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Why Grant Thornton
Whether you’re growing in one market or many, looking to operate more effectively, managing risk and regulation, or realising stakeholder value, our firms can help.
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Culture and experience
Grant Thornton’s culture is one of our most valuable assets and has steered us in the right direction for more than 100 years.
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Global scale and capability
Beyond global scale, we embrace what makes each market unique, local understanding on a global scale.
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Join our network
In a world that wants more options for high quality services, we differentiate in the market to grow sustainably in today’s rapidly changing environment.
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Leadership governance and quality
Grant Thornton International Ltd acts as the coordinating entity for member firms in the network with a focus on areas such as strategy, risk, quality monitoring and brand.
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Africa
24 member firms supporting your business.
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Americas
31 member firms, covering 44 markets and over 20,000 people.
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Asia-Pacific
19 member firms with nearly 25,000 people to support you.
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Europe
53 member firms supporting your business.
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Middle East
8 member firms supporting your business.
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Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
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Cybersecurity
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
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Forensic services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Mergers and acquisitions
We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer-term strategic goals.
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Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery.
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Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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Sustainability advisory
We can assist you with a variety of sustainability advice depending on your needs, ranging from initial strategy development, reporting and compliance support, through to carbon measurement and management.
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IFRS
At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
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Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
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Global audit technology
Our global assurance technology platform provides the ability to conduct client acceptance, consultations and all assurance and other attestation engagements.
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Sustainability assurance
Our sustainability assurance services are based on our global network of specialists, helping you make more efficient decisions for the good of your organisation.
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
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Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Africa tax desk
A differentiating solution adapted to the context of your investments in Africa.
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Sustainability tax
Through our sustainability tax advisory services, we can advise how environmental taxes, incentives, and obligations can impact your progress, requiring alignment with governmental and legislative pressures.
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Banking Holding banking to account: the real diversity and inclusion pictureWe explore how the banking sector can continue to attract, retain and nurture women to build a more diverse and inclusive future.
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Sustainability From voluntary to mandatory ESG: How banks can future-proof their operationsAs we move from voluntary ESG initiatives to mandatory legislation, we explore what the banking sector needs to prioritise.
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IFRS IFRS 9 - Audit of Expected Credit LossesGPPC releases The Auditor’s response to the risks of material misstatement posed by estimates of expected credit losses under IFRS 9
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growthiQ Steering your company to long-term successHistory has something important to tell us about the difficulties of steering a business to long-term success – through seismic shifts in technology, consumer demands and product development. With that in mind it’s unsurprising that over half the world’s largest companies in the early 1900s had shut their doors by the late 1990s. Some, however, have endured.
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International Financial Reporting Standards Implementation of IFRS 17 ‘Insurance Contracts’The auditor’s response to the risks of material misstatement arising from estimates made in applying IFRS 17 ‘Insurance Contracts’
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IFRS Get ready for IFRS 17After twenty years of development the IASB has published IFRS 17 ‘Insurance Contracts’, find out more.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
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Not for profit Mission: possible – putting impact at the heart of charityGlobal charitable continues to decline and charity leaders are increasingly looking at their own unique impact journey.
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Access to finance Raise finance to invest in changePrepare your business to raise finance to invest in change.
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Private equity firms Private equity in the mid-market: reshaping strategies for 2021When the global COVID-19 pandemic stormed across the globe in early 2020, the private equity sector was hit hard but deals are coming back to the market.
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Mid-market businesses Getting ready for private equity investmentOur specialists explore how private equity firms are now working with their portfolios and how the mid-market can benefit from investment.
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Mid-market businesses Myth-busting private equityNervous about partnering with Private Equity? We explore some of the common myths we come across when speaking to mid-market businesses about PE investment.
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Public sector Helping build the government of tomorrow, todayLearn about the Grant Thornton US public sector team.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - Sector analysis Clear patterns of damage from COVID-19 across the industriesThe index results for 12 key sectors of the mid-market reveal just how much or little the various parts of the economy were impacted by COVID-19.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Retail How retail is positioning for successCOVID-19 provided some hard lessons for the retail industry. It is time to turn those into sustainable and well executed growth strategies in 2021.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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Technology Mid-market tech companies lead the way on diversity and inclusionWe explore how the mid-market tech sector can continue to build and nurture a culture that’s increasingly more diverse and inclusive for women.
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Tax Resetting global tax rules after the pandemicBusinesses are seeing rising challenges, and finance heads are dealing with a range of new measures. To say the next 12 months are critical for businesses is an understatement.
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TECHNOLOGY International tax reform: the potential impact on the technology industryIn this article, we’ve summarised key elements of the global tax reform proposals, their potential impact on technology industry and advice from our digital tax specialists on what technology companies can do to prepare.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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TMT TMT industry: Fully charged or on standby?Our research revealed five key trends that resonated with Technology, Media and Telecoms (TMT) industry leaders around the world. We asked a panel of our experts from UK, US, India Ireland and Germany, to give us their reaction to the findings.
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Cybersecurity One size fits nothingTechnology companies must adopt a new approach to digital risk: those that successfully develop a reputation for digital trust by demonstrating an unwavering commitment to cyber security and data privacy will be able to carve out a competitive advantage.
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Technology, media & telecommunications Why it’s time for a 5G reality checkFigures suggest the mobile sector is maturing. While data usage continues to soar, mobile revenues are expected to flatten out over the next few years.
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International business Mid-market businesses lifted by rising tide of optimismOptimism among global mid-market business leaders rose to 67% in the first half of this year and they are markedly more optimistic about their prospects with global optimism having increased by 8%.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Hotels COVID-19: Checking in with the hotel industry one year onCOVID-19 provided some hard lessons for the hotel sector. It is time to turn those into sustainable and well executed growth strategies.
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
- By topic
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Women in Business 2024
2024 marks the 20th year of Women in business where we monitor and measure the proportion of women occupying senior management roles around the world.
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COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Scanning the horizon: Mid-market sets sights on global trade growth
The latest International Business Report (IBR) data shows that mid-market businesses have high expectations for global trade.
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Mid-market sees business optimism reach record high
Grant Thornton's latest International Business Report (IBR) sees optimism among mid-market business leaders reach a record high with 74% optimistic about the outlook for their economy over the next 12 months.
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Women in tech: A pathway to gender balance in top tech roles
Grant Thornton’s 2024 Women in Business data suggests we are far from achieving parity within the mid-market technology sector.
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Women in leadership: a pathway to better performance
What makes the benefits of gender parity compelling is the impact it can have on commercial performance.
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Women in Business 2024
2024 marks the 20th year of Women in business where we monitor and measure the proportion of women occupying senior management roles around the world.
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Women in business: Regional picture
We saw an increase in the percentage of senior management roles held by women, on a global level, but there are some significant regional and country variations.
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Pathways to Parity: Leading the way
To push towards parity of senior management roles held by women, who leads within an organisation is vital.
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Generating real change with a long-term focus
The most successful strategy to achieve parity of women in senior management is one which stands alone, independent of an ESG strategy.
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People at the heart of great business
Businesses have started to put guidelines and incentives in place, focused on driving employees back to the office.
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Focusing and developing a solid strategy around diversity, equity and inclusion
Grant Thornton Greece is pioneering a growing set of diversity, equity and inclusion (DE&I) initiatives that centre around three strategic pillars.
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Ten considerations for preparing TCFD climate-related financial disclosures
Insights for organisations preparing to implement the International Sustainability Standards Board (ISSB)’s Standards.
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COP28
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Transition Plan Taskforce publishes its final disclosure framework
As organisations in the private sector make commitments and plans to reach net zero, there's a growing need for stakeholders to be able to assess the credibility of their transition plans.
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Promoting ESG excellence through tax
ESG considerations have never been more important for an organisation’s long-term success, but how can tax be used to add value to an ESG agenda?
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International business: Mid-market growth and expansion
The mid-market looks to international business opportunities for growth.
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Top five constraints to international business in the mid-market
Top five major constraints that are testing the mid-market’s ability to grow their businesses internationally.
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Brand and international marketing – breaking global barriers
Brand has been identified as a key driver of mid-market success when looking to grow and develop international business.
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The key to international business: Investing in people
How can recruitment and retention help grow international business?
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Building resilience in international business
Evolving supply chains and trade patterns amid ongoing global uncertainty.
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IFRS Alerts
IFRS Alerts covering the latest changes published by the International Accounting Standards Board (IASB).
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Example Financial Statements
General guidance for preparers of financial statements that supports the commitment to high quality, consistent application of IFRS.
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Insights into IFRS 2
Insights into IFRS 2 summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
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IFRS 3
Mergers and acquisitions are becoming more common as entities aim to achieve their growth objectives. IFRS 3 ‘Business Combinations’ contains the requirements for these transactions.
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IFRS 8
Our ‘Insights into IFRS 8’ series considers some key implementation issues and includes interpretational guidance in certain problematic areas.
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IFRS 16
Are you ready for IFRS 16? This series of insights will help you prepare.
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IAS 36
Insights into IAS 36 provides assistance for preparers of financial statements and help where confusion has been seen in practice.
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IFRS 17
Explaining the key features of the Standard and providing insights into its application and impact.
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Pillar 2
Key updates and support for the global implementation of Pillar 2.
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Global expatriate tax guide
Growing businesses that send their greatest assets – their people – overseas to work can face certain tax burdens, our global guide highlights the common tax rates and issues.
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International indirect tax guide
Navigating the global VAT, GST and sales tax landscape.
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Global transfer pricing guide
Helping you easily find everything you need to know about the rules and regulations regarding transfer pricing and Country by Country reporting for every country you do business with.
Canadian tax legislation is complex and requires proper planning and a broad understanding of income tax rules and regulations in order to minimize possible negative tax implications to both employee and employer.
The Canada Revenue Agency (CRA) and other regularity agencies, such as the Canada Border Services Agency (CBSA), are actively in the process of identifying taxpayers and employers who are non-compliant with Canadian taxation and payroll remitting, reporting and filing requirements. The CRA is also working closely with other foreign tax authorities and regularity agencies thus increasing the complexities associated with an international global workforce entering Canada.
These initiatives have significantly increased the compliance activity and the scrutiny of the CRA and as such, Grant Thornton Canada’s Global Mobility Services (GMS) practice can assist expatriates and their employers navigate through Canadian tax and employment related matters including advise on tax planning opportunities, management of assignment policies and the provision of Canadian tax filing services.
Click on each of the areas below to expand for more information:
From an employer perspective, Canada has a very intricate and comprehensive payroll legislation with very time sensitive deadlines and requirements. Non-compliance can result in many negative implications such as the application of significant penalties and interest charges. It is best to obtain a thorough understanding of the Canadian payroll system and the possible options and relief that may be available.
For international employees performing services in Canada, be it temporary in nature or more long-term, proper planning is required to ensure that the employee’s exposure to Canadian taxation is either minimized or eliminated.
Work visas are required to undertake duties in Canada and serious penalties can apply for breach of visa conditions. There are several types of visas and therefore we recommend consultation with an immigration lawyer before the finalization of any assignment. Information on visas can be found at www.canada.ca/en/immigration-refugees-citizenship
The Canadian taxation year runs from 1 January to 31 December.
The filing date for an individual’s tax return is generally 30 April following the year-end. For self-employed individuals (or married to self-employed individuals), the tax filing deadline is 15 June although any balance due is still payable by 30 April.
There is no ability to request an extension of the due date to file a Canadian tax return.
There are potentially several foreign asset reporting disclosure forms that may need to be filed by the individual. The filing deadline of these forms varies. Late filing or non-compliance may result in significant penalties and interest.
Other than the province of Quebec, all the other provincial taxes are incorporated with their Canadian personal income tax return and filed with the CRA.
Individuals are taxed at progressive rates according to total taxable income. Rates for the 2022 income tax year are:
Resident Federal tax rates
Taxable Income (C$) | Marginal rate |
0 to $53,359 | 15% |
$53,359 - $106,717 | 20.5% |
$106,717 - $165,430 | 26% |
$165,430 - $235,675 | 29% |
$235,675 and over | 33% |
Federal tax | Cumulative tax | |
Base salary | 80,000 | |
Bonus | 20,000 | |
Cost of living allowance | 15,000 | |
Bank interest | 5,000 | |
Total income | 120,000 | |
RRSP1 | (22,000) | |
Taxable income | 98,000 | |
Federal income tax | 17,025 | |
Less: Non-refundable tax credits (NRTC): | ||
Personal | 15,000 | |
Spousal2 | 15,000 | |
CPP | 3,123 | |
EI | 1002 | |
Canada employment amount | 1,368 | |
Total NRTC | 35,493x 15% | (5,324) |
Federal income tax | 11.701 |
- Taxpayers need earned income from the prior year to make a Registered Retirement Savings Plan (RRSP) contribution – therefore, newcomers to Canada may have to wait one year to accumulate RRSP contribution room.
- Full spousal credit assumes spouse has zero net income. Otherwise, credit is reduced for each dollar of the spouse’s net income.
- A portion of the CPP contributions will be claimed as a deduction (ignored for this example) and the balance will be claimed as a tax credit.
Provincial tax
The following table outlines the combined federal and provincial tax by province for an individual with $98,000 taxable income (assuming the same fact situation noted above – ie, married employee, spouse has no income). Provincial tax includes all applicable surtaxes. Ontario tax includes the Ontario health premium tax.
British Columbia | $16,830 |
Alberta | $16,826 |
Saskatchewan | $18,737 |
Manitoba | $21,619 |
Ontario | $18,078 |
Quebec | $21,262 |
New Brunswick | $20,701 |
Prince Edward Island | $22,249 |
Nova Scotia | $23,275 |
Newfoundland and Labrador | $21,604 |
Northwest Territories | $15,653 |
Yukon | $16,888 |
Nunavut | $13,892 |
Canadian tax residents are subject to Canadian taxation on their worldwide income, while non-residents are generally only subject to Canadian tax on Canadian source income.
These general rules may be modified by certain domestic concessions and tax treaty provisions depending on individual circumstances.
Based on Canadian domestic tax law, an individual’s Canadian tax residency is based on their ties to Canada. Generally, establishing a primary tie to Canada is a strong indicator that an individual would be considered a Canadian tax resident. Primary ties consists of:
- Location of spouse
- Location of dependent children
- Location of home
Secondary ties to Canada must also be considered especially when an individual is departing Canada or a non-resident. Generally, secondary ties to Canada are not strong indicators of an individual’s tax residency. Secondary ties to Canada may consist of the following:
- Location of personal effects
- Location of personal assets
- Location of social and economic ties
- Country’s passport and driver’s licences
- Access to provincial health insurance
It is also possible for an individual to be considered a tax resident of Canada if they are present in Canada for more than 183 days during a calendar year. However, it is possible to be deemed a non-resident of Canada despite the 183 days in Canada should the individual be resident in a country which has a tax treaty with Canada.
Taxable income from employment includes salaries, wages, bonuses, lump sum payments, allowances and benefits arising under employment-related share purchase/stock option programs.
Canada has very broad sourcing rules which need to be considered carefully in some cases. However, it is generally true that employment income is deemed to be sourced in the country in which the employment services are physically performed.
Certain benefits may be exempt from Canadian taxation. To qualify to exclude the benefits from taxation, timely forms/waivers may need to be filed with the CRA. Certain taxable benefits that may be exempt include:
- Accommodation (subject to qualification rules)
- Housing (subject to qualification rules)
- Per diems and certain allowances (subject to qualification rules)
Specific advice should be sought in advance to ensure planning opportunities are maximized and qualification criteria are met.
Canadian tax residents are eligible to claim a credit for foreign tax paid on foreign-source income (which may include foreign sourced employment, investment and rental income). In general terms the foreign tax credit will be limited to the lesser of the foreign tax paid or the Canadian tax applicable to the foreign income.
For Canadian purposes, deductions can be claimed to reduce an individual’s taxable income when such deductions were incurred to earn taxable income. Common deductions may include union or professional dues and investment fees incurred to generate investment income.
The most common deduction for Canadian purposes is the registered retirement savings plan (RRSP) deduction. The RRSP is an individual funded personal retirement plan. The individual’s contribution to the RRSP (subject to annual limitations) would be claimed against the individual’s income.
Common tax credits include donations, tuition and medical.
Based on domestic Canadian tax law, employees performing services in Canada are subject to Canadian payroll withholding, reporting and filing requirements. The employer withholds the source deductions from salary and wages and remits this amount to the CRA.
Please note that other than the province of Quebec, any provincial withholdings are remitted directly to the CRA.
The frequency of remittance of withholdings to the CRA is dependent on several factors which include whether the employer is a new employer in Canada, the average monthly remittances due to the CRA and the corporate structure of the employer (ie associated or related companies that also remit to the CRA).
An annual wage reporting form for each employee, Form T4, “Statement of Renumeration” and a Form T4 Summary “Summary of Renumeration Paid” which reports the employees’ and employer’s compensation and withholdings for the taxation year are to be filed with the CRA by February 28 of the following taxation year.
Based on current legislation, 50% of the realized capital gain is subject to Canadian taxation at marginal tax rates.
Realized capital losses may either be carried forward or back (up to three years) and be claimed to offset previous or future capital gains.
Should an individual sever their Canadian tax residency and no longer be considered a Canadian tax resident, the individual may be subject to deemed disposition/departure tax.
The CRA deems that an individual to have sold their assets (exceptions listed below) on the date they terminate their Canadian tax residency. This deemed disposition requires the individual to report any unrealized gains on their departure tax return. Any unrealized gains included as part of the deemed disposition will be subject to Canadian taxation which may result in a departure tax. Based on current Canadian tax rates, half of the unrealized gains will be subject to Canadian taxation at the individual’s marginal tax rates.
Departure tax is not applicable to the following assets:
- Canadian real estate
- Canadian business property and inventory
- Stock options
- Registered investments
- Assets held within a trust.
Please note that it may be possible to defer the resulting departure tax resulting from deemed dispositions. To defer the departure tax, an election must be timely filed with the CRA and security may be required to be provided with the CRA.
A number of provinces in Canada assess an additional payroll tax for the purposes of funding the provincial run health care systems, employee training programs and/or educational system.
Each of the provinces health tax/levy legislations differs from one another.
Currently, the following provinces assess the employer health tax/levy:
- Ontario
- Quebec
- Manitoba
- Newfoundland
- Northwest Territories
- Nunavut
The Canada Pension Plan (CPP) is Canada’s national social insurance plan that provides Canadians with funds during their retirement.
CPP is funded by both the employee and employer with matching contributions. For the 2022 taxation year, the maximum employee and employer CPP contribution is equal to $3,499.80.
All residents of Canada (except residents of Quebec) who earned pensionable earnings and are between the age of 18 and 70 are required to contribute into CPP.
For expatriates working in Canada on a temporary assignment, may opt out of paying into CPP if a Totalization Agreement has been entered into by the home country and Canada and if a Certificate of Coverage has been applied/approved.
For a list of countries that Canada has entered into a Totalization Agreement with, please refer to What is the purpose of international social security agreements? - Canada.ca
The Employment Insurance (EI) is Canada’s national special benefits program which provides assistance to individuals who are not able to work due to specific life events (pregnancy, illness, etc).
EI is funded by both the employee and employer. For the 2022 taxation year, the maximum employee and employer EI premiums are $952.74 and $1,333.84 respectively.
All residents of Canada (except residents of Quebec) who earned insurable earnings are generally required to contribute into EI.
For expatriates entering Canada, if the expatriate continues to contribute into their home country’s equivalent of EI while in Canada then the expatriate and employer would be exempt from making EI premiums.
There were significant changes to the taxation of stock options in Canada which is beyond the scope of this summary.
To determine the impact of this new legislation, professional advice should be obtained.
For further information on expatriate tax services in Canada, please contact:
Christine Herrington
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Chad Lee |