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.
Changes introduced as part of the 2017 federal budget are set to have a significant impact on the cash flow of professional firms over the next several years. These provisions change how “work in progress” is calculated and limit opportunities for income deferral for accountants, dentists, lawyers (including notaries in Québec), medical doctors, veterinarians, and chiropractors.
Our team has considered these changes to determine what impact they will have on your firm and what practical steps you can take to help you plan ahead.
Deferral no longer available for overhead
In the context of professional firms, “work in progress” (WIP) corresponds to the accumulated value of time and resources expended on a client project that has not yet been invoiced. On a balance sheet, WIP typically includes two components: the actual cost of providing the service, and the profit margin. WIP is converted into a receivable once the bill is issued to the client.
Until now, professional firms were allowed not to record WIP as income for tax purposes, but under new rules enacted following passage of the 2017 federal budget, this deferral is only available for the profit portion of the WIP.
As an example, once the new rules are fully implemented if your professional firm has $100 in un-invoiced services for client A, of which $40 is costs, you will be required to report that $40 as income even though no bill has been sent. Thus, the “income” for this portion of your WIP will be reported to CRA in the same period as you report those costs. You will still be able to defer the profit portion of $60 until the work is billed.
In order to allow for a smoother transition period, implementation of these measures will take place gradually over five years, in 20% increments. So, in the example above, assuming the firm’s work in progress remains consistent over the five years, the cost portion of your WIP deferral will be reduced by $8 each year until 2022. If the cost portion of work in progress increases or decreases the previous year’s income inclusion will be deducted in the current year and the firm will include the appropriate amount of cost in income for that year (year 2 – 40%, year 3 – 60%, etc.)
Be prepared by establishing a methodology and reviewing cash flow
What steps can you take to prepare for these changes? The initial step is to calculate the cost of your firm’s WIP, and to do this you must use one of two methods: direct costing or full absorption. While the first method mainly includes staffing costs, the second method takes into account general overhead expenses. Here, the key is to choose the method which is most appropriate based on your firm’s activities.
Another consideration in calculating your firm’s WIP is that it corresponds to the lower of cost or net realizable value. The new rules provide that contingency files generally have a net realizable value of zero, because work performed for the client in those circumstances is considered to have no value until the time of billing.
This may be an important consideration for firms that deal mostly with contingency accounts. As a first step, if your firm has a number of contingency files, these should be clearly separated from other files to facilitate the calculation of WIP.
Finally, understanding how this change will affect your business’ finance and operations is an issue of immediate concern. Most firms subject to these rule changes will feel the impact in their cash flow, so assessing how changes to cash flow will affect your business is a logical step. Your professional tax advisor can help you navigate these changes, and factor them in your firm’s business planning.