Go Global - expanding to Canada

Expand your business to Canada effortlessly with a global partner

Given Canada’s large geographical size and rich natural resources, a large portion of the country's export industry relates to forestry, fishing, agriculture, mining, and energy, and it is one of the world's top ten trading nations. In addition to the resources, Canada's highly globalized economy and tight connections to the US make its markets inviting for foreign companies. However, expanding your business abroad can require a lot of resources and practical arrangements. No one has everything covered up by themselves - our experts will be happy to help you plan the big steps!

Greenstep is part of the international MSI Global Alliance. MSI Global is a network of accounting and legal firms with over 30 years of successful experience and includes more than 260 independent law firms from more than 100 countries. With the MSI Network, we will ensure that you have the best local financial management partner with you, both at home and in Canada. If you wish, we can also coordinate cooperation between the countries by a "Shared Service Center" in Finland, so the administration is always as easy as possible for you.

When you go global with a partner, you avoid unnecessary trial and error as well as common mistakes, such as too rapid growth without sufficient processes or not being aware of all the necessary laws, regulations, or policies. We already have experience with customers in Canada, and we are constantly looking to expand our expertise and develop our services. All global solutions are tailor-made - please book an appointment with us to discuss more the possibilities for your company.

Our services in Canada


Bookkeeping, Accounts Payable, Accounts Receivable, General ledger, Travel claims, credit card expenses, and Group consolidation and reporting, with NetSuite as a business platform

Local partner

Payroll, Statutory reporting, VAT, Tax returns

Doing business in Canada

  • Business entities
    Primary three different legal structures which are a sole proprietorship, a partnership, and a corporation
  • Auditing and accounting
    Annual financial statements can be prepared under Accounting Standards for Private Enterprises (ASPE) or International Financial Reporting Standards (IFRS). There are three (3) types of engagements to consider when preparing financial statements: Audit – common for public corporations, corporations reporting to Canadian security regulators or requested by lenders/creditors; Review – common for private entities seeking financial statements that are in accordance with ASPE/GAAP; and Compilation – common for entities seeking financial statements for internal reporting, tax purposes, etc. Although no audit or review work is done, CPAs must comply with professional standards and follow basic accounting principles.
  • Goods and Services Tax
    The comprehensive federal Goods and Services Tax (GST) generally applies to the supply of goods and services made in or imported into Canada and the rate of the tax is currently 5%. The GST system is administered by the Canada Revenue Agency (CRA). GST is charged at each stage of the selling process. Certain provinces (Nova Scotia, New Brunswick, Newfoundland and Labrador, Ontario, and Prince Edward Island) have harmonized their provincial sales taxes with the GST to form a single Harmonized Sales Tax (HST). The HST has essentially the same rules as the GST.
  • Income tax
    All residents of Canada are subject to tax on their worldwide income. Nonresidents of Canada are generally subject to tax only on their Canadian source income, including income from a business or employment carried on or performed in Canada, and taxable capital gains from the disposition of “taxable Canadian property” as defined in the ITA.
  • Corporate income tax
    As with individuals, corporations that are resident in Canada are taxed on their worldwide income. A corporation is generally considered to be resident in Canada for income tax purposes if its central management and control are exercised in Canada. Further, a corporation is deemed by the Income Tax Act to be resident in Canada if it was incorporated or continued into Canada. The federal income tax rate for general corporations is 15 %. Provincial corporate income tax rates range from 8 % to 16 %.
Hogg shain sheck

Our MSI Global partner

Our MSI Global Partner in Canada is Hogg, Shain & Scheck Professional Corporation. It is a boutique professional accounting firm with over 46 years of experience providing audit, tax, and advisory services to entrepreneurs, corporations, and charities & not-for-profit organizations in the Greater Toronto Area and across southern Ontario.

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