Indigenous peoples and businesses in Canada have unique tax needs that non-Indigenous accountants often don’t have the expertise to navigate.GETTY IMAGES
Dan Richard’s original plan was to become a doctor, but after one semester of university he realized science was not his calling.
Math, on the other hand, had always come naturally. He quickly pivoted to accounting, building a career and a business, and empowering his community.
A member of the Sandy Bay First Nation in Manitoba, Mr. Richard started his career in public accounting before working for organizations that more directly benefited Indigenous communities. Now, he is co-founder and CEO of Ind.Genuity, one of the few Indigenous-owned and operated full-service accounting firms in Canada. Mr. Richard’s decades of accounting experience benefits the firm — as does its specialized knowledge, which helps Indigenous businesses and communities navigate different levels of tax law.
“In the end, I’m an accounting firm. But one of the differences is having the knowledge of the taxation that really is affecting most of us, because that’s a key thing and not really understood across the country,” he says, noting that much of his company’s work is assisting clients with tax education.
He cites a recent example of a potential customer who reached out after having worked with another accountant for years. They were generally happy with the service, but any time they mentioned Section 87, related to tax exemptions for status Indians under the federal Indian Act, they ran into a roadblock. The other accountant “had no idea,” they told Mr. Richard.
CPA Dan Richard saw an opportunity to build a thriving business and support his community. The result is Ind.Genuity, one of the few Indigenous-owned accounting firms in the country.Supplied
Ind.Genuity is also a social enterprise. The company uses a portion of its profit to sponsor AFOA Canada, an organization focused on professional development for Indigenous people working in management, finance and governance.
Terry Goodtrack, co-founder of Ind.Genuity and president and CEO of AFOA Canada, says the accounting firm was developed in response to two main issues. First, AFOA Canada’s many chapters need funding to sustainably provide events and services for members in their territorial regions. Second, many organizations and smaller communities need an accountant to do their financial statements.
“So we came up with this idea of, ‘why don’t we start a firm that can do this?’” Mr. Goodtrack says. From there, Mr. Richard took the lead and Ind.Genuity was born as a corporation, generating enough funds to sponsor AFOA Canada chapters.
The larger goal is to help encourage an ecosystem of more Indigenous service providers. Bands and larger entities often look for culturally competent service providers who belong to the communities they’ll be serving, but if those options do not exist, then they must turn to non-Indigenous firms with less expertise.
Put bluntly, “it is the equivalent of going to a Dodge dealership to service a Tesla,” says Terry Brown, co-founder & CEO of Okimaw Community and HR Solutions, who works with Ind.Genuity.
“As nations assert their sovereignty in different jurisdictions, you see them advance in different ways,” Mr. Brown says. When it comes to taxes, for example, taxpayers must navigate changes between not only the federal government and provincial governments, but also First Nations governments or the Métis government.
“It becomes such a complex issue that you need specialty firms like Ind.Genuity or specialist education institutions like AFOA, where this becomes a whole different trade,” Mr. Brown adds.
By supporting Indigenous professionals so they can attain different certifications, the hope is to build a larger ecosystem of businesses who understand culturally appropriate details — such as meeting face to face — who can help organizations navigate rules across various government jurisdictions, and generally make it easier for clients to find the expertise they need.
A wider network of Indigenous professionals also leads to more opportunities for economic reconciliation. “You’re supporting this evolution of an Indigenous economy,” explains Mr. Goodtrack, who adds that a multiplier effect takes place as money stays within the Indigenous economy.
There are many opportunities to grow — after all, every business needs an accountant. “We don’t need to be in competition as much as ‘let’s find ways to bring that up and have more Indigenous service providers and accountants out there,’” Mr. Richard says. “You’re talking an industry that is potentially limitless. It’s only going to be limited by your time and your resources.”
One in a regular series of stories. To read more, visit our Indigenous Enterprises section. If you have suggestions for future stories, reach out to IE@globeandmail.com.