Improper use of funds

Did you entrust sums of money or securities to a CPA who used them for purposes other than those for which they were entrusted to him or her in the practice of the profession? If so, you can submit a claim to the Indemnity Fund.

The purpose of the indemnity fund is to:

Protect the public by reimbursing funds or property used by a CPA for purposes other than those for which the amounts or securities were entrusted to him or her in the practice of the profession.

The indemnity fund cannot be used to:

obtain interest or other forms of damages;
obtain compensation in case of an error committed by a CPA (such claims fall under the jurisdiction of the civil courts);
recover sums of money given to a CPA for investment purposes;
settle a dispute over professional fees.

Find out more

CPAs who hold sums of money and other securities for others are governed by several regulations, including:

the Professional Code;
the Code of ethics of CPAs;
the Regulation respecting trust accounting and the Indemnity Fund.

How to file a claim

To submit a claim to the Order, please fill out the form below and provide the most complete and accurate information possible. Any claim to the Indemnity Fund is automatically brought to the attention of the syndic and the secretary of the Order.

Deadline

You must file your claim within 12 months from the time you become aware of the events.

For your claim to be processed, you must do the following:

indicate the amount claimed;
clearly state the facts supporting the claim;
include all supporting documents;
print a copy of the form you will receive by email, sign it in the presence of a commissioner for oaths, notary or lawyer, and email it to affairesjuridiques@cpaquebec.ca.

FILE A CLAIM

How your claim is processed

The Indemnity Fund committee evaluates and investigates claims, and then makes recommendations to the Order’s Executive committee, which renders a final decision.

Indemnity

The maximum indemnity payable from the Fund is set at $80,000 per claim and $300,000 for all claims against the same professional.

When you receive your indemnity, you must sign the documents which will enable the Order to then claim from the CPA in question the amounts you received.

Questions?

If you have any questions about the Indemnity Fund, please contact us by email at affairesjuridiques@cpaquebec.ca, or by phone at 514 288.3256 [3013] or toll-free at 1 800 363.4688.