Closing a Registered Firm
There are several reasons why you may decide to close your firm. Reasons can include a sale, retirement, family succession, illness or death.
On this page, find what you need to know before closing your firm.
Steps to close your firm
Obtain discovery insurance02.
Update your member profile03.
Submit a firm closure request04.
Obtain discovery insurance
Contact your current insurance provider and switch your current policy to a discovery policy. Discovery insurance may also be referred to as “an extended reporting period”. Your insurance policy must be maintained for a period of six years from the effective date of the firm closure or by an estate after the death of a member
Once you have obtained this insurance, please update your insurance information by logging in to My Portal, selecting Firm Dashboard ► Selecting Firm ► choose the Appropriate Firm ► Professional Liability Insurance ► Update Insurance Information. Please indicate the type of coverage as “Discovery”.
An email reminder to update discovery insurance information with CPA Ontario will be sent annually.
Update your member profile
Submit a firm closure request
Members can request a firm closure by logging in to My Portal, selecting Firm Dashboard ► Selecting Firm ► choosing the appropriate firm ► Firm Requests ►New Requests ► Firm Closure.
A firm may apply to surrender its registration, however, the application will not be accepted without the firm providing proof of discovery insurance for a period of six years.
If your firm is registered with the government as an LLP, professional corporation or if the firm has a master business licence, please be sure to make the necessary updates or amendments with the government, if applicable.
Retiring or retired members who continue to provide accounting services to the public on a part-time basis may still be required to keep a registered firm with CPA Ontario and will be required to remit the Annual Practioner Due.
Providing accounting services to the public includes:
- the performance of any engagement addressed by standards in the CPA Canada Handbook - Assurance, for which a licence is not required under the Public Accounting Act, 2004 to perform the engagement
- accounting insofar as it involves analysis, advice, and interpretation in an expert capacity, but excluding record keeping
- taxation, insofar as it involves advice and counselling in an expert capacity, but excluding mechanical processing of returns
- compilation services, if it can reasonably be expected that all or any portion of the compilation or associated materials prepared by the member providing the service will be relied upon or used by a third party, whether or not a licence is required under the Public Accounting Act, 2004
For further information, please review our By-law and regulations that pertain to retiring members.