As members of CPA Alberta reach retirement, they may be uncertain what they need to do in order to maintain their CPA designation and membership.
It’s important to note that, while every member must make a CPD declaration each year, not everyone must participate in CPD learning activities. The requirement to continue to take CPD activities, even when retired, is solely dependent upon what you are doing during your retirement years.
For example, as members reach retirement, they might choose to participate in volunteer activities where they use the skills, knowledge and expertise that they gained as a CPA. In some of these volunteer roles, the other members serving on the committee, or the public may look to these CPAs for management guidance, financial oversight or expertise, business acumen and the like. In other words, these people continue to rely on the CPA, even though the member may be retired and serving in a volunteer capacity. Therefore it is important to better understand how CPD may possibly relate to you.
Being retired from the workforce may or may not affect your CPD requirement. In order to determine if you would have a requirement to participate in CPD learning activities consider the following:
- Did you work in any capacity during the calendar year?
- Was there any third party reliance on your competencies as a CPA?
If you answer no to both of these questions, you would qualify for the “permanently withdrawn from the workforce” exemption.
If you answered yes to one or both of these questions, you may still have a CPD requirement for the year.
Competencies that can be relied on by a third party are not limited to financial activities, they include, but are not limited to, other technical competencies such as strategy and governance as well as enabling competencies such as professional and ethical behavior.
During retirement, a member might choose to continue to work just to occupy their free time and keep busy – these members often work in a field completely unrelated to their CPA career, for instance they might decide to work during the summers as an attendant at their favorite golf course or hardware store.
If this is your situation, and despite being gainfully employed, you may write to the registration committee and request an exemption from having to fulfill CPD learning activities. Complete your declaration as non-comply and in the text box explain that you are working in an unrelated field. Our compliance department will then contact you to discuss your individual situation and explain how to request an exemption from the registration committee.
In order to assist you in determining your eligibility for the exemption, please refer to the exemption matrix found on our website.
As every situation is different, if you are unsure if you qualify for an exemption, please contact our office (firstname.lastname@example.org) as we may be able to assist you in determining if you have a requirement.
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