Latest news with #CPACanada
Yahoo
2 days ago
- Business
- Yahoo
CPA Canada and FP Canada team up to enhance financial services
Chartered Professional Accountants of Canada (CPA Canada) and FP Canada have signed a memorandum of understanding (MoU) to deliver more comprehensive financial guidance to Canadians. This move is aimed at fostering closer collaboration between the accounting and financial planning professions. The agreement will enable professional accountants under CPA Canada to enhance their credentials through improved access to FP Canada's courses and conferences. Both organisations will work together on continuing education, research, and thought leadership initiatives. Certified Financial Planner and Qualified Associate Financial Planner professionals will gain better access to select CPA Canada programmes, including accredited continuing education and national events. FP Canada will also share and promote CPA Canada's information, research, and updates to help financial planners remain current and competitive. CPA Canada president and CEO Pamela Steer said: 'The landscape of financial services is evolving quickly, and clients are looking for holistic advice that integrates tax, retirement, investment and estate planning. 'This agreement will allow CPAs to deepen their value to clients through greater access to financial planning credentials at FP Canada—and aligns with the professional rigour and ethical standards CPAs are known for.' For Canadians, this partnership will offer increased access to financial expertise from professionals adhering to high standards of ongoing education, ethics, and certification. The collaboration aims to provide comprehensive advice covering complex tax strategies and long-term financial planning, enabling more informed and confident financial decisions. FP Canada president and CEO Tashia Batstone said: 'This partnership represents a significant opportunity to leverage the strong reputations of two esteemed professional organisations in Canada's financial services sector. 'By working together, we can more effectively support the professionals who serve the public every day. This will ultimately help to strengthen the financial services ecosystem, for the benefit of all Canadians.' In January 2025, CPA Canada announced plans to enhance the professional development of Canadian chartered professional accountants (CPAs) with its new initiative, CPA Canada Connects. "CPA Canada and FP Canada team up to enhance financial services" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Vancouver Sun
14-05-2025
- Business
- Vancouver Sun
Posthaste: High down payments keep Canadians out of homeownership
Saving up for a down payment on a home is the main obstacle for 32 per cent of prospective homebuyers, according to a new survey, but that's just one of the many hurdles they're facing. Thirty per cent point to high mortgage payments as their top barrier in home ownership, the survey by CPA Canada and BDO Debt Solutions said, but just 10 per cent preferred the flexibility of renting. 'The dream of owning a first home is slipping away for many Canadians,' Nancy Snedden, a licensed insolvency trustee and president at BDO Debt Solutions, said in a news release. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'With the cost of living on the rise, saving for a home has become increasingly challenging. It's concerning that only two per cent of non-homeowners in Canada are able to make their emergency fund a financial priority, while many are relying on credit to cover their expenses.' Down payment amounts depend on several factors, but the minimum needed for a home valued at less than $500,000 is five per cent of the purchase price. For homes valued between $500,000 and $1 million, a five per cent down payment is required for the first $500,000 and 10 per cent for the remainder. Homes valued at more than $1 million require a 20 per cent down payment. Under these general conditions, the average selling price from March of $678,331 would require a down payment of at least $43,833, but home prices are much higher in Canada's urban areas. 'Homeownership is closely tied to financial stability and wealth accumulation,' Li Zhang, a financial literacy leader at CPA Canada, said in the release. 'This is reflected in the behaviour of Canadians: homeowners are more likely to save for retirement and invest, while renters often live paycheque to paycheque. Only four per cent of renters report prioritizing lifestyle spending — most are simply struggling to cover the basics.' It's become so hard to save for a down payment that Canadians are increasingly relying on their parents for support. A CIBC survey in 2024 said 31 per cent of first-time homebuyers relied on parental gifts for a down payment, compared to 20 per cent in 2015. Despite the challenges, the federal government has tried to make saving for a down payment more accessible. The first home savings account (FHSA) is designed to help first-time homebuyers with their down payments, offering savings accounts that work as both a tax-free savings account (TFSA) and registered retirement savings plan (RRSP). The federal government has also announced 30-year mortgage amortizations, which are meant to help younger prospective homebuyers by reducing monthly mortgage payments. Sign up here to get Posthaste delivered straight to your inbox. Canadian shipments to the United States have tumbled in the wake of U.S. tariffs while exports to other nations soared. Canadian exports to the U.S. fell 6.6 per cent in March, the biggest drop since the COVID-19 pandemic. Meanwhile, Canadian exports to other nations climbed 24.8 per cent in the month, led by gold and crude oil. The jump almost entirely offsetted the losses from U.S. exports. Read more here. For those faced with a sudden retirement, waiting out the time before the Canadian Pension Plan and Old Age Security can be stressful. For those faced with this situation it may be prudent to alter some life choices to save money, including keeping a car for longer, finding a job or reducing spending, certified financial planner Allan Norman wrote. Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Visit the Financial Post's YouTube channel for interviews with Canada's leading experts in business, economics, housing, the energy sector and more. Today's Posthaste was written by Ben Cousins with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@ . Bookmark our website and support our journalism: Don't miss the business news you need to know — add to your bookmarks and sign up for our newsletters here
Globe and Mail
08-05-2025
- Business
- Globe and Mail
Business owners unprepared for CRA's switch to default online mail at risk of missing tax info
Businesses that aren't prepared for the Canada Revenue Agency's (CRA) transition to default online mail may miss crucial tax notices, forms and statements, tax experts say. As part of a broader effort to improve service delivery, the tax agency is moving to online mail for most business correspondence, including the notice of assessment or statement of account for current source deductions. The transition will happen in two stages. First, on May 12, the CRA will switch to online mail for all new business number (and CRA program account) registrations. Then, on June 16, the CRA will begin delivering mail online to all existing businesses that already have a My Business Account registration or that have given a representative, such as an accountant, authority to engage the CRA on their behalf through the CRA's Represent a Client platform. Existing businesses that have neither a My Business Account nor a representative will continue to receive paper mail, as will charities and some non-resident businesses. Certain correspondence, such as cheques if the business hasn't set up direct deposit, will continue to be mailed. Businesses that don't realize they're receiving tax correspondence online may risk incurring interest, penalties or other negative consequences if they don't respond, tax experts warn. Ryan Minor, director of tax for CPA Canada in Sudbury, Ont., says he's particularly concerned about businesses that might use an authorized representative but haven't registered a My Business Account. For example, businesses often hire accounting firms to perform specific tax services but typically don't have them monitor their CRA correspondence on an ongoing basis, Mr. Minor says. 'We're a little concerned about [firms] getting blamed [by clients] for missing correspondence,' Mr. Minor says. CPA Canada sent a letter to the CRA in March outlining its issues with the initiative. In response to questions from The Globe and Mail, CRA spokesperson Sylvie Branch said in an e-mail response that there are just more than 1 million businesses with a business number that don't have a My Business Account but do have an authorized representative with online access. 'The CRA is working with partners to ensure both the business and representative community are aware of the change and of the process to opt out of online mail,' Ms. Branch said. Businesses that want to continue receiving paper mail must make a request with the CRA, either by mailing in a form or by choosing the paper mail option on their My Business Account with the CRA. A business must renew its request to activate paper mail every two years to continue receiving mail that way. It must also keep its mailing address up to date with the CRA, as any undeliverable mail will result in the CRA reverting the business to online mail. In a press release about the initiative issued Wednesday, the CRA recommended that businesses prepare for the change by signing into their My Business Account to ensure their e-mail address, which the CRA will use to send notifications, is up to date. Businesses can add up to three e-mail addresses per program account in My Business Account. Joseph Devaney, a chartered professional accountant and director of tax education and development at Video Tax News in Edmonton, says he's concerned businesses might temporarily miss important notifications if, for example, they update e-mail addresses company-wide or a person associated with an e-mail address on the business's CRA account changes roles, leaves the company, or passes away. The shift to online mail should eventually result in a faster and more trackable system of communication with businesses, he says. However, in the immediate term, businesses should consider opting out of online-only mail unless they have 'a solid process in place to ensure notifications aren't missed,' he says. 'Given the widespread issues with the CRA's processing of personal tax slips this year, many firms are nervous about relying on CRA technology for such important communications,' Mr. Devaney says. The CRA says it will make form RC681: Request to Activate Paper Mail for Business – the form to request paper mail – available May 12. The CRA recommends businesses continue to check their CRA My Business Account for correspondence while the CRA processes the form, which it expects it will complete within 30 days of receipt. Businesses that select paper mail on their My Business Account portal will have their mail delivery preference changed instantly, Ms. Branch says.
Calgary Herald
07-05-2025
- Business
- Calgary Herald
Posthaste: High down payments keep Canadians out of homeownership
Article content Saving up for a down payment on a home is the main obstacle for 32 per cent of prospective homebuyers, according to a new survey, but that's just one of the many hurdles they're facing. Article content Thirty per cent point to high mortgage payments as their top barrier in home ownership, the survey by CPA Canada and BDO Debt Solutions said, but just 10 per cent preferred the flexibility of renting. Article content Article content 'The dream of owning a first home is slipping away for many Canadians,' Nancy Snedden, a licensed insolvency trustee and president at BDO Debt Solutions, said in a news release. Article content Article content 'With the cost of living on the rise, saving for a home has become increasingly challenging. It's concerning that only two per cent of non-homeowners in Canada are able to make their emergency fund a financial priority, while many are relying on credit to cover their expenses.' Article content Down payment amounts depend on several factors, but the minimum needed for a home valued at less than $500,000 is five per cent of the purchase price. For homes valued between $500,000 and $1 million, a five per cent down payment is required for the first $500,000 and 10 per cent for the remainder. Homes valued at more than $1 million require a 20 per cent down payment. Article content Under these general conditions, the average selling price from March of $678,331 would require a down payment of at least $43,833, but home prices are much higher in Canada's urban areas. Article content Article content 'Homeownership is closely tied to financial stability and wealth accumulation,' Li Zhang, a financial literacy leader at CPA Canada, said in the release. Article content Article content 'This is reflected in the behaviour of Canadians: homeowners are more likely to save for retirement and invest, while renters often live paycheque to paycheque. Only four per cent of renters report prioritizing lifestyle spending — most are simply struggling to cover the basics.' Article content It's become so hard to save for a down payment that Canadians are increasingly relying on their parents for support. A CIBC survey in 2024 said 31 per cent of first-time homebuyers relied on parental gifts for a down payment, compared to 20 per cent in 2015. Article content Despite the challenges, the federal government has tried to make saving for a down payment more accessible. Article content The first home savings account (FHSA) is designed to help first-time homebuyers with their down payments, offering savings accounts that work as both a tax-free savings account (TFSA) and registered retirement savings plan (RRSP).
Toronto Sun
06-05-2025
- Business
- Toronto Sun
High morgtage payments, downpayments keep buyers out of housing market: Survey
'Like sucking the oxygen out of a room, rising housing costs in Canada leave little left for consumers to spend in the overall economy" Homes for sale at the Juniper condo development in North Vancouver on Tuesday, Sept. 13, 2022. Photo by Taehoon Kim / Bloomberg OTTAWA — One-in-three Canadians say saving up for huge down payments are keeping them out of the housing market. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Results of a new poll released Tuesday by Chartered Professional Accountants of Canada (CPA Canada) and BDO Debt Solutions highlight a bleak mood among Canadians hoping to purchase a home, with 30% of Canadians saying the ongoing high costs of mortgage payments are keeping them out of the market, while 10% say they prefer the flexibility of renting over buying. 'Like sucking the oxygen out of a room, rising housing costs in Canada leave little left for consumers to spend in the overall economy,' said CPA Canada's Chief Economist David-Alexandre Brassard. 'High down payments restrict access to real estate investments and exacerbate wealth inequality, leading to social consequences.' Recommended video Of those polled, 43% said Canada's ongoing affordability crisis is their top financial challenge, while 15% indicated paying down debt is becoming a big issue — all contributing to a situation where everyday Canadians are too concerned with keeping their heads above water to save for buying a home. This advertisement has not loaded yet, but your article continues below. 'The dream of owning a first home is slipping away for many Canadians,' said BDO's Nancy Snedden. 'It's concerning that only 2% of non-homeowners in Canada are able to make their emergency fund a financial priority, while many are relying on credit to cover their expenses.' Other takeaways include wide age gaps in home ownership — nearly three-quarters of those over 55 own their home, while only 63% of those aged 35-54 are homeowners, dropping to just 31% for those 18 to 34. bpassifiume@ X: @bryanpassifiume Read More Toronto Maple Leafs Canada Editorial Cartoons MLB Toronto Blue Jays
