Learn ways and options to effectively manage money.
Time frame: 60 min
Audience: new Canadian immigrants who have been in Canada more than two years
Learning objectives for participants:
- learn to create a realistic budget
- understand cash flow and how to control it
- learn how to effectively manage money
- learn how to define a financial plan
- understand the difference between “good debt” and “bad debt”
- understand the difference between “wants” and “needs”
- understand the key features of RRSPs, RESPs and TFSAs, and how they can help put a financial plan into action
- know where to go for support
Outline:
- overview
- creating a budget you can stick to
- understanding cash flow
- the secret to being a good money manager
- defining your own financial plan
- sorting out your wants and needs
- three savings vehicles worth considering
- putting your financial plan in action
- some helpful resources
Learning Materials:
- Sample Budget Worksheet
- SMART Goals Worksheet — helps set SMART goals which are specific, measurable, actionable, realistic, time-framed
- Glossary of Terms — defines various financial terms and items
Questions?
For questions, please email us.
Proudly sponsored by Canada Life, our National Development Sponsor.
Want a session in your area?
We will provide a CPA volunteer to lead the session with a prepared presentation, activities, handouts and worksheets. Note: If more than one session is needed, please fill out a second form and submit.
Request guidelines:
For more information, visit setting up a financial literacy session.
FAQs
The highest paid CPAs in Ontario are partners and business owners. Partners make on average $376,000 with a median of $275,000. Business owners make on average $368,000 with a median of $210,000. CPAs in executive management roles often earn a salary between $200,000-$300,000.
Which is better, US CPA or Canada CPA? ›
Both credentials offer the benefit of a higher salary, better job opportunities, career stability, and respect in their respective countries. However, the time taken and the cost involved in acquiring the USA CPA license are not as much as required in Canada CPA certification.
Is there any demand for CPA in Canada? ›
The demand for skilled talent remains high in 2024 for Canadians within finance and accounting. To meet their hiring goals, companies must continue finding innovative ways to attract and retain both long-term and short-term talent.
How to build wealth in Canada? ›
Building wealth in Canada
- learn to create a realistic budget.
- understand cash flow and how to control it.
- learn how to effectively manage money.
- learn how to define a financial plan.
- understand the difference between “good debt” and “bad debt”
- understand the difference between “wants” and “needs”
As a Canadian CPA, you're part of one of the world's largest, most prestigious and influential accounting organizations. Being a CPA means you're part of an influential global brand.
Can CPAs get rich? ›
With the right amount of experience, being a certified public accountant can mean an eventual position as a chief financial officer (CFO) or a highly-paid tax accountant. A CPA's salary usually reaches the high five figures while senior CPAs in management can earn a six-figure salary.
Can US CPA work in Canada? ›
Yes, both US CPAs and Canadian CPAs can work in public accounting in the other country. However, it may be necessary to meet additional licensing or equivalency requirements, and understanding the local accounting and auditing standards is crucial.
Is CPA difficult in Canada? ›
The process of getting the Canadian CPA can be an overwhelming journey. With multiple pathways to consider and exams to navigate, it's often difficult to know where exactly to start.
Is there a shortage of CPAs in Canada? ›
Over the years, the number of students signing up for and completing accounting degrees and programs has dropped significantly. As a result of this decline, the Association of International Chartered Professional Accountants (AICPA) saw a 40 per cent drop in new students sitting for the CPA exam between 2016 and 2022.
What is 1% wealth in Canada? ›
In 2021, the latest data Statistics Canada has made available, Canada's top one per cent earned an average $579,100 — a 9.4 per cent increase from 2020, and one of the largest gains seen in recent years, the report found.
The wealth of Canadian millionaires is by and large self-made, with wages and investment gains accounting for the largest source of assets for 25 per cent, while only eight per cent inherited the bulk of their wealth.
What income is rich in Canada? ›
The threshold for being considered rich is significantly higher, with the top 1% earning over $400,000. Therefore, to be considered rich in Canada, an income well above $200,000 is necessary. The concept of being “rich” in Canada is often debated and can be defined by various income thresholds.
How much do CPA firm owners make in Canada? ›
About 16 per cent of CPAs reported owning a business in 2022. Most of these respondents (79 per cent) owned accounting firms and earned a median of $211K. Those who owned other Page 4 2023 Canadian CPA Profession Compensation Study Report 3 businesses had a median compensation of $246K.
Who earns more CPA or CFA in Canada? ›
As such, CFAs tend to have higher earning potential than CPAs and greater career paths, though the downside is that to sit for the CFA exam, anywhere from 4,000 to 6,000 hours of work experience is required.
Where do CPAs make the most money? ›
The top-paying industries for accountants include finance and insurance, management of companies and enterprises, tax preparation, and the government. The top-paying states/districts for accountants include Washington D.C., New York, New Jersey, California, and Massachusetts.
