KPMG LLP

https://kpmg.com

KPMG LLP, the U.S. and UK member firm of the massive global KPMG International network, is one of the world’s "Big Four" professional services organizations. Founded under its current name in 1987 (though its roots trace back to the late 1800s), the firm operates with a clear mission to "support the UK in a connected world" and, globally, to inspire confidence and empower change. The firm’s core values—Integrity, Excellence, Courage, Together, and For Better—underpin its commitment to delivering independent, high-quality audits alongside cutting-edge strategic advice. Serving a vast portfolio of clients, from rapidly scaling start-ups to immense multinational corporations and public sector agencies, KPMG provides the critical expertise necessary to build resilience and drive sustainable growth in an increasingly volatile global economy.

The firm's expansive service portfolio is highly diversified across three primary pillars: Audit, Tax & Legal, and Advisory/Consulting. While KPMG continues to provide foundational financial reporting and tax compliance, its modern offerings are heavily skewed toward digital transformation and risk management. Operating through 2026, the firm has aggressively positioned itself at the forefront of the artificial intelligence revolution, heavily emphasizing its KPMG Managed Services division. According to its Managed Services Outlook Survey 2026, KPMG is rapidly helping private enterprises bypass "planning paralysis" by deploying specialized teams to scale "agentic AI" and implement robust cybersecurity frameworks directly into clients' operating models. Furthermore, KPMG maintains a market-leading sustainability and ESG (Environmental, Social, and Governance) practice, assisting clients with climate risk assessments, sustainable finance, and the complex mechanics of decarbonization.

Currently guided by UK Chief Executive Jon Holt and U.S. Chair and CEO Paul Knopp, KPMG LLP is navigating a dynamic regulatory and economic landscape. Moving through early 2026, the firm is acutely focused on the evolving needs of private enterprises, as detailed in its recent Global Tech Report 2026 and Private Enterprise Barometer. These insights highlight a massive structural shift where businesses are moving away from simple cost-cutting toward strategic investments in AI, international diversification, and pragmatic risk management. Internally, KPMG is strongly committed to diversity and corporate responsibility, maintaining aggressive carbon-neutral targets and recently opening applications for its 2026 Apprenticeship & Graduate Programmes to cultivate the next generation of financial and technological talent.

Latest updates

KPMG Canada Preps for Economic Update Commentary Amidst Global Instability

Event summary

  • KPMG Canada is offering spokespersons for media interviews following the Spring Economic Update on April 28, 2026.
  • Lucy Iacovelli, Canadian Managing Partner, Tax and Legal, emphasized the need for government and business collaboration to build economic resilience.
  • KPMG is positioning experts to comment on topics including tax measures, economic/fiscal implications, trade diversification, infrastructure, investment, defence strategy, AI, and financial services.
  • The firm highlights the potential for faster follow-through on outstanding tax measures with a majority government in Ottawa.

The big picture

KPMG’s proactive positioning underscores the heightened demand for expert economic commentary during a period of global instability. The firm's focus on tax measures and investment signals a strategic emphasis on supporting businesses navigating complex regulatory environments and seeking growth opportunities. The call for faster policy implementation highlights a potential bottleneck hindering Canadian business expansion and investment, which KPMG is poised to address.

What we're watching

Policy Execution
The government's ability to swiftly implement outstanding tax measures, as suggested by KPMG, will be a key indicator of its commitment to business certainty and economic growth.
Fiscal Discipline
The Spring Economic Update's demonstration of responsible fiscal management will be scrutinized, as it directly impacts KPMG's ability to advise clients on investment and expansion strategies.
AI Impact
The evolving regulatory landscape surrounding AI, and KPMG’s involvement in shaping it, will likely influence the firm’s digital transformation consulting services and client engagements.

KPMG Canada Appoints First Chief Economist Amid Economic Uncertainty

Event summary

  • KPMG Canada has appointed Ali Jaffery as its first Chief Economist, effective April 1, 2026.
  • Jaffery will lead KPMG’s Economic Advisory Services practice and is based in Ottawa.
  • Prior to KPMG, Jaffery served as Executive Director and Senior Economist at CIBC.
  • He previously held roles at the Bank of Canada, Department of Finance, and Qatar National Bank.

The big picture

The creation of a Chief Economist role at KPMG Canada signals a heightened focus on providing economic intelligence to clients amidst growing global economic uncertainty and geopolitical risk. This move suggests a recognition that data-driven insights are increasingly critical for businesses to make informed decisions and maintain a competitive edge. The appointment also reflects a broader trend among professional services firms to expand their advisory offerings and deepen their expertise in key economic areas.

What we're watching

Client Impact
The success of Jaffery's role will hinge on KPMG's ability to translate his insights into actionable strategies for clients navigating complex economic conditions, potentially impacting advisory revenue.
Research Focus
The specific areas of economic research prioritized by Jaffery (trade, productivity, competitiveness) will signal KPMG’s strategic focus and potentially influence policy discussions.
Talent Acquisition
KPMG’s willingness to invest in a Chief Economist role may prompt other professional services firms to follow suit, intensifying competition for top economic talent.

KPMG Canada Creates AI Research Head Role to Bridge Innovation Gap

Event summary

  • KPMG Canada appointed Dr. Andrew Forde as the firm’s first Head of AI Research, a newly created national role.
  • Dr. Forde, previously a Partner in KPMG Canada's Technology Strategy and Digital Transformation practice, will focus on connecting Canadian AI research with client business challenges.
  • The role aims to address Canada's historical struggle to commercialize its AI research breakthroughs.
  • Dr. Forde holds a PhD in Engineering from the University of Toronto and serves as an Adjunct Professor.
  • Stephanie Terrill, Canadian Managing Partner of Digital and Transformation, emphasized the commitment to evidence-based AI solutions.

The big picture

Canada has a strong foundation in AI research, but lags in commercializing those advancements. KPMG’s creation of this dedicated AI Research Head role signals a strategic shift to actively bridge that gap and capture a share of the rapidly growing AI solutions market. This move positions KPMG to capitalize on the increasing demand for AI-driven business transformation across various sectors, but also introduces execution risk related to translating research into practical applications.

What we're watching

Commercialization
The success of this initiative hinges on Dr. Forde's ability to translate academic research into tangible, commercially viable solutions for KPMG's clients, a challenge Canada has historically faced.
Competitive Response
Other major professional services firms will likely observe KPMG's approach and may consider similar investments in AI research leadership to maintain market share.
Talent Retention
The ability of KPMG to retain and attract top AI research talent will be crucial for the long-term success of this initiative, given the high demand for such expertise.

Canada's $6.6 Billion Defence Strategy Signals Shift in Procurement

Event summary

  • KPMG Canada is hosting a webcast on April 1, 2026, to detail Canada’s new Defence Industrial Strategy (DIS).
  • The DIS is a $6.6 billion national strategy backed by an $81.8 billion defence commitment in the 2025 federal budget.
  • The strategy aims to reduce reliance on foreign suppliers and prioritize Canadian business participation across key defence capabilities.
  • Funding streams include the Regional Defence Investment Initiative ($244 million) and IRAP's Defence Industry Assist ($357.7 million).

The big picture

Canada's Defence Industrial Strategy represents a significant shift towards bolstering domestic defence production and reducing reliance on international suppliers, particularly in light of ongoing geopolitical instability. The $6.6 billion investment signals a commitment to strengthening Canada's sovereign capabilities and fostering economic growth within the aerospace and defence sectors. This initiative is likely to reshape the competitive landscape, creating both opportunities and challenges for Canadian businesses.

What we're watching

Funding Allocation
The effectiveness of the DIS will hinge on the government’s ability to efficiently distribute the allocated funds and avoid bureaucratic bottlenecks that could hinder participation by smaller firms.
Supply Chain Shifts
The strategy’s success in reducing reliance on foreign suppliers will depend on the willingness of Canadian firms to invest in the necessary capabilities and technologies, potentially requiring significant capital injections.
M&A Activity
The influx of government funding and the push for domestic capabilities could spur increased M&A activity within the Canadian defence sector as companies seek to consolidate and expand their offerings.

KPMG Canada Launches Project Delivery Office Amid National Infrastructure Push

Event summary

  • KPMG Canada has established a Major Projects Delivery Office (MPDO) to address the increasing complexity of nation-building projects.
  • The MPDO will centralize project teams and provide specialized expertise across the project lifecycle, leveraging a network of over 5,000 infrastructure professionals globally.
  • Canada aims to double non-U.S. exports and secure stable energy/mineral supplies, necessitating robust project management.
  • KPMG Canada employs over 280 infrastructure and major project professionals domestically.

The big picture

Canada's ambitious infrastructure goals, driven by trade expansion and resource development, are creating a surge in demand for specialized project management expertise. KPMG’s MPDO represents a strategic response to this need, positioning the firm to capitalize on a significant growth opportunity while highlighting the inherent risks associated with large-scale, complex projects. The initiative underscores the growing importance of specialized advisory services in mitigating execution risk within the infrastructure sector.

What we're watching

Governance Dynamics
The success of Canada’s infrastructure push hinges on the MPDO’s ability to embed robust governance frameworks and accountability across diverse project teams, which will be a key indicator of KPMG’s effectiveness.
Regulatory Headwinds
The ongoing impact of legislation like Bill C-5 will likely shape project timelines and costs, requiring KPMG to navigate evolving regulatory landscapes and advise clients accordingly.
Execution Risk
The pressure to ‘build now and build fast’ increases the risk of shortcuts and compromises; monitoring early project planning and risk mitigation strategies will be crucial to avoid later cost overruns and delays.

AI Fraud Costs Canadian Businesses Billions, Response Lags

Event summary

  • Nearly 72% of Canadian businesses lost 1-5% of annual profits to AI-driven fraud in 2025.
  • 81% of businesses experiencing fraud faced AI-enabled attacks, with 70% targeted multiple times.
  • Only 26% of Canadian businesses have a comprehensive, tested response plan for AI-enabled fraud.
  • Over half (52%) of Canadian businesses are deploying AI to combat AI-driven fraud.
  • Six in 10 businesses plan to increase fraud prevention budgets by up to 7% this year.

The big picture

The KPMG survey underscores a systemic vulnerability within Canadian businesses as AI-driven fraud becomes increasingly sophisticated and prevalent. This trend highlights the limitations of traditional fraud prevention methods and necessitates a proactive, strategic approach that integrates technology, talent, and governance. The increasing reliance on AI for both attack and defense signals a long-term escalation in the cybersecurity arms race, with significant implications for risk management and operational resilience across all sectors.

What we're watching

Response Lag
The significant gap between perceived risk (94% concerned) and preparedness (26% with a plan) suggests a potential for escalating losses as AI fraud techniques evolve. This lack of preparedness will likely drive increased demand for specialized cybersecurity consulting and incident response services.
AI Arms Race
The trend of 'fighting AI with AI' will intensify, requiring constant investment in advanced detection and authentication technologies. The effectiveness of these AI-powered defenses will be crucial in mitigating future losses, creating a competitive landscape among cybersecurity vendors.
Governance Shift
The KPMG recommendations highlight a need to embed fraud prevention into broader governance frameworks, moving beyond reactive technology deployments. This shift will require increased executive oversight and a focus on employee training and accountability, potentially impacting organizational structures and compensation models.

KPMG Webinar Highlights Indigenous Engagement as Critical to Canadian Infrastructure Delivery

Event summary

  • KPMG Canada is hosting a webinar on March 4, 2026, focused on Indigenous participation and financing in major Canadian infrastructure projects.
  • An internal KPMG survey revealed that 85% of business leaders are concerned about project delays and setbacks due to insufficient Indigenous consultation.
  • The webinar is the second in a series, following a session on Bill C-5 and preceding one on May 13, 2026, covering regulatory requirements.
  • Catherine Pennington, National Indigenous Advisory Services Leader at KPMG Canada, emphasizes the need for Indigenous communities to be treated as true partners.

The big picture

The webinar signals a growing recognition that Indigenous consultation is no longer a peripheral consideration but a core determinant of success for major infrastructure projects in Canada. This shift reflects increasing regulatory pressure and a heightened awareness of the financial and reputational risks associated with inadequate engagement. KPMG's proactive positioning on this issue suggests a broader trend among professional services firms to integrate Indigenous perspectives into their advisory offerings, potentially reshaping the landscape of infrastructure development.

What we're watching

Governance Dynamics
The effectiveness of KPMG’s webinar series will hinge on translating policy changes like Bill C-5 into actionable strategies for project teams, and whether this can be achieved in a timely manner.
Financial Risk
The stated concern of 85% of business leaders suggests a significant financial risk premium is being factored into infrastructure project planning, and the webinar's success will depend on whether it can demonstrably reduce that premium.
Implementation Gap
The webinar’s focus on bridging the gap between federal policy and ‘shovel-ready reality’ indicates a persistent challenge in translating government mandates into practical on-the-ground action, and the long-term durability of partnerships will depend on addressing this.

Canadian Fintech Investment Cools After 2024 Megadeal Surge

Event summary

  • Canadian fintech investment totaled US$2.4 billion across 113 deals in 2025, down from US$9.9 billion across 161 deals in 2024.
  • Investment activity accelerated in H2 2025, with Q4 seeing US$662 million invested across 16 deals.
  • The largest deals included H.I.G. Capital's US$898 million buyout of Converge Technology Solutions, Wealthsimple's US$536 million equity raise, and Ripple's US$200 million acquisition of Rail.
  • Venture capital investment remained consistent year-over-year at US$1.2 billion, but across fewer deals (82 vs. 120).

The big picture

The moderation of fintech investment in Canada signals a shift towards a more disciplined market, prioritizing profitability and scalability over rapid growth at any cost. While the record 2024 was driven by a few outlier megadeals, the 2025 data suggests a return to more sustainable investment patterns. The continued focus on AI and digital assets highlights the ongoing potential for disruption and innovation within the Canadian fintech landscape, particularly as regulatory clarity improves.

What we're watching

Challenger Banks
The launch of Canada's open banking framework will likely spur increased investment and competition within the challenger bank sector, potentially reshaping the landscape.
Regulatory Clarity
The full impact of Canada's stablecoin regulatory regime remains to be seen, but it is expected to significantly influence investment in the broader digital asset ecosystem.
AI Integration
The ability of AI-focused fintechs to deliver demonstrable value and navigate evolving data governance practices will be critical in sustaining investor interest.

Canadian Auto Sector Restructures Amidst Trade Uncertainty

Event summary

  • A KPMG Canada report indicates 40% of Canadian automotive companies believe they will emerge stronger over the next three years, while only 9% expect to fail.
  • 69% of manufacturers and suppliers are investing heavily in AI and emerging technologies, with 20% reporting AI-related productivity improvements exceeding 25%.
  • 63% of companies have increased prices in response to tariffs, and 62% have substantially altered their product mix.
  • 96% of auto dealers anticipate supplier consolidation within five years, signaling significant structural shifts.

The big picture

Canada’s automotive sector is undergoing a fundamental shift driven by persistent trade uncertainty and the accelerating adoption of AI and electric vehicles. The industry's response, characterized by cost optimization, supply chain diversification, and technological investment, highlights a proactive approach to mitigating risk. This restructuring has the potential to reshape the Canadian manufacturing landscape and its trade relationships, particularly with the U.S. and emerging markets like China.

What we're watching

Investment Flows
The direction of manufacturing investments will dictate the pace of supplier adaptation and consolidation, potentially creating a two-tiered system of suppliers – those closely aligned with OEMs and those operating more independently.
EV Adoption
The commitment of new EV players to Canadian manufacturing will be a key determinant of the sector’s long-term competitiveness and ability to reduce reliance on the U.S. market.
Dealer Adaptation
The ability of auto dealers to transition to digital sales models and service-focused offerings will be critical for their survival, requiring significant investment and strategic pivots.

Canadian M&A Surge Expected as Nation-Building Plan Spurs Dealmaking

Event summary

  • Approximately one-third (33%) of Canadian businesses plan a major acquisition within the next 18 months.
  • Private equity-backed companies show a slightly higher acquisition intent, at 36%.
  • The Canadian government's nation-building agenda allocates $115.2 billion over five years, aiming to stimulate over $1 trillion in private investment.
  • KPMG Corporate Finance Inc. Canada ranked as the No. 1 M&A advisor in 2025, advising on over 280 deals.

The big picture

Canada's ambitious nation-building plan, coupled with a favorable economic outlook and accessible capital, is creating a fertile ground for M&A activity. This surge in dealmaking is particularly concentrated in the mid-market, driven by both strategic buyers seeking scale and private equity firms seeking opportunities in sectors benefiting from government investment. The emphasis on domestic deals suggests a broader trend towards self-sufficiency and resilience within the Canadian economy.

What we're watching

Sector Focus
The concentration of M&A activity in sectors like infrastructure, energy, and critical minerals will likely intensify competition and potentially inflate asset valuations, requiring disciplined dealmaking.
Private Equity
The continued presence of private equity funds and family offices with substantial dry powder suggests a sustained level of deal activity, but their ability to deploy capital effectively will depend on identifying undervalued or strategically compelling targets.
Interest Rates
While a steady interest rate environment is currently supportive, any significant shifts in monetary policy could rapidly alter financing conditions and impact deal feasibility, creating a bifurcated market.

Canadian Automakers Face Demand for Domestic Production Amid Trade Uncertainty

Event summary

  • A KPMG Canada survey reveals 72% of Canadians prioritize vehicle assembly in Canada.
  • 61% of Canadians plan to purchase a new vehicle within the next five years, but affordability is a major concern.
  • Support for subsidies to the Detroit 3 has plummeted to 7%, with a preference for investment in auto parts suppliers and defence manufacturing.
  • Canadians overwhelmingly (72%) worry about rising vehicle prices if CUSMA protections are lost.

The big picture

The KPMG survey highlights a growing tension between Canadian consumer preference for domestic production and the ongoing trade uncertainties stemming from U.S. policies. This shift in sentiment, coupled with concerns about affordability, is forcing Canadian automakers and policymakers to re-evaluate the industry's long-term strategy and consider a greater emphasis on electric vehicle production and diversification.

What we're watching

Trade Dynamics
The renegotiation of CUSMA will be a critical factor in determining the future of Canada's automotive industry, potentially reshaping supply chains and impacting pricing.
Investment Shifts
The redirection of government subsidies away from established OEMs towards auto parts suppliers and defence manufacturing could significantly alter the competitive landscape and investment priorities.
EV Adoption
The success of Canada's EV ambitions hinges on affordability and charging infrastructure development, which will dictate the pace of consumer adoption and the competitiveness of Canadian-made EVs.
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