24 Feb 2015
Emilio B. Imbriglio
President and Chief Executive Officer | FCPA, FCA, MBA, CFE, ICD.D.

MONTRÉAL, February 24, 2015 – In connection with pre-budget consultations, Raymond Chabot Grant Thornton is calling on the Quebec government to take action with respect to tax incentives, entrepreneurial succession and innovation, suggesting nine recommendations related to these three strategic areas.

Tax Incentives

As it has actively done since 2010, the firm continues to reiterate how important it is to stop penalizing business owners who transfer their business to family members. Currently, it is more advantageous for owners to sell their business to a stranger rather than to a company held by their own children. Tax equity during intergenerational business transfers is essential in order to foster the next generation. The Quebec government should set the example by amending the Quebec Taxation Act in order to make business transfers more efficient.

“To boost economic growth, the firm is even suggesting that the Quebec government abolish the business tax for SMEs with annual revenues under $500,000 so that they invest these amounts in productivity, employment and innovation,” commented Emilio B. Imbriglio, President and CEO of Raymond Chabot Grant Thornton.

Entrepreneurial Succession

“Planning is a must when it comes to succession. Managers are responsible for having an appropriate succession plan that considers all transfer issues, be they fiscal, strategic, human, legal or financial in nature, so that they can properly pass the torch to the next generation,” added Imbriglio.

Effective succession planning usually takes anywhere from two to eight years. Unfortunately only 9% of business owners have a formal plan in place. That’s why Raymond Chabot Grant Thornton is suggesting that the Quebec government develop new mechanisms to ensure that succession plans are applied efficiently, in particular, by certifying professionals and accrediting plans.

Innovation

For this important strategic issue, the firm is suggesting an innovation tax credit be created to help SMEs increase their technological investments and spur their growth. Currently, the scientific research and experimental development (SR&ED) tax credit is only offered to businesses conducting research.

Contrary to direct aid schemes, which are burdened by red tape, overly arbitrary and unpredictable, tax credits are quicker to implement since they are already being used by many companies. If the rules are simple and stable, they will be easy to apply.

To view Raymond Chabot Grant Thornton’s recommendations in the letter sent to Quebec Finance Minister Carlos Leitão, visit: www.rcgt.com/budget-consultations2015-2016. (Letter in French only.)

About Raymond Chabot Grant Thornton

Founded in 1948, Raymond Chabot Grant Thornton has become a leader in the fields of assurance, tax, consulting services, and business recovery & reorganization. Its strength is based on a team of over 2,400 people, including some 230 partners in more than 100 offices in Quebec, eastern Ontario and New Brunswick. For over 30 years, Raymond Chabot Grant Thornton has been a member of Grant Thornton International Ltd, providing clients with the expertise of member and correspondent firms in more than 100 countries.

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Source:
Francis Letendre
Senior Consultant – Public Relations
Raymond Chabot Grant Thornton
Tel.: 514-390-4201
[email protected]

24 Feb 2015  |  Written by :

Mr. Imbriglio is partner and the President & CEO of Raymond Chabot Grant Thornton. He is in charge...

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20 Feb 2015
Emilio B. Imbriglio
President and Chief Executive Officer | FCPA, FCA, MBA, CFE, ICD.D.
Emilio B. Imbriglio

Emilio B. Imbriglio

On the occasion of the culinary activities of Montréal en lumière, Emilio B. Imbriglio, President and CEO of Raymond Chabot Grant Thornton, participated in the Web series Le Goût des Affaires, hosted by renowned sommelière Jessica Harnois. The February 20 series kickoff posted a clip by Mr. Imbriglio, which can be viewed on the Les Affaires and Huffington Post websites. At Restaurant Verses in Old Montreal, Ms. Harnois discussed endurance and succession with Mr. Imbriglio and chose a Valais pinot noir to highlight his personality.

These episodes also feature five leading Quebec executives, who draw a parallel between the pleasure of being an entrepreneur and the pleasure of taste. From February 20 to March 1, we will discover the concept of “taste” from the perspective of four other seasoned managers, both in gastronomy and in business. Isabelle Hudon, Senior Vice-President of Sun Life Financial Canada, Marie-Josée Lamothe, General Manager of Google Québec, David Cartier, President of Emballages Cartier and Régis Desjardins, President of Cofomo, will also be interviewed by the sommelière. V Télé reported on the series.

24 Feb 2015  |  Written by :

Mr. Imbriglio is partner and the President & CEO of Raymond Chabot Grant Thornton. He is in charge...

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18 Feb 2015
Emilio B. Imbriglio
President and Chief Executive Officer | FCPA, FCA, MBA, CFE, ICD.D.

Sarah Phaneuf, Tax Partner at Raymond Chabot Grant Thornton, collaborated on two articles in Les Affaires, published on December 20 and January 27, concerning the increase in daycare fees announced by the Government in fall 2014.

Ms. Phaneuf explains, in particular, that Revenu Québec will calculate the 2015 contribution according to the net income for the previous year. “The decisions made for your 2014 tax return will have an impact on your contribution in the 2015 return,” the expert explains.

For more information, see the articles at the following links:

http://www.lesaffaires.com/mes-finances/fiscalite/hausse-des-tarifs-des-cpe-pas-de-solutions-fiscales-miracles-mais-/575009

http://www.lesaffaires.com/blogues/daniel-germain/frais-de-garde-derniere-chance-pour-alleger-la-note/575706

24 Feb 2015  |  Written by :

Mr. Imbriglio is partner and the President & CEO of Raymond Chabot Grant Thornton. He is in charge...

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16 Feb 2015
Emilio B. Imbriglio
President and Chief Executive Officer | FCPA, FCA, MBA, CFE, ICD.D.

Marc Audet, President and CEO of Auray Capital (a subsidiary of Raymond Chabot Grant Thornton), explains the success of the Immigrant Investor Program in an article in Maghreb indépendant, published this January 21. According to the expert, the program is advantageous for everyone. “In addition to obtaining landed immigrant and permanent resident status in Canada for himself and his family, the investor contributes through his investment to fund provincial assistance programs for small and medium enterprises, and for integration of immigrants and visible minorities into the workplace,” Mr. Audet points out.

For more information, see the article at the following link: http://maghreb-observateur.com/?p=6997

24 Feb 2015  |  Written by :

Mr. Imbriglio is partner and the President & CEO of Raymond Chabot Grant Thornton. He is in charge...

See the profile