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.
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.
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 Temporary Wage Subsidy (TWS) is a new program in response to COVID-19 that provides savings to employers by reducing the amount of income tax remittance on workers’ wages.
Employers can reduce these income tax remittances by a Temporary Wage Subsidy (TWS) of 10 percent for up to three months, up to a maximum of $1,375 per employee. The maximum aggregate amount an employer can save is $25,000.
Who is eligible?
Several types of organizations have been specifically identified as eligible:
- Canadian-controlled private corporations (CCPC) that are eligible for the small business deduction in the prior year*
- Individuals, other than trusts (i.e., sole proprietorships)
- Partnerships whose partners are all individuals, corporations or a registered charity
- Non-profit organizations
- Registered charities
* More specifically, the CCPC must have had a business limit allocated to it in the prior year. It may be possible to amend a tax return that has already been filed to allocate a business limit in order to ensure the CCPC will qualify for the TWS.
- With the new Canada Emergency Wage Subsidy (CEWS) being introduced on March 27, 2020, there are now two potential wage subsidies that an employer can apply for. Although the types of organizations that may apply for the CEWS is broader, only those organizations that experience a minimum percentage decrease in revenues would be eligible to claim it. If an employer is eligible for both, it does not necessarily have to claim both. However, if the employer plans to claim the CEWS, it will be required to reduce the amount of its CEWS claim by the amount of the TWS it is eligible to claim, regardless of whether it actually claims the TWS (through a reduction in its payroll remittances). This is an important rule to note as the application process for the CEWS opened on April 27 and some employers who are eligible for both subsidies may not yet have reduced remittances, as per the TWS; however, they would still be required to reduce their CEWS claim by the amount of the TWS they would have been eligible for in the same 4-week period.
- CCPCs that are not eligible for the small business deduction in the prior year due to the recently introduced rules that grind down the business limit when passive income exceeds $50,000 would still be eligible for the TWS.
- CCPCs that do not have a taxation year that ends prior to March 18, 2020 (e.g., a corporation in its first year after incorporation or amalgamation) would still be entitled to the TWS if they would have been eligible for the small business deduction had their taxation year ended immediately prior to March 18, 2020.
- CCPCs must have taxable capital employed in Canada for the preceding taxation year, calculated on an associated group basis, less than $15 million.
Note: associated companies are NOT required to share the $25,000 per employer limit.
How the Temporary Wage Subsidy works
- The employer (or third-party payroll service provider) would calculate the income tax remittance, as usual.
- 10 percent of employee remuneration is manually calculated, up to a maximum of $1,375 for each employee and $25,000 total for the employer. The total of all these amounts is the TWS for that period.
- The TWS is only the federal and provincial income taxes.
- The employer still withholds from the employee the full amount of the required income tax remittance (along with CPP and EI).
- The employer remits the income tax remittance less the TWS (CPP and EI must also be remitted).
- There is no relief for the EI/CPP portions as this is deemed to be held in trust by the employer.
- When the employer files its tax return for the taxation year in which the TWS was claimed, the employer must include the amount of the TWS for that year in its income (i.e., the TWS is taxable).
- Employers can start reducing remittances of federal, provincial or territorial income tax in the first remittance period that includes remuneration paid between March 18, 2020, and June 20, 2020.
- If the employer chooses not to reduce remittances during the year, they can still calculate the TWS that they would have been entitled to between March 18, 2020 and June 20, 2020 and can either:
- Request payment of the TWS at the end of the year, or
- Transfer the TWS to next year’s remittance.
Other items to note
- The TWS applies to remuneration paid on or after March 18, 2020. Therefore, even if the pay accrued prior to March 18 but was paid on or after March 18 up to June 19, 2020, it still qualifies for the TWS.
- Supporting documentation of the calculations should be kept (by either the employer or third-party payroll service provider). CRA is updating reporting requirements and more information will be provided in the near future.
- The organization must have an existing business number in respect of which they are registered to make remittances required as of March 18, 2020 (i.e., the date the measure was announced).
- The organization must employ one or more employees in Canada.
For further details on this program please see the Government of Canada’s official news release with all the measures or their TWS FAQ page.