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.
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.
ASPE Sec. 3041 Agriculture Understanding and applying the new ASPE Section 3041 AgricultureThe Canadian Accounting Standards Board (AcSB) has released new guidance on recognizing, measuring and disclosing biological assets and the harvested products of bio assets.
Tax alert Agricultural Clean Technology ProgramThe Agricultural Clean Technology Program will provide financial assistance to farmers and agri-businesses to help them reduce greenhouse gas (GHG) emissions.
Tax alert ACT Program – Research and Innovation Stream explainedThe ACT Research and Innovation Stream provides financial support to organizations engaged in pre-market innovation.
Tax alert ACT Program – Adoption Stream explainedThe ACT Adoption Stream provides non-repayable funding to help farmers and agri-business with the purchase and installation of clean technologies.
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.
How do I set up an e-commerce system?
Consider these infrastructure, logistics and technology factors when setting up an e-commerce system:
- Assess your business objectives and the markets in which you want to sell. If you’re entering into a new online market, consider whether this expansion supports your business strategy, and whether your business has the capabilities to reach its new objectives.
- Consider your operational capabilities and logistics. Is your current warehouse or storage facility ready for increased output? Is it in the optimal location to reach your chosen markets?
- Evaluate your workforce. In order to handle the additional fulfillment, shipping and returns workload, you may need to hire more employees or train existing staff to manage new processes for online sales.
- Review your pricing strategy. Factor in the cost of overhead, shipping to different jurisdictions and returns. You will also need to decide how much of this cost you absorb and how much you pass onto your customers. Determine what website and payment platform your business will use. User experience is an important factor for successful e-commerce performance, and so is the reliability of the system you intend to use. The system should be easy to navigate and powerful enough to handle complexities like sales taxes in different jurisdictions. If you’re unsure where to start, there are many third-party companies that can support you as you assess the right platform for your business.
- Think about the different ways your company can promote its products online. You should regularly revisit and adapt your marketing strategy—especially once you have data on how your products are performing in different markets. Set and track key performance indicators that are relevant to e-commerce, including your overall conversion rate and conversion rate by channel.
- Leverage customer and sales data you have collected once you are live. This information can help you understand your customer base and make appropriate strategy decisions based on real-time market information.
How does taxation influence my e-commerce strategy?
Selling online to another province or country will have tax implications that require preparation before you begin. Consider these questions when determining the applicable tax rate that will apply to your product or service:
- What are you selling? Products, services and intangibles are taxed at different rates in various jurisdictions, according to specific rules.
- Who are you selling to? Are you selling directly to consumers, businesses, or non-residents of Canada? There may be different rates and registration requirements.
- Where are you selling? Within Canada, provinces have different provincial sales tax rules. Familiarize yourself with which provinces have a harmonized sales tax versus a federal and provincial sales tax—and the registration requirements for each. When selling into the United States, you may need to consider the applicable income and sales taxes due. At the state level, different corporate income tax rules apply, and your business may be subject to income tax even if it’s exempt federally. You might need to collect and remit state sales tax if your business meets certain threshold requirements. Foreign income taxes paid may be available as a foreign tax credit, offsetting income taxes payable in Canada.
When it comes to tax, there are a few other considerations:
- Be aware of changing tax rules. Tax rules are always changing – meaning you need to be aware of new rules and adapt. One area to follow closely right now is the treatment of digital goods and services, such as software, which is evolving in many Canadian and international jurisdictions.
- Keep accurate records. You will need to track where your customers are located so that you can charge and remit the proper taxes – and demonstrate this in the event of any audits that might occur in the future.
- Don’t assume your payment platform has all the right settings off the shelf. Not all payment platforms are powerful enough to track revenue by province or state, and track customer location. Consult with your advisor before you begin selling online to determine what income or sales tax considerations should be reflected in your sales platform or other processes.
What are the risks of e-commerce?
Any user of an online platform should be aware of digital risk and cyber threats, including compromised systems, data leaks and reputational damage. Consider these best practices to help reduce cyber risk and keep your data and systems secure:
- Train – and test – staff on cybersecurity awareness
- Conduct annual cybersecurity assessments
- Establish password policies, system patching policies, and policies on the acceptable use of the company network
Additionally, businesses that receive and store payment card information need to be familiar and comply with the Payment Card Industry Data Security Standard.
- The standard was developed to help your business better manage confidential payment information, and reduce the risk of data breaches.
- The standard is compulsory – fines can reach or exceed $100,000 per month until you can prove your business is compliant.
We’ll work alongside you to develop clear solutions for complex challenges. Contact us today.
The information 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.
Subscribe to receive relevant and timely insights and event invitations.