Torran Jolly FCPA, FCA
Torran’s impact on and commitment to the taxation of the Canadian energy industry is noteworthy, and he is renowned for having a reputation “second to none.” He is a Tax Partner at KPMG, where he has worked tirelessly, creating best practices and resources for tax specialists, and mentoring and influencing future tax advisors. In addition to authoring and editing the Guide to Oil & Gas Taxation in Canada at KPMG, an 80-plus-page guidebook on resource taxation in Canada, Torran contributed to KPMG’s multi-day course for the oil and gas tax industry as a leader and lecturer.
In addition to his work at KPMG, Torran has taught thousands of aspiring tax professionals in CPA Canada’s In-depth Tax Program, written and edited several tax guides, sat on the board of the Canadian Petroleum Tax Society, presented at the Canadian Tax Foundation conferences, co-edited the Canadian Resource Taxation book, and more. Torran has devoted countless hours to ensuring the tax community has relevant and timely resources to help them guide their clients and employers.
Torran has volunteered his time and expertise as a board member for a variety of local not-for-profit organizations, including a private school and Calgary’s youth recreational hockey program, and has served as coach for a variety of children’s sports programs.
Why have you chosen the CPA designation?
I wanted to pursue my CPA because of the versatility and flexibility that come with being a CPA. As I went through school and started my professional career, I had many great mentors that explained how being a CPA will present more opportunities than I could imagine, which they were certainly right. Now that I know this, I too am telling the next generation the same thing.
How has being a CPA impacted you?
I honestly cannot believe how being a CPA has changed my life. It has presented me with so many opportunities to learn, grow and develop, which has then transferred into many different opportunities to have new experiences and meet new people. I can honestly say that I cannot think of my life without being a CPA.
What accomplishment has made you feel the most alive and why?
I feel the most alive when I am teaching and being recognized by my peers for doing so. As many folks know, I have been very involved in the educational aspects of the profession and industry for many years. I continue to teach and be involved in the tax community because I thoroughly enjoy educating the next generation of tax practitioners as well as developing my own technical skills along the way. I am also proud of the volunteer work that I have been involved with as I feel that I am making a real impact on society in doing so.
What was the most challenging moment in your successes so far?
One of the most defining moments for me was when I was a board member for a local private school. There were some material challenges that we faced as a board where we needed to implement some significant change. The changes were not easy and required a lot of personal sacrifice, but with the support of some amazing board members, we successfully managed the situations and now the organization is flourishing. I am truly thankful for the team of individuals the supported me through that process and I truly learned a lot.
What is one of the greatest things you've learned about leadership?
Leadership is learned and earned not assigned, demanded, or assumed. Throughout the years, I learned a lot about leadership, and I continue to improve on it as I believe leadership requires continued focus and improvement. Leadership is not a destination, but a journey of experiences that involves wins and losses. Further to this and, as many of my teammates will acknowledge, I continually challenge myself and my team to always reflect on each situation or experience and assess what went well and what did not as this will help anyone become a better leader.
What advice would you give to others looking to succeed?
I believe the formula for success is “time plus effort equals results”. It is a simple statement but summarizes what it takes. First, one needs to put in the effort by working hard towards their goals whether it is professional and personal. Second, one needs to give it time, which I cannot underscore the importance of time. I know most of us want instant results, but in many cases, this is not possible. As such, results are generally achieved when someone works really hard for a long time. This reminds me of a quote a client once told me that epitomizes the formula, “I am an overnight success after 10 years of working at it”.
What professional experience in your life do you feel most grateful for?
I feel most grateful for being a tax partner at KPMG. Even though I wanted to be a CPA from high school, I never would have imagined that I would become a tax partner at a large accounting firm. Now I could not have achieved this goal without the support of many great mentors in my life, and to them I say, “thank you”.
What has been the most difficult but rewarding conversation in your life?
When I was early in my career, a partner in my group became my career coach and mentor. As part of the process, he developed a program to gather feedback on my management style – this was before the days of upward feedback programs. Although the conversation was very difficult to have, the results from the conversations changed my life. For many years, we continued this program to continually develop my management style and much of my success today can be traced back to the conversations we had many years ago.
What was the hardest piece of feedback you've gotten, and how has that changed you for the better?
The hardest piece of advice that I received was to listen twice as much as you speak. For me this was a real challenge as I am a talker and it sometimes is very challenging for me to be quiet, I know this – no laughing from the folks that know me. However, I have trained myself to listen more often than I speak, especially when there is something important being discussed. I still do a lot of talking, but when discussing important issues or details, I do in fact listen intently, which has really helped me understand the situation much better.
What's your personal motto?
I have 2 mottos: "Time plus effort equals results" and "the only time you start at the top is when you dig a hole".
What has been an eye-opening realization you've made throughout your career?
Trust is earned through years of development but can be lost in an instant. Through my many years, I constantly reflect back to this notion and how it is a pillar in everything I do. Whether I seek to develop trust with clients, new clients, staff, partners, family and friends, I am constantly reminded that trust is earned over time with hard work and commitment to supporting someone, but this can all be lost upon a selfish act. Therefore, I try to live my life by earning and maintaining trust by being someone that people can count on, especially when they need you the most.
Why is it important for you to give back?
I believe I have been given a gift in life, so I believe I have a duty to pay it forward. Not everyone has been given the same gifts or opportunities, so it incumbent upon all of us to give back when we can, even if it is in a small way. Therefore, my challenge for everyone is to think how you may be able to pay if forward – you can give your time, resources or support as this all counts.
What values do you live by?
I have many values that I live by, but the most important to me are integrity, respect, empathy and responsibility. Throughout my life, I have faced many challenges, but I believe by following my core values, I can successfully manage any situation. I also believe that my values have evolved over the years as I continually review my successes and failures and adapt. However, one theme seems to be consistent, if I deviate from my values, I am generally not successful. Therefore, it is important to always follow your values as they will ensure the most likelihood of success.
Who or what has been instrumental in your success, and why?
Support by others has been instrumental to my success. Whether it is support from my family and friends, or mentors and coaches, I could not have achieved my success without their support, guidance and mentorship. I believe that all these people have in some way helped me to achieve my goals as well as guided me when things were difficult. Each person has played a different role, but they are all equally as important. To them I say, “thank you.”
Thank you note.
There are many people that have supported my success and I would like to acknowledge those that have made this truly possible. First, my wife, Laura, has been there throughout the years supporting me and I could not have succeeded without her, so “thank you Laura”.
As for my professional support, there are a few specific people I would like to thank, including Chris Post, Wayne Chodzicki, Jodi Roworth, Bruce Weatherdon, Craig Natland, Rick Whitley, Brian Carr, Barry Travers, and Murray Suey.
Finally, I would like to thank my friends and family for supporting me throughout the years.