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.
The United States-Mexico-Canada Agreement (USMCA) has the potential to restore clarity to the trade relationship between the three countries after a period of uncertainty, bringing stability that may support consumer sentiment and economic growth. Although the long-term implications have yet to be determined, the agreement may support key sectors of the Canadian economy and maintain job stability, which are critical factors to drive a strong real estate market.
Demand unfazed by price increases, interest rates and tariffs
Current and prospective homeowners in Canada have witnessed price increases in most large cities over the last five years, notwithstanding recent softening in some markets. Since early 2017, the market has remained resilient despite several interest rate increases, the implementation of Ontario’s Fair Housing Plan, a foreign buyers’ tax, and stress testing buyers’ affordability.
The housing industry has also experienced some cost increases driven by tariffs on construction materials such as steel, though the impact on prices and demand has been muted. For instance, the 25% tariff on steel increases the cost of building high-rise condominiums.
However, since steel only accounts for approximately 4% of total construction costs, the actual cost increase for consumers would be approximately 1%. Given the current environment of strong demand, a 1% increase in condo prices is not likely to have a major impact in affordability or demand. Therefore the fact that USMCA does not address those tariffs should not have a significant impact in the near future.
The Canadian real estate market is driven by many factors, notably the job market. If prospective home buyers feel confident about their job stability and income, price changes become less of a barrier to buying. This is why, by protecting key sectors of the Canadian economy, the new free-trade agreement may be a net positive for the real estate sector.
Stability for the auto sector
The U.S. government had previously threatened tariffs on the Canadian auto sector, which created significant uncertainty because the Canadian economy is heavily dependent on the auto sector.
Indeed, this sector directly employs over 125,000 people, with an additional 400,000 employed in aftermarket services and dealership networks. The auto sector contributes $19 billion to Canada’s GDP, or approximately 1.2%. Simply put, there are very few industries that would not be impacted – directly or indirectly – by a dramatic slow-down in the auto sector.
USMCA’s updated rules of origin could actually end up providing a boost for Canada’s auto sector, because at least 40% of a vehicle’s value must be made by workers who are paid at least $16 dollars per hour. The U.S. has preserved the right to impose auto tariffs on national security grounds, but Canada would have an exemption of 2.6 million passenger vehicles, which sits well above current production levels.
Longer sunset clause to support foreign investment in Canada
Foreign investors require long-term stability to make major investments, so it comes as good news that the USMCA’s sunset clause (which determines the expiry of the agreement) is set at 16 years.
The agreement is renewable following a six-year mandatory joint review during which USMCA can be extended for an additional 16 years. The U.S. government had previously proposed a five-year expiration clause, which would have caused significant uncertainty and had the potential to dampen foreign investment in Canada.
Interest rate increases likely to continue
Interest rates have been steadily increasing for over a year and they may increase at an accelerated pace under USMCA. In fact, some banks are already speculating about the possibility of increasing rates again. This will have an impact on the affordability of homes in Canada.
It is worth noting, however, that home buying demand has not been materially dampened by the recent spate of interest rate increases, and there is reason to believe that rates may have some additional room to grow before they have a significant impact on demand. After all, those interest rate increases are coming in response to an expanding Canadian economy, and as the economy expands it tends to boost employment and consumer sentiment.
As this new commercial environment is evolving, your Grant Thornton advisor is monitoring trends to help you make strategic decisions and take full advantage of growth opportunities.