Terms and Conditions
Information collection and use
- PrepFormula retains some information on this website for features such as: user login and commenting. PrepFormula agrees to never sell or broker this information to third parties. PrepFormula also agrees not share any information with anyone except qualified tutors.
- PrepFormula is not affiliated with or related to CPA Canada, CPA Ontario or the other provincial CPA bodies representing and regulating the Chartered Professional Accountants in Canada. PrepFormula activities have not been approved or endorsed by these CPA bodies. CPA is a registered trademark of CPA Canada and CPA Ontario.
Registration and the email newsletter
- PrepFormula reserves the right to retain information necessary to keep in contact with users and update them on videos out every day. PrepFormula also reserves the right to collect general demographic information in order to create a more personalized user experience. You may sign up to our newsletters and e-mail by registering on our homepage. You may unsubscribe at anytime with a CAN-SPAM/CASL compliant unsubscribe link at the bottom of each e-mail.
Traffic Analytics and IP Addresses
- PrepFormula stores both IP addresses as well as employees traffic analytics software for the purpose of tracking user behaviour in an effort to enhance the user experience as well as enable increased website security.
- Your user account will be banned if we suspect you of using the account for any illegitimate use without a refund (i.e. sharing login with friends).
- PrepFormula reserves the right to share certain information for identification purposes in order to enable the use of member accounts for students.
- PrepFormula makes an enormous effort to insure data is transmitted securely and safely. We use standard encryption technology for the transmission of personally identifiable information for the purpose of processing transactions. However, no current technology can ever be guaranteed to provide 100% safety and security.
- No credit card data is stored on PrepFormula servers. We utilize Stripe, as a credit card processor which charges credit cards on their servers and pages on our behalf.
Posting information on the website
- You are solely responsible for all the content you post or upload to the website. You must agree not to post content that is: - Obscene or contains any form of pornography
- Can be deemed offensive to others
- Violates any public or private privacy laws
Links to third party websites
- PrepFormula may include links to other websites on the Internet. PrepFormula is not liable for the actions of any linked websites. Your use of any such third party website and their content, information, advice, products or services is solely at your own risk.
- PrepFormula reserves the right to change or modify this agreement at any time without notice.
Rights to change the agreement
- PrepFormula members and users must be over the age of 18. If you are under 18, your parent or guardian must give you permission to use the website.
Guarantees and returns
- Pass Guarantee: we provide on-going access to materials (including future updates/upgrades) in the course(s) you've registered for, excluding any one-on-one sessions and marked mock exam cases. You may want to, at your discretion, want to purchase additional one-on-one sessions or marked mock exams at the cost of $60 each plus tax (discounts may be available on a case-by-case basis). Access to materials is provided until you pass* while you're a currently registered student with a Provincial CPA body (e.g. CPA Ontario or WSB CPA, etc). You will need to provide proof of registration to be eligible. The return policy of 10 days applies for the initial purchase term (first creation of account), not for upgrades, extra credit purchases, or additions (which are non-refundable). Please send over the documentation to: support at prepformula.com
- Until You Pass: in the event of an unsuccessful attempt at any CPA PEP exam or the CFE, please send us an e-mail to support at prepformula.com with your results. We will provide on-going access "until you pass", by providing an additional attempt for the PrepFormula course (unlimited usage of updated materials, webinars, cases, and continued use of existing credits balance). In the event you choose to defer the exam at your own discretion (without attempting the exam), 50% of the course fee will be forfeited. You agree to pay PrepFormula Inc. 50% of the course fee amount (50% of original cost of course plus GST/HST) to re-activate your access for the next year (something not covered under our Until You Pass guarantee - in other words, you must attempt the exam to avoid the 50% fee to be fair to all students). This fee is non-refundable, and non-negotiable for continued use of the materials (unlimited usage of updated materials, webinar, cases and continued use of credits balance). Credits are never restored back to total amount purchased, under any circumstances. You will have to buy additional credits at a cost of $60 per credit plus applicable taxes.
- 10-Day Refund Policy: Returns can be processed under 10 calendar days from the sign-up date. While normally, a full refund is possible, you may be charged administrative fees, transaction fees and partial course fees depending on utilization of service (for example: if you order a printed study guide and do not return the study guide upon requesting a refund). Refunds are not provided for fraudulent usage/scraping of materials from the website. Refunds are never provided for excessive usage of materials (watching a significant number courses resources (videos, webinars), access to cases, or note package - results in zero refund due to intellectual property risk of theft.
- Refund Policy Exception 1: No returns are provided for discounted memberships or memberships that had altered arrangements (i.e. increase in Prep Credits from normal arrangements, increase in marked cases, increased support from multiple trainers, highly customized programs, discounts of any sort, including partial refunds for webinars).
- Refund Policy Exception 2: No refunds are provided for international sales. The 10-day refund window does not apply to students outside of Canada. Students must be registered in Canada with a Canadian payment method to qualify for a 10-day refund due to fraud concerns.
- Refund Policy Exception 3: No refunds are provided for materials purchased less than 15 days before the exam date or before CFE Live. For example, for a March 31 exam, materials cannot be refunded starting 15 calendar days before the exam, or March 16 onwards. CPAs are discouraged from acting in ways that would be deemed unethical based on the rules of professional conduct. As an organization that teaches about internal controls, we reserve the right to enforce controls in our own operating environment (i.e. return fraud).
- All memberships provide access to resources that are not ever guaranteed.
- No guarantees are made relating to the success on actual accounting exams, ever.
- Any PrepFormula course, also known as a “membership” provide you with the following benefits: 1-14 one-on-one coaching (60 minute maximum) sessions. The sessions may happen (but are not limited to) either in person, by phone or Skype (registered trademark of Microsoft), at the discretion of PrepFormula; the equivalent of up to 14 marked cases, as discussed below; a study schedule, and access to course materials from the date of sign-up until the last day of that year’s CPA Module Exam or CFE (depending on package).
- Memberships provide the equivalent of 1-14 marked cases (1-14 credits). 1 multi-competency = 1 credit. 1 comp = 3 credits. Additional credits are available.
- Enrolling in a membership entitles you to a maximum of the aforementioned benefits and does not imply a minimum. In other words, students who do not use all of the services are not eligible for a partial refund.
- Membership is not transferable between parties or years without written permission.
- PrepFormula does allow installment plans for those who are unable to pay the full membership fee. The membership and installment payments are not directly correlated – in other words, an installment plan with 3 payments does not mean you’ll get 1/3 of the services provided. You’ll always have access to 100% of the course even with a partial payment.
- Installment Payments are expected to be paid on time in full, without an equivalent value of delivered of service. In other words, if you choose to accept less services, you are still eligible for making your installment payments because the benefits have been available to you out of goodwill from the initial installment payment made.
- Failure to pay installment payments on time, will incur a $100 administration fee for each missed installment payment, in addition to a 19.99% interest accrued monthly. Failure to pay an installment payment will also result in your account suspended with 48 hours of a missed installment.
- We reserve the right to report your liability with us to a credit agency/collections agency.
- Chartered Professional Accountant (CPA) students agree to abide by the rules of the profession as stipulated in the respective provincial Member Rules of Professional Conduct. The rules are virtually identical between provinces, and thus here is an example: http://www.icao.on.ca/resources/membershandbook/1011page2635.pdf
- We do reserve the right to report students behaving unethically, illegally or immorally to the ethics committee at the respective provincial member institute as defined in the Member Rules of Professional Conduct. This includes instances of non-payment by a student for fees owed to PrepFormula (installments or additional billables).
- Memberships terms may change at any time without warning.
Course Director, Assistant Course Directors, Markers
- PrepFormula only hires qualified Chartered Professional Accountants as Assistant Course Directors/Markers (tutors). Please note that tutors that have obtained a contract through PrepFormula are hereby not allowed to conduct business outside of PrepFormula. This offense is punishable through civil litigation.
- We do reserve the right to report students behaving unethically, illegally or immorally to the ethics committee at the respective provincial member institute as defined in the Member Rules of Professional Conduct.
Physical and Digital Material License
- PrepFormula does not sell Materials (i.e. books, e-books, cases, webinar slides, video) instead all materials are licensed to a paying student for the duration of their preparation. The materials license may not be sold, transferred, copied or shared with any other student (paying or non-paying).
- There are no sublicense rights.
- Sharing of materials is strictly against our terms and prohibited.
- Upon completion of the course, you agree to destroy all PrepFormula materials and may not resell, share, sublicense, donate, or gift any materials to any other party.
- Students agree to pay liquidated damages and legal fees for unauthorized copies of materials.
- Sharing of materials also violates the Intellectual Property laws, Copyright Act, and is against the Student Code of Conduct under the Provincial CPA bodies (e.g. CPA Ontario).
- If you have any questions or concerns do hesitate to contact us by using the contact page or sending an email to support at PrepFormula.com
- By registering with PrepFormula, if you have any concerns, you agree that you must settle through arbitration.
Updated: January 2021 – PrepFormula.com