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Tax
Advisory
Cloud Accounting
Indigenous Services
Environmental, social, and governance (ESG) and sustainability
Family Business Services

Services Overview

See the whole picture and strategically move forward with the business advisors at Grant Thornton. We’re focused on helping you thrive. See Overview

Audit & Assurance

Team up with advisors who look beyond the audit itself to create value for your business and stakeholders. See Overview

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

Let us provide you with the insightful and strategic advice needed to navigate the rapidly changing tax landscape. See Overview

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.
Indirect tax
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.
International
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
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.

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Advisory

A differentiated approach relevant to the unique opportunities and challenges you are faced with today. See Overview

Transactions
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.
Restructuring
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.
Forensics
Market-driven expertise in investigation, dispute resolution and digital forensics
Cybersecurity
Viruses. Phishing. Malware infections. Malpractice by employees. Espionage. Data ransom and theft. Fraud. Cybercrime is now a leading risk to all businesses.
Consulting
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.
Creditor updates
Updates for creditors, limited partners, investors and shareholders.

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Cloud Accounting

Cloud accounting is an innovative new service from Grant Thornton that allows you and your Grant Thornton advisor to collaborate seamlessly. See Overview

Indigenous Services

Legacy is not only about honouring the past—it’s also about looking forward and continuing to build upon those values, traditions, and achievements to create... See Overview

Environmental, social, and governance (ESG) and sustainability

Our team is made up of multi-disciplinary, dedicated advisors that can assist your business with a range of ESG considerations, including strategy development,... See Overview

Family Business Services

Our experienced Family Enterprise Advisors (FEAs) can help establish harmony among all stakeholders in your family business by maintaining a neutral position... See Overview

Agriculture

Farming is a lifestyle and a legacy. It’s the heartbeat of your family and the backbone of our communities. Success grows from hard work, patience and... See Overview

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Cannabis

Whatever your goal, the experts at Grant Thornton are ready to work with you to map out a plan for success. As members of the Global Cannabis Partnership... See Overview

Charities & not-for-profit

Here’s to the change-makers, the believers and the community-builders. Charities and not-for-profit organizations truly stand apart from the crowd. In today’s... See Overview

Real Estate And Construction

In the world of real estate and construction, timing is everything. From acquisition to exit—and every point in between—you need high-quality information and... See Overview

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?

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Energy and natural resources

It’s not business as usual within the energy and natural resources sectors. Change has become constant and disruptive, in part a result of consolidation and... See Overview

Mining
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.

Financial Services

Financial Services See Overview

Manufacturing & distribution

Canadian manufacturers seeking to grow their businesses must address common issues, including limited access to finance, high raw material costs, inflexible... See Overview

Private equity

To acquire high-quality assets in today’s unprecedented competitive global market, private equity firms and their portfolio companies must be increasingly... See Overview

Professional services

Professional services firms face a dual challenge: anticipating and managing change not only for your clients, but also for your business. In today’s... See Overview

Public companies

Public companies See Overview

Private business

Your hard work has taken your business where it is today. Having a clear vision, a strong team and a solid plan are all key to your continued success.... See Overview

Public sector

Public sector See Overview

Power & Utilities

At Grant Thornton, we have the real-world experience and knowledge that can help you in considering all of your strategic alternatives. Whether it be managing... See Overview

Tax Services

Luxury Tax Alert

21 Mar 20222 min read

On March 11, 2022, the Department of Finance released draft legislation on the Luxury Tax proposed in Budget 2021. The Select Luxury Items Tax Act was part of Bill C-29 and received royal assent on June 23, 2021. The Luxury Tax came into effect on September 1, 2022 and applies on the sale and importation of certain new cars, aircraft over $100,000 and boats over $250,000.

Updated September 21, 2022

Vehicles, aircraft and boats subject to the Luxury Tax include:

Most passenger vehicles manufactured after 2018
- Does not include RVs, emergency vehicles, and vehicles with seating capacity for more than 10 individuals
Most aircraft acquired for the leisure, recreation, sport or enjoyment of the owner or a guest, manufactured after 2018
- Does not include military aircraft, cargo aircraft, and aircraft where seats are sold to the public
Vessels (e.g., boats) that are designed or adapted for leisure, recreation or sports activities, manufactured after 2018, subject to certain exclusions for larger passenger and commercial vessels

A person acquiring a vehicle for the purpose of leasing to others may be subject to the tax.

No tax applies to vehicles, aircraft, and vessels that are registered with a federal or provincial government as required before September 2022 and where possession was transferred to the user before September 2022.

Calculation of tax

The Luxury Tax is applicable for vehicles, aircraft, and vessels with a retail value as follows:

subject vehicle over $100,000
subject aircraft over $100,000
subject vessel over $250,000

The retail value includes the following:

the Fair Market Value before trade-ins, discounts, and down payments
any taxes, duties, fees levied on importation or as assessed by the seller (for example, document fees and environmental levies) excluding the GST/HST and the PST (PST includes BC PST at all rates)
freight charges
modifications or improvements equal to or greater than $5,000 made within 12 months of purchase

The Luxury Tax is calculated at the lesser of 20 per cent of the amount above the threshold or 10 per cent of the full value of the luxury vehicle, aircraft or vessel. Vendors of qualifying vehicles must register with the federal government to collect and remit the Luxury Tax.

Here is an example:

Vehicle	Luxury Tax (LT)	Price
Price from retailer		$106,000
LT @ 10% total value	$10,600
LT @ 20% of value above 100,000	$1,200
LT amount (lesser of a and b)		$1,200
Subtotal		$107,200
GST		$5,360
Total		$112,560

Rebates

Rebates may be available in specific circumstances where the vehicle, aircraft, or vessel is exported outside of Canada. The rebates are only available to registered vendors and applications for rebates may only be made once per quarter.

Please contact a member of the Indirect Tax team at Grant Thornton if you have any questions about how this legislation affects you and your business.

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Luxury Tax Alert

Calculation of tax

Rebates

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