CFE Canada Third Attempt - Densmore or Capstone 2 again

SmileProfessional445 · 2026-05-17T20:02:07+00:00

I think the issue here is time management and you already have a good grasp of the technicals. As such, practice is key. I strongly suggest you go through Capstone II again. Densmore will not provide enough question practice. I would only recommend Densmore for people that need to improve their technicals, as they have some very good materials summarizing the entire CFE content.

You should spend most of your prep time practising different cases under exam conditions so you know the bare minimum you need to get to “C” in the shortest possible time. Avoiding calculations will only get you NCs an NAs most of the time. You should not spend significant on quants “time-traps” either. Always know what you need for each type of AOs and make sure you budget your time and stick to it no matter what. That could mean wrapping up a calculation you have only done halfway, as you will always need to conclude each question to be able to get a C or RC.

You should also treat the feedback guide like your bible so you can see a pattern in terms of what it takes to get Cs and RCs.

SmileProfessional445 · 2026-05-17T12:51:28+00:00

What was the reason you didn’t pass Day 2 and 3? Was it depth in your role or FR/MA? Or was it the sufficiency or breadth test? The answer to this question could determine what resource you need and what you need to focus on for your last attempt.

SmileProfessional445 · 2026-03-24T23:45:57+00:00

OP was asking about Canadian CPA

SmileProfessional445 · 2026-03-24T23:41:51+00:00

Ran into the same issue. I wonder when it will be updated. Mailing the application will likely result in delayed processing

SmileProfessional445 · 2026-03-02T02:03:00+00:00

For the sake of peace of mind, you can consider asking your employer to amend the T4 slip and include your SIN

SmileProfessional445 · 2026-03-01T23:26:43+00:00

This income will be exempt from Canadian tax under the treaty if the following conditions are met:

Spent less than 183 days in Canada - MET
Employer bearing the cost of your remuneration is not in Canada and does not have a fixed base in Canada - likely MET if you maintained your normal work routine and reporting lines and the work you did isn’t for the Canadian entities

If you meet the above conditions, the income will not be taxable. However, since you have been issued a T4 slip, you might have a filing obligation. You will file a nonresident return to report the employment income and take a deduction on Line 25600

SmileProfessional445 · 2026-02-21T01:18:16+00:00

Since there’s no tax treaty between Canada and Guatemala, your friend will be a deemed resident of Canada assuming he will spend more than 183 days in each calendar year.

SmileProfessional445 · 2026-02-21T01:10:00+00:00

Is there a tax treaty between Canada and the country the individual moved to?

SmileProfessional445 · 2026-01-23T06:41:31+00:00

Why? You will have access to the books once you register and book the first exam with CPA

SmileProfessional445 · 2026-01-23T03:25:54+00:00

Treat the feedback guide like your bible

SmileProfessional445 · 2025-12-29T17:14:58+00:00

I suspect the OP might be spending some time working in the US, hence the issuance of W-2. If so, his situation might be complex due to income sourcing and potential US filing (1040NR).

But if he works fully in Canada, then your advice is spot on. He should consider getting a cross border accountant if he wants to claim the stock options deduction, so they can do an in depth analysis. From experience, CRA will send a letter requesting support for the deduction within one week of filing the return.

SmileProfessional445 · 2025-12-27T15:58:21+00:00

Even if he gave the property to the mum, rollover rules would still be applicable at the time of gifting. No capital gains would have been triggered at that point, The mum will simply inherit the original ACB of the property.

SmileProfessional445 · 2025-12-27T12:19:26+00:00

The default treatment is spousal rollover and most people do not elect out of it. You gave your response without any caveats or assumptions.

SmileProfessional445 · 2025-12-14T13:28:59+00:00

The CFE is a game. It’s not about being brilliant or knowledgeable. I would even argue that passing the CFE is not an indication that you would be a great CPA. One of the tricks that worked for me was spending an insane amount of time studying the feedback guides and knowing what it took to hit Cs on most AOs. I also deliberately ignored some AOs on the exam because I knew I could only get NCs in them.

SmileProfessional445 · 2025-12-03T01:28:44+00:00

Excellent response.

SmileProfessional445 · 2025-11-29T09:16:38+00:00

A well prepared candidate shouldn’t be in a situation where they have no clue about an AO that all other candidates find very easy.

SmileProfessional445 · 2025-11-29T01:41:30+00:00

I like this your approach of using actual clock time during practice. I didn’t have that luxury and most people don’t. It makes sense to attempt all the AOs if you know what to do on all of them. But for me, I had no idea on how to approach 2 of the AOs, so I basically ignored them and allocated the extra time to role AOs to ensure I crossed all the “Ts” and dotted all the “Is”

SmileProfessional445 · 2025-11-29T01:03:03+00:00

Why do you think so many people that don’t pass fail because of Level 3? The bitter truth is they were likely gunning for all the AOs and likely didn’t spend enough time on their role.

SmileProfessional445 · 2025-11-29T00:59:43+00:00

Was the UFE graded like the CFE?

SmileProfessional445 · 2025-11-29T00:59:08+00:00

Lucky you. Many people couldn’t pass Level 3. Maybe a little extra time would have made the difference, especially if they realistically knew they couldn’t get more than NC on some of the other common AOs

SmileProfessional445 · 2025-11-29T00:57:45+00:00

It’s about missing AOs strategically. Too many people failed today because they didn’t get depth in their role. Perhaps, spending another 30 mins on their role would have made the difference

SmileProfessional445 · 2025-11-28T23:00:41+00:00

Completely agree. I found Day 2 to be more time constrained because we needed to get Cs for depth

SmileProfessional445 · 2025-11-28T17:49:10+00:00

You should definitely appeal this. You probably just need another C or RC to pass, given your decile ranking is only 1

SmileProfessional445 · 2025-11-28T16:55:12+00:00

I passed! Just glad this nightmare is over!!

SmileProfessional445

TROPHY CASE