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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.
![Alternative minimum tax: Will you or your trust be affected by changes?](/globalassets/1.-member-firms/canada/insights/tile_will-you-be-affected-by-changes-to-the-alternative-minimum-tax.jpg)
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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.
![Flipping a house? Your gain could be fully taxable under this new rule](/globalassets/1.-member-firms/canada/insights/tile_flipping-a-house-your-gain-could-be-fully-taxable-under-proposed-new-rule.jpg)
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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.
Employers completing T4 slips and summaries for 2020 should be aware of new reporting requirements related to the completion of these tax documents. All Canadian employers who issue T4s to employees must report certain employment payments related to Covid-19, regardless of whether they have applied for Covid-19 related government programs or not. This additional information is intended to validate payments made to individuals under the Canada Emergency Response Benefit, Canada Emergency Student Benefit and payments made to employers under the Canada Emergency Wage Subsidy (CEWS).
New T4 information codes
For the tax year 2020, in addition to reporting employment income in Box 14 or Code 71, the below information codes are to be used when reporting employment income and retroactive payments in the following periods:
- Box 57: Employment income – March 15 to May 9
- Box 58: Employment income – May 10 to July 4
- Box 59: Employment income – July 5 to August 29
- Box 60: Employment income – August 30 to September 26
Each period above pertains to the day employees were paid, not the period of work the payment covered. Example: If you are reporting employment income for the period of April 25 to May 8, payable on May 14, use code 58.
Temporary Wage Subsidy PD27 form and T4 Summaries
Prior to the introduction of the CEWS, the federal government had introduced the Temporary Wage Subsidy (TWS) which provided employers a subsidy of up to 10% of employee remuneration paid, up to certain limits. Employers would access the TWS by reducing their payroll remittances by the amount of the subsidy calculated. Many employers took advantage of the program, either because they did not qualify for the CEWS or because they had already started their payroll remittances prior to the introduction of the CEWS.
Those employers who did claim the TWS are required to complete Form PD27, the 10% Temporary Wage Subsidy Self-identification Form for Employers. This form will be used by the CRA to verify whether an employer who qualified for both the CEWS and the TWS elected to claim a TWS of 10% or less (or none at all). Furthermore, the CRA will use the form to reconcile the amount of payroll remittances during the relevant pay periods that fall within the TWS entitlement period (i.e. March 18 to June 19, 2020) to the amounts reported on the 2020 T4 Summary reconciliations. It will be important for employers to obtain the exact TWS amounts claimed for each payment date to ensure the T4 summary totals agree with what was actually paid to CRA.
One issue with the PD27 form is that it requires employers to report amounts based on pay period dates whereas the TWS, itself, is based on payment dates. Given that the program and the form are both new, this has caused some confusion for employers, who have little familiarity with these rules.
Other considerations related to the T4 and PD27
- Eligible for additional subsidy: Some employers may not have claimed the full amount of the TWS that they were eligible for. This may result in a refund showing on the T4 Summary. If this is the case, employers should be aware that they can still access the remaining amount of the TWS that they are entitled to.
- Due date: There is currently no due date for the PD27 form; however, everyone is encouraged to complete this form before the end of the year to avoid receiving a discrepancy notice from the CRA.
- No TWS claim: Employers who elected to receive 0% of the TWS must still submit the PD27 form.
- Detailed information required: To properly complete the forms, employers will need detailed payroll information including pay period dates, payment dates, income types and amounts paid as well as source deductions types and amounts.