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.
Determining how—and how much—to pay yourself is a difficult decision for any private business owner. Should your company pay you a salary, eligible dividends, non-eligible dividends—or perhaps a combination? Well, the answer is: it depends.
The goal of any remuneration strategy is typically to keep as much money in your pocket as possible. To do that effectively, you should not only consider your company’s tax structure, your income level and cash flow needs, your personal eligibility for certain income tax deductions and your age, but you may want to keep a close eye on national and provincial tax rates as well.
Because tax brackets and rates change regularly, your remuneration strategy should be fluid. For example, if you own a private business in Alberta, the remuneration strategy you employed a few years ago, when the top personal income tax rate was 39 percent, is likely quite different than the one you would employ today when the top marginal rate is 48 percent.
Do you pay yourself in salary or dividends, or a combination of both? In Alberta, salary on personal income tax levels above $300,000 is approximately two percent more effective than dividends. So, now may be the time to consider doing something different.
In the same sense, recent changes to the small business deduction are likely causing professionals that may no longer be eligible—such as doctors and lawyers—to review their remuneration approach.
To remain on top of these shifts, you should consider sitting down with your tax professional, ideally semi-annually, identifying any changes that might impact your business and exploring different options for providing tax relief. These could include:
Taking a closer look at your cash flow needs
How much income do you really need? If possible, it may make sense to leave a little bit more money in the company this year and withdraw it at a later date. This is typically done if that extra money is going to put you into a higher personal tax bracket. Often, it can be invested in the company and deferred until retirement, when your tax bracket is lower.
Comparing the tax treatment of salary vs dividends
In 2016, the tax rate for non-eligible dividends in Ontario increased by five percentage points over the previous year, to 45.3 percent. That may sound like a lot—until you consider that the tax rate for personal income over $220,000 rose by four percentage points in that same timeframe, to 53.5 percent. To truly determine what’s best for you, it’s consequently important to look at the entire picture. 1
Maximize income splitting
As a private business owner, with the right share structure, you may be able to split your income (either salaries or dividends) between your spouse, adult children and /or beneficiaries of a family trust—and ultimately pay less tax as a family by doing so.
So, for example, if you and your spouse require $300,000 per year for personal lifestyle needs, each of you can declare an annual income of $150,000 and be taxed at a more reasonable rate. Alternatively, if you’re currently paying for your adult children to attend university, rather than taking the money yourself and paying personal tax on it at your marginal rates, your corporation can pay them in non-eligible dividends that will be taxed at their lower marginal tax bracket. 2
As mentioned previously, every business owner’s situation is different. The feasibility of these tax deferral options—and your overall remuneration strategy—will depend on your specific situation and tax environment.