Financial reporting and accounting advisory services
You trust your external auditor to deliver not only a high-quality, independent audit of your financial statements but to provide a range of support, including assessing material risks, evaluating internal controls and raising awareness around new and amended accounting standards.
Accounting Standards for Private Enterprises
Get the clear financial picture you need with the accounting standards team at Grant Thornton LLP. Our experts have extensive experience with private enterprises of all sizes in all industries, an in-depth knowledge of today’s accounting standards, and are directly involved in the standard-setting process.
International Financial Reporting Standards
Whether you are already using IFRS or considering a transition to this global framework, Grant Thornton LLP’s accounting standards team is here to help.
Accounting Standards for Not-for-Profit Organizations
From small, community organizations to large, national charities, you can count on Grant Thornton LLP’s accounting standards team for in-depth knowledge and trusted advice.
Public Sector Accounting Standards
Working for a public-sector organization comes with a unique set of requirements for accounting and financial reporting. Grant Thornton LLP’s accounting standards team has the practical, public-sector experience and in-depth knowledge you need.
Tax planning and compliance
Whether you are a private or public organization, your goal is to manage the critical aspects of tax compliance, and achieve the most effective results. At Grant Thornton, we focus on delivering relevant advice, and providing an integrated planning approach to help you fulfill compliance obligations.
Research & development, government incentives
Are you developing innovative processes or products, undertaking experimentation or solving technological problems? If so, you may qualify to claim SR&ED tax credits. This Canadian federal government initiative is designed to encourage and support innovation in Canada. Our R&D professionals are a highly-trained, diverse team of practitioners that are engineers, scientists and specialized accountants.
Keeping track of changes and developments in GST/HST, Quebec sales tax and other provincial sales taxes across Canada, can be a full-time job. The consequences for failing to adequately manage your organization’s sales tax obligations can be significant - from assessments, to forgone recoveries and cash flow implications, to customer or reputational risk.
US corporate tax
The United States has a very complex and regulated tax environment, that may undergo significant changes. Cross-border tax issues could become even more challenging for Canadian businesses looking for growth and prosperity in the biggest economy in the world.
Cross-border personal tax
In an increasingly flexible world, moving across the border may be more viable for Canadians and Americans; however, relocating may also have complex tax implications.
While there is great opportunity for businesses looking to expand globally, organizations are under increasing tax scrutiny. Regardless of your company’s size and level of international involvement—whether you’re working abroad, investing, buying and selling, borrowing or manufacturing—doing business beyond Canada’s borders comes with its fair share of tax risks.
Transfer pricing is a complex area of corporate taxation that is concerned with the intra-group pricing of goods, services, intangibles, and financial instruments. Transfer pricing has become a critical governance issue for companies, tax authorities and policy makers, and represents a principal risk area for multinationals.
Succession & estate planning
Like many private business owners today, you’ve spent your career building and running your business successfully. Now you’re faced with deciding on a successor—a successor who may or may not want your direct involvement and share your vision.
Tax Reporting & Advisory
The financial and tax reporting obligations of public markets and global tax authorities take significant resources and investment to manage. This requires calculating global tax provision estimates under US GAAP, IFRS, and other frameworks, and reconciling this reporting with tax compliance obligations.
Our transactions group takes a client-centric, integrated approach, focused on helping you make and implement the best financial strategies. We offer meaningful, actionable and holistic advice to allow you to create value, manage risks and seize opportunities. It’s what we do best: help great organizations like yours grow and thrive.
We bring a wide range of services to both individuals and businesses – including shareholders, executives, directors, lenders, creditors and other advisors who are dealing with a corporation experiencing financial challenges.
Market-driven expertise in investigation, dispute resolution and digital forensics
Viruses. Phishing. Malware infections. Malpractice by employees. Espionage. Data ransom and theft. Fraud. Cybercrime is now a leading risk to all businesses.
Running a business is challenging and you need advice you can rely on at anytime you need it. Our team dives deep into your issues, looking holistically at your organization to understand your people, processes, and systems needs at the root of your pain points. The intersection of these three things is critical to develop the solutions you need today.
Updates for creditors, limited partners, investors and shareholders.
Builders And Developers
Every real estate project starts with a vision. We help builders and developers solidify that vision, transform it into reality, and create value.
Rental Property Owners And Occupiers
In today’s economic climate, it’s more important than ever to have a strong advisory partner on your side.
Real Estate Service Providers
Your company plays a key role in the success of landlords, investors and owners, but who is doing the same for you?
There’s no business quite like mining. It’s volatile, risky and complex – but the potential pay-off is huge. You’re not afraid of a challenge: the key is finding the right balance between risk and reward. Whether you’re a junior prospector, a senior producer, or somewhere in between, we’ll work with you to explore, discover and extract value at every stage of the mining process.
Oil & gas
The oil and gas industry is facing many complex challenges, beyond the price of oil. These include environmental issues, access to markets, growing competition from alternative energy sources and international markets, and a rapidly changing regulatory landscape, to name but a few.
Looking for an experience
The advent and subsequent growth of online shopping has dramatically altered the way people shop and their expectations of retailers. In a world in which most consumer goods (and services) can be acquired with a few clicks on a smartphone, offering a good product at a reasonable price isn’t enough to stand out.
To break away from the competition and draw people away from online purchases, a successful in-store retailer needs to differentiate itself by offering what its competitors can’t: a unique customer experience. According to the 2023 Canada Real Estate Market Outlook from CBRE, Canadian consumers prefer in-store shopping across all categories noting that consumers are “eager to engage in more lively, personalized shopping experiences that cannot be offered online.”
Some brands have a longer history of focusing intensely on the shopping experience. Luxury stores have supplied champagne and personal shoppers for their high-value clients. High-end sporting goods stores have offered batting cages or golf simulators for customers to try out new equipment. Beauty retailers have offered makeup application to show off their product. But where such experiences were once exclusive to those catering to a wealthier clientele, the practice is spreading among retailers and into the industries supporting them.
Building better spaces
Commercial property managers are becoming increasingly creative in their efforts to draw visitors back to many of Canada’s largest malls by introducing new experiences. Yorkdale mall in Toronto, for instance, recently offered an interactive (and Instagram-worthy) Friends activation where visitors could take photos with some of the sitcom’s most memorable backdrops and props.
Developers are also reconsidering how their commercial properties integrate with surrounding communities to create a more holistic environment for shoppers. For example, Oxford Properties released plans in 2020 that will turn Mississauga’s Square One shopping centre into one of Canada’s largest mixed-use developments largely by replacing under-used parking spaces with residential units, office space, and transit connections. This transformation will turn the area into a close approximation of what Victor Gruen, the creator of the modern shopping mall, had originally envisioned.
Bridging the gap with technology
The physical shopping experience is not only about enabling consumers to connect to brands, but also providing a seamless end-to-end experience. Technology provides the opportunity for retailers to make the in-store shopping experience more customer friendly, allowing shoppers to connect online and in-person. This omnichannel approach is intended to ensure a smooth transition from online to physical stores. For instance, having a website that allows customers to search specific stores for inventory can justify a trip to the store. Additionally, retailers will need to create technology touch points in-store from equipping staff with better technology, and tools to having point-of-sale terminals that allow for Apple or Google Pay for faster checkout.
Still, technology has its limits. No matter how impressive the event or how amazing the environment, the customer experience depends on employees creating a connection between the brand and its customers. Online shopping and automation can deliver a product quickly and efficiently, but they can’t make customers feel important—that can only be delivered through human connection. By investing in the training and development of high-quality front-line employees, retailers can create a good impression that can lead to customer loyalty and positive reviews.
The cost of falling behind
With a strong e-commerce sector and new brands entering the market consistently, retail is an incredibly competitive market. To be successful, you need to innovate quickly or risk losing customers. The shopping journey presents multiple opportunities for retailers to connect to customers, create brand loyalty, and ultimately increase sales, but retailers must adapt to changing consumer behaviour to thrive now, and in the future.
Visit our Industries at a Crossroad hub to read more in this series.
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