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Services Overview
Audit & Assurance
Tax
Advisory
Cloud Accounting
Indigenous Services
Environmental, social, and governance (ESG) and sustainability
Family Business Services

Audit & Assurance

Team up with advisors who look beyond the audit itself to create value for your business and stakeholders.

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

Let us provide you with the insightful and strategic advice needed to navigate the rapidly changing tax landscape.

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.
Indirect tax
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.
International
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
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.

Related insights:

Tax Alert Underused Housing Tax (UHT) explained

1 min read | 30 Mar 2023

In this video, Sarah Noftell, Indirect Tax Leader, explains who’s affected and how the Underused Housing Tax (UHT) could affect property owners in Canada.

Advisory

Our advisors can help create, transform and protect value for your business in a fast-changing world.

Transactions
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.
Restructuring
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.
Forensics
Market-driven expertise in investigation, dispute resolution and digital forensics
Cybersecurity
Viruses. Phishing. Malware infections. Malpractice by employees. Espionage. Data ransom and theft. Fraud. Cybercrime is now a leading risk to all businesses.
Consulting
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.
Creditor updates
Creditor Updates

Related insights:

Industries at a crossroad How can car dealerships adapt to changing customer demands?

8 min read | 28 Jul 2022

Consumer behaviour driven by evolving technology is changing fast in the automotive industry. Our new series shares insights to help your business stay ahead.

Cloud Accounting

Cloud accounting is an innovative new service from Grant Thornton that allows you and your Grant Thornton advisor to collaborate seamlessly.

Related insights:

Cloud accounting Revolving door? Tips to help you deal with a labour shortage

2 min read | 12 May 2022

Labour shortages may be the norm, but there are ways to remain competitive. Solve your staffing crunch by incorporating these strategies into your growth plan.

Indigenous Services

Legacy is not only about honouring the past—it’s also about looking forward and continuing to build upon those values, traditions, and achievements to create...

Related insights:

Client stories Strengthening communities through acquisition

01 Mar 2022

This transaction represents the largest investment in the seafood industry by an Indigenous group in Canada. Membertou First Nation, in partnership with six other Atlantic Canadian Mi’kmaq First Nations, had the opportunity to partner with Premium Brands—a North American specialty food manufacturer and distributor—to acquire 50% of Clearwater, a global wild-caught seafood company.

Environmental, social, and governance (ESG) and sustainability

Our team is made up of multi-disciplinary, dedicated advisors that can assist your business with a range of ESG considerations, including strategy development,...

Related insights:

IFRS International Sustainability Standards Board confirms effective date of new Standards

2 min read | 09 Mar 2023

The ISSB expects to release its first two standards in June 2023 with effective periods beginning Jan. 1, 2024

Family Business Services

Our experienced Family Enterprise Advisors (FEAs) can help establish harmony among all stakeholders in your family business by maintaining a neutral position...

Related insights:

Family Business How to choose a Family Enterprise Advisor

3 min read | 25 Nov 2022

From the beginning, it’s about trust and results. The right Family Enterprise Advisor (FEA) should provide you with the confidence to make strategic decisions as well as possess a deep empathetic understanding of your family business’ unique challenges. Put simply: they should take a significant weight off your shoulders and get the results you need.

Agriculture
Cannabis
Charities & not-for-profit
Real Estate And Construction
Energy and natural resources
Financial Services
Manufacturing & distribution
Private equity
Professional services
Public companies
Private business
Public sector
Power & Utilities

Agriculture

Farming is a lifestyle and a legacy. It’s the heartbeat of your family and the backbone of our communities. Success grows from hard work, patience and...

Related insights:

ASPE Sec. 3041 Agriculture Understanding and applying the new ASPE Section 3041 Agriculture

16 Feb 2022

The Canadian Accounting Standards Board (AcSB) has released new guidance on recognizing, measuring and disclosing biological assets and the harvested products of bio assets.

Cannabis

Whatever your goal, the experts at Grant Thornton are ready to work with you to map out a plan for success. As members of the Global Cannabis Partnership...

Related insights:

ASPE Sec. 3041 Agriculture Understanding and applying the new ASPE Section 3041 Agriculture

16 Feb 2022

The Canadian Accounting Standards Board (AcSB) has released new guidance on recognizing, measuring and disclosing biological assets and the harvested products of bio assets.

Real Estate And Construction

In the world of real estate and construction, timing is everything. From acquisition to exit—and every point in between—you need high-quality information and...

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?

Related insights:

Real estate and construction 2023 real estate outlook: A year of cautious optimism

2 min read | 15 Mar 2023

As the Canadian economy confronts conditions not seen in decades, the real estate industry is challenged with an uncertain landscape in 2023.

Energy and natural resources

It’s not business as usual within the energy and natural resources sectors. Change has become constant and disruptive, in part a result of consolidation and...

Mining
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.

Professional services

Professional services firms face a dual challenge: anticipating and managing change not only for your clients, but also for your business. In today’s...

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Charities & not-for-profit Improving financial health with reserves planning

13 Dec 2017

Reserve funds offer charities and not-forprofit organizations important benefits— from funding new strategic directions to avoiding undesirable cost reduction measures—but setting them up is not without its challenges.

Tax alert

Trusts: New reporting requirements

07 Nov 20223 min read

Updated: December 16, 2022

Certain trusts, including Bare trusts, that were previously not required to file a T3 return will be required to do so under new reporting rules. Bill C-32, which received Royal Assent on December 15, 2022, enacts legislation for these new requirements, which apply to taxation years ending on or after December 31, 2023. Also, all trusts obligated to file a T3 return under the new rules will have to include a new schedule to report the identity of various stakeholders.

Note that the earlier proposals would have applied the new reporting requirements to years ending on or after December 31, 2022.

Who is impacted?

All non-resident trusts that currently must file a T3 return.
Express trusts resident in Canada, with some exceptions.
The draft legislation clarifies that the new reporting requirements would apply to Bare trusts (originally this had been unclear).

The following trusts are excluded from the new rules:

Mutual fund trusts, segregated funds, and master trusts
Trusts governed by registered plans
Lawyers’ and other professionals’ general trust accounts
Graduated rate estates, qualified disability trusts, employee life and health trusts, and certain government-funded trusts
Trusts that have been in existence for less than three months
Trusts that hold less than $50,000 in assets throughout the taxation year (provided their holdings are limited to deposits, government debt obligation and listed securities)
Trusts that qualify as non-profit organizations or registered charities
Trusts whose units are all listed on a designated stock exchange
Cemetery care trusts and trusts governed by eligible funeral arrangements
Trusts under an employee profit sharing plan
Trusts under a First Home Savings Account

Under the new rules, communications protected by solicitor-client privilege will not be required to be disclosed.

The new rules will increase the number of trusts obligated to file a T3 return, as well as the amount of information that needs to be provided with each T3 return.

What you need to do

Trusts that were not obligated to file a T3 return under the old regime should determine if they are required to do so under the new rules.

All trusts that are required to file T3 returns under the new rules will need to complete a new schedule that contains additional information about the trusts.

CRA has not finalized a version of this schedule yet, however, it is expected to require identification information for all trustees, beneficiaries, and settlors of the trust (which may include those who have loaned property to the trust), as well as each person who can exert control or override trustee decisions. The additional information requirement will include the name, address, date of birth, jurisdiction of residence, and taxpayer identification number (TIN) for each person identified.

Failure to comply with these requirements will result in significant penalties. If the trust fails to meet the filing timelines, it will be subject to a penalty of $25 per day, with a minimum penalty of $100 and a maximum of $2,500. Moreover, if the trust fails to file—either knowingly or due to gross negligence—the additional penalty will be the greater of $2,500 or 5% of the maximum value of property held during the year.

Additional information

It’s prudent for trustees to start familiarizing themselves with the new rules due to the greater compliance requirements in comparison to prior years. We can help you navigate them - contact your local advisor or reach out to us here