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.
Reach new markets
Consider expanding into a new market if you have a range of products or services that has done well locally. Depending on your current setup, that might mean looking for new opportunities in nearby communities, expanding into new provinces or even exporting internationally.
Analyze the market where you’d like to expand before making the leap. What other companies are offering similar products and services? Are there underserved portions of that market? And what is the real estate market and labour like? The cost of real estate is an important component to the cost of doing business in that jurisdiction, and so is the availability of talent.
Consider the tax implications of doing business in a new geography, including the corporate tax rate and the logistics of collecting and remitting sales taxes in a different province or country.
The availability of financing should also factor into the decision to expand. There are several government programs and private financing options that can help you invest in new equipment, R&D, staffing, and other capabilities needed for expansion.
Add a direct-to-consumer channel via e-commerce
You can sell directly to consumers through e-commerce if you manufacture or distribute consumer products but only ship to retailers and wholesale distributers.
E-commerce offers many retail strategies that allow you to tailor your approach to what best fits your business. You can reach your customers through a company website, app, or social media, for example.
Adding new channels is a good way to reach as many potential customers as possible, but you should be prepared to meet this increased demand by ensuring you have the proper logistics to handle payments, ship your products, handle returns and customer questions. There are also tax considerations when conducting business online in new jurisdictions.
Expand your product or service offering
Developing new products and services can help you increase your volume of business with existing customers or reach new pockets of customers within your market—both have the advantage of letting you utilize your established sales and marketing channels. You can also leverage your knowledge of your customer base and current customer needs to develop new offerings that will drive new sales.
You may also be able to tap into government grants to support new product innovation and development. For example, the Scientific Research and Experimental Development (SR&ED) Tax Incentive Program applies to a wide range of expenses.
Make an acquisition to fuel growth
Acquisitions are another growth strategy to consider if you are interested in gaining market share, adding to your customer base or filling a gap in your market. Further, if you have a bigger share of the market, you’re in a better position to negotiate with larger customers and retailers. Buying another business can also help you add new skills and intellectual property.
An acquisition is a significant undertaking that goes beyond the price of buying another business. You should also factor in what will be needed to integrate a company and consider the tax implications of the sale and subsequent merged businesses.
Leverage your marketing strategy to grow market share
Marketing is an essential element for driving new growth, and a well-designed marketing strategy will include multiple avenues to reach current customers and new prospects. You have many options for getting your marketing message out and engaging your audience, including your website, social media, email marketing and advertising.
Consider using tools like a customer relationship management (CRM) system to boost your growth strategy. CRMs track customer interactions with your business that allow you to develop tailored marketing offers and communications. Data analytics can highlight areas of success, which is especially important if you’re expanding into a new market or changing your products and services.
If it’s been a while since you’ve reviewed how and where you’re marketing your business, now may be a good time to consider each of these elements and identify where there may be gaps, or opportunities to update and upgrade your marketing game.
We’ll work alongside you to develop clear solutions for complex challenges. Contact us today.
ation contained herein is intended for general informational purposes only and does not constitute as advice or opinions to be relied upon in relation to any particular circumstance. For more information about this topic, please contact your Grant Thornton advisor. If you do not have an advisor, please contact us. We are happy to help.
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