Historic agreement between two tax titans

CPA Canada and the Canada Revenue Agency usher in a new era of collaboration on key tax matters. Plus, four provinces move toward unification.

TAX TALK

Historic agreement between two tax titans

CPA Canada and the Canada Revenue Agency (CRA) signed an agreement on Nov. 26, 2014, ushering in a new era of collaboration between the organizations.

Committees co-chaired by senior representatives of CPA Canada and the CRA will identify issues and promote discussion in seven areas: services, compliance, tax administration, scientific research and experimental development, commodity tax, red-tape reduction and training. A steering committee will manage the process.

Kevin Dancey, CPA Canada’s president and CEO, emphasized that the interests of taxpayers will remain a key priority. Gabe Hayos, CPA Canada’s vice-president, taxation, called the agreement "historic," predicting the approach will lead to greater accountability and action. "CPA Canada is among our most important partners," said Andrew Treusch, commissioner and CEO of the CRA.

UNIFICATION

Four provinces make unification moves

In Newfoundland and Labrador, the Chartered Professional Accountants and Public Accountants Act was proclaimed and came into force on Jan. 9, 2015.

In Alberta, the Chartered Professional Accountants Act was passed in the legislature on Dec. 17, 2014. In Manitoba, the identically named Chartered Professional Accountants Act was introduced in the legislature on Dec. 1, 2014.

In Prince Edward Island, legislation to formalize the unification of the three accounting bodies as CPA Prince Edward Island was passed on Nov. 27, 2014.

All 40 accounting bodies in Canada either have unified or are participating in discussions to unite under the CPA banner. Get the latest news at unification.cpacanada.ca/blog/category/news.

MEMBER RESOURCES

Put a ring on this engagement manual

Canadian Professional Engagement Manual book cover

The 2014 Canadian Professional Engagement Manual Plus is the essential guide to performing audit, review and compilation engagements for small and medium-sized enterprises. The "plus" — available in English only — is a set of practical short videos showing how to complete key forms. Get your copy at cpacanada.ca/cpemplus.

"Tagging of the legacy designation to the CPA provides full transparency and allows recruiters, hiring managers and clients to have a good understanding of the background of all of our legacy members. As we graduate individuals from the new CPA program, they will use the CPA on its own"

—Joy Thomas quoted in "The New Canadian CPA: Bringing Together Three Legacy Accounting Designations," Hays Canada Connected, issue 6. Visit cpapro.ca/whos-saying-what to read the full story.

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