With regard to the CPD exemption , if you work part-time for a CPA firm , you ’ ll be engaging in “ public practice ” as defined in the CPABC bylaws , and , therefore , would not qualify for CPD exemption , regardless of the income earned . However , if you work anywhere but a public accounting firm , you might qualify for a CPD exemption , assuming you meet all the other criteria ( see # 5 ).
5 . I ’ ve been retired for a year . Do I still have to do CPD ? If you ’ re a member in retirement who meets all of the following criteria , you are exempt from the minimum CPD requirement : a ) You are at least 55 years of age as of
December 31 ; b ) You do not engage in “ public practice ” as defined in the CPABC bylaws ; c ) You do not serve on the board or governing body of a public company or reporting issuer as contemplated by the Code of Professional Conduct ; and d ) Your “ gross active income ” does not exceed an indexed threshold .
Note that “ gross active income ” for CPD purposes differs from “ active income ” for membership dues purposes . Gross active income for CPD purposes is active income and any gross revenues not included in active income that are related to professional activities from self-employment sources , regardless of the business structure used ( sole-proprietorship , corporation , etc .). For 2016 , the threshold is $ 29,700 . To claim the CPD exemption for members in retirement , you must file a declaration form that states your eligibility for exemption from the CPD requirements . The declaration form is available online at https :// services . bccpa . ca . Once you have submitted this declaration form , you are no longer required to file an annual CPD report . However , if your circumstances change such that you no longer meet the exemption criteria , you will be required to complete CPD in the year in which your circumstances change ( and report accordingly ). Additionally , you must advise CPABC ’ s CPD administrator of your change in circumstances immediately by email at cpd @ bccpa . ca for further guidance .
6 . What are my professional obligations if I ’ m exempt from minimum CPD requirements ? Under the Code of Professional Conduct , you must sustain professional competence by staying informed of , and complying with , developments in professional standards in all functions in which you provide professional services or are relied upon because of your calling . This rule applies to all members , even those with an exemption from CPD reporting requirements .
ACCOUNTANTS VALUE DIANE ’ S OPINION
Diane is an AIC-designated appraiser , a Canadian real estate valuation expert . Accountants , investors and fi nancial planners rely on AIC appraisers – AACI ™ and CRA ™ – for unbiased opinions and trusted advice on the value of real estate , including expert testimony before judicial and quasi-judicial bodies . Property taxes , estate settlement , foreclosure , retirement planning , capital gains tax , asset management , IFRS , mergers , acquisitions , and more – if it involves real estate , involve an AIC-designated appraiser .
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CPABC in Focus • May / June 2016 27