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 economic consequences of Coronavirus disease 2019 (COVID-19) may be substantial for Canadian businesses, and the government has announced various temporary finance options that could help you manage cash flow and support your staff. We have compiled a summary of certain measures you should be aware of, to help manage these financial headwinds.
Last week, Prime Minister Justin Trudeau announced the details of a $1 billion response fund to respond to the impact of COVID-19. Some of which include:
- $500 million for the provinces and territories, including money for buying medical equipment such as face masks
- $275 million for research and countermeasures, such as vaccine development and clinical trials
- $50 million for an immediate public health response
- $5 million for employment insurance sickness benefits, waiving the mandatory one-week waiting period for employment insurance to become available
- Introducing special measures under the work sharing program to help employers experiencing a business downturn due to COVID-19
As social distancing continues to affect customer demand, as well as supply chains, businesses across Canada are worried about the impact of the coronavirus on their operations and on staff who are off work due to illness. Businesses in the travel, tourism and services industries are the worst affected—particularly small and medium-size businesses, as they typically operate on tighter margins.
As you formulate your business response, it’s important to prepare for a range of potential outcomes. Here are some key focus areas to consider:
- Have you put measures in place to support hygiene and health for your employees, including restrictions to international travel and advice on attending client meetings, site visits and events?
- Do you have a clearly communicated policy on what your staff should do if they are feeling unwell?
- Have you measured the impact if you suspect a case of COVID-19 in your workplace?
- Can your team work remotely? Do you need to change your working policies to accommodate remote work?
Customers and suppliers
- Have you considered the consequences for your supply chain from the COVID-19 outbreak? Making sure you have financial support available is crucial to navigate any changes to your customers and supply chain.
- Do you need to inform your clients and customers of any changes to your services? These include opening times and delays in deliveries or deadlines.
- Do you have plans in place to ensure regular and clear communication to clients about your policies and updates on services? Are you working closely with your suppliers to help ensure that you can operate as close to “business as usual” as possible?
- With international travel and exports impacted by COVID-19, have you assessed the strength of your supply chain? Do you have alternatives in place if you need to source another provider?
- Does your insurance coverage protect you against losses from natural disasters?
- Could a successful claim be made against you under a business interruption or event cancellation policy?
- Do you need assistance in quantifying the financial impact of a disruption?
Cash flow and financing
- Will changes and delays to your service impact your cash flow? Do you need to have discussions with clients or suppliers about renegotiating terms?
- Do you need to speak to your financial institution about additional funding and operational covenants for the next few months?
- What will your cash flow look like in six months’ time? Have you implemented stress tests for each potential outcome?
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 information and comments herein are for the general information of the reader and are not intended as advice or opinion to be relied upon in relation to any particular circumstances. For particular application, the reader should seek professional advice.