CPA Canada cuts 20% of staff to save costs ahead of Ontario, Quebec exit

What’s happening at CPA Canada?

Chartered Professional Accountants of Canada (CPA Canada) is laying off 20 per cent of its 400 employees as CPA Ontario and CPA Quebec prepare to part ways with the organization in December.

CEO Pamela Steer told staff in an internal memo that CPA Canada is in a “challenging operating environment” ahead of the upcoming split.

“After sober reflection on future needs, it became clear that organizational changes are needed to ensure the long-term success of a CPA Canada that best serves members and the profession,” Steer said in the memo, which was obtained by The Globe and Mail.

In addition to eliminating positions, some employees will have their roles changed.

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CPA Ontario and CPA Quebec announced their intentions to leave last June — starting an 18-month withdrawal process.

Why is CPA Ontario leaving?

The organization said on its website that it’s leaving CPA Canada to ensure “the public is protected and the profession is prepared for the accelerated impact of technology and other changes that lie ahead.”

“This is our responsibility not just to you, our members and students, but also to the public as the profession’s regulatory body and the granters of the profession’s designation in Ontario.”

Why is CPA Quebec leaving?

The organization said its decision was similar to CPA Ontario’s — adding that leaving CPA Canada would ensure compliance with all obligations and responsibilities under Quebec’s legislative and regulatory framework.

Next steps for CPA Canada employees

If you’ve been affected by the layoffs at CPA Canada, understanding your legal rights is crucial.

Non-unionized employees in Canada’s financial services sector are entitled to severance pay based on a variety of factors, including their role, tenure, age, and ability to find similar work.

Here’s what you need to know:

• Compensation: Severance packages, which can be as much as 24 months’ pay, may include salary, bonuses, commissions, and other forms of compensation. Use our firm’s free Severance Pay Calculator to better understand your entitlements.
• Deadlines: You generally have up to two years from the date of your termination to review and negotiate severance offers.
• Action steps: Consult an employment lawyer at Samfiru Tumarkin LLP to ensure your severance package is fair and aligns with Canadian employment laws.

Major layoffs continue

The job cuts at CPA Canada comes amid a flurry of layoffs in 2024.

Big names, including Grammarly, Amazon, Estee Lauder, Snap, Zoom, Enbridge, PayPal, UPS, Deutsche Bank, Microsoft, Rona, eBay, Wayfair, and YouTube, have also pulled out the axe as they continue to navigate challenging economic conditions.

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• Firm launches $130M class action against Shopify for breach of contract
• Citigroup to slash 20,000 jobs over the ‘medium-term’
• Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.