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.
On June 21, 2018 the Supreme Court of the United States released its verdict on the landmark South Dakota v. Wayfair case, ruling that individual states have the ability to require that businesses collect sales taxes from consumers, should they meet a certain volume of sales in that state, regardless of whether the business itself has a physical presence in that state.
This ruling overturns a previous case, Quill Corp. v. North Dakota, which ruled that a business would not be required to collect sales taxes on sales transactions in a particular state unless the business had a physical presence in that state. “Physical presence”, in this case, would typically have required that business to maintain an office space, warehouse, inventory, or employees/contractors in that state.
This precedent was set in 1992 and it applied primarily to catalogue sales. In the years since Quill Corp., the economic environment has changed significantly with the advent of e-commerce. As such, the argument made by South Dakota was that the previous ruling did not align with current consumer behaviours and local brick and mortar businesses were at a disadvantage by being required to collect sales taxes in cases where online retailers were not.
The Canadian perspective
While it may seem that this ruling will only affect businesses and residents of the United States, instituting reporting requirements that are based on volume of sales as opposed to physical presence will surely mean that Canadian businesses selling to the United States will also be impacted.
This becomes especially important due to the fact that more and more states are likely to draft similar legislation to South Dakota’s in the future, to access this revenue source that has been largely unavailable to them in the past. Currently, Illinois, Indiana, Iowa, Kentucky, and Maine have implemented similar legislation and this number is likely to increase rapidly going forward.
Given that each individual state has the ability to create its own sales tax system (including thresholds for reporting as well as specific reporting requirements), a Canadian business selling to consumers in a wide range of states could be faced with a much larger compliance burden going forward.
As a result of these changing requirements, Canadian businesses will need to ensure they are aware of the specific compliance and reporting requirements of the state in which they are transacting and have accurate tracking systems to determine the volume of sales being made in each specific state.
For Canadian businesses transacting in North Dakota, we expect the State to begin enforcing this ruling later this year.
The Canadian system
While the federal and provincial sales tax systems in Canada do not adhere to the same physical presence standard as the United States, a supplier of goods and services in Canada will generally be required to register and remit for GST/HST if they are determined to have a permanent establishment in Canada or are considered to be carrying on business in Canada—a concept that is similar to physical presence.
Typically, in cases where a supplier is not required to be registered for Canadian sales tax (i.e. GST/HST or PST), the onus is on the purchaser to self-assess and remit for the relevant sales tax on a transaction—a process which is largely ignored by Canadian consumers.
From a Canadian perspective, it will be interesting to see whether the federal and provincial governments begin to move towards a system that would require more non-residents to register as a result of this change in the United States.
Recent changes in Quebec
One province that is leading the way in this regard is Quebec. In its recent provincial budget, the government of Quebec announced that it would be requiring non-resident suppliers (whether they be located in Canada or abroad) to register for the province’s Quebec Sales Tax system beginning in 2019—a change that has been commonly referred to as the “Netflix tax”.
Notably, this new registration requirement will apply to suppliers in the e-commerce sector as well as suppliers of certain digital property and service distribution platforms. The change makes Quebec the first Canadian province to impose such a requirement with regards to their provincial sales tax system.
It is anticipated that Quebec’s success in implementing this change will determine the likelihood of more provinces following suit in imposing similar requirements on non-resident suppliers.
For further information on the changing sales tax environment and how these changes might affect your business, please contact a member of the Grant Thornton National Sales Tax team.