FAQs - Professional Accounting Corporations

The Chartered Professional Accountants Act 40(1) (c) specifies that all directors of the corporation must be members in good standing.  Therefore, your family member can only be a director of the corporation if they are a member of CPABC in good standing.

You can obtain a professional accounting corporation permit for an existing corporation, provided the corporation is structured in accordance with our bylaws and the name is acceptable to CPABC.  See our website to apply for a professional accounting corporation permit.  

The Chartered Professional Accountants Act Sections 39, 40 and 41 outlines how a corporation must be structured in order to obtain an incorporation permit.  All voting shares must be held by a member in good standing either directly or through a holding company.  Non-voting shares of the corporation (or a holding company) can only be held by a member in good standing who owns the voting shares of the corporation, or by a relative of that member, or a corporation, all the shares of which are beneficially owned by one or more of the persons referred to in Section 40 (1)(e) (i) or (iii) .