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.
From the beginning, it’s about trust and results. The right Family Enterprise Advisor (FEA) should provide you with the confidence to make strategic decisions.
Fear of hurting loved ones or family conflict (sometimes unrelated to the business) can cloud your judgement and prevent you from moving forward. FEAs empower families to have difficult conversations by mediating highly emotional situations and providing a neutral perspective. They can help you achieve clearer communication, establish stronger, more productive relationships, and can help set your business up for success for multiple generations.
While the specific skills of each advisor will vary, generally a FEA can help navigate challenges related to family governance, succession planning and business continuity, next generation education and transitions, private wealth management and family offices, philanthropy, and more.
When evaluating FEAs, you should feel confident in the advisor’s competency, objectivity, and responsiveness to your needs. Giving someone access to the most significant parts of your life can be challenging, which is why we’ve put together five tips to help you choose a trustworthy advisor you can rely on.
Competence, qualifications, and industry knowledge
What sets FEAs apart is their education, qualifications, and personal empathetic approach. Much like the CPA, CFA, ICD, or other respected professional titles, the FEA designation signifies an advisor who has completed the studies required to navigate the emotionally charged needs of a business—and the businesses’ family.
When seeking family business advice, remember to check the advisor’s credentials, research their background, and ask what kind of experience they have working with other family-owned businesses. Finding an advisor with direct knowledge or experience in your industry will reduce the amount of time it takes for them to become familiar with your operations.
A neutral FEA brings more empathy and less judgement to the table. At the start, it’s a good idea to understand whether they will have relationships with your competitors or other family members that may hinder their ability to treat your engagement as neutrally as possible. It’s also worth determining who the client will be in the advising engagement to reduce potential misunderstandings between family members. Be sure to discuss how the advisor will engage with your family so each is treated equally.
Measuring progress is crucial to achieving your goals. Your advisor should be held accountable, which is why it’s important to discuss what would happen if they fail to do so. While selecting an advisor can be difficult, know you can always find a new one if it ends up being the wrong fit.
A key step in the due diligence process of hiring an advisor is checking references. Advisors should be willing to provide references from their work with past family businesses. Look for situations where the advisor solved a challenge like the one you’re facing.
Looking for a FEA?
We understand family business requires an empathetic and impartial approach that considers the interconnectivity of family, business, and ownership. Our team of dedicated FEAs can help bring harmony to your family business and establish a unified purpose to continue your legacy for generations.
Let’s talk about how we can help your family business thrive.
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