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.
Why it makes good business sense
Increased diversity at the board level has become a hot topic in recent years—and for good reason. It simply makes good business sense. Companies that prioritize racial and ethnic diversity are 35 percent more likely to have above-average financial returns compared to their industry peers. The same can be said for those companies who have focused on increasing their levels of gender diversity as they are 15 percent more likely to financially outperform their national industry medians.
When you consider that board diversity also reduces the propensity for groupthink, allows directors to challenge each other’s thinking and brings different perspectives to the table, it’s clear that diversity makes boards, and businesses, more effective overall. So, it’s easy to understand why a growing number of businesses are striving to make board diversity a priority in 2021 and beyond.
A recent move by Nasdaq could accelerate these efforts. On December 1, 2020, the stock exchange asked the US Securities and Exchange Commission (SEC) for permission to force listed companies to increase their board diversity—specifically, by making it mandatory for them to have at least one woman and one person who self-identifies as under-represented or LGBTQ on their boards. Additionally, Nasdaq requested that every company listed on the US stock exchange be required to publish a diversity report to demonstrate their response.
This is the first time a major exchange has asked companies to disclose information other than legal requirements, and it could be a sign of things to come. Public sentiment is shifting, and public and private companies alike—operating in both the United States and Canada—must revisit their diversity practices if they hope to keep pace. By taking a proactive stance on the issue, you’ll not only be well-equipped to meet any imminent regulation changes, but you’ll be building a better business as well.
We can do better
It’s clear that board diversity can help companies reduce risk, while keeping pace with the 21st century’s exponential rate of change. Shaking things up through diversity can dramatically reduce or eradicate board complacency, and make sure a company is equipped to evolve with the times.
That said, many Canadian companies have room to improve in this arena. According to Osler, women hold only 21.5 percent of board seats within TSX-listed companies, an increase of just under three percent since 2019. Older data from Statistics Canada backs this up. In 2017, women held 21.3 percent of director seats at public companies, and 17.7 percent of director seats in private companies.
And this doesn’t even take into account elements of diversity, equity and inclusion beyond gender. True diversity means attracting people of different ethnicities, sexual orientations, ages, races, experiences, skill sets and physical abilities. According to a study released by Ryerson University’s Diversity Institute, white members made up 91 percent of boards in Canada.
What’s the way forward?
Accelerating your quest for board diversity can strengthen your business in countless ways—and better equip you to face the future. If you’re looking to get started on your diversity journey, you can do so in a few ways:
- Focus on age, in addition to gender. If the median age of your board members is older, it’s probably time to bring in younger professionals. There are people in their 40s with over 10 years of senior management experience under their belts. By bringing them on board, you get access to their insights and knowledge. This is the next generation of corporate leadership, so it’s critical to engage them early.
- Review your board terms. To make it easier to facilitate change, consider limiting director positions to two or three years (for public sector and not-for-profit) and no more than 10 years for a public company, rather than life terms. Additionally, you may want to stagger these terms and make diversity part of your charter before looking for new directors.
- Develop a skills matrix that outlines each board member’s skills—and then work to fill the gaps. Does your board have the right mix of skills, experience and knowledge to meet your business objectives? Are your board members all concentrated in one industry or have similar professional credentials? Do they have global experience?
Board diversity is a critical best practice that is proven to directly impact your bottom line. By making it a priority to attract more diverse board members—and build boards that are comprised of a wide variety of people and skillsets—you’ll not only get ahead of imminent regulations. You’ll also benefit from enhanced organizational performance and better results overall.
If you’re thinking about getting serious about diversity in 2021 and beyond, Grant Thornton can help. We understand board best practices and can share immediate actions you can take to improve board diversity, enhance stakeholder transparency and confidently face the future head-on. To learn more, contact us.