Being classified as “retired” primarily impacts whether there is a requirement to meet continuing mandatory professional development requirements and the amount of the annual membership dues. Members who are planning to retire should note the following:
Annual Membership Dues
Members who have retired and have attained the age of 55 or more shall pay reduced annual membership dues as stated in Regulation 4-2, Dues, if the following are both true:
- gross annual income, excluding pension or other retirement income and investment income, is not greater than CAD 25,000;
- age and the total number of years of continuous membership in good standing held in CPA Ontario and one or more provincial institutes or an accounting body recognized by the Council equals or exceeds the sum 70;
Continuing Professional Development
Depending on the activities undertaken, retired members may qualify for reduced CPD requirements. Please see Continuing Professional Development for more details.
Annual Practitioner Fee and Licensing
- If the practice ceased operating on or before October 1st, the annual practitioner fee for the firm is not required for that year.
- If the practice ceased operating after October 1st, the annual practitioner fee for the firm is required for that year.
- A retired member who renews their public accounting licence will be required to file the annual practitioner fee notice of fee exemption annually, if they are not practising.
- A retired member may continue to renew their licence only as long as the minimum hours are met and other criteria are fulfilled.
Rules of Professional Conduct Specific to Retirees
Often retired members continue to work with former clients or firms. Retiring members should review CPA Code of Professional Conduct - Rule 204 Independence, to ensure that they familiar with the rules and apply them accordingly.
Membership in CPA Ontario is an ongoing requirement to be eligible for member benefits; this is not impacted by your retirement – unless you revoke your membership or your membership is otherwise terminated.