Mattmunro

Hi All,

Just looking to reach out to any UK qualified accountants who have successfully made the move to Canada. In particular we really like Toronto, and would like to focus in the Ontario area.

I've broke down our key issues below and any advice or input people could offer would be very gratefully received (!!)

Visas
My wife and I have recently applied for IEC visas as this seems to be our only option currently to get over there to work. From my understanding the next lot of visas get released at the end of this year so we are keeping everything crossed for that, but doing as much as we can in the mean time to be ready if successful.
Does anyone know of any other feasible options?

Employment
I have always worked for SME's (and do currently) so do not have any chance to "internally transfer" to a Canadian location. This means if successful with the above I'll most likely have to just take the punt and go over there without any employment and hope I can find something quickly.
Assuming that is what I do, does anyone know of any particular employment agencies which are good for immigrating professionals? Is it possible to register with them remotely or do they all require face to face visits? I'd happily make a few day trip if it meant making some key contacts and register etc..

In terms of job roles, it is sometimes difficult to see how the UK roles translate. Over here I'm classed as a Financial Controller/Finance Manager. Does anyone know the Canadian equivalent?

Qualification
I am CIMA qualified here and looking to convert to CPA, CMA as that appears to be the recognized (see how I popped the 'z' in there to prepare?) qualification. due to agreements with CIMA this appears relatively straight forward - has anyone any experience of doing this? Is it worth doing prior to getting visas or shall I wait to see if we're successful first?


Specific knowledge
Is there anything (work related) that would be a real must to learn prior to trying to find work? Are there any noticeable differences between practices here and there?

Right, that's enough to start with. If you have read this far thank you very much and I'd really welcome any responses

Thanks

Matt

JonboyE

I think SMEs are a happier hunting ground for a new arrival. You are much more likely to find a company that will take a punt on someone. Larger companies and many recruitment agencies tend to put pegs into appropriate shaped holes and you are an odd shape having no previous Canadian experience. I was a bit of an odd shape too when I first arrived. The only agency that tried to help was Robert Half but I still had to find my first job myself.

The head of accounting/finance of a SME is usually called a Controller.

Read the wiki articles about job hunting. There is lots of useful information there. You are very unlikely to find a job before you move here but it is worth getting your LinkedIn profile up to date and doing some initial online networking. One thing that is different from the UK is the reliance employers place on references. Make sure you have one or two people who will take a phone call and be happy to have an "off the record" conversation about you.

I don't think you can. You need to be legally entitiled to work in Canada and have a Canadian address first.
https://www.cpacanada.ca/en/become-a...nadian-cpa-cma

As a controller of an SME you will be expected to have a working knowledge of the regular tax filings a company has to make. Particularly HST (equivalent to VAT in the UK), payroll withholding, worker's compensation etc. Do some research on these so you can sound as though you know what you are talking about during an interview.

There are some differences in terminology (e.g. amortization rather than deprecation, inventory rather than stock) and the balance sheet has a different format but debits are still debits and credits still credits.

Public companies use IFRS and there is a "baby GAAP" for private companies. Almost all private companies use an external firm of accountants to prepare annual financial statements and corporate income tax returns so it is unlikely you will need to have expertize in these.

Howefamily

Hi, I transferred from CIMA to CMA in 2011 and it was really straightforward. Just filled in a portal of my experience and it was signed online by two managers. I then joined the convocation of that year and with all the newly qualified CMAs was handed by certificate, framed, onstage by the CMA President of NS and told "welcome to the club"
I had been in touch in the run -up to our move with someone at the CMA office here so I recommend that.


I second JonboyEs comments and also wish to add:
Don't use the term "double entry", its not used and sounds to Canadians as if you are duplicating an entry. They use the term "the transactions" or "the entry"
Definitely gain understanding on HST/GST and where ownership takes place (where the goods/service is received in short) as that depends on the rate HST/GST that's charged
Understand payroll, WCB, CPP etc


Good luck
N

Mattmunro

Hi JonboyE and Howefamily, thank you both kindly for taking to time to respond

I really appreciate the advice from you both. I must admit I laughed and got a bit worried when you called me an "odd shape" Jon, but then was relieved to hear you were one too! It's very bolstering to know that there are potentially more opportunities in small companies, and I certainly believe I'd be a good punt!

I will look into the local taxes for sure, and thanks for the heads up on "double entry" Howe.

Had another thought too, what sort of systems have you guys come across over there? The SME market over here is pretty dominated by Sage 50, is it similar there? I suppose the principles are always the same, just a different interface anyway...

Thanks again guys

Matt

JonboyE

No problems.

Sage 50 and QuickBooks dominate the market here. The cloud versions of the software are becoming increasingly popular. I have a dozen clients who use QuickBooks online. None that use Sage One yet.

Theoldfields

Hi Matt,

I think you've got great advice from two experts already and having been through the same process myself in 2013 I think the advice you've been given is spot on.

It is definitely worth researching the Canadian Tax regulations when you get here and some agencies also have proficiency tests which will allow you to demonstrate your technical abilities to potential employers who don't recognize the UK qualifications.

I also think it is worthwhile investing some time in the local CPA meetings when you arrive. It can be a useful source of contacts.

Good luck,
Tim

Howefamily

The other option you have is to look at contracting with a good temp firm, that way you get some network going when you arrive.
I have noticed here though (esp in Halifax) that people really like you to see your contract through. Bear in mind also that references are much more detailed, questions are asked about your attendance, your attitude, how you cope in stressful situations etc etc.
I have given 4 references now and the level of detail required always staggers me (compared to the UK)

Markicof

Hi Matt

Firstly, good luck on your journey to Canada!

The only thing I can comment on is that CIMA qualifications are recogni'z'ed with WES and therefore CIC. My wife had a Bachelors degree and then a 'Certificate in business accounting' from CIMA and they counted for 'two or more degrees' via express entry. The CIMA certificate counted as 'college level' with WES, which is fair but the main point is that it was recognised. Very useful if you want to gain extra points for PR.

I only make this point as I have seen much debate about the legitimacy of CIMA on many forums.

Mark

Howefamily

oh yes, CIMA is great for getting your PR (education wise) but once here you realize its not as global as it likes to be seen as. No employer I have met here is familiar with it, hence the need (in my view) to transfer it to CMA. What you then have to do is have your CMA paid each year (nearly $1k) and also your CIMA - thank God that's only a couple of hundred quid a year.
My employer pays for both but one I did have didn't pay the UK one, but I could claim it back on my taxes.


Another note - you are not a "qualified accountant" here but rather you "hold a designation"

AfroGlasgow

Hi Howefamily,

Please can you explain what you mean by "you are not a "qualified accountant" here but rather you "hold a designation" .

I thought that once you are admitted to CPA/CIMA you are still qualified.
Also does it make a difference at work or the kind of job will you get or how far you can climb the ladder?
Will it be better to do the exams if that means that one is qualified. Any info will be great.

Howefamily

sorry - its just a difference in terminology. You are still qualified its just referred to as being designated (you can stop freaking out now )

AfroGlasgow

Thanks! Although I wasn't freaking - just gathering info.

Howefamily

OK good ( I would have been)

Yandros

OP,
I've just converted my UK ACA qualification to an Alberta CPA, CA designation. The process itself was fairly easy, but the Alberta accounting institutes have recently merged and I don't think they've got their admin sorted out yet, so it took a while and required a lot of chasing people to respond to emails.


Canadian accounting institutes are provincially based, so you may not have the same issues in Toronto. One thing I did find (at least for Alberta) was that the annual rates are ridiculously high compared with the UK. (I think) you have to join both the provincial institute and the Canadian institute, and the combined fees are more than twice my UK fees. Something to consider if you cant reclaim it from an employer.

Siouxie

I believe you would still be able to offset the association fees when paying taxes.

Line 212 - Annual union, professional, or like dues

ARCHIVED - Employees' professional membership dues