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.
The business environment is changing rapidly due to the unfolding COVID-19 situation, prompting the Canadian federal government to take steps to make economic resources available to mitigate the damage. We have compiled a short list of the most significant of these measures to date, and we will continue to follow future announcements closely so you can stay focused on your business.
Since it was declared a pandemic, COVID-19 has had a significant economic impact, with reduced consumer spending, interrupted global supply chains and historic downturns in stock markets around the world.
In response, on March 13, Canada’s federal government announced that the House of Commons would be adjourned until April 20, and potentially longer. Several other significant announcements were made:
- The federal budget is postponed indefinitely (originally slated for March 30).
- The Canada-United States-Mexico Agreement (aka NAFTA 2.0) was officially ratified.
- The Bank of Canada implemented its second interest rate cut of 50 basis points in just over a week.
- Rumours circulated that Finance Minister Bill Morneau would be announcing the extension of tax filing deadlines as part of a package of tax measures to be introduced this week.
To combat the negative impact COVID-19 has had on the Canadian economy and soften a potential downturn, the federal government introduced measures last week that may be important to your business.
1. Employment insurance
The regular one-week wait-time to access employment insurance (EI) will be removed for individuals who are placed under 14-day quarantine.
Employment insurance provides workers with 55 percent of their earnings, up to a maximum of $573 per week. The normal requirement of obtaining a doctor’s note will be waived. The government has not yet stated what type of documentation will be required but noted that the intention is to minimize the amount of effort required for the quarantined individual.
The government has also stated that it may provide additional income support for those who are not eligible for EI sickness benefits (e.g., those who have been self-employed for less than 12 months or have not accumulated at least 600 insured hours in the 52 weeks before quarantine).
2. Work Sharing Program
The Work Sharing Program allows employers and employees to minimize the impact of an economic downturn by having employees share their work hours in an effort to avoid layoffs.
Employers can normally participate in the program for a maximum of 38 weeks, however, those impacted by COVID-19 can extend the participation time up to 76 weeks (this extension has already been granted to businesses in the forestry and aluminum/steel industries). Furthermore, an attempt to “streamline processes” is being made to allow employers to access this program as soon as possible.
3. Access to credit and flexibility with tax obligations
The government intends to support businesses by investing in the Business Development Bank of Canada and Export Development Canada, both federal lending agencies, in order to increase the amount of financing available to businesses. Furthermore, Prime Minister Justin Trudeau stated that “flexible arrangements could be made for businesses trying to meet payment obligations to the Canada Revenue Agency.” Minimal details have been provided on these measures, but we will continue to keep you updated as we gain more information.
A link to the news release that includes the announcement of these measures can be found here.
4. CanExport Program
The government continues to provide assistance to businesses through the CanExport Program. This is a funding program that provides small and mid-sized enterprises (those with revenues between $100,000 and $100 million in the prior fiscal year) with assistance to help them expand to new international markets. Funding may be available for eligible costs, which include market research, intellectual property-related costs, legal advice and more.
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.
The federal government is expected to announce additional measures this week. We will continue to keep you updated on all the latest announcements as they come in.