Foreign-Trained Accountants Fear Fines Under Ontario Law
Saxton, who runs Arrow Accounting and Bookkeeping on Danforth Ave., is a Chartered Institute of Management Accountants (CIMA) designation, a credential he says is internationally recognized and that takes an average of three to four years of study to earn.
But now he, like other foreign-trained accountants, fears he will be penalized under a recent Ontario law. Under Bill 158, Saxton says he will have to stop using his U.K. professional designation in promoting his business, or face a fine of up to $10,000.
There are roughly 1,000 people working in Canada with credentials from CIMA. As well, there are about 2,500 who have a designation from the U.K.-based Association of Chartered Certified Accountants (ACCA), another internationally recognized body.
Members from both groups are hoping they will be granted exemptions from the Ontario law, which they argue is a barrier to foreign-trained professionals.
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