The tax profession's talent crisis: The transformative Certificate of Canadian Income Tax Practice

Cara Orzech, B.Econ., MMPA, CPA, CGA, spent over a decade with CPA Canada as Associate Director and Principal of Tax Education and developed the In-Depth Tax Program.

THE tax profession is grappling with a critical talent shortage. Fewer students are pursuing careers in this field, and even fewer receive the necessary foundational tax training prior to entering the profession to be effective tax practitioners from day one. New tax practitioners no longer enter the profession possessing the knowledge and practical skills needed to effectively do their jobs and navigate the ever-evolving complexities of the Canadian tax landscape. 

The reasons for the decline in students pursuing tax careers are multifaceted. The extensive training requirements to become a CPA, perceptions of accounting being boring or overly specialized, lower compensation compared to other fields, an overall drop in college enrollment, lack of diversity in the profession, and the high cost of education all contribute to fewer students entering the tax and accounting professions. 

The decline in preparedness of new CPAs for tax roles is a result of a significant reduction over time of emphasis on tax competencies in formal education. This decline in formal tax education has far-reaching consequences for the industry. Tax departments must invest significant financial resources and human capital into extensive and expensive training programs to bridge the gap between new hires' limited tax knowledge and the practical skills required to effectively do their jobs, often relying on senior practitioners to train junior staff, driving up costs and inefficiencies. 

So how, as an industry, can we effectively address this pressing issue? The solution requires a shift in mindset toward education, training, and mentorship. Employers need to re-evaluate how, when and in what to invest their limited professional development dollars to maximize value. To provide the highest return on investment, training must incorporate modernized learning principals and integrate theory with practical examples at the appropriate level to successfully equip new hires with the foundational tax knowledge and practical skills they need to become effective practitioners. 

One program emerging as an effective solution is the University of Toronto’s Certificate of Canadian Income Tax Practice. Entering its second year, this comprehensive program equips new CPAs, internationally trained professionals, and career changers with the essential foundational knowledge and skills necessary to become valuable assets to employers from day one, reducing the burden on senior staff and improving staff retention. Participants not only acquire theoretical knowledge but also develop the confidence and competence to contribute meaningfully to tax practice, reducing the need for extensive on-the-job training. 

With its innovative approach, purposefully designed curriculum, professional education team, and focus on technology and practical application, the Certificate of Canadian Income Tax Practice is a game-changer, that helps attract new talent to the tax profession and prepare them for successful careers, while alleviating the financial and human capital burdens faced by firms. Fortunately, the program is delivered online one night a week, so it can be attended from anywhere. To learn more, visit uoft.me/CITP.

By Cara Orzech, B.Econ., MMPA, CPA, CGA. With over 20 years of experience in tax practice and education, Cara specializes in curating educational experiences for tax specialists. She spent over a decade with CPA Canada as Associate Director and Principal of Tax Education and developed the In-Depth Tax Program. Images provided courtesy IMIx.