Professionals - Stephen Kertzman, BA, LLB, CBV

Stephen Kertzman, Chartered Business Valuator, is the founder and President of Kertzman Valuations Inc. (“KVI”). Stephen has over 20 years experience exclusively specializing in the areas of financial loss/damage quantification, business / securities valuation and investigative and forensic accounting. Prior to commencing KVI in 2017, Stephen was a Director / Vice President of two of the world’s largest international accounting firms and was a partner at one of Canada’s largest boutique valuation firms.

Stephen has completed numerous valuations and financial analyses of companies, involved in a variety of industries for various purposes, including transactions, financial litigation support, corporate finance activities, financial reporting and income tax. He has also provided financial advisory services as an intermediary in corporate mergers, acquisitions, divestitures and finance transactions, including fairness opinions pursuant to securities regulations.

Stephen has qualified and provided evidence as an independent expert in business valuation, financial loss quantification, forensic accounting and related matters in various Courts and at international arbitrations. In addition, his evidence has been reviewed by the Court of Appeal, Ontario. Stephen has completed over 300 reports quantifying business value and / or financial loss/damages, and reporting on the results of investigative accounting reviews that he and a team has undertaken, pursuant to a wide variety of litigation and dispute matters. Stephen’s clients include, corporations, municipal governments, provincial governments, law firms, CPA firms and individuals.

Please contact us at 416.806.4900 for a copy of Stephen’s curriculum vitae.  

Stephen's professional and academic accomplishments are noted below.

Academic Awards and Professional Credentials

• Chartered Business Valuator – CICBV (2002)

• Bachelor of Laws (LL.B.) – Osgoode Hall Law School (1997)

• Newton Rowell Scholarship (Academic Achievement) – Osgoode Hall Law School (1994 /1995)

• Scholarship Offer (Highest Undergraduate Grade and LSAT Score in the Province) – University of British Columbia Law Foundation Scholarship (1994)

• Bachelor of Arts in Economics, With High Distinction (Top 1%) – York University (1994)

• Christine Sloan Prize in Economics (Academic Achievement and Significant Contribution to Economics Program) – York University (1993/1994)

• Various In-Course Scholarships, Dean’s Honour Roll, Academic Merit Awards, “High Distinction” Notes, Among Others (1991 to 1997)

Leadership - Business / Securities Valuation

• Board of Directors – International Institute of Business Valuers (2016 to 2018)

• Chair of Audit Committee and Chair of By-Laws Committee – International Institute of Business Valuers (2017 / 2018)

• Education Committee and Continuing Professional Development Committee – Canadian Institute of Chartered Business Valuators (CICBV)

(2014 to Current)

• Intellectual Property Institute of Canada - Public Relations Committee (2018)

Selected Chair Positions, Speaking Engagements, and Articles

• Co-Chair and Panellist of the Canadian Institute Expert Witness Conference, Toronto (2018)

• Panel Member of the Automobile Dealership Valuation Webinar – Canadian Institute of Chartered Business Valuators (2018)

• Speaker and Panel Member, Good Agreements Prevent Disagreements – KPMG Enterprises (2017)

• Various Committees – Canadian Institute of Chartered Business Valuators (2014 to 2017)

• Organizing Committee – Canadian Institute of Chartered Business Valuators National Conference, Quebec City (2017)

• Speaker and Panel Member, Best Practices When Working With Expert Witnesses – Ontario Expropriation Association (September 2015)

• Speaker, Automobile Dealership Management Accounting and Finance Program, Valuation and Transaction Support for Auto Dealerships – Georgian College (2014, 2015 and 2016)

• Author, “Changes to Statutory Discount Rate Favour Defendants, Insurance Companies” – Law Times (September 2013)

• Author, “0% Discount Rate: Need for Rule Change?” – Law Times (September 2011)

• Lead Speaker, Intellectual Property Valuation Webinar – Canadian Institute of Chartered Business Valuators (2012)

• Speaker With Peter E.J. Wells, “Intellectual Property Litigation: Primer on Intellectual Property Law and Discussion of Remedies and Loss Quantification Approaches” – Canadian Institute of Chartered Business Valuators Intellectual Property Losses Workshop, Toronto, (2012)

• Speaker on Business Valuation Issues – Ryerson University (2011)

• Allied Professional Committee Member – Toronto Construction Association (2012 to 2015)

• Member – Construction Mediation Committee (2011)

• Member – Ontario Expropriation Association (2014 to 2015)

• Author of Case Study Materials and Participant for “Business Valuation and Expert Witness Sessions” in Toronto’s Most Prestigious Law Firms – The Advocates’ Society, and at University of Toronto Law School (1998 to 2009)

• Mentor – Osgoode Hall Law School (2007 to 2009)

• Panel Member of Litigation Risk, Canadian Corporate Counsel Association’s Spring Conference With Steven F. Rosenhek (2008)

• Co-Author, Litigation I and Litigation II Course Notes – Canadian Institute of Chartered Business Valuators (2007 and 2008)

• Co-Author, Law and Valuation Course Notes – Canadian Institute of Chartered Business Valuators (2006)

• Instructor – Advocates’ Society’s Conference on Expert Witnesses (2007)

• Speaker, “Valuation Primer and Pitfalls” – Advocates’ Society’s Conference on Business Valuation Issues (April 2006)

• Canadian Course Leader, Litigation I and Litigation II – Canadian Institute of Chartered Business Valuators (2005 and 2006)

• Speaker, “Business Valuation Principles” – Association of Business Brokers, Oakville, Ontario (February 2004, May 2004, and February 2005)

Contact Kertzman Valuations Inc.

Mailing Address

First Canadian Place

100 King Street West

Suite 5700

Toronto, Ontario

M5X 1C7

Telephone and Facsimile

T: 416.806.4900

F: 416.915.3177

Electronic Communications



*Initial consultations are offered free of charge.