FROM OUR PRESIDENT
Inspiring tomorrow’s accountants, RPA Canada strengthens trust through integrity, accountability, and innovation in an AI-driven world.
The year 2025 has been a defining moment for RPA Canada and the accounting profession. Building on our proud history, we are moving boldly into the future expanding our reach, strengthening our impact, and reimagining what it means to be an accountant in a rapidly changing world.
This year, RPA Canada has signed new accreditations, forged meaningful collaborations, and expanded its leadership role in advancing accounting education across Canada. We introduced Professional Accountant magazine, a forward-looking publication that connects professionals, entrepreneurs, and institutions while showcasing the vital role accountants play in strengthening Canada’s economy. At the same time, we have invested in a robust learning framework designed to prepare future-ready accountants equipped with the knowledge, skills, and tools to thrive in the digital age.
We recognize that the profession is undergoing profound transformation, driven by emerging technologies, artificial intelligence, and cloud-based accounting systems. Rather than viewing this change as a challenge, RPA Canada sees it as an opportunity to modernize, innovate, and inspire. Our
commitment is to ensure that today’s students and tomorrow’s accountants are not only prepared for these shifts but empowered by them. By embracing AI and new technologies, we are shaping a generation of professionals who can deliver greater insight, efficiency, and value to businesses and society.
RPA Canada continues to champion accessibility, affordability, and quality in accounting education and practice. Our renewed focus on serving small and medium-sized businesses, the backbone of the Canadian economy ensures that our members deliver trusted bookkeeping, tax, and financial reporting services with the highest ethical standards. Through CSRS 4200 and beyond, we are equipping accountants with the skills to lead with confidence in a dynamic business landscape.
Looking ahead, our vision is clear: to inspire the next generation of accountants, to demonstrate the profession’s relevance in an AI-driven world, and to strengthen public trust by upholding integrity, accountability, and innovation. The future of Canada’s economy will be shaped by those who embrace change, and RPA Canada is proud to be at the forefront of that transformation.
Zubair Choudhry, President & CEO of RPA Canada
Volume 1 Issue 1 | Fall 2025
From our President
Inspiring tomorrow’s accountants, RPA Canada strengthens trust through integrity, accountability, and innovation in an AI-driven world.
With Gratitude to Our Government Leaders
CSRS 4200: Reflection on Changes Five Years On Where Business Meets Compassion:
The Gina Batista Story
Georgian College Partners with RPA Canada to Offer
Professional Accounting Pathway
Taxpayer Representatives Beware:
The CRA is About to Get Much Stronger Audit Powers
Colombia’s Accounting Reform:
Why Bill 597 Could Shape the Nation’s Economic Future
C-Suite Executive Program
Bridging Education and Industry: Reflections on the Algoma University and RPA Canada Memorandum of Understanding
LLM Business Solutions
Empowering Women Through Economic Independence:
RPA Canada’s Women Empowerment Initiative
Sault College expands choices for professional accounting designations after graduation
Durham College Partners with RPA Canada to Launch
New Pathway for Accounting Graduates
Confidential Advice, CIS Financial Group
Flexibility and Global Access to the Accounting
Profession: McMaster University and RPA Canada
RPA Canada Builds Global Bridges at 2025 Canada–
China Education Forum
RPA Canada: Strengthening SMEs, Building Community, and Connecting Professionals
RPA Canada Scholarship Success Stories
Board of Directors
The
Society of Professional Accountants of Canada
EXECUTIVE COMMITTEE
• Zubair Choudhry, RPA, APA, President & CEO, president@rpacanada.org
• James Green, RPA, Secretary, secretary@rpacanada.org
• Paul Brosnan, RPA, Vice-President
• Naseem Qadir, RPA, Treasurer, treasurer@rpacanada.org
DIRECTOR
• Syed Warsi, CPA, RPA, Director, alberta@rpacanada.org COMMITTEES
RPA, PROFESSIONAL PRACTICE COMMITTEE
• Chair: Joseph Morgado, RPA
• Members: Zaid Syed, RPA; Richard Hamilton, RPA; Lana McDole, RPA; Gerry Hogenhout, CPA, RPA; Rajvinder Kalsi, RPA; Peter Sharma, RPA
RPA ETHICS COMMITTEE
• Chair: Laura Humphrey, RPA
• Members: Teerth Sidhu, RPA; Gowry Nirmaiyan, RPA; Ravi Subramaniam, RPA; Nayana De Silva, RPA; Andres Rojas, RPA
RPA CONTINUE PROFESSIONAL DEVELOPMENT COMMITTEE
• Chair: Syed Warsi, CPA, RPA
• Members: Sadiath Alhassan, RPA; Joseph Morgado, RPA; Gus Faragitakis, RPA
RPA COMPLAINT COMMITTEE
• Chair: Richard Hamilton, RPA
• Members: Shoukut Hossain, RPA, APA; Mavis Ogbuke, RPA; Peter Sharma, RPA
RPA ESG COMMITTEE
• Chair: James Green, RPA
• Members: Paul Brosnan, RPA; Umar Choudhry, CPA, LPA.
MARKETING / ADVERTISING INQUIRIES
• Mariel Magsino, marketing@rpacanada.org
EDITORIAL INQUIRIES
• Umar Choudhry, CPA, engagement@rpacanada.org
Amplifying accountants and SMEs voices in Canada
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Tatiana Torres
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© 2025. The Society of Professional Accountants of Canada (RPA Canada). All rights reserved. This publication and all associated content, including text, images, graphics, trademarks, and marketing materials, are the intellectual property of the RPA Canada. No part of this publication may be reproduced, distributed, or used for commercial, promotional, or advertising purposes without prior written permission of RPA Canada. Advertising content and comments, views and opinions expressed herein are those of contributors and do not necessarily constitute endorsement by RPA Canada.
With Gratitude to Our Government Leaders
We sincerely thank the distinguished government officials for their warm greetings and support on the launch of Professional Accountant magazine.
and growth - is our survival and growth.
The Society of Professional Accountants is instrumental in fostering and encouraging a business climate conducive to meeting our collective goal of being a regional and national powerhouse location to do business.
Not only have you maintained rigorous continuing professional education and certification of accounting practitioners – but you have also been
Sincerely,
Rechie Valdez Member of Parliament/Députée Mississauga Streetsville
To the Society of Professional Accountants of Canada,
It is my great pleasure to extend my congratulations on the launch of the inaugural issue of Professional Accountant magazine.
Since 1978, you have been a trusted pillar of the accounting profession, upholding the highest standards of practice while protecting the public interest. The launch of this new publication is a testament to your dedication to education, collaboration, and the advancement of the profession.
Professional Accountant will serve as an important platform for sharing knowledge, exchanging ideas, and strengthening connections across the accounting community. By reaching not only accountants but also small and medium-sized businesses, this magazine will reinforce the essential role that professional accountants play in driving Canada’s economic success, supporting entrepreneurs, and fostering growth in our communities.
I commend the Society for its vision and commitment, and I wish you continued success as you embark on this exciting new chapter.
Congratulations on this remarkable milestone!
Member of Parliament for Mississauga Streetsville
Constituency Office Parliamentary Office
8 Maiden Lane Valour
Mississauga, ON L5M 1W8
Tel: 905-812-1811 Fax: 905-812-8464
rechie.valdez@parl.gc.ca
A Message from the Associate Minister of Small Business
OCTOBER 25, 2025
151 Sparks Street Suite 760
Ottawa, ON K1P 5E3
Tel: 613-943-1762
Professional Accountant Magazine – Inaugural Issue
I am happy to express my support and best wishes to Registered Professional Accountant (RPA) Canada on the launch of the inaugural issue of Professional Accountant magazine.
Led by Premier Doug Ford, our government is committed to protecting and supporting Ontario’s small businesses. Despite global economic challenges, Ontario remains dedicated to creating a business-friendly environment that encourages innovation, investment, and job creation.
Our government appreciates the important work of RPA Canada in supporting professional accountants As you gather for the organization’s 47th Annual General Meeting, know that you are contributing to a stronger, more vibrant economy that fully reflects Ontario’s potential.
Thank you for your continued efforts and dedication to supporting small business and entrepreneurship in our province I wish all participants a memorable and engaging time at the event
Sincerely,
Nina Tangri Associate Minister
CSRS 4200
Reflection on Changes Five Years On
By: Umar Choudhry CPA, LPA
In December 2021, the landscape of Canadian compilation engagements shifted with the introduction of CSRS 4200. Developed by the Auditing and Assurance Standards Board (AASB) after years of consultation with practitioners, regulators, and business users, the standard was adopted nationally by all provincial accounting bodies. Its purpose was clear: bring compilations up to modern expectations, improve consistency across Canada, and strengthen the credibility of financial reporting for small and medium-sized enterprises.
How the Standard Came to Be
The AASB’s work on CSRS 4200 was driven by input from a wide group of stakeholders. Practitioners expressed the need for a more defined framework, lenders asked for greater consistency in presentation, and regulators pushed for clarity on responsibilities. The outcome was a national standard that provides transparency on the basis of accounting, clarifies roles, and creates a uniform compilation report. Importantly, these standards apply equally across all provinces and professional designations. Both CPAs and RPAs are expected to comply, ensuring that compiled financial statements carry the same weight and reliability across Canada’s business community.
RPA Leading the Way
For the Registered Professional Accountants of Canada (RPA), adoption of CSRS 4200 was not just about compliance but about leadership. RPA quickly rolled out training sessions, webinars, and practice management resources to help members adapt. The organization also tied the standard directly into its professional framework: any RPA wishing to perform compilation engagements must complete the Professional Practice Certification (PPC) and earn the Certified Accounting Practitioner (CAP) designation. This additional certification ensures practitioners are fully prepared not only on CSRS 4200 itself, but also on ethics, quality control, and practice management. The result has been a membership base that is well-equipped to deliver compilation services at a consistently high standard.
Benefits for Lenders and Clients
One of the most significant impacts of CSRS 4200 has been on the relationship between businesses and their lenders. Banks and credit unions have welcomed the standardized reports and clear disclosure of the basis of accounting. The uniformity of presentation has reduced uncertainty and made underwriting more efficient. For clients, this consistency has tangible value. Compiled financial statements prepared under CSRS 4200 are more readily accepted by financial institutions and investors, which can streamline access to credit and strengthen business relationships. As one RPA practitioner observed, the conversations with banks are now simpler and more constructive, with less time spent explaining the nature
of the engagement and more time focused on the business itself.
Strengthening the Profession
For practitioners, CSRS 4200 has elevated the profile of compilation engagements. The standard requires a stronger understanding of the client’s business and a clear acknowledgment of responsibilities, reinforcing the accountant’s role as a trusted advisor. Through practice reviews, insurers, and training initiatives, the profession has embraced the shift as an opportunity to reinforce reliability, accuracy, and quality. RPA members in particular have benefited from the CAP credential. It signals to clients and lenders that the practitioner is not only licensed but has completed rigorous training tied directly to CSRS 4200. This has enhanced confidence in RPAprepared financial information and positioned the designation as a mark of professionalism.
Looking Ahead: CSRS 4250
The next step is already on the horizon. CSRS 4250, now under development, will establish standards for compilation engagements involving future-oriented financial information Just as CSRS 4200 modernized historical compilations, CSRS 4250 is expected to bring structure, clarity, and consistency to forward- looking reports. RPA Canada is once again preparing its members through training and guidance, ensuring that practitioners with the CAP designation will be ready to adopt the new standard quickly and confidently.
Conclusion: A Positive Shift
Almost five years in, CSRS 4200 has achieved what it set out to do: modernize compilation engagements, provide consistency across the country, and strengthen confidence in financial reporting. For lenders, it has brought clarity; for clients, smoother relationships with financial institutions; and for practitioners, an opportunity to demonstrate professionalism and reliability. For RPAs, the integration of the standard into the PPC and CAP framework has not only ensured compliance but also elevated the designation. With CSRS 4250 on the way, the profession is poised to continue building on this momentum raising standards, reinforcing trust, and supporting the businesses that drive Canada’s economy.
Where Business Meets Compassion: The Gina Batista Story
In 2019, Gina Batista, President & CEO of Casa Dolce Casa, was recognized with the RPA Women Entrepreneur Award for her vision, resilience, and leadership. Since then, she has transformed her business into a thriving model of community service and economic empowerment, showcasing the powerful role women play in shaping Canada’s entrepreneurial landscape.
Gina Batista is the definition of a mission-driven entrepreneur. Fluent in five languages and with deep business acumen, she began her professional journey in the corporate world before acquiring Casa Dolce Casa Inc. in 2016, a retirement residence in Ontario offering assisted living services. While others saw a business opportunity, Gina saw a mission: to revolutionize senior care. Leveraging her real estate expertise, she reimagined the facility through strategic renovations and operational upgrades, nearly doubling its capacity from 40 to more than 71 suites without expanding its physical footprint.
Her leadership was tested during the COVID-19 pandemic. While long-term care homes across Canada faced devastating losses, Casa Dolce Casa recorded zero COVID- related deaths. This was the result of Gina’s vigilance and partnerships with public health agencies, care teams, and government bodies to implement robust protocols that prioritized both safety and dignity.
Gina’s mission has since expanded into a holistic ecosystem of senior care. Mi Casa Su Casa Foundation provides in-home services. Soluciones Inc. specializes in home improvements and aging-in-place modifications. Mi Casa My Community, a real estate management company, addresses the housing crisis for seniors and adults with disabilities. Its flagship project, Senior’s Tailored Apartments (STA), is creating affordable, accessible housing across Ontario, allowing seniors to live independently with dignity.
Her entrepreneurial spirit also embraces creativity. Through Home Madera Inc., she designs and produces high-end custom wood furniture, reflecting her belief that craftsmanship, beauty, and function should intersect whether in a home, a residence, or a handcrafted piece of furniture.
Educationally, Gina holds a General Accounting Diploma from Collège Rosemont in Montreal and certifications in FDA compliance, HIPAA, anti-corruption, and risk management from institutions such as the University of Toronto and the University of California, San Francisco. She is currently pursuing an Executive MBA in Global Leadership from the University of Fredericton.
From corporate contracts to compassionate care, Gina Batista is more than an Entrepreneur; she is a builder of communities. Every initiative she leads reflects her belief that success and social responsibility must go hand in hand. With courage, innovation, and purpose, she continues to set new standards for leadership with both head and heart.
From corporate contracts to compassionate care, Gina Batista is more than an Entrepreneur; she is a builder of communities. “ “
Georgian College Partners with RPA Canada to Offer Professional Accounting Pathway
BARRIE, ON - Georgian College has joined forces with the Society of Professional Accountants of Canada (RPA Canada) to create a new pathway for accounting students to earn the Registered Professional Accountant (RPA) designation.
Through this agreement, graduates of Georgian’s Business Administration - Accounting and Business - Accounting programs will be recognized as meeting the academic requirements for the RPA pathway. By completing the required coursework and writing the Mandatory Professional Examination (MPE), graduates can pursue the RPA designation, equipping them to support small and mediumsized enterprises (SMEs), non-profits, and entrepreneurial ventures.
“The pathway with RPA is a value-added opportunity for our students, enabling them to pursue an accounting designation beyond their diploma at Georgian,” said Barb Driscoll, Program Coordinator of Accounting and Bookkeeping.
The partnership was formalized on May 12 at a signing ceremony with Dr. Yael Katz, Vice President, Academic at Georgian, and Zubair Choudhry, President & CEO of RPA Canada. Community leaders, including Barrie City Councillor Clare Riepma and Paul Markle, President of the Barrie Chamber of Commerce, also attended, praising the collaboration for strengthening both local talent development and the regional business community.
One of the unique advantages of the RPA pathway is its accessibility. A university degree is not required: graduates
This partnership reflects a shared vision of empowering future accountants with the practical skills, technological expertise, and professional knowledge essential in today’s evolving financial landscape. Zubair Choudhry.
of Georgian’s three-year accounting program meet nearly all requirements, while two-year program graduates can complete outstanding courses through Continuing Education, Ontario Learn, or RPA Learning.
To earn the designation, candidates complete four competency exams and two years of practical experience, preparing them for respected careers in industry, small business, or independent practice.
With this pathway, Georgian students gain not only professional recognition but also the opportunity to contribute directly to the growth and success of their communities.
Learn more about Georgian’s accounting programs: Business Administration - Accounting, Business - Accounting, and Business-Accounting (Co-op).
Taxpayer Representatives Beware
The CRA Is About to Get Much Stronger Audit Powers!
By: Kendal Steele, Partner, Loopstra Nixon LLP
Back in 2022, the Canadian Government gave the Canada Revenue Agency (“CRA”) basic interview powers. This meant that the legislation, specifically subsection 231.1(1) of the Income Tax Act, and the corresponding legislation for other types of tax, gave the CRA the power to compel taxpayers to attend oral interviews or to answer questions in writing, in any form. Fast forward to 2024, the Canadian Government issued the 2024 Budget, which proposed to enhance the CRA’s audit powers, enabling the CRA to question taxpayers orally in an interview under oath or affirmation, or to compel taxpayers to answer questions in affidavit format. That said, those powers did not become law, yet.
The Canadian Government released its proposed changes (“Proposed Changes”) for the upcoming 2025 Budget on August 15, 2025. The 2025 Budget is set to be released by Mr. Carney’s government on November 4, 2025. In the Proposed Changes, the Canadian Government did not “walk back” its significant enhancement of CRA audit powers much.
Instead, the Proposed Changes suggest that the 2025 Budget will attempt to introduce the various enhanced CRA audit powers, including:
1. The ability for the CRA to compel taxpayers to provide information orally in interviews under oath or affirmation, or to respond to interview questions in writing via affidavit format.
2. The ability for the CRA to issue Notice(s) of NonCompliance, which allows the CRA to issue notices to taxpayers who “fail to comply with information requests”. If taxpayers do not comply, the CRA could issue penalties of $50 per day that the notice is outstanding up to a maximum of $25,000. There would also be related extensions to the normal reassessment period during this time so that taxpayers cannot “run out” the clock.
3. The ability for the CRA to obtain Compliance Orders that lead to direct penalties instead of just contempt of court. The CRA can currently obtain compliance orders from the court that directs a non-compliant taxpayer to comply with the CRA’s information request. However, the penalty being “contempt of court” has not been overly helpful for the CRA to convince non-compliant taxpayers to comply. The Proposed Changes includes the penalty portion of this policy to become a penalty of up to 10% of the aggregate tax payable by a taxpayer when the CRA obtains a compliance order against the taxpayer if the tax owing is more than $50,000. Theoretically, there would be no cap on how high this penalty could go.
There are avenues to dispute the above enhanced audit powers and appeal them to different forums. However, these changes indicate a marked departure from current CRA audit norms.
These are some of the significant Proposed Changes to the tax legislation that will directly impact taxpayers. There are several other Proposed Changes that taxpayers and representatives should familiarize themselves with.
While the above changes are not guaranteed, we will know more once the 2025 Budget is released on November 4, 2025. Even then, the proposed changes would need to receive Royal Assent to become law.
The ability for the CRA to compel taxpayers to provide information orally in interviews under oath or affirmation, or to respond to interview questions in writing via affidavit format.
Kendal Steele
Colombia’s Accounting Reform
Why Bill 597 Could Shape the Nation’s Economic Future
By: Andrés Mauricio Rojas Díaz, RPA, Certified Accounting Practitioner
A landmark seminar held at the Faculty of Economics and Administrative Sciences of Colombia’s top university Javeriana University, Bogotá that brought academics, students, and practitioners together to discuss a pivotal moment for Colombia’s accounting profession. The event, entitled “Reform of the Accounting Profession in Colombia: A Canadian Perspective,” featured keynote remarks by Zubair Choudhry, RPA, APA, FCMA, President and CEO of the Society of Professional Accountants of Canada (RPA Canada).
Choudhry’s message was clear: Colombia’s proposed Bill 597 of 2025 is more than a regulatory update - it is a rare, historic opportunity to modernize the accounting profession and position the country as a regional economic powerhouse. But the opportunity comes with a warning: if poorly executed, the reform could set Colombia back decades.
From Law 43 of 1990 to Bill 597 of 2025
For more than 30 years, Colombia’s accounting profession has been governed by Law 43 of 1990. That law replaced an even older framework, the 1971 Decree 410, and introduced important safeguards: professional registration, public interest responsibilities, and minimum education requirements.
Yet, in the decades since, the world of finance has transformed. Globalization, digitalization, and the rise of artificial intelligence have reshaped how accountants work, the skills they need, and the trust society places in them.
Bill 597 of 2025, currently under consideration in Colombia’s Congress, aims to replace Law 43 with a modern framework.
Among its goals:
• Professional Competence: Expanding requirements beyond traditional bookkeeping to include digital literacy, audit specialization, and analytical skills.
• Ethical Standards: Strengthening accountability and aligning more closely with international practices.
• Public Oversight: Establishing mechanisms to protect the public interest while modernizing education and certification pathways.
“This reform is not about minor updates - it is about a transformation,” Choudhry said. “Colombia must move from outdated structures to a profession that reflects today’s global standards.”
Economic Stakes: Beyond Accountants
The importance of Bill 597 extends far beyond the accounting profession. Choudhry argued that Colombia’s economic future is directly tied to the credibility of its accountants and auditors.
• Strategic Location: Colombia is geographically positioned as the bridge between North and South America, sitting at the center of a $37 trillion regional economy that accounts for 40% of the world’s GDP.
• Trade Agreements: The country has free trade agreements with Canada, the United States, Mexico, Chile, and several others. Despite this, Colombia exports only $68 billion annually while importing $76 billion, reflecting an imbalance and underutilization of its trade potential.
• Foreign Investment: Investors hesitate to expand in Colombia, Choudhry explained, because the accounting system lacks independent oversight. “The world invests where it can trust the numbers,” he noted.
If enacted and implemented effectively, the reform could create at least 1,000 new professional jobs, mobilize more than $200 million in funding to support the transition, and unlock billions in potential foreign investment.
Lessons from Canada and China
Choudhry drew on international examples to illustrate why independence is key. In Canada, self-governing professional bodies oversee accountants, with the government acting strictly as an oversight authority. This separation ensures that professional standards evolve quickly while maintaining accountability.
China’s experience, he noted, is especially instructive. In the 1980s, China’s GDP was just $300 billion, and foreign investors were wary of its government-controlled accounting system. The creation of an independent CPA body in the 1990s changed everything. Investor confidence surged, trade expanded, and within two decades China became the world’s second-largest economy.
“Colombia stands at a similar crossroads,” Choudhry argued. “The lesson is clear: independence builds trust, and trust drives investment and growth.”
What Needs to Change
Choudhry proposed a comprehensive blueprint for Colombia’s accounting reform:
1.Independent Standard-Setting Boards
Establish separate boards for accounting standards, public sector accounting, auditing and assurance, financial reporting, and professional ethics. These would adapt international guidelines to Colombia’s needs and provide credibility for investors.
2. A Self-Governing Professional Body
Unlike the current system, where graduates become public accountants upon registration, Choudhry called for a Society of Professional Accountants of Colombia. This body would oversee competency exams, professional conduct, and continuing education.
3. Competency Examinations
Choudhry expressed admiration for Colombia’s universities, noting their strong academic rigor, but stressed that a degree alone is insufficient. “How do we know graduates are competent to serve the public and businesses? Without exams and oversight, there is no way to build trust,” he said.
4. Professional Differentiation
At present, every Colombian accountant is considered a “public accountant.” Choudhry argued this is confusing and outdated. The reform should establish clear professional streams — management accounting, forensic accounting, internal audit, among others, to reflect the diversity of modern practice.
5. Mandatory Continuing Professional Development (CPD)
Lifelong learning must be mandatory. As Choudhry pointed out, “Much of what we learned in accounting 30 years ago is irrelevant today. Technology and AI are reshaping the profession, and CPD is the only way to keep pace.”
Risks of Missed Opportunity
While optimistic about the potential of Bill 597, Choudhry also issued a stark warning. If reforms are not implemented properly - with independence, competency testing, and continuous oversight - Colombia could waste its chance.
“Poorly executed reform will not just stall progress; it will set the profession back by 20 years,” he cautioned. The consequences would be far-reaching, impacting trade, investment, and Colombia’s reputation across the Americas.
Building Consensus
Choudhry outlined concrete next steps for Colombia:
• Engage lawmakers - particularly the Senate, which will debate Bill 597.
• Work with ministries - especially the Ministry of Commerce,
Industry and Tourism, and the Ministry of Finance. Involve universities to align academic programs with professional standards.
Consult with chambers of commerce in Bogotá, Medellín, Cartagena, and other cities to secure business support. Educate the public on how reforms will benefit the economy and protect citizens’ interests.
RPA Canada, he added, is ready to assist with technical expertise, training models, and knowledge-sharing, and even to work with Colombia on establishing a local professional body run by Colombians themselves.
A Defining Moment
In closing, Choudhry placed the reform in a broader context: The seminar concluded with strong engagement from faculty and students, highlighting a growing recognition that accounting reform is not optional but essential.
“ “
This is not just an accounting matter. It is a national economic issue. It affects jobs, investment, credibility, and Colombia’s role in the global economy. The decisions made today will shape Colombia’s future for generations.
C-Suite Executive Program
RPA Canada is proud to announce the successful delivery of the prestigious CMA Australia C-Suite Executive Program in 2025, marking its long-awaited return to the Canadian market.
We were honoured to host Professor Janek Ratnatunga and Dr. Chris D’Souza, who personally led the program in Toronto, Canada, in May 2025 at the Holiday Inn Toronto Airport Hotel. This seven-day intensive program, featuring more than 60 hours of advanced, interactive sessions, was designed to equip participants with the knowledge and skills required to excel as future leaders of the profession.
We extend our warmest congratulations to the program alumni who successfully completed this journey and achieved the prestigious CMA designation.
Managerial Accounting: The Future of the Profession
Zubair Choudhry, President & CEO of RPA Canada, emphasized the importance of this milestone:
“The accounting profession is transforming rapidly. Success is no longer defined only by compliance or historical reporting. Today’s organizations need accountants who can analyze complex information, anticipate challenges, and shape business strategy. Managerial accounting is becoming the cornerstone of the profession’s future.”
Recognizing this shift, RPA Canada proudly partnered with CMA Australia to deliver the C- Suite Executive Program in Canada. Unlike traditional programs, this initiative is designed to prepare accountants for top-level decision-making roles.
It emphasizes strategic thinking, governance, performance management, and innovation skills that position accountants as trusted advisors and leaders in a global economy.
Michael Saniga, Director of Engagement & Learning Innovation, added:
“ “
By participating in this program, graduates gain eligibility to obtain the internationally recognized CMA designation from Australia & New Zealand, further enhancing their professional standing.
Looking Ahead
RPA Canada invites accountants across the country to take the next step in their careers. Enroll in the CMA Australia C-Suite Executive Program as an investment in your leadership, career, and the future of the profession. The next program begins January 2026, with in-person registration now open.
Bridging Education and Industry:
Reflections on the Algoma University and RPA Canada Memorandum of Understanding
A significant milestone in Canadian accounting education has been achieved through a partnership between Algoma University and the Society of Professional Accountants of Canada (RPA Canada). Formalized by a Memorandum of Understanding (MOU) signed by Zubair Choudhry, President & CEO of RPA Canada, and Dr. Asima Vezina, President and Vice-Chancellor of Algoma University, the collaboration introduces a training program designed to integrate academic learning with real-world accounting experience, ultimately leading to the Registered Professional Accountant (RPA) designation.
The RPA designation emphasizes accounting for small and medium-sized enterprises (SMEs). Through this agreement, Algoma University will deliver the prerequisite courses required for students pursuing the designation process.
Perspectives from the signatories underscore both the foundation and the impact of this initiative for students, the profession, and the SMEs they will serve.
Associate Professor Jo-Anne Ryan, Chair of the Algoma University Accounting Department, described the initiative as transformative:
“With RPA, we are offering Algoma students a choice, providing them more opportunities and helping them shape their post-graduation career paths, whether they work in large corporations or with small to medium-sized enterprises. Historically, they had only one option, but now there’s another designation available for them.
RPAs specifically focus on SMEs and not-for-profit accounting, which represent a massive area in Canada where there is a shortage of accountants with these vital skills. Our students are enthusiastic about it; they want to be leaders, and this designation gives them that pathway especially in communities like Brampton and Sault Ste. Marie where entrepreneurs need options tailored to their realities.”
Dr. Asima Vezina, President and Vice-Chancellor of Algoma University, emphasized the mutual benefits:
“This partnership is a true opportunity for both organizations, which is the beauty of collaborations like this. For RPA, it creates a pipeline of our talented graduates ready to develop expertise in the field,
while for Algoma it represents one of the strongest partnerships we could build.
It raises the profile of our faculty and graduates, strengthens opportunities post-graduation, and aligns our students with a professional partner who can continue to nurture their growth and development.”
Professor William Wei, Dean of Faculty, stressed the initiative’s market relevance:
“With the RPA designation, the more we nurture business talent in the community, the more opportunities we create for graduates helping retain a wealth of talent in Brampton, Sault Ste. Marie, and across Canada.”
In closing remarks, Zubair Choudhry, President & CEO of RPA Canada, welcomed this MoU with Algoma University and highlighted the designation’s role in addressing gaps in the profession: “There is a significant gap in the accounting profession. Ninety-eight percent of Canadian businesses are SMEs. The RPA designation has earned its place by providing affordable, reliable, accessible accounting, taxation, and related services to support SME growth and sustainability.”
This partnership represents a forward-thinking strategy that enriches the accounting profession, expands opportunities for students, and strengthens access to skilled, affordable accounting services for Canada’s SMEs.
L.L.M BUSINESS SOLUTIONS
Lana McDole is a distinguished professional accountant with RPA designation and a Certified Accounting Practitioner who leads LLM Business Solutions , a reputable accounting firm based in Simcoe, Ontario. With a focus on serving owner-operators and small to mediumsized businesses, Lana has built a reputation for providing exceptional accounting services and hands-on operational support that is effective and cost-efficient.
At LLM Business Solutions, clients benefit from the direct involvement of Accounting Practitioner, ensuring that they receive personalized and professional attention. Lana’s approach is centered around understanding the unique needs of each client and delivering tailored solutions that drive business success. This client-centric philosophy has earned LLM Business Solutions a loyal clientele who appreciate the value of working directly with a seasoned professional.
Lana’s expertise in accounting is complemented by a dedicated team of support staff who work collaboratively to ensure that clients receive comprehensive and reliable services. This team is committed to maintaining the highest standards of quality and efficiency, making LLM Business Solutions a trusted partner for businesses looking to optimize their financial operations or just starting out.
One of the key strengths of LLM Business Solutions is its ability to provide hands-on operational support. Lana and the team are not just accountants; they are business advisors who take a proactive role in helping clients navigate the complexities of running a business. From tax preparation and compilation engagements to budgeting and forecasting, LLM Business Solutions offers a wide range of services designed to enhance business performance and profitability.
In an ever-changing business environment, Lana McDole and her accounting firm stand out for their commitment to excellence and their unwavering dedication to their clients’ success. By combining professional accounting expertise with practical operational support, Lana has created a firm that truly understands and meets the needs of small to medium-sized businesses across Brant Haldimand Norfolk, Ontario.
Lana and the team are not just accountants; they are business advisors who take a proactive role in helping clients navigate the complexities of running a business. “ “
Empowering Women Through Economic Independence: RPA Canada’s Women Empowerment Initiative
By: Michael Saniga, MBA, CPA, CMA (ANZ), RPA
In 2019, the Registered Professional Accountants (RPA) of Canada, under the leadership of its President and CEO, Zubair Choudhry, launched the Women Empowerment Initiative, a program designed to reshape women’s entrepreneurship and promote gender equality across the country. Unlike traditional charitable programs, this initiative was built to create long-term empowerment through education, entrepreneurship, and economic independence.
A Philosophy of Empowerment
At the heart of the initiative is the belief that empowerment begins with economic freedom. Choudhry has long emphasized that continuous government aid fosters dependency. His vision is to provide women with a “hand up, not a handout.” Women already possess the resilience and talent to succeed; what they need is encouragement, opportunity, and recognition from families, communities, and society at large. This philosophy distinguishes RPA Canada from many government and non-profit programs. Rather than offering short-term relief, the Women Empowerment Initiative equips women with the tools and mentorship needed for sustainable success.
RPAs Supporting Women Entrepreneurs
Across Canada, RPAs actively support women-owned businesses
with mentorship, financial planning, tax support, and advisory services. This guidance is particularly valuable for women who lack access to professional networks or resources. Under Choudhry’s leadership, RPAs have made women entrepreneurs a priority, bridging gaps and enabling them to confidently step into entrepreneurship.
Small Businesses: The Backbone of the Economy
Small businesses represent 98 percent of all Canadian enterprises and generate 9.5 million jobs nationwide. Encouraging more women to become entrepreneurs is therefore not only a matter of equality
but also of national prosperity. RPA Canada views this mission as central to building a stronger, more inclusive economy.
The RPA Women Entrepreneur Awards
A signature feature of this initiative is the annual RPA Women Entrepreneur Awards, launched in 2019 and celebrated each October during Small Business Week. The awards honour exceptional women in both business and professional fields. This year’s rigorous selection process, overseen by Monica Soares (Chair), Annie Puran, and Sadiath Alhasan, ensures that award recipients exemplify excellence, integrity, and community impact. Behind the scenes, Mina Amrith, Rebekah Wilson-Miller, and Claris Minas Manglicmot work tirelessly to ensure the Awards Gala Dinner is a memorable and successful celebration. From 2019 to 2025, Canada has seen women’s business ownership rise from 14.5 percent to 19.5 percent. RPA Canada’s long-term goal is gender parity in entrepreneurship.
Celebrating Women Leaders
The RPA Women Entrepreneur Awards have grown into a highprofile celebration of women’s leadership, featuring red-carpet ceremonies, networking opportunities, and inspiring recognition of excellence. Over the years, the program has been consistently supported by The Honourable Rechie Valdez, MP and Secretary of State (Small Business & Tourism), The Honourable Nina Tangri, MPP and Associate Minister of Small Business, and The Honourable Charmaine Williams, MPP and Minister of Women’s Social & Economic Opportunity. Their ongoing participation underscores the importance of the awards and reflects their shared commitment to advancing women’s entrepreneurship and economic empowerment across Canada. Six awards will be presented: four for business entrepreneurship and innovation, and two for professional entrepreneurship success. The program is entirely funded by RPA Canada, its members, and private sponsors with no application fees or reliance on government grants ensuring merit-based recognition.
Inspiring Generations
Beyond awards, RPA Canada continues to highlight the stories of successful women entrepreneurs. These stories inspire future generations, particularly young women who aspire to build businesses and achieve independence. “Empowerment begins with belief,” Choudhry often says. “When women see others succeed, they find the courage to start their own journey.”
A Growing National Movement
In just a few years, the Women Empowerment Initiative has grown into a national movement. It is more than an awards program; it is a philosophy of empowerment that challenges the status quo and redefines how society uplifts women. Through mentorship, education, and professional guidance, the initiative helps women move beyond dependency and toward lasting independence. With its growing momentum, the RPA Canada Women Empowerment Initiative continues to inspire women across the nation to dream big, take strategic risks, and build futures on their own terms.
Sault College expands choices for professional accounting designations after graduation
Thanks to a new memorandum of understanding, graduates of Sault College’s Business Accounting program can now take a fast-track route toward earning the Registered Professional Accountant (RPA) designation. This new pathway gives graduates an additional professional option and, with it, increased opportunities in the job market.
Sault College President David Orazietti and Zubair Choudhry, President and CEO of RPA Canada, signed the memorandum of understanding, officially paving the way for graduates to pursue the RPA designation.
In his remarks, Choudhry emphasized the growing demand for accounting professionals in Canada, particularly within small and medium-sized businesses.
“Our collaboration with Sault College is more than a formal agreement it is a vibrant partnership that promises to unlock countless opportunities for students, faculty, and practitioners alike,” said Choudhry.
Orazietti highlighted the broader impact of the partnership:
“It’s going to help Sault College in terms of our recruitment efforts, as students see a clear pathway to a professional designation. More and more, students look for this kind of opportunity in their learning, regardless of the program area they are pursuing.”
Program coordinator Barb Bringleson told Soo Today that while graduates are not required to pursue a professional
designation, doing so validates the skills they have gained. “It really does, and it’s really going to look good on their résumé,” said Bringleson. “It’s going to set them apart from someone who does not have it.”
She added that the number of graduates from last year’s class was not enough to meet the demand for accounting roles, as more industries are attending the networking events she organizes for students.
Sault College’s Business Accounting program provides learners with the accounting practices and business fundamentals needed to succeed in today’s business environment. To learn more about the program and its pathways, visit Business –Accounting | Sault College.
Durham College Partners with
RPA Canada to Launch New Pathway for Accounting Graduates
Accounting - Business students at Durham College (DC) now have a new route to professional recognition thanks to an innovative pathway agreement with the Society of Professional Accountants of Canada (RPA Canada).
Through this partnership, DC graduates will be recognized as having met the prerequisite requirements for the Registered Professional Accountant (RPA) designation, making them eligible to write the RPA Mandatory Professional Examination. With the designation in hand, graduates will be fully prepared to provide professional accounting services to small and medium-sized enterprises, non-profit organizations, and entrepreneurial ventures.
“We are proud to partner with RPA Canada to offer our Accounting – Business graduates an additional pathway to professional success,” said Cristina Italia, Executive Dean, Faculty of Business and Information Technology at Durham College. “This agreement broadens our students’ opportunities for accreditation, equipping them with the credentials and competitive advantage needed to thrive in today’s dynamic job market.”
The agreement was formalized at a special signing ceremony held at DC’s Centre for Innovation and Research (CIR), where Zubair Choudhry, President of RPA Canada, and Dr. Jean Choi, Vice President, Academic and Students at Durham College, officially signed the partnership.
“This collaboration with Durham College reflects our shared vision of empowering future accountants with the practical skills, technological expertise, and professional knowledge required in today’s evolving financial landscape,” said Choudhry. “Together, we are building accessible and impactful
pathways that will shape the next generation of accounting professionals.”
For Dr. Choi, the new pathway underscores Durham College’s commitment to connecting education with industry needs.
“At DC, we deeply value our partnerships with professional organizations. These connections help keep our programs relevant and responsive to the needs of employers,” said Choi. “We encourage our students to take full advantage of this opportunity, and we look forward to seeing their accomplishments as future Registered Professional Accountants.”
To learn more about the RPA designation and pathways to membership, visit RPA Canada.
Confidential Advice, CIS Financial Group
Gerry Hogenhout began his accounting career with Deloitte Touche, Chartered Accountants, where he spent ten years in their small business and tax department. Building on this strong tax foundation, Hogenhout turned his attention to the investment world, with a particular focus on real estate. His determination to learn as much as possible about diverse investment opportunities led him to achieve a unique milestone: becoming the only CPA in Canada to have held all five major investment licenses MFDA (Mutual Funds), IIROC (Stocks & Bonds), EMD (Private Equity), Mortgages, and Insurance at different times.
This rare accomplishment gave Hogenhout not only in-depth insight into the traditional investment marketplace but also exposed several critical issues, including:
1. Conflicted advice – the vast majority of financial recommendations were designed primarily to sell specific investment products rather than serve client needs.
2. Unsuitable products – many investors were placed in products that neither suited their circumstances nor aligned with their preferences.
3. Limited access – while investors often wanted real estaterelated opportunities, most traditional advisors were unable to offer them due to restrictive licensing frameworks.
4. Misplaced fiduciary duty – licensed advisors are bound to the company that licenses them rather than to the clients they are supposed to represent.
Coming from a professional and ethical accounting background, Hogenhout recognized the urgent need for a more transparent, client-focused approach to financial planning and investment management. In response, he founded Canadian Investment Services (CIS) and later developed CIS Financial Group, a fullservice financial services platform. This model provides access to the full spectrum of traditional investment products, while also specializing in real estate investment opportunities, mortgages, and insurance solutions.
Today, while continuing his practice as a registered professional accountant across Canada, Hogenhout uses the CIS Financial Group platform to bridge accounting and investment services. This platform empowers entrepreneurial CPAs and RPAs to complement their accounting practices with comprehensive financial solutions, all grounded in integrity and client-focused professionalism.
The CIS Financial Group platform bridges accounting and investment services, entrepreneurialempowering CPAs and RPAs to offer comprehensive financialsolutions. “ “
Helping Canadian businesses thrive through clarity and confidence.
SHARED GOALS, STRONGER TEAMS
For many Canadian business owners, cash flow is the difference between growth and sleepless nights. Profit on paper is one thing, but if the money isn’t in your bank account when you need it, even the most promising venture can feel like it’s running on empty. As a RPA, I see this challenge every day—and I know it can be managed with the right systems in place.
Paul Brosnan, RPA
1. Forecast, Don’t Just Track
Looking backward at your books tells you where you ’ ve been A cash f low forecast tells you where you ’ re headed Even a simple 13-week rolling forecast can help you anticipate shor tfalls, align payment schedules, and make smar ter decisions about investments or f inancing
2 Tighten Receivables
Too of ten, small businesses act like banks for their customers Review your invoicing process: send invoices promptly, follow up regularly, and consider early payment incentives The quicker money f lows in the stronger your position
3. Be Strategic With Payables
On the f lip side, make full use of supplier payment terms If you have 30 days take them Stretching payables responsibly can preser ve cash without damaging relationships especially if you communicate clearly with your vendors
4. Plan for Seasonality
Whether you ’ re in construction, retail, or professional ser vices, ever y business has peaks and valleys Build reser ves during busy periods to cover leaner months, so you ’ re never caught of f guard
5 Partner With Your RPA
Cash f low isn’t just about crunching numbers it’s about strategy An RPA can help you model scenarios, identif y hidden inef f iciencies, and align your cash management with your long-term goals The right ad vice today can prevent tomorrow’s crisis
Cash is the driving force of your business With discipline, foresight, and the right professional guidance, you can keep it f lowing smoothly and focus on what matters most: building a stronger future.
Flexibility and Global Access to the Accounting Profession: McMaster University and RPA Canada
In today’s fast-changing accounting landscape, flexibility and global accessibility are no longer luxuries; they are necessities. Recognizing this, McMaster University Continuing Education has introduced a forward-looking accounting diploma program that students can complete from anywhere in the world. More than a credential, this diploma represents a bridge between academic study and professional recognition, opening the door to one of Canada’s most relevant designations: the Registered Professional Accountant (RPA).
Through a strategic collaboration with the Society of Professional Accountants of Canada (RPA Canada), McMaster has created a clear pathway for graduates to pursue the RPA designation. By aligning McMaster’s academic offerings with RPA Canada’s prerequisite courses requirements, students gain more than a diploma they gain an affordable, practical, and relevant route to professional status.
Why This Matters
For students, the benefits are tangible. The RPA designation provides:
Professional recognition across Canada, especially in SMEs and not-for-profit organizations. Career versatility, with pathways into practice, industry, and entrepreneurship. A
competitive advantage, emphasizing applied knowledge and managerial accounting skills employers seek most.
Education Without Borders
At its heart, this initiative represents a new era in professional education. With McMaster’s diploma, students anywhere in the world can now prepare for a respected Canadian designation. It’s an example of how education and profession can work hand-inhand to create opportunity, raise standards, and expand access.
“This is an extraordinary opportunity for students worldwide— an invitation,whether in Canada or abroad, to join a profession that is growing, relevant, and supported by education from a top Canadian university. It is also a chance to be part of a future where professional recognition is accessible, global, and practical through the RPA designation.”
Zubair Choudhry, President & CEO, RPA Canada.
McMaster Continuing Education and RPA Canada have built a pathway. The next step belongs to the students who will walk it.
RPA Canada: Strengthening SMEs, Building Community, and Connecting Professionals
In 2025, RPA Canada has proudly advanced its mission of bringing together accounting professionals and business leaders through a series of impactful events and initiatives designed to foster collaboration, growth, and innovation.
On International Women’s Day, RPA Canada hosted an inspiring celebration at Moxies, Square One, Mississauga. The event provided a valuable platform for accountants and business leaders to connect, exchange ideas, and build partnerships reinforcing RPA Canada’s commitment to professional development, leadership, and community building.
That spirit of collaboration continued at the Post Filing Fiesta on May 28 at the Holiday Inn Toronto Airport, where networking took center stage. Accountants, practitioners, and business professionals gathered to share insights on entrepreneurship, leadership, and the evolving role of accounting in supporting SMEs across Canada. “These events highlight that accountants are not just number-crunchers, but trusted advisors helping to shape business success,” said Zubair Choudhry, President & CEO of RPA Canada.
On May 9, RPA Canada also met with the Business Development Bank of Canada (BDC) at its Toronto headquarters to discuss
strategies for strengthening SMEs in today’s competitive global economy. Conversations focused on financing, mentorship, and learning opportunities particularly how RPAs are supporting businesses with affordable, transparent, and reliable accounting, tax, and management services.
Further cementing this mission, the RPA Professional Practice Committee hosted a Networking Breakfast at Ravelin Properties REIT in Toronto. Led by PPC Chair Joseph Morgado, with contributions from Zubair Choudhry and Monica Singh Soares, the event underscored the value of accountants working alongside entrepreneurs, executives, and policymakers to drive sustainable business growth.
Through these initiatives, RPA Canada continues to demonstrate its commitment to empowering accounting professionals, strengthening SMEs, and fostering a connected business community where accountants play a vital role in shaping Canada’s economic future.
RPA Canada Scholarship Success Stories
The RPA Canada Scholarship Program empowers aspiring accountants by providing financial support, mentorship, and a pathway to the RPA designation. For Mariz Dela Rosa, Precious Bhasera, and Audrey Heart Cordero, these opportunities opened doors to higher education, professional growth, and leadership within the accounting profession.
Mariz Dela Rosa: From Scholarship to RPA Pathway
“I completed my Business Accounting Diploma at Humber College with Honours, thanks to RPA Canada’s scholarship. I have already begun my RPA journey by applying and starting the prerequisite courses to become eligible for the Mandatory Professional Exam. This opportunity is helping me pursue my dream of becoming an RPA.”
Audrey Heart Cordero: From Scholarship to RPA Ambassador
“Becoming an RPA Ambassador has been a meaningful experience, allowing me to inspire fellow students and grow as a future professional. The scholarship motivated me to stay committed to my studies and gave me confidence to pursue the RPA designation.”
Precious Bhasera: Achieving the RPA Designation
“Receiving the RPA Canada scholarship in December 2023 enabled me to complete my journey to becoming a Registered Professional Accountant (RPA). This achievement marks a major milestone in my career, and I am grateful for the support that helped me reach this goal.”
Opening Doors for Future Accountants
These stories highlight how RPA Canada scholarships help students build skills, achieve professional milestones, and contribute to the future of the accounting profession.
