Obligations and responsibilities

Principal obligations of CPAs who accept to hold or administer funds or property for a third party

  • Enter into a contract that clearly defines the transaction to be concluded
  • Take the necessary measures to ascertain that such transaction is legal
  • Deposit all funds being held entrusted to them, immediately after receipt thereof, in a general or special trust account, as the case may be
  • Submit, without delay, to the Order as well as to the financial institution or brokerage firm where the trust account is opened, the duly completed form required, as the case may be: 

Form 1Opening of a general trust account
Form 2
: Opening of a special trust account

A member wishing to close a trust account must fill out the form below and return it to the Order:

Form 3Closing of a general or special trust account

General trust account: an account opened in the name of one or several CPAs or of the partnership or joint-stock company within which the CPA practices his profession, in which are deposited funds that do not belong to the CPA and for which the CPA has waived his rights to the interest in favour of the Order.

Special trust account: an account opened on behalf of a client requiring such account and in which are deposited the funds and interest belonging to the client. There are also special consolidated accounts, i.e. having the same characteristics as special accounts, but that are opened in the name of the firm or joint-stock company.

To make the process of opening trust accounts easier, the Order has entered into agreements with several major financial institutions.

Responsibilities of CPAs who hold or administer property for a third party

  • Adequately control the accounts and properly document the control and administration of accounts
  • Keep accounting records in accordance with accounting standards for private enterprises (ASPE)
  • Protect the confidentiality of information
  • Return all unclaimed inactive accounts to Revenu Québec
  • Give the Order access to all information upon request respecting the holding or administration of property belonging to a third party