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.
Global mobility services
In today’s competitive and global marketplace, your employee mobility strategy is a critical factor for success. International opportunities are key to attracting top talent and instilling a global mindset across your organization. Your people truly are your most valuable asset, and as your expatriate workforce continues to grow, a seamless global mobility program is essential to achieving your overall business goals.
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.
US personal tax
Whether your business is only beginning to sell to US customers, or US customers represent the core of your business, anticipating and dealing knowledgeably with the US tax environment is critical to your bottom line. Our full-service US corporate tax group can help in all tax aspects of doing business in the US. Given high US corporate tax rates, don't be surprised by a US tax liability only to find out that there were planning opportunities available to reduce it.
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.
BC Speculation and Vacancy Tax update – Important questions and answers
The government of British Columbia is moving ahead with plans to establish the Speculation and Vacancy Tax announced earlier in the year as part of its 2018 budget. While some outstanding issues have been clarified by the legislation introduced in October, areas of uncertainty remain. If you are a BC resident, property owner or are involved with the real estate sector, you probably have questions about the tax and how it applies to you. We’ve assembled answers to some of the most urgent questions below to help you plan ahead.
As we’ve written previously, the BC Speculation Tax targets the owners of unoccupied residential properties. According to the information provided by the BC government, the tax is intended to help create more affordable housing by increasing vacancy rates and curbing speculation-driven inflation in the residential real estate markets of the province’s largest urban centres. The government expects that by levying additional costs on so-called speculators it can “push them out of the market.”
The full impact of such a tax on the real estate market is unknown, though BC residential real estate markets are already slowing, with 2018 sales volume projected to fall 21% from 2017 levels, and benchmark prices for houses and condos in key markets such as the greater Vancouver area dropping from earlier highs. These changes are occurring even before the new speculation tax measures have been instituted and are being driven by a combination of factors, including: a previously-instituted provincial foreign-buyers tax; more stringent mortgage lending rules; rising interest rates; Vancouver’s empty-homes tax; and the prospect of the new speculation and vacancy tax.
When will the tax take effect?
Bill 45, the Budget Measures Implementation (Speculation and Vacancy Tax) Act is moving through the provincial legislature, and as of this writing it appears likely to become law this year. As written, it will apply to the current tax year, meaning that the tax will be levied on owners who hold title to affected properties on December 31st of 2018. In future years, the tax will apply to those who own property in the targeted areas on the last day of each successive taxation year.
Have there been any changes since the bill was introduced?
Yes, the government agreed to three changes to the original blueprint for the Speculation Tax. These include:
- All Canadian citizens and permanent residents living in Canada will be subject to the same tax rate, while foreign owners and “satellite families” will pay a substantially higher rate. Previously, the plan had called for one rate for BC residents, a higher rate for Canadians residing in provinces and territories outside of BC, and the highest rate for foreign owners.
- Municipalities will have an opportunity to discuss the impact of the tax with the finance minister on an annual basis. The original legislation did not provide for any municipal input.
- The money raised by the tax will be used for affordable housing purposes within the region it was collected. There was no specific provision under the original plan to portion out the proceeds of the tax according to where the funds were collected.
Who is impacted, and how much will they pay?
Individuals and businesses that own residential properties within the regions specified by the legislation are required to pay the tax, or prove they qualify for an exemption. Those regions are:
- municipalities within the Capital Regional District
- municipalities within the Metro Vancouver Regional District, excluding Bowen Island, the Village of Lions Bay and Electoral area A, but including UBC and the University Endowment Lands
- the City of Abbotsford
- the District of Mission
- the City of Chilliwack
- the City of Kelowna and the City of West Kelowna
- the City of Nanaimo and the District of Lantzville
Download the full alert to find out who is impacted and how much they'll pay. [ 273 kb ]