Registration

Registration as a registrant (candidate, member or firm) is a regulatory process. Applications for any category of registration shall be in the form approved by the Board and filed as specified by the Board.

Registration with CPA in any category is overseen by the Registrar and the Board. There are rights and obligations to each category of registrant.

The registration process begins with an application form to the Registrar, payment of fees and filing of other information as required.

Once approved as a registrant, the register of all CPA candidates, members and firms is updated.

Firm Name and Use of Legacy Designations

Under Regulatory Bylaw 13.6, each firm shall have a name which:

  1. is not misleading;
  2. does not contravene professional good taste; and
  3. is in accordance with the Rules established by the Board.

The transitional provision in Regulatory Bylaw 62.2 provides a three year period for a firm to integrate the designation “Chartered Professional Accountant” or “CPA” or the title “Professional Accountant” into its description or name where the current name or description includes a legacy designation.

Further, under Regulatory Board Rule 326.5, the name or descriptive style of the firm may include “Chartered Professional Accountant” or “Professional Accountant” where at least eighty percent (80%) of the proprietary interest of the firm is held by one or more members.

A firm registration permit with the firm name and list of members associated with the firm will be issued in the coming months.

Location

An application shall be filed for each municipal location of the firm.

A firm shall not hold out or imply that it has an office in any place where it is only represented by another professional accountant or a firm of professional accountants.

Professional Liability Insurance

The new Rules on Professional Liability Insurance coverage are below for your reference. Every firm shall carry professional liability insurance and provide to the Institute a certificate of professional liability insurance coverage which states the amount of insurance carried, the anniversary date of the policy and any other information as set out in the Rules.

“Regulatory Board rule 330.1 The minimum requirement for professional liability insurance when the firm engaged in the one or both of compilation engagements or taxation services is:

  1. $1,000,000, where one (1) member is engaged or employed in one or both of compilation engagements or taxation services;
  2. $1,500,000, where two (2) or three (3) members are engaged or employed in one or both of compilation engagements or taxation services in the same firm; or
  3. $2,000,000, where four (4) or more members are engaged or employed one or both of compilation engagements or taxation services in the same firm.

Regulatory Board rule 330.2 Subject to Board rule 330.1, the minimum requirement for professional liability insurance when a firm provides services to the public but is not engaged in the practice of one or both of compilation engagements or taxation services is $250,000 per practice leader.

Regulatory Board rule 330.3 The requirement for professional liability insurance shall include coverage for defense costs in addition to the minimum requirements specified in Board rule 330.1 and 330.2.”

*Please note there are separate Professional Liability Insurance requirements if you are licensed (i.e. practicing professional accounting)