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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.
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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.
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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.
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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.
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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.
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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.
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Research and development and 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.
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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.
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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.
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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.
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International tax
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.
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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.
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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.
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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.
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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.
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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.
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Forensics
Market-driven expertise in investigation, dispute resolution and digital forensics
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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.
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Creditor updates
Updates for creditors, limited partners, investors and shareholders.
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Governance, risk and compliance
Effective, risk management—including governance and regulatory compliance—can lead to tangible, long-term business improvements. And be a source of significant competitive advantage.
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Internal audit
Organizations thrive when they are constantly innovating, improving or creating new services and products and envisioning new markets and growth opportunities.
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Certification – SOX
The corporate governance landscape is challenging at the best of times for public companies and their subsidiaries in Canada, the United States and around the world.
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Third party assurance
Naturally, clients and stakeholders want reassurance that there are appropriate controls and safeguards over the data and processes being used to service their business. It’s critical.
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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.
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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.
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Tax alert ACT Program – Research and Innovation Stream explainedThe ACT Research and Innovation Stream provides financial support to organizations engaged in pre-market innovation.
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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.
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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.
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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.
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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?
![2024 Real estate market summary: seeking optimism in uncertainty](/globalassets/1.-member-firms/canada/insights/tile_2024-real-estate-market-summary-seeking-optimism-in-uncertainty.jpg)
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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.
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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 November 5, 2020, Finance Minister Rod Phillips tabled Ontario’s 2020-21 budget (Budget 2020). This is the second budget for the Progressive Conservative government of Ontario, introducing $15 billion of new spending over three years in response to the COVID-19 pandemic. This is in addition to the $30 billion of support previously announced earlier in the year.
There are three pillars to the Ontario government’s budget, which lays out the province’s action plan over a three-year period:
The government also previously introduced cash flow supports for people and businesses totaling $11.3 billion. These supports included measures such as interest and penalty-free deferrals on provincially administered taxes for six months and WSIB premium deferrals.
Over its three-year plan, the government is projecting deficits as follows:
Due to the additional spending this year and forecasted deficits in the next couple of years, Ontario’s debt is projected to grow to almost $480 billion by 2022-23.
Personal measures
Personal income tax rates
No changes to personal income tax rates are proposed. The top combined federal Ontario marginal tax rates for 2020 are as follows:
Seniors’ Home Safety Tax Credit
The government is introducing, for the 2021 tax year, a temporary refundable Seniors’ Home Safety Tax Credit of 25 percent of eligible expenses, up to $10,000 (i.e., maximum credit of $2,500). Senior homeowners and renters, as well as relatives living with seniors, would be eligible to claim the refundable credit on home improvements to make their living space safer and more accessible.
Eligible expenses would include:[1]
- Renovations to permit a first-floor occupancy or secondary suite for a senior
- Grab bars and related reinforcements around the toilet, tub and shower
- Wheelchair ramps, stair/wheelchair lifts and elevators
- Non-slip flooring
- Additional light fixtures throughout the home and exterior entrances
- Automatic garage door openers
- Modular or removable versions of a permanent fixture, such as modular ramps and non-fixed bath lifts
Support for Learners initiative expanded
The Support for Learners initiative was introduced in March as part of the Ontario government’s action plan in response to the pandemic. It provided parents with $200 for each child up to 12 years old and $250 for each child with special needs up to 21 years old.
Budget 2020 will provide a second payment to parents under this program for the same amounts and parameters as the first payment.
Business measures
Corporate tax rates
No further changes to the corporate tax rates or the $500,000 small business limit are proposed. Ontario’s corporate tax rates for 2020 are summarized in the table below:
Ontario corporate tax rates
Employer Health Tax
The Employer Health Tax (EHT) is a payroll tax on Ontario remuneration paid to employees and former employees. Previously, private sector employers with total annual Ontario remuneration of $5 million or less were eligible for an EHT exemption on part of their payroll ($490,000 in 2019).
In March 2020, the government temporarily increased the EHT exemption for 2020 from $490,000 to $1 million as part of their COVID-19 relief measures. The government is proposing to make this increased exemption permanent. The increased exemption results in a $9,945 reduction in EHT premiums annually, for eligible employers.
Previously, employers with an Ontario payroll over $600,000 had to make monthly EHT installment payments. Budget 2020 proposes that employers with an annual Ontario payroll of $1.2 million or less do not need to make monthly EHT installment payments.
Businesses impacted by Stage 2 (Control or Lockdown) public health restrictions
On October 9, the Ontario government announced that it will provide up to $300 million in relief for eligible business in areas affected by the modified Stage 2 public health restrictions (e.g. Toronto, Ottawa, Peel and York Region). The funding would be available to help eligible businesses cover fixed costs such as property taxes and energy bills.
Budget 2020 confirms that the government is still committed to provide the $300 million relief. More details will be released when available.
Cultural Media Tax Credit
To support the cultural industries during the pandemic, the government is proposing to temporarily extend some deadlines and amend some requirements for the film and television, interactive digital media and book publishing tax credits. The following table[2] summarizes the proposed temporary changes.
Ontario Research and Development Tax Credit (ORDTC)
This budget proposes to extend the reporting period to claim an ORDTC as follows:
This change will would be similar to the extension for federal scientific research and experimental development claims.
Property taxes
Business Education Tax (BET)
Business Education Tax is a property tax earmarked for public education. Budget 2020 proposes to reduce the BET rate to 0.88 percent for both commercial and industrial properties whose BET rate is higher than 0.88 percent, beginning in 2021. The government estimated 94 percent of Ontario businesses will see a lower rate. As the BET represents a large portion of a business’s total property tax, this change may be significant for many, depending on their locations.
Municipal property tax reductions
The provincial government plans to enable municipalities to reduce property taxes for eligible small business properties. Budget 2020 would allow municipalities to create a new property subclass specifically for small business properties, allowing them to provide targeted relief to small businesses. Budget 2020 also mentions that the provincial government will consider matching these municipal property tax reductions.
Sales tax measures
Beer tax and wine tax rates
Budget 2020 proposes to freeze beer tax rates until March 1, 2022.
Wine basic tax rates were scheduled to increase on June 1, 2020. During the state of emergency, the government had prevented the increase from being applied up to December 31, 2020. Budget 2020 proposes to retroactively cancel the increase.
Harmonized sales tax
Budget 2020 proposes no changes to the current 13 percent HST rate, which is composed of a federal component of five percent and a provincial component of eight percent.
Funding summary
Healthcare
The additional $7.5 billion in “Protect” funding is targeted towards healthcare, and will be allocated to:
- increase the average daily care per long-term care residents to four hours per day over a four-year period,
- invest $4 billion in 2021-22 and $2 billion in 2022-23 to battle the COVID-19 pandemic and
- open a new hospital in Vaughan.
Families, workers, employers
The additional $2.4 billion in “Support” funding is targeted towards families, workers and employers, and will include among other initiatives:
- The Support for Learners initiative and Seniors’ Home Safety Tax Credit (previously mentioned)
- $60 million over three years for the Black Youth Action Plan to support Black youth to achieve social and economic success
- An additional $1.8 billion in the Support for People and Jobs Fund over the next two years, which has thus far gone towards mental health and addiction programs, as well as loans for indigenous small and medium-sized businesses
Recovery efforts
The new $4.8 billion in “Recover” funding is targeted towards new supports to help with an economic recovery, including:
- $180.5 million over three years for training, upgrading skills and apprenticeships
- $680 million over four years for broadband infrastructure
- $150 million set aside to provide Ontario residents with support of up to 20 percent of eligible Ontario tourism expenses
- Several changes mentioned above, including changes to electricity rates, BET rates and the EHT exemption
[1] Ontario Ministry of Finance (2020). Ontario’s Action Plan: Protect, Support, Recover - 2020 Ontario Budget. Retrieved from the Government of Ontario website: https://budget.ontario.ca/2020/pdf/2020-ontario-budget-en.pdf
[2] Ontario Ministry of Finance (2020). Ontario’s Action Plan: Protect, Support, Recover - 2020 Ontario Budget. Retrieved from the Government of Ontario website: https://budget.ontario.ca/2020/pdf/2020-ontario-budget-en.pdf