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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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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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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 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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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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Family Business ‘Keeping it in the family’ comes with financial perks

While hiring family members can be seen as nepotism in certain business circles, for the self-employed it can make good business sense.

3 min read | 27 Sep 2024

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Creditor updates
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Tax alert Importers: More time to sign up for CBSA online portal

Importers should start preparing the information needed to register their business with the Canada Border Service Agency’s (CBSA) online client portal.

5 min read | 11 Sep 2024

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By automating standard administrative and accounting work, cloud accounting with Doane Grant Thornton can free up your time to concentrate on more important...

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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...

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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...

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Related insights:

ASPE Sec. 3041 Agriculture Understanding and applying the new ASPE Section 3041 Agriculture
The Canadian Accounting Standards Board (AcSB) has released new guidance on recognizing, measuring and disclosing biological assets and the harvested products of bio assets.

16 Feb 2022
Tax alert Agricultural Clean Technology Program
The Agricultural Clean Technology Program will provide financial assistance to farmers and agri-businesses to help them reduce greenhouse gas (GHG) emissions.

17 Jun 2021
Tax alert ACT Program – Research and Innovation Stream explained
The ACT Research and Innovation Stream provides financial support to organizations engaged in pre-market innovation.

17 Jun 2021
Tax alert ACT Program – Adoption Stream explained
The ACT Adoption Stream provides non-repayable funding to help farmers and agri-business with the purchase and installation of clean technologies.

17 Jun 2021

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...

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Charities & not-for-profit

Here’s to the change-makers, the believers and the community-builders. Charities and not-for-profit organizations truly stand apart from the crowd. In today’s...

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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...

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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.
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?

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Real estate and construction 2024 Real estate market summary: seeking optimism in uncertainty

Looking back, the theme for 2023 in the real estate industry was one of caution as investors and real estate owners braced for the effects of rising interest and inflation rates to stabilize.

1 min read | 08 Mar 2024

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...

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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.
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.

Financial Services

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Manufacturing & distribution

Canadian manufacturers seeking to grow their businesses must address common issues, including limited access to finance, high raw material costs, inflexible...

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Private equity

To acquire high-quality assets in today’s unprecedented competitive global market, private equity firms and their portfolio companies must be increasingly...

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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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Your hard work has taken your business where it is today. Having a clear vision, a strong team and a solid plan are all key to your continued success....

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Public sector

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Power & Utilities

At Grant Thornton, we have the real-world experience and knowledge that can help you in considering all of your strategic alternatives. Whether it be managing...

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Tax Alerts cover tax news and changes in legislation that affect Canadian businesses.

Tax Alert Pillar Two: Canada’s Global Minimum Tax Act explained

Certain multinational enterprise groups may be subject to a minimum effective tax rate of 15% on income in every country they do business, under new GMT rules.

12 min read | 24 Sep 2024

Tax alert T3 Schedule 15: Does your trust have additional reporting requirements?

In its last update on August 12, 2024, the Department of Finance (Finance) released draft legislation that proposes changes to these rules, which were originally enacted on December 15, 2022. It’s critical that you determine your trust’s reporting requirements each tax year as the non-compliance penalties are significant.

7 min read | 11 Sep 2024

Tax alert Importers: More time to sign up for CBSA online portal

Importers should start preparing the information needed to register their business with the Canada Border Service Agency’s (CBSA) online client portal.

5 min read | 11 Sep 2024

Tax alert Alternative minimum tax: Will you or your trust be affected by changes?

Further proposed amendments to the AMT rules released by Finance on August 12 may impact certain taxpayers. It's important to determine if you're affected and talk to your advisor about potential next steps.

7 min read | 27 Aug 2024

Tax alert Significant changes to GAAR: What you need to know

Taxpayers should prepare now for potential changes to Canada’s general anti-avoidance rule (GAAR).

5 min read | 21 Jun 2024

Tax Alert Underused Housing Tax: Impacts to Canadians and Non-Residents

Property owners with vacant homes in Canada should be aware of the new underused housing tax (UHT), which came into effect on January 1, 2022.

6 min read | 21 Jun 2024

Tax Alert Intergenerational business transfers: Changes you should know

If you are transferring your family business, you need to know about amendments to Bill C-208 that were proposed in Budget 2023. Our tax alert covers what's ahead.

7 min read | 21 Jun 2024

Tax Alert Flipping a house? Your gain could be fully taxable under this new rule

The federal government has released draft legislation for the new residential property flipping rule introduced in Budget 2022. Read more in our summary.

6 min read | 23 Apr 2024

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