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.
As part of the federal government’s economic response plan to COVID-19, the Canada Emergency Commercial Rent Assistance (CECRA) is intended to provide rent relief for small businesses. The program offers forgivable loans to eligible commercial property owners for the months of April, May and June. Rent owed by small business tenants can be reduced by at least 75%.
- This program is intended to reduce rent by 75% for small businesses who have been severely impacted by the economic downturn caused by COVID-19.
- The federal government is working with the provinces and territories to implement the program. The federal government is also jointly funding the program with each province and territory.
- It will be administered through the Canada Mortgage and Housing Corporation (CMHC).
How it works
- The CECRA will provide forgivable loans to commercial property owners (landlords) to cover 50% of commercial rent for the months of April (retroactive), May, and June.
- The loan to the landlord will be forgiven if they provide the commercial tenant with rent forgiveness equal to at least 75% of their rent. The tenant would cover the remainder.
- The landlord has until August 31, 2020 to apply for the CECRA (i.e. it does not need to apply during April, May and June 2020; it can apply thereafter). If the landlord does receive the CECRA after the 3-month eligibility period, it can either:
- refund the 75% portion of the rent to the tenants for April, May and June, or
- provide the tenant with a credit, if agreed upon by the tenant and landlord.
- A commercial tenant normally pays $10,000/month of rent.
- The landlord applies for the CECRA and receives 50% of its regular rent, $5,000/month, as a forgivable loan (i.e. $15,000 total for the three months) through the program.
- To be eligible for the loan forgiveness, the landlord must reduce the commercial tenant’s rent by at least 75%. The tenant now pays $2,500/month in rent.
- On a monthly basis, the landlord has received $2,500/month from the commercial tenant and $5,000/month as a forgivable loan. Since the landlord has provided the commercial tenant with the 75% rent savings, the loan would be forgivable. The other 25% of monthly rent (i.e. $2,500) is foregone by the landlord.
Tenants: Who is eligible?
- Small business tenants that pay less than $50,000 per month in rent, per location, as per a valid and legally enforceable rental agreement.
- The small business tenant must have temporarily ceased operations or have experienced a 70% decrease in pre-COVID-19 revenues.
- The small business tenant must generate no more than $20 million in gross annual revenues, on a consolidated basis (at the ultimate parent level).
- NPOs and charities will also be considered.
Landlords: Who is eligible?
- The landlord must generate rental revenues from a commercial real property located in Canada
- There must be a rent reduction agreement in place for each of April, May and June 2020, providing rent reduction of at least 75% each month. The agreement must also include a moratorium on eviction for the same three months.
- The landlord must have declared rental income on their tax return for 2018 and/or 2019.
- The landlord must agree that it will not attempt to recover the foregone rent after the 3-month period is over.
- A landlord that does not have a mortgage on the property may still be eligible. Further details to be provided, likely from CMHC.
Information specific to Ontario
The Government of Ontario has released additional information on the CECRA program specific to Ontario, known as the Ontario-Canada Emergency Commercial Rent Assistance (OCECRA) program:
- Mixed-use properties: The government of Ontario is stating that a property that has a residential component and/or residential mixed-use of 30% commercial component can also qualify for the OCECRA for their commercial tenants only.
- Tenant eligibility: The following commercial tenants are not eligible to participate:
- Entities owned by individuals holding public office,
- Entities that promote violence, incite hatred or discriminate on the basis of race, national or ethnic origin, color, religion, sex, age or mental or physical disability; and,
- An entity in the Lenders special accounts or Restructuring Group prior to March 1, 2020.
- OCECRA does not cover profit: The program will specifically cover rent relating to fixed costs. Funding through OCECRA will not cover any profit element of the landlord.
- For example, if rent is normally $10,000/month and $1,000 was the profit element, the program would only cover $9,000. This means the landlord would receive a forgivable loan for 50% of this amount per month ($4,500/month) and the tenant would be required to pay 25% of this amount ($2,250/month). In Ontario, the landlord would be foregoing the other 25% of rent that covers fixed costs ($2,250) as well as the $1,000 of profit. Total foregone is $3,250.
There is no guarantee the other provinces will administer their programs in the same way as Ontario, although it would make sense that there be consistency with these programs across the provinces.
How to apply
As the program is being administered by the CMHC, the application will likely be available on their website.
It is expected that the application will be available in mid-May.
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 decline in revenue is to be determined by comparing the commercial tenant’s current month’s revenue to either: (i) the revenue of the same month of the previous year, 2019, or (ii) the average revenue for January and February 2020. This method is similar to how it is determined under the Canada Emergency Wage Subsidy.
 Ontario has not provided specifics as to whether there is a minimum percentage ownership that the individual holding public office must have in the entity in order for it not to qualify. Further clarification may be provided.
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