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.
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.
In the second article of our Lessons Learned from COVID-19 series, we discuss the impact a strong workforce has on the resiliency of Canadian businesses.
There’s no question that a strong workforce can go a long way in successfully managing a crisis like COVID‑19. Throughout this event, everyone—from employees, to managers, to executive leaders and boards—were asked to stretch beyond their comfort zones and adapt overnight to a new reality.
Some companies were able to do this more quickly than others, largely because they already had an agile workforce in place. Specifically, in most cases, these organizations had:
- Visionary leadership. While the job description for CEOs has been evolving for years, COVID‑19 cemented the notion that an empathetic, democratic leader is best equipped to handle a crisis. These types of leaders recognize that it’s impossible to have all the answers, so they trust their team to help guide decisions. Similarly, they consider the human experience—the needs and wants of their employees, customers and suppliers—when deciding which path to take.
This culminates in a transparent leadership style—one built on clear and consistent communication, and a willingness to get things wrong (because they don’t pretend to have all the answers). As such, they aren’t afraid to take risks and are prepared to quickly pivot in the event of failure.
Adam Silver, commissioner of the National Basketball Association, amply demonstrated these traits when he suspended the league shortly after COVID-19 began its international spread—months before countries put quarantine measures into place. New Zealand’s Prime Minister, Jacinda Ardern, also showed decisive leadership by rapidly introducing a four-level COVID-19 alert system across the country, effectively allowing the country to lockdown quickly as cases rose. These transparent leadership styles not only helped people understand the situation as it was unfolding, but created a human context that allowed them—and those around them—to respond with empathy and compassion.
- A flexible workforce. Many organizations were focused on becoming more agile before COVID‑19 hit—and their workforces reflected that. Whether they were offering more work-from-home options, or experimenting with different work teams or collaboration arrangements, they hired people capable of adapting to new and varied situations. As a result, when their people were required to rapidly move to a 100 percent remote work environment during the pandemic, they were able to maintain—and, in some cases, increase—their productivity levels.
- A commitment to leadership development. To be considered a strong leader today, you must have very different skillsets than those required in the past. Increasingly, agility, the ability to act quickly and a willingness to be vulnerable are becoming the hallmarks of authentic leadership. At the same time, it is becoming clear that organizational effectiveness hinges on a leader’s ability to build trust across the management team. By following what is known as the Lencioni Model, it becomes possible to have open, transparent discussions about any issues that arise, gain commitment to better decisions and outcomes, drive accountability and ultimately empower the team to achieve organizational goals. To help leaders build these skills, many leading organizations have offered regular leadership training in recent years—a differentiator that meant their leaders were well-equipped to handle the fallout from a global pandemic.
The path to resiliency: How to strengthen your leadership outcomes
If you’d like to become a more agile organization, a key place to start is with your people. There are things you can do to help your employees, managers and leaders become more comfortable with change—and better position themselves to weather a crisis. For instance, you can:
As a leader, there are likely areas where your team shines—and areas your team could improve upon. Consider the skills that are needed to succeed in a VUCA (volatile, uncertain, complex, ambiguous) world, and identify areas that may require further training.
Invest in regular skills training
Business is changing. To keep pace, regular skills assessments and training are not only nice-to-have—they’re critical to success. Everyone, from employees to leadership, should have an opportunity to acquire the skills and knowledge necessary to thrive in a changing world. Professional training programs understand this and are adapting their offerings accordingly. For instance, many professional MBA programs now go beyond economics issues to help students integrate the content, the context and the process to their own organizational framework.
Connect regularly with your team
Even those employees who are self-motivated enough to thrive in a virtual work environment require regular check-ins. Not only should leaders take steps to uncover how they can better support their staff, but these conversations can help leaders stay up-to-date on various issues and to proactively address them. For instance, regular employee check-ins can offer information into customer sentiments—or signal if additional mental health support services are required.
 Harvard Business Review, April 13, 2020. “What Good Leadership Looks Like During This Pandemic,” by Michaela J. Kerrissey and Amy C. Edmondson.
 “The Five Dysfunctions of a Team” by Patrick Lencioni, 2002, Wiley Imprint.
 Raconteur. July 13, 2020 “How COVID changed the CEO skillset,” by Chris Stokel-Walker.
To read the full report, "A blueprint for moving forward: Lessons learned from COVID-19," download the PDF.