Accountant in Canada, such as:

• High job security: As professionals working in the field of finance, CPAs or CAs have a substantial advantage over other non-certified finance professionals in Canada, where the finance sector is thriving.
• High earnings: As a certified accounting professional, you have a chance of earning significantly in the private sector as well as the public sector. Moreover, you can also charge as an individual freelancer and earn more.
• Flexible career: Chartered accountants are in high demand in all of Canada’s industries. So, as a certified accounting professional, you have the advantage of choosing an industry of your liking at any time of your career and progressing in that field.
• PR in Canada: Finance professionals are increasingly in demand globally, which is true for Canada as well. So, your chances of getting a permanent residentship in the country also increase if you can meet all other requirements.

Also Read:IELTS Requirements for Canada Work Permit

Conclusion

By knowing all about the CA course in Canada and the entire process of becoming a CA in Canada, you are in a primed position to plan your education and career to meet your goal of becoming a CPA in Canada. However, it is important to start planning from the university level when you take your bachelor’s level education. So, make sure to plan ahead of time!

Related Articles: 

• Top 10 Universities for Masters of Accounting In Canada
• Detailed Article on Canadian CPA course Fees
• Average Chartered Accountant Salary in UK

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