Country survey: Canada

Yahoo

02-05-2025

There are more than 220,000 Chartered Professional Accountants (CPAs) in Canada, making it one of the largest accounting designations in the world. Joe Pickard speaks to CPA Canada's Pamela Steer to learn more about the current shape of the country's accounting professionPamela Steer: The CPA designation was established in 2014, following the merger of the Canadian Institute of Chartered Accountants (CICA), the Society of Management Accountants of Canada (CMA Canada) and the Certified General Accountants of Canada (CGA Canada), uniting the profession under a single, nationally recognised credential.
CPA Canada's rigorous national education program upholds the high professional standards that have come to define the Canadian accounting profession, equipping candidates across the country with the technical proficiency and ethical judgment required to navigate complex global challenges.
In 2024, more than 24,000 students were enrolled in our CPA Professional Education Program. The CPA PEP provides the educational foundation for aspiring CPAs, requiring practical experience and culminating in a three-day Common Final Examination (CFE).
The national body also provides Canadian CPAs with lifelong learning opportunities and continuing professional development, including our recently launched monthly thought leadership sessions, The ONE conference, in-depth courses and specialised certificates that ensure CPAs stay ahead of evolving regulations and best practices.PS: The Canadian accounting profession faces three key challenges today.
First, CPAs must navigate an increasingly complex and regulatory landscape, including ever-evolving tax policies, financial reporting and assurance standards, and sustainability disclosure requirements, to name a few. Future-proofing your career requires ongoing professional development and adaptability to ensure compliance and strategic decision-making.
Second, the rising demand for sustainability and artificial intelligence (AI) assurance is reshaping the profession. CPAs must apply their expertise to verify sustainability data and support the responsible adoption of AI with the same rigor as financial reporting. This presents particular challenges for small and mid-sized practitioners with limited resources.
Finally, while demand for CPAs remains high, global competition for talent makes attracting and retaining skilled professionals difficult. This talent gap threatens financial reporting, audit quality and the profession's ability to adapt to evolving business and economic needs.
This is not only a challenge for the accountancy profession in Canada, but worldwide. CPA Canada's international presence enables collaboration with global partners and peers to address the talent pipeline and a range of other complex challenges – from AI to climate change.
A strong, unified CPA professional voice is crucial for building resilience and shaping the future of the profession. CPA Canada is steadfast in its commitment to representing all Canadian CPAs, actively countering divisive forces both from outside and within the profession, including the recent withdrawal of two provincial regulatory bodies.
As the national accounting body, CPA Canada collaborates with global peers through our membership in influential international organisations such as the International Federation of Accountants and the Global Accounting Alliance. This ensures that Canadian accountants are not only at the forefront of global conversations but are also empowered with global insights through our thought leadership resources and professional development programming to give CPAs a competitive edge in an ever-evolving landscape.PS: With challenges come opportunities, and the accounting profession is well positioned to seize them.
By embracing digital transformation, CPAs can enhance efficiency, provide deeper financial insights and strengthen their role as strategic advisors. Advanced technologies will continue to empower accountants to shift from historical reporting to future-oriented insights, powered by predictive analytics and helping businesses make proactive, data-driven decisions.
Beyond traditional accounting, CPAs are increasingly valued for their expertise in financial planning, risk management and strategic decision-making. As recognition of their skills grows, CPAs are securing more executive and board positions. Notably, CPAs hold approximately 22% of board seats in Canadian publicly traded companies, underscoring their influence in corporate governance.
Accountants also play a vital role in Canada's economy. With a long history of building trust in capital markets, CPAs are well equipped to shape governance frameworks for a digital, sustainable world. Drawing on the expertise of Canadian accountants, CPA Canada collaborates with policymakers and standard-setting bodies to promote responsible tax administration and strengthen global anti-money laundering and anti-corruption efforts, for example.PS: The Canadian CPA profession is widely respected for its expertise and adherence to high ethical standards and professional codes of conduct, not just in Canada but around the world. Its competency-based education and exhaustive accreditation requirements instil public confidence that CPAs have the skills and judgment to support businesses, governments and the public effectively.
Canada's independent standard-setting process further reinforces trust in the profession. The CPA Canada Handbook provides CPAs, organisations and governments with access to up-to-date domestic and international standards and guidance, ensuring consistent application and safeguarding the integrity of Canadian capital markets, corporate legislation and banking regulations.
While recent governance changes – specifically the separation of CPA Ontario and CPA Quebec from the national body – have raised questions about the profession's structure, CPA Canada remains committed to maintaining national consistency in education and standard setting, both of which are key pillars of public trust.
By serving as a unifying and authoritative voice for the profession at national and international levels, CPA Canada works diligently to continuously enhance the reputation and influence of Canadian CPAs as respected leaders and problem solvers, while maintaining cohesion, efficiency and effectiveness.PS: The accountancy profession is a more valuable and rewarding career path than ever, particularly with respect to opportunities in sustainability and technology, with its perception and appeal continuously evolving. We have more work to do to improve enrolment and retention, particularly in public practice. CPAs are more essential than ever in upholding trust amid economic uncertainty, information overload and widespread disinformation.
Beyond financial expertise, CPAs are recognised as guardians of transparency and accountability. According to the Institute of Chartered Accountants in England and Wales, 81% of people view accountants as responsible for ensuring data accuracy while 77% believe they help combat misinformation. This underscores the profession's critical role in safeguarding reliable financial and non-financial information – data that businesses, governments and individuals rely on.
As career opportunities expand for CPAs in emerging areas such as sustainability, AI and data analytics, the profession is positioned to attract top talent and remain relevant in a rapidly changing world.PS: CPA Canada is creating compelling narratives about the diverse and meaningful career paths CPAs can pursue. To challenge outdated stereotypes, CPA Canada spotlights CPAs across industries and career stages, using social media, podcasts and editorial content in major publications to engage a broad audience.
Beyond raising awareness, the national body is expanding access to the profession by developing inclusive pathways to the CPA designation. In partnership with Indigenous organisations and the CPA Western School of Business, we offer tailored courses and mentorship opportunities to reduce barriers for Indigenous learners. The profession's educational approach has also evolved, integrating adaptive learning e-books and AI-assisted tutors for a more personalised and innovative learning experience.
By broadening outreach and fostering diverse perspectives, CPA Canada is helping the next generation see the profession as dynamic, forward thinking and accessible to all.PS: Given Canada's strong trade ties with the US – which accounts for over 70% of Canadian exports and 60% of imports – Trump's tariffs have introduced significant uncertainty into North American supply chains.
These tariffs affect key industries, such as oil and gas, automotive manufacturing and aluminium and steel production, where Canada is a key supplier. Both the threat and implementation of tariffs create substantial risks for cross-border businesses, making accountants essential in helping organisations navigate the evolving trade environment.
CPAs play an important role in assessing and mitigating these risks by evaluating revenue, profit and supplier exposure to tariffs and potential retaliatory measures. They also support cashflow management to help businesses remain resilient amid ongoing disruptions.
As companies re-evaluate their trade strategies, explore alternative markets and draft new scenarios to adapt, CPAs provide the expertise needed to guide businesses through these strategic shifts and the associated financial decision-making. At CPA Canada, we are proud to cultivate, support and champion forward-thinking, solution-driven CPAs – uniting our great profession in Canada and on the world stage amid these uncertain times and dynamic geopolitical challenges. In an increasingly borderless ecosystem, a strong national approach from our profession can help businesses navigate this complex landscape with integrity, transparency and ethical leadership.
It's more important than ever that we, as a profession, rise to the occasion. As the national accounting organisation, we are here to support CPAs in guiding businesses through the turmoil to help them emerge stronger. To that end, we are involved in active discussions on this important and timely topic with national partners, the federal government and our global peers, including our southern neighbours at the AICPA, with whom we maintain close ties.
"Country survey: Canada" was originally created and published by International Accounting Bulletin, a GlobalData owned brand.
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