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.
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.
Cross-border personal tax
In an increasingly flexible world, moving across the border may be more viable for Canadians and Americans; however, relocating may also have complex tax implications.
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.
ASPE Sec. 3041 Agriculture Understanding and applying the new ASPE Section 3041 AgricultureThe Canadian Accounting Standards Board (AcSB) has released new guidance on recognizing, measuring and disclosing biological assets and the harvested products of bio assets.
Tax alert Agricultural Clean Technology ProgramThe Agricultural Clean Technology Program will provide financial assistance to farmers and agri-businesses to help them reduce greenhouse gas (GHG) emissions.
Tax alert ACT Program – Research and Innovation Stream explainedThe ACT Research and Innovation Stream provides financial support to organizations engaged in pre-market innovation.
Tax alert ACT Program – Adoption Stream explainedThe ACT Adoption Stream provides non-repayable funding to help farmers and agri-business with the purchase and installation of clean technologies.
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.
Updated on August 6, 2021.
The Canada Emergency Rent Subsidy (CERS) and Lockdown Support provide subsidies to help cover a business’s rent or mortgage interest, property tax and insurance retroactive to September 27, 2020. CERS provides a subsidy of up to 65 percent and the Lockdown Support provides up to an additional 25 percent if a business is required to shut down due to public health restrictions.
Who is eligible for the CERS and Lockdown Support?
The CERS and Lockdown Support will be available to businesses that meet the definition of an “eligible entity”, which includes individuals, taxable corporations and trusts, non-profit organizations and registered charities. The definition of “eligible entity” is the same one used in the Canada Emergency Wage Subsidy (CEWS) rules. Additional details can be found in Grant Thornton’s CEWS downloadable resource. To claim the CERS, an eligible entity must also be a “qualifying renter” and meet the following requirements:
- Submit the CERS claim on or before 180 days after the end of the qualifying period
- Include an attestation by the individual with principal responsibility for the financial activities of the eligible entity
- Meet one of the following three criteria:
- Have a payroll account as of March 15, 2020 or have been using a payroll service provider.
- Have a business number on September 27, 2020 and provide records and other information to support the claim to the government.
- Meet other conditions that may be prescribed in the future.
It should be noted that many small businesses that may not have been eligible for the CEWS (e.g., a self-employed individual with no employees) may still be eligible for the CERS and the Lockdown Support, provided the criteria discussed below are met. Businesses of all sizes that rent or own property should consider whether it might make sense to apply, regardless of whether they have applied for or received the CEWS.
How do I apply for the CERS and Lockdown Support?
The CERS and Lockdown Support will provide subsidies directly to qualifying renters (and property owners), without requiring the participation of landlords (in contrast to the CECRA, which required landlords to apply).
The application for the CERS and Lockdown Support is available on CRA's website. Applicants will be required to create a CERS (ZA) number, which will allow the applicant to receive the subsidy through this account. The application can be made through CRA’s website using either:
- My Business Account, or
- Represent a Client
A new form, RC665, is required to be completed with the application. Similar to the CEWS form RC661, it contains elections and statements that must be attested to by the person with primary financial responsibility for the applicant.
The application portal for each qualifying period opens once that qualifying period ends.
For more information, read the full PDF:
Download the Canada Emergency Rent Subsidy and Lockdown Support PDF [ 140 kb ]
We are 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.
Grant Thornton LLP wants to caution that these rules are still new and continue to evolve as the government continues to re-evaluate the economic impact caused by the COVID-19 pandemic. We may still see changes to these measures—as well as new measures—as the government attempts to address the issues that have been raised by us and the tax community. Therefore, any analysis included herein reflects our knowledge as of the date and time of this publication and may no longer be applicable if changes do occur. You should proceed with caution before making any decisions.
Related contentWe are committed to helping our clients, colleagues and communities, as we all try to navigate the impacts of COVID-19.
Canada Emergency Wage Subsidy (CEWS)
Created in response to COVID-19, the Canada Emergency Wage Subsidy (CEWS or subsidy) provides savings to employers through a subsidy equal to 75% of employee wages on the first $58,700 per employee, up to a maximum of $847 per week, with no overall maximum for the employer.Read more
Canada Emergency Response Benefit (CERB)
In response to COVID-19, a new program called the Canada Emergency Response Benefit (CERB) was established to provide $2,000 per month (i.e., $500 per week) to workers who qualify for the benefit for up to 16 weeks.Read more