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.
Alberta’s provincial government has recently announced several support measures to mitigate some of the damaging effects being felt locally as a result of the global COVID-19 pandemic. Recognizing the extreme strain that businesses are under, and the uncertainty being faced by the local economy, the provincial government has deferred several payments as a way of increasing short-term cash flow.
Corporate tax payments
All provincial corporate tax balance and instalment payments will be deferred from March 19 to August 31, 2020.
This is in line with changes made at the federal level, and, while no change to corporate tax filing deadlines have been announced, by deferring payment requirements many corporations with December 31 fiscal year-ends will be able to defer any taxes payable on their December 31, 2019 corporate tax filing to September. The provincial government has also indicated that they will waive any penalties and interest that would otherwise be payable in respect of these amounts.
Property tax payments
Education property tax rates will now be frozen at 2019 amounts, reversing the 3.4% increase announced in February’s 2020 provincial budget. Furthermore, businesses will also be able to defer their non-residential education property tax amounts for 6 months, until October 2020. It should be noted that this is a deferral—which would need to be repaid in future tax years—with repayment plans currently under development.
Recognizing that many businesses may not be property owners, commercial landlords are being encouraged to pass this savings on to their tenants through reduced or deferred payments. We would therefore encourage business owners to reach out to their landlords to discuss their lease agreements and any possible reduction in payments.
Widespread relief of WCB premiums has also been announced for Alberta businesses. All 2020 premiums will now be deferred until 2021, with additional support being provided to small and medium-sized businesses.
Businesses with $10 million or less in insurable earnings for 2020 will be classified as small and medium-sized private sector employers and will be eligible for a 50% reduction in their 2020 premiums when they become payable in 2021.The remaining 50% will be covered by the provincial government.
Any large businesses with insurable earnings over $10 million will be required to repay the deferred premiums in 2021.
Any premiums that have already been paid by businesses will be refunded to them automatically; there is no need to call and request either the deferral or the refund. It is also worth noting that interest will not be incurred on any deferred amounts and that neither future premium rates nor employee coverage will be affected.
Small commercial customers, as well as residential and farm customers, may also be eligible for a 90-day deferral of certain utility payments. This deferral is targeted towards those experiencing financial hardship as a result of COVID-19, but there is no indication that any specific requirements (i.e. self-isolation) need to have been met in order to access the deferral. Further information can be obtained through your natural gas or electricity provider.
Provincial credit unions, as well as the Alberta Treasury Branch will also be providing support to business owners.
These announcements come after the federal government announced last week that it would be working with Canada’s banks to provide businesses and individuals with deferral of mortgage payments for up to 6 months, as well as by providing $10 billion in addition financing through Export Development Canada and the Business Development Bank of Canada, with a large portion of funding being directed towards small and medium-sized businesses.
Business members of credit unions are being encouraged to contact their credit union directly to work out a personalized plan, while ATB Financial’s small business customers can apply for a payment deferral on loans and lines of credit for up to 6 months, as well as obtain access to additional working capital. Further support may also be provided on an as-needed basis so we would encourage business owners to speak with their banks to determine what support may be available based on their personal situation.
Additional support for individuals
Government support is also being provided to employees who are required to self-isolate, or who are caring for a dependant who is required to self-isolate. This support will come in the form of a one-time payment of $1,146 and is intended to bridge the gap until federal emergency payments begin in April. It is expected that Albertans will be able to apply for this support later this week through alberta.ca.
Albertans with provincial student loans will also see a 6-month pause to their loan repayments beginning March 30, 2020. The pause will be automatic, and interest will not accrue during the 6-month period.
We're here to help
We understand that you want to be agile and responsive as the situation unfolds. Having access to experts, insights and accurate information as quickly as possible is critical—but your resources may be stretched at this time.
We’re here to support you as you navigate through the impacts of coronavirus on your business and your investments.