Professional liability insurance
All CPAs, whether they provide their services directly to third parties, are employed by a business, an institution or a government, or are retired or not active professionally, are required to submit a declaration to the Fonds d’assurance responsabilité professionnelle des CPA du Québec administered by the Order, regardless of where they practice. Under the Règlement sur l’assurance de la responsabilité professionnelle des comptables professionnels agréés, all CPAs are covered by the Fonds d’assurance.
For further details, go to the CPA requirements section.
Excess liability insurance
Furthermore, a regulation provides that members who practice the CPA profession as defined in the Chartered Professional Accountants Act within a limited liability partnership (LLP) or a joint-stock company (JSC) are required to take out an additional insurance coverage to cover possible professional faults, in addition to the compulsory insurance for all CPAs.
For more details, go to the CPA requirements section.