If the candidate holds the U.S. CPA credential, then the candidate can earn a Canadian CPA designation too.
What is MRA?
Mutual Recognition Agreement – On January 1, 2018, the MRA between all Canadian CPA bodies and the United States’ International Qualifications Appraisal Board (IQAB), which represents the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA), came into effect.
Eligibility Requirements for US CPA seeking Canadian CPA designation:
- You have completed at least 150 semester hours of college or university coursework, including a bachelor or higher degree from a college or university recognized by the State Board.
- Valid US CPA License
- You have a total of 30 months of relevant work experience. The 30-month experience criterion is met by applicants who have two years of relevant post-qualification experience. The International Practical Experience Verification and Employer Details form is required for applicants with fewer than two years of relevant post-qualification experience.
U.S. CPA who are or have been residents of Canada must complete these additional requirements:
- A university degree from a degree-granting institution of higher education in the United States of America (USA), earned after full-time attending the institution in person for classroom instruction: or
- Possess at least one year of full-time accounting experience in the United States
This agreement does not apply to U.S. CPAs who received their U.S. CPA credential through a reciprocal arrangement between the NASBA and the AICPA and another professional accountancy organization. This covers all mutual recognition, reciprocal membership, and other similar agreements that the NASBA/AICPA may have had in the past.
Roadmap to the Canadian CPA designation for U.S. CPAs
- completing and submitting the International Candidate Application Form to the provincial/regional CPA body to which you wish to apply
- filling out the Certification of Membership with the United States State Board form
- Providing proof from your Home Institute that you are a U.S. CPA in good standing, this confirmation must be sent directly from the Home Institute to the provincial/regional CPA body.
- submitting valid government-issued papers as verification of your legal name
- Providing a thorough chronological résumé detailing all relevant work experience
- paying the required charge as decided by the CPA body in your province or region
- satisfying any other conditions imposed by the relevant provincial/regional CPA authority
Roadmap to the Licensure
- You meet any additional Canadian CPA experience criteria for public accounting, which may include at least 1,250 chargeable hours in assurance, with at least 625 hours in historical financial information auditing.
- Audit Experience: It may count toward the greater than 1,250 / 625 chargeable hours criteria if obtained in the United States, It must be within five years of the provincial/regional CPA body’s application, and it must also meet any additional public accounting experience requirements set forth by the provincial/regional CPA organization from whom you seek the right to audit and other services requiring provincial registration or license.
CPA Reciprocity Education and Examination (CPARE): Applicants must register with their provincial/regional CPA authority for the CPARE program, and applicants who pass the CPARE program within two years of becoming a member of a provincial/regional CPA body are exempt from taking the CPARPD (CPA Reciprocity Professional Development).