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.
British Columbia has announced a series of tax changes and financial measures to build on the federal government’s COVID-19 Economic Response Plan. The province has allocated $5 billion in income support, tax relief and direct funding for people, businesses and services, including:
- $500 per month rent subsidy payable directly to residential landlords.
- A freeze on evictions and rent increases for residential tenants.
- Deferred tax payments and extensions to certain filing/payments.
- A new BC Emergency Benefit for Workers.
- A Climate Action Tax Credit increase.
- A freeze on Student Loan repayments.
- Relief and deferrals provided by BC Hydro and ICBC.
Deferred tax payments
Effective immediately, BC is extending filing and payment deadlines for the following taxes until September 30, 2020:
- Employer Health Tax
- Provincial Sales Tax (including Municipal and Regional District Tax)
- Carbon Tax
- Motor Fuel Tax
- Tobacco Tax
Note: There is no announced extension for speculation tax and vacancy tax-filings. These would still be due March 31st.
March 2020 financial measures
BC Emergency Benefit for Workers
- A new BC Emergency Benefit for Workers will provide a tax-free $1,000 payment to British Columbians whose ability to work has been affected by COVID-19.
- The benefit will be a one-time payment for BC residents who receive federal Employment Insurance (EI), or the new Canada Emergency Response Benefit.
- Applications will open in April 2020 (no information yet on the application process, but the suggestion here is that it will not be automatic).
- The one-time payment will be paid in May 2020.
Climate Action Tax Credit
- The province is increasing and expanding the BC Climate Action Tax Credit in July 2020.
- An adult will receive up to $218 (increased from $174).
- A child will receive $64 (increased from $51).
- Effectively, eligible families of four will receive up to $564.This boosts the regular Climate Action Tax Credit payment of up to $112.50 per family of four and up to $43.50 per adult.
Support for renters, homeowners and people experiencing homelessness
- All evictions at BC Housing-funded buildings due to non-payment of rent have been halted.
- As part of BC’s poverty reduction strategy, the province provided $10 million to Vancity to administer funding and ensure the sustainability of the existing rent bank network.
- Canada’s six largest banks have worked together to freeze mortgage payments for six months for those in need.
- A new temporary rent supplement will provide up to $500 per month, paid directly to landlords.
- Further information, including eligibility and the application process is expected to be posted on BC Housing in early April
- Halting evictions by ensuring a landlord may not issue a new notice to end tenancy for any reason, with certain limited exceptions.
- Freezing new annual rent increases during the state of emergency.
Support for people with student loans
- Starting March 30, 2020, the province is freezing BC student loan payments for six months.
Support for people unable to pay monthly bills
- BC Hydro customers have the option to defer bill payments or arrange for flexible payment plans with no penalty. Customers who are dealing with job loss, illness or loss of wages due to COVID-19 will be able to use BC Hydro’s Customer Crisis Fund grant program for up to $600.
- ICBC customers on a monthly payment plan who are facing financial challenges due to COVID-19 may defer their payment for up to 90 days with no penalty.
Providing relief for businesses
- Tax support for businesses:
- Effective immediately, many provincial tax filing and payment deadlines are deferred to Sept. 30, 2020.
- Businesses with a payroll over $500,000 can defer their employer health tax payments until Sept. 30, 2020. Businesses with a payroll under this threshold are already exempt.
- Payments for provincial sales tax (PST), Employer Health Tax, Municipal and Regional District Tax on short-term accommodation, carbon tax, motor fuel tax and tobacco tax are also deferred until Sept 30, 2020.
- The scheduled increase to the Carbon Tax rate, and application of PST to e-commerce transactions and sweetened and carbonated drinks, will be delayed.
- Relief for commercial property owners and tenants:
- Business and light and major industry property classes will see their school property tax cut in half for the 2020 tax year, providing $500 million in relief for business that own their property and for tenants on triple-net leases.
Investing in a longer-term economic plan
- $1.5 billion in provincial funding will support economic stimulus once the pandemic has passed.
 https://news.gov.bc.ca/factsheets/bc-takes-steps-to-support-people-businesses-during-covid-19-pandemic and https://www2.gov.bc.ca/gov/content/employment-business/covid-19-financial-supports#BCEBW
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.