Accountant Retiring? Here’s What You Need to Know

Is your accountant retiring?  Not sure what to do next?  Don’t panic!  There are a few key steps you can take to ensure a smooth transition for your business and personal finances.

1. Confirm Retirement Timeline & Transition Plan

• Ask your accountant for their exact retirement date.

• Determine if they will assist in transitioning you to a new accountant.

• If they work within a firm, find out if another accountant there can take over.

  
  

2. Collect Your Financial Records & Documents

• Obtain copies of your tax returns (T1 for individuals, T2 for corporations).

• Gather financial statements, payroll records, GST/HST filings, and other tax documents.

• Ensure you have access to accounting software (QuickBooks, Sage, Xero, etc.).

  
  

3. Find a New Accountant

• Ask your retiring accountant for referrals – in many cases, the retiring accountant will have colleagues they can refer you to.

• Look for a Chartered Professional Accountant (CPA) with experience in your industry.

• Check credentials, reviews, and pricing before making a decision.

  
  

4. Transition to Your New Accountant

• Arrange a meeting between your retiring accountant and the new one, if possible.  The more your new accountant understands how things were managed before, the easier it will be for them to take over and continue to improve your financial processes.

• Provide your new accountant with past financial records and tax filings.

• Ensure your new accountant sets up CRA authorizations or ask for their details so you can add them yourself through your My Business account (businesses) or My Account (individuals)

• Review your financial and tax strategy with your new accountant to ensure continuity.

5. Notify Relevant Parties

• Inform banks, business partners, or financial institutions if they need updated accountant details.

6. Review & Optimize Services

• Take this opportunity to reassess your accounting needs (e.g., tax planning, bookkeeping, financial advisory).

• Consider updating or switching to cloud-based accounting software for better accessibility.

• Ensure your business is compliant with federal and provincial tax laws.

Losing your accountant doesn’t have to be stressful.  Starting early (as soon as you find out about their retirement) and asking for referrals can simplify your search and the transition.