Budget 2021 Insights

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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 Doane Grant Thornton, we focus on delivering relevant advice, and providing an integrated planning approach to help you fulfill compliance obligations.
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.
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.
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.
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.
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.
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 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 | 18 Nov 2024

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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.
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
Consulting
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Creditor updates
Updates for creditors, limited partners, investors and shareholders.

Related insights:

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 | 06 Nov 2024

Risk

Running an organization is an ongoing exercise in confronting risk, whether strategic, financial, operational, regulatory or technological.

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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.
Internal audit
Organizations thrive when they are constantly innovating, improving or creating new services and products and envisioning new markets and growth opportunities.
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.
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.

Cloud Accounting

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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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...

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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,...

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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...

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Industries

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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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...

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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?

Related insights:

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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Public companies

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Private business

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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Find up-to-date detailed analyses of the 2021 Canadian federal and provincial budgets.

Tax Services Economic and Fiscal Update 2021

Chrystia Freeland, Deputy Prime Minister and Finance Minister, presented the Economic and Fiscal Update on Dec. 14, 2021

14 min read | 15 Dec 2021

Tax Alert 2021 Ontario Economic Outlook and Fiscal Review

Finance Minister Peter Bethlenfalvy delivered the 2021 Ontario Economic Outlook and Fiscal Review on November 4, 2021.

7 min read | 05 Nov 2021

Budget 2021 2021 British Columbia budget summary

On April 20, 2021, Finance Minister Selina Robinson tabled British Columbia’s 2021 budget (Budget 2021).

21 Apr 2021

Budget 2021 2021 Federal Budget Summary

In an unprecedented time, the federal government has delivered an unprecedented budget. At almost 800 pages, the federal government’s 2021 budget (“Budget 2021”) is massive in size and spending.

20 Apr 2021

Budget 2021 Looking Ahead: The 2021 Federal Budget

As the 2021 Canadian Federal budget approaches—the first since the pandemic began—Grant Thornton’s Tara Benham (National Tax Leader) and Mike Stubbing (Business Unit Tax Service Line Leader) discuss what businesses and individuals may see.

12 Apr 2021

Budget 2021 2021 Manitoba budget summary

On April 7, 2021, Finance Minister Scott Fielding tabled Manitoba’s 2021-22 budget (Budget 2021).

08 Apr 2021

Budget 2021 2021 Saskatchewan budget summary

On April 6, 2021, Finance Minister Donna Harpauer tabled Saskatchewan’s 2021-22 budget (Budget 2021).

07 Apr 2021

2021 Budget 2021 Nova Scotia budget summary

On March 25, 2021, Finance Minister Labi Kousoulis tabled Nova Scotia’s budget for the 2021-22 fiscal year (Budget 2021).

26 Mar 2021

Budget 2021 2021 Ontario budget summary

On March 24, 2021, Finance Minister Peter Bethlenfalvy tabled Ontario’s 2021-22 budget (Budget 2021).

25 Mar 2021

Budget 2021 Budget 2021 Nouveau-Brunswick budget

Le 16 mars 2021, le ministre des Finances Ernie L. Steeves a déposé le budget du Nouveau-Brunswick pour l’exercice 2021-2022.

22 Mar 2021

Budget 2021 2021 New Brunswick budget summary

On March 16, 2021, Finance Minister Ernie L. Steeves tabled New Brunswick’s 2021-22 budget (Budget 2021).

17 Mar 2021

Budget 2021 2021 Prince Edward Island budget summary

On March 12, 2021, Finance Minister Darlene Compton tabled PEI’s 2021-22 budget (Budget 2021).

16 Mar 2021

Budget 2021 Pre-budget alert 2021

The federal government is expected to release its budget (Budget 2021) this spring. This will be the first budget tabled since March 19, 2019, before the Liberal government was re-elected, and comes at a time of economic uncertainty caused by the pandemic.

04 Mar 2021

Budget 2021 2021 Alberta Budget Summary

On February 25, 2021, Alberta Finance Minister Travis Toews tabled Alberta’s 2021-24 three-year fiscal plan (Budget 2021). The global pandemic and the crash in oil prices have brought significant challenges to the province.

26 Feb 2021