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.
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 COVID-19 continues to cause significant disruptions both economically and socially, many businesses are facing the tough decision—or are being mandated—to temporarily close their doors. While the current situation can seem overwhelming, there are steps you can take to manage the short-term negative impacts to both your business and employees.
Practical measures you can take today
Whether on their own initiative or as part of government mandates, some Canadian businesses are temporarily suspending their operations in response to the COVID-19 pandemic. Concerns about the long-term implications of these closures are understandably making business owners uneasy. However, it’s no time to panic. There are several practical steps businesses can take to help navigate the current turbulence—starting with closely examining cash flow and identifying critical areas where costs can be reduced in the short term.
Let’s put these into context and look at a real-world example. When a restaurant was mandated to close for two weeks, the business owner took these steps to protect his business:
- Employment and labour: To address an immediate variable cost, the restaurant owner quickly obtained advice from a lawyer about temporarily laying off his employees so they could receive employment insurance benefits and the business could reduce its expenditures in the absence of revenue. Although there are some costs associated with laying off workers and enabling employees to claim employment insurance, this move gave employees the ability to continue earning some income, while allowing the business owner to manage his cash. While the ability to legally and practically lay off employees will vary from business to business, in this case, it was considered necessary.
- Bank and finance: The restaurant owner reached out to his bank about his situation and secured a commitment to temporarily increase his operating line and gain some flexibility on his payments to minimize his cash outflow. To do this, the business owner prepared a cash flow statement to demonstrate his cash requirements over a six-week period, with sensitivity analysis to show the impact of a closure over a period of two to six weeks. Engaging financial stakeholders early is important as business owners may be able to secure necessary concessions, gain access to needed capital and reduce expenses in the short term.
- Real estate and leasing: The restaurant owner reached out to his landlord for short-term rent reconsiderations. In the current climate of uncertainty and unease, landlords and lessors may be able to provide businesses with some needed breathing room, even if it’s only a deferral of rent obligations for a few weeks.
- Supply and inventory: As the business was not operating in the short term, the owner quickly suspended the ordering of all supplies and inventory. Most surplus inventory was used in the days leading up to the temporary closure.
- Critical service providers: The restaurant owner identified suppliers and service providers critical to helping him navigate the current reality, such as his primary food supplier, lawyer and advisors.
By taking these steps, the restaurant owner realized that nearly 70 percent of his business costs were variable, and he was able to greatly reduce the business’s short-term cash burn. With temporary concessions from his bank and landlords, along with some additional government supports, the cash burn may be further reduced to help the business endure the temporary closure.
Although these are uncertain times and business owners are rightfully uneasy, looking at a temporary closure rationally can alleviate feelings of helplessness that many are experiencing. While every business situation is unique and requires its own analysis, hopefully the above example provides some insight to those who may be in similar circumstances. While these issues may seem overwhelming, Grant Thornton helps businesses navigate serious financial challenges every day.
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.