Canadian Accounting News Roundup – December 22, 2024

The Canadian accounting world has been rocked by the official split of CPA Canada from its largest provincial counterparts, CPA Ontario and CPA Quebec. This split, which occurred on Friday, December 20th, marks a significant shift in the accounting profession in Canada.

The CPA Standoff, as it has been dubbed, was a major story in Canadian accounting this year, garnering attention from the business press and sparking questions about regulation, marketing, and member fees. The split has raised concerns among CPAs about the future of the profession and the impact it will have on their practices.

In addition to the CPA split, the Canadian Sustainability Standards Board also made headlines this past week with the release of its first disclosure standards. The launch of these standards, which aim to promote sustainability reporting in line with international standards, comes at a crucial time for the accounting profession as it grapples with the challenges of climate change and environmental responsibility.

Meanwhile, homeowners in Canada are bracing for a tough year ahead as property taxes are set to increase in 2025. The rising costs of property taxes, coupled with other financial pressures, are causing concern among Canadians who are already feeling the pinch of higher living expenses.

On a more positive note, accounting firm MNP has expanded its reach by acquiring two BC firms, while Intuit has scored a major partnership with the Professional Women’s Hockey League, solidifying its position as a leader in the accounting software industry.

Overall, the Canadian accounting landscape is evolving rapidly, with changes in regulation, sustainability standards, and financial pressures shaping the future of the profession. As we head into the new year, CPAs will need to stay informed and adapt to these changes to ensure their success in an ever-changing industry.