In this episode of Accounting for the Future, host Anne-Marie Henson, Eastern Canada Markets Leader, sits down with Daniel Ma, Partner, Valuations & Modeling, to discuss the challenges of navigating political uncertainty following recent tariff announcements by the Trump administration. They explore the potential impact on Canadian businesses and share proactive strategies for managing risk through scenario planning and financial modeling—essential tools for anticipating unexpected economic or political shifts, from global pandemics to trade policy changes.

What you'll hear in this episode

[3:09] The possible implications of the proposed tariff legislation for Canadian businesses.

[5:06] Short-term strategies for Canadian businesses amid evolving conditions.

[6:11] How the Canadian government is responding to the proposed changes.

[7:58] The broader economic impact of tariffs on Canada.

[12:12] Analysis of potential scenarios and their impact on Canada.

[16:20] How CFOs and business owners can use financial modeling and stress testing for effective scenario planning.

[19:52] Tools for CFOs and business owners to assess financial modeling and make informed decisions.

[26:11] Exploring the potential positives tariffs could have for the Canadian economy.

[28:17] Why strategic planning and adaptability are key to navigating political and economic uncertainties.

Mentioned:

Anne-Marie Henson

Daniel Ma

BDO Canada

Quotes:

"I've built enough models to know that the only thing you can say with certainty about the future is that there will be uncertainty."

"Good planning and adaptability are critical for businesses to weather political and economic uncertainties."

"There's a lot of tough decisions to be made in times of uncertainty, but strategic planning helps provide a clearer picture in terms of what could happen and how we could strategize and attack it."

"The silver lining is that there could be some benefits or some positives that we can look towards. We've seen more unity around Canada, and we've seen our political parties band together to support retaliatory tariffs and promote buying domestic."

"Tariffs are top of mind for so many Canadian businesses today, but we've certainly seen this before in other situations. The pandemic being one recent situation that where we saw a number of companies pivot or change the way they do business."