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.
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.
The Digital Privacy Act came into force in 2015, and made key changes to the Personal Information Protection and Electronic Documents Act (PIPEDA). Since then, private sector organizations subject to PIPEDA have known that mandatory privacy breach reporting would be available across Canada at the federal level; what they didn’t know was what they would be expected to disclose in the event of a breach.
Those questions were answered when the government released new provisions that will come into force on November 1, 2018, - a timeline that will require organizations to quickly and proactively prepare to in order to comply.
Here is a quick primer of what these changes mean for your business.
Which breaches must be disclosed?
The new rules will require organizations to notify both affected individuals and the privacy commissioner of data breaches when those breaches pose a “real risk of significant harm”. Significant harm is defined as a risk of bodily harm, humiliation, financial loss, identity theft, damage to reputation or relationships, loss of employment or professional opportunities, negative effects on their credit record, or damage to/loss of property. Early indications are that the privacy commissioner is taking an aggressive stance on what type of data loss meets this standard.
When must breaches be disclosed?
Once an organization determines that a breach has occurred, it must notify affected individuals “as soon as feasible”.
What should be included in the notifications?
According to the new rules, affected individuals must receive notifications that contain
- a description of the circumstances of the breach;
- the day on which, or the period during which, the breach occurred;
- a description of the personal information that was breached;
- a description of the steps the organization has taken to reduce or mitigate the risk of harm to the affected individual resulting from the breach;
- a description of the steps the affected individual can take to reduce or mitigate the risk of harm resulting from the breach;
- a toll-free number or email address the affected individual can use to learn more about the breach; and
- information about the organization’s internal complaint process and about the affected individual’s right to file a complaint with the privacy commissioner.
In addition to notifying affected consumers, organizations must provide the privacy commissioner with a written report of the breach that describes:
- the breach and its cause (if it is known)
- an estimate of the number of people at risk of significant harm
- a description of the personal information that was compromised
- details of how the organization is working to resolve the breach and reduce risk of harm
- a description of how the organization plans to reach each of the affected individuals and
- a contact person who can answer more questions about the breach.
How must individuals be notified?
Affected individuals are expected to receive notification directly by email, mail, phone or in person. That said, there are three cases where indirect notification is permitted:
- if issuing a direct notification is “cost prohibitive”,
- if the affected individual would suffer further harm or
- if the organization doesn’t have direct contact information for the affected individual.
Where direct notification is impossible, companies must still take steps to provide indirect notification—either by posting a “conspicuous message” on their website for 90 days or by placing an ad likely to reach the affected individuals.
What exposures do organizations face?
Subsequent to a reported breach, the privacy commissioner may choose to launch an investigation. Similarly, consumers may have the right to launch a civil lawsuit—which is why organizations are expected to keep records of the breach for a two-year period. Finally, organizations that fail to notify consumers following a breach could face financial penalties and legal action.
How can you prepare for these new rules?
As data security incidents continue to mount, organizations increasingly understand that the likelihood of privacy breaches will only rise. Although no organization is immune, robust incident response planning and processes can help you validate, assess, contain and remedy data breaches with minimal disruption, publicity and cost.