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.

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