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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 March 27, the US government signed the Coronavirus Aid, Relief and Economic Security (CARES) Act into law. The $2 trillion relief package provides support to individuals, businesses and government organizations during the COVID-19 pandemic.
While the Act contains many components, the Recovery Rebate—or, the “Economic Impact Payment”, as noted on the IRS website—is intended to provide much-needed financial support to individuals. All US citizens (including those that live outside the United States) as well as resident aliens could potentially qualify for the Recovery Rebate, even if they don’t owe US tax.
How much could you receive?
To receive the CARES Recovery Rebate, you must meet certain adjusted gross income (AGI) criteria. The amount you receive will depend on your marital status, income and whether you have any qualifying children. Specifically, rules around CARES Recovery Rebates are as follows:
- A single adult (or a married adult who is filing separately) with AGI of $75,000 or less on their most recent tax return will get a cash rebate of $1,200.
- A single adult with AGI between $75,000 and $99,000 will receive a reduced amount—a five percent decrease per dollar of income in excess of the AGI threshold (i.e., $50 per $1,000 of income in excess of $75,000).
- A married couple filing jointly with AGI of $150,000 or less will receive $2,400.
- A married couple filing jointly with AGI between $150,000 and $198,000 will receive a reduced amount—a five percent decrease per dollar of income in excess of the AGI threshold (i.e., $50 per $1,000 of income in excess of $150,000).
- An individual filing Head of household with AGI of $112,500 or less will receive $1,200, phased out between $112,500 and $136,500.
- Each qualifying child under 17 entitles the recipient parent to an additional $500. The qualifying child must have a Social Security Number (SSN).
Do you qualify?
In addition to meeting certain AGI criteria, qualifying individuals must
- have an SSN;
- not be claimed as a dependent on someone else’s return; and
- file a tax return for 2018 or 2019 or be in receipt of social security or railroad retirement benefits if they hope to receive a cheque in 2020.
Married couples must make sure that both spouses
- have an SSN on their tax return if they hope to receive the full amount of the cash credit; and
- file a return (if they’re choosing to file separately).
(N.B.: The IRS has promised guidance for those who are not otherwise required to file a tax return.)
Additionally, non-US citizens only qualify if
- they are Green Card Holders, or
- they meet the Substantial Presence Test.
Additional points to note
- Taxpayers who owe zero US tax (including those whose income is below the threshold normally requiring filing) can still receive the Recovery Rebate.
- If US Treasury has your payment details on file, taxpayers will get direct deposit in weeks.
- Cheques will be sent via mail to those who have not provided the IRS with direct deposit information to a US bank account. Cheques by mail will take much longer to process and the US government has until the end of 2020 to provide the advance refund cheques via the CARES Act.
- The rebates will not count as taxable income for recipients. Rather, the rebate is a credit against tax liability and is refundable for taxpayers who do not have any tax liability to offset.
- This is a one-time payment. There is currently consideration by policymakers to create additional rebates.
- Taxpayers who are eligible for a larger rebate based on 2020 income will receive it in the 2020 tax season.
- Taxpayers who use the foreign earned income exclusion, but have income otherwise exceeding the threshold(s), still qualify if their AGI meets the threshold.
We are here to helpIf you’re a US citizen living in Canada, you could potentially qualify for financial support under the CARES Act. If you’re unsure—or if you have questions about some of the information outlined above— please don’t hesitate to reach out to your Grant Thornton advisor. |