Canadian Chartered Professional Accountant (CPA)

Orbit Institutes - Canadian Chartered Professional Accountant (CPA)

CANADIAN CHARTERED PROFESSIONAL ACCOUNTANT (CPA)

The Canadian Chartered Professional Accountant (CPA) designation prepares you for a life-long, rewarding career with unlimited potential. A CPA is your gateway to a world of exciting opportunities.

The value of the CPA designation is recognized by companies globally. As a Canadian CPA, you have many career choices — multiple opportunities in many roles and in all sectors of the economy, at home and abroad.

Every organization needs an accountant. Every tech startup, financial institution, entertainment company, non-profit, government agency — everyone — needs the skills you can provide as a CPA. You have the widest range of opportunities, so you can choose the environment that you want to work in. Regardless of your industry sector, your job is to be a forward-thinking financial leader and to apply the knowledge you’ve gained from the CPA designation to make important financial and business decisions.

Orbit Institute, in alliance with the Professional Accounting Supplementary School (PASS), the most acclaimed CPA Review provider in Canada, is offering a comprehensive course to prepare aspirants for success in the CPA examination.

CPAs are in demand throughout Canada, as well as internationally — there are thousands of CPAs working around the world, in the Caribbean, Asia, and Europe. CPA Canada offers a host of Mutual Recognition Agreements that allow CPA members to become designated by other associations. This, combined with the fact that the Canadian CPA is one of the world’s largest and most respected designations, means that a CPA could be your opportunity to travel, work and consult around the world.

INQUIRED FOR A CPA COURSE

    I. The PASS / ORBIT COURSE

    No – PASS/Orbit is the only course in India preparing students to obtain their Canadian CPA
    No – Only PASS/Orbit has developed a dedicated course to prepare students with an Indian CA to pass the CFE
    You can register online at www.orbitinstitutes.com
    (a) You receive an online confirmation
    (b) Students will be provided with a technical binder and you will have access to all of the technical videos
    (c) We will send you practice cases
    (d) Classes will start
    Yes, there will be additional material as the course progresses
    Both – much of the material is online and you also receive several binders of hard copy material
    Yes – For live online classes you sit at your computer and log in and watch the instructor teach the class. You can ask questions by texting or by using your microphone. We will e-mail a schedule with the upcoming classes
    Not a problem – all live online classes are recorded, so you just watch the video. The video is uploaded the following day
    Unlimited use until you pass the Exam (CFE)
    If you have general questions about the course, you can contact Orbit – 91-20-2616-9533 / 1250 OR cell 98-9275-622 OR info@orbitinstitutes.com
    If you have technical questions, you can contact Ira (iwalfish@passyourcpa.ca WhatsApp, 416-888-7173) or Michael (mjlevi@passyourcpa.ca or WhatsApp, 416- 560-3797)

    II. The Study Process

    Yes – you can study anywhere in the world. You just need access to the internet
    Difficult to answer – If working full time, should begin no later than December 2021 for the May 2022 exam and no later than March 2022 for the September 2022 exam. If not working, can start a bit later. The earlier you start, the better the chances are of passing
    No – it will just mean more time is required to review the technical and get up tospeed. We have had students in our course who wrote the Indian CA over 20 years ago.
    The 2 biggest topics are financial accounting and management accounting

    III. The CFE Exam

    Common Final Exam
    Any Indian student who has an Indian CA
    No – An Indian student with an Indian CA can go directly to the final exam, the CFE. (If you don’t have an Indian CA you would need to write other exams before you write the CFE)
    Twice a year, in May and Sept. Upcoming exams are May 25-27, 2022 and Sept. 7-9, 2022
    You write the CFE in the Canadian Province that you register with
    No – it is a Canadian exam, i.e. everyone writes the same exam across Canada. Most popular Provinces are Ontario and British Columbia
    It is discouraged but may be possible
    3 times
    The exam is written on the computer, using word and excel
    No – the exam is open book. Candidates have access to the CPA Handbook (which provides accounting guidance) and the Tax Act
    There are 6 technical areas on the exam: Financial Accounting, Management Accounting, Auditing, Tax, Finance and Governance
    Yes – in particular (i) Accounting Standards for Private Enterprises (ASPE) for financial accounting and (ii) Canadian Tax
    Yes – the exam is case based. Day 1 is a 4 hour case based on Capstone 1 (see below), Day 2 is a 5 hour case called “the comp” and Day 3 is 3 shorter cases, between 70 and 90 minutes each, totaling 4 hours. There are no multiple choice or technical questions on the exam
    No – Day 1 is marked separately – pass or fail. Day 2 and 3 are combined and marked together – pass or fail. If you fail Day 1 but pass Day 2/3 you would only write Day 1 again; if fail Day 2/3 but pass Day 1, you only have to re-write Day 2/3

    IV. Capstone 1 and 2

    Canadian students have to take Capstone 1 before the CFE. They are put into groups and work online, for 7-8 weeks, responding to a large case study. On the 1st day of the CFE, the 4 hour case is a continuation of the Capstone 1 case (i.e. involves the same company as the Capstone 1 case, 5 or 10 years later, new 15-20 page case)
    No – Indian CAs are exempt from Capstone 1, from Jan. 2019 onwards
    Canadian students have to take Capstone 2 before the CFE. Capstone 2 is essentially practice cases. Students write prior CFE cases each week (last 7 weeks before the CFE), hand them in weekly to CPA Canada and get them marked and returned
    No – Indian CAs are now exempt from Capstone 2
    Even though you are not attending Capstone 2, it is very important to write prior CFE cases
    Purchase the cases and marking guides from the Provincial Institute, for approximately $250 Canadian

    V. The Immigration Process (Non-Covid Times)

    No – it is not a difficult process. Students with a CA from India are able to immigrate into Canada, quite easily, usually through a special program, the FSW, Federal Skills Workers Stream, www.cic.gc.ca (click “Express Entry”)
    No – you do not need a job in Canada in order to immigrate
    Typically 7 months if things go smoothly, which they should (see Covid questions below)
    Yes – Indians immigrating to Canada do find work, even before they have a Canadian CPA, but it is much easier to land a job if you have passed the Canadian CPA
    Yes, you can check out the following links:

    •https://www.abhinav.com/canada-immigration/how-to-immigrate-to-canada-from-india.aspx
    •https://www.visasavenue.com/canada-immigration/immigration-to-canada-from-india/

    VI. The Immigration Process (During Covid)

    The PR process and the process for obtaining a visa is slower than it was pre-covid. There are also vaccination requirements for entering Canada.
    We suggest the following steps:

    •Step 1 – Make a decision you want to come to Canada to pursue a Canadian CPA
    •Step 2 – Begin the PR (immigration process) or the process for obtaining a visa as soon as possible.
    •Step 3 – Register with PASS and you will be able to start studying, specifically:
    •Technical notes and videos – you will receive your technical binder and have access to all technical videos
    •Case writing – after watching some introductory videos on cases, you can write practice cases and self mark
    Note – registering with PASS is totally separate from the whole immigration process and you should register with PASS as soon as you make a decision to write. PASS is flexible and will move you into a different CFE (no additional cost) if the immigration process takes longer (or for any other reason that you delay writing)
    The type of Visa you need depends upon where you are planning to write the CFE:
    • If you are writing in Ontario, you will need to register with CPA Ontario. CPA Ontario allows you to use any visa that satisfies Immigration Canada requirements If you are just writing the CFE and returning to India a Visitor visa should suffice. Please see Immigration Canada site for further information.
    • If you are planning to write in a western province (i.e. Manitoba, Saskatchewan, Alberta or British Columbia) you will need to register with CPA Western School of Business (CPAWSB). CPAWSB requires a study visa. They are, however, a Designated Learning Institution and therefore can provide you with the documentation (i.e. "Appendix to the Study Permit") that will enable you to obtain a study visa.
    No problem – we simply move you into the next batch and you continue studying, watching videos, attending sessions etc. No additional fees. You continue to have access all material and videos as long as you need

    VII. Fee Info

    Price - $1,350 US
    Students who have an Indian CA are not required to attend Capstone 2 (See IV above). Capstone 2 is, however, very important for passing the CFE, as it allows students the opportunity to write prior CFE cases and have them professionally marked. In order to ensure that students who do not attend Capstone 2 with CPA Canada are well prepared, for this option, PASS has incorporated the prior CFE case writing covered in Capstone 2 into the PASS course.
    Students will purchase the cases from Capstone 2 for approximately $250 and then will write these cases and the PASS professional markers will mark them. In the Capstone 2 portion of the course students will have the opportunity to write old Capstone cases for all 3 days of the CFE. This includes 12 cases: 2 Day 1 case, 2 Role Comp Day 2 cases and 8 Day 3 multi cases
    Using Ontario as an example (fees could differ slightly if registering with a different Province). All fees in Canadian dollars.
    •One time registration fee - $125 plus tax = $141.25
    •Annual student fee* - $600 plus tax = $678 (if registering between Jan. 1 – June 30) / $300 plus tax = $339 (if registering between July 1 – Dec. 31) (Cdn $)
    •CFE fee – $1,500 ($1,695 including tax)
    •Travel to Canada to write the CFE – approx. $1,500
    •Capstone 2 material - approx. $250 (see point IV above)
    Approx. 5,000 US $ or $6,500 Cdn $ (includes 1 trip to Canada to write the CFE)

    *Fee may be less while you are residing outside Canada and not providing accounting services in Canada.

    VIII. Optional Add-on Course

    Students from certain countries (e.g. India) are not required to attend Capstone 2. As described above, during Capstone 2 students have the opportunity to write prior CFE cases and have them professionally marked. It is strongly recommended that all students purchase the Capstone 2 material from CPA, to practice write prior CFE cases.

    Students who take the Optional add-on course will have their prior CFE cases marked by PASS professional markers. Students will need to register for this course.
    We charge $800 - a discount of 15%, which is $680 Canadian or $550 US dollars

    IX. PASS Company Info

    Michael Levi and Ira Walfish are the 2 directors of PASS
    Michael worked at Deloitte Canada for 9 years and Ira worked at EY Canada for 10 years and both left their respective public accounting firms in 1995 to start PASS. PASS prepares students to get their Canadian CPA
    PASS has taught students from all 4 of the big accounting firms, Deloitte, KPMG, EY and PWC as well as thousands of students from other public accounting firms and industry. PASS currently runs the PWC CFE program across Canada
    Yes – PASS is the oldest firm in Canada involved in CPA prep courses and Michael Levi won the Ontario Gold Medal when he passed his CA exam (1st in the Province of Ontario)
    PASS is the only course provider with a dedicated course for students from/in India
    The PASS course is far more extensive (more classes, cases marked) than any of the other courses
    No – For the past 25 years PASS has been exclusively training students to pass the CFE

    X. PASS’s and Orbit’s Contact Info

    •Website is: passyourcpa.ca
    •Ira Walfish – iwalfish@passyourcpa.ca or what’s app 1-416-888-7173
    •Michael Levi – mjlevi@passyourcpa.ca or what’s app 1-416-560-3797
    •Address: 300 Sheppard Ave. W., Ste. 100, Toronto, Ontario M2N 1N5
    •Website is: orbitinstitutes.com
    •Website is: info@orbitinstitutes.com
    •Phone: 91-20-2616-9533 / 1250 OR cell 98-9275-6220
    •Address: 301-A, City Point, Dhole Patil Road, Pune - 411001

    XI. Registering with CPA Ontario or CPA Western School of Business (CPAWASB)*

    If you are planning to write the CFE in Ontario You can go to the website for CPA Ontario and find out all the information you need, when you have a CA from India. The link is: CPA Ontario

    If you are planning to write in one of the western provinces (i.e. Manitoba, Saskatchewan, Alberta or British Columbia) the link is: CPAWSB
    •For CPA Ontario it usually takes about 12 weeks
    •For CPAWASB the registration is much quicker – only a few weeks
    Definitely not – you should start the process to study ASAP and then at the same time, start the process to register with CPA Ontario or CPAWASB. You don’t want to waste valuable time, not studying, while you are waiting for your registration to be processed
    As long as you have a CA from India in good standing, it is very unlikely that your application will be denied. We are not aware of any Indian CA whose application has been denied.
    *If you will be writing the CFE in any of the western provinces (British Columbia, Alberta, Saskatchewan or Manitoba) you would register with CPA Western School of Business.
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