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.
Debt can play a pivotal role in helping to grow a business—but only if you do it right. That means financing your working capital needs with short-term debt—like operating loans and accounts payable, funding capital assets with term financing or leases, and matching repayment terms on your loans with your business’s cash flow ability.
These five steps can help you properly structure your debt most effectively:
1. Choose the right lender.
The financial health of your business will usually dictate the type of lender that fits your business risk level. Generally, lower-risk businesses will deal with lower cost traditional or senior debt lenders, while higher-risk borrowers are more likely to pay the higher borrowing costs charged by subordinated debt, mezzanine or asset-based lenders. In all cases, be sure to work with a lender who understands your business and industry, particularly as these industry-focused lenders frequently offer better terms and pricing.
2. Understand your financing covenants.
When entering into a financing agreement, borrowers are typically expected to maintain certain covenants or key ratios. If these covenants are not maintained, lenders can increase your cost of borrowing or even pull your financing. As such, it’s important to understand what can adversely affect these covenants.
Typically, lenders establish covenants in three areas:
- Working capital (current ratio) is calculated by dividing your current assets by your current liabilities and measures your business’s efficiency. It can be negatively affected by suffering business losses; using cash flow to fund expenditures; or shareholder draws that exceed the funds available after debt servicing.
- Debt servicing is the cash required to cover your debt’s principal and interest payments. This is calculated by taking your earnings before interest, depreciation and amortization (EBIDA) and dividing this by your annual payments. If you are struggling to service your debt, this may be an indication that your business is not generating enough profit or that your initial debt was improperly structured.
- Leverage (debt-to-equity ratio) is the amount of debt your business has in relation to its equity, and is calculated by dividing your total debt by your net equity. You may find yourself over-leveraged if your debt is increasing at a faster rate than your equity.
3. Monitor your performance
It is important to monitor your borrowing covenants on a monthly, quarterly, semi-annual or annual basis—depending on the frequency your lender sets. If you do notice that any of the required covenants are not being met, be sure to notify your lender and take corrective action. It can also help to monitor industry trends, as well as key performance indicators (KPIs), so you can more quickly determine how you are performing within your industry.
By using business plans, forecasts and/or budgets to monitor your financial performance—and updating them on a regular basis—you can make ongoing adjustments to improve revenue, reduce expenses and plan for growth. By continually managing your plan, you are able to make adjustments to the forecast in the event of a decline in your financial results—positioning you to take corrective action. Being proactive typically increases your lenders willingness to continue working with you.
5. Maintain critical relationships.
Last, but not least, aim to develop a strong relationship with your lenders so they will support you through your financial cycles; and with your business advisors, who can help you set KPIs, monitor financial performance, benchmark your company against industry norms and connect you with the right lenders.