06 May 2015

Once again this year, Raymond Chabot Grant Thornton experts shared their observations on the federal budget in several French-language media outlets, some, even before it was tabled on April 21, 2015. On the eve of the 2015 budget, tax partners Luc Lacombe and Jean-François Thuot discussed their budget expectations on TVA/Argent and Radio-Canada (L’heure du monde Radio Canada – listen as of 2 m. 30 sec.).

When the lock-up was lifted, other professionals quickly and effectively shared their analysis with various media outlets. Like their colleagues, Real Létourneau, Partner, and Eastern Townships regional Vice-President, and partners Sarah Phaneuf and Sylvain Gilbert also provided comments on the budget. In fact, Luc Lacombe was at the lock-up in Ottawa and had the opportunity to analyze the budget measures in advance.

View Raymond Chabot Grant Thornton’s press release and budget summary published after the lock-up was lifted.

A budget for seniors 

“This budget targets specific voters: seniors,” stated Partner Luc Lacombe on Radio X CHOI 98.1 FM (Québec City) and several other radio stations, including Rouge FM 94.7 FM (Mauricie), Roberval Planète Radio 99.5 FM (Lac-St-Jean), 101.5 FM Les incorrigibles (Ste-Marie-de-Beauce),CPAM 1410 (L’Après-midi Express), an ethnocultural radio (Montréal) and Radio-Canada (Cet après-midi).

Lacombe referred to several measures that benefit seniors: the easing of RIFF rules, increase of the TFSA limit and introduction of a Home Accessibility Tax Credit.

In an interview on Ici Radio Canada (Estrie), Sarah Phaneuf noted that the duration of compassionate care benefits was extended from six weeks to six months, which will help support Canadians who care for a gravely ill family member.

What’s new for families?

Raymond Chabot Grant Thornton’s experts agree that there is not much new for families. Income splitting between spouses and the universal child care benefit increase had both been announced by federal Finance Minister Joe Oliver in October 2014.

Sylvain Gilbert believes that the universal child care benefit will be less beneficial than initially expected. In fact, in an interview on 107.7 FM (Estrie), he explained that families will be taxed in April on the $420 cheque they will receive in July. Additionally, in April, they’ll lose the tax credit for children under the age of 18.

A good budget for business

In the Revue Politique television program on the CPAC public affairs network (22 min 30 sec), Luc Lacombe said he was pleased to see the tax rate for SMEs drop from 11% to 9% and looked favourably on the announced innovation, research and development, and transportation investments.

Jean-François Thuot also considered it to be an “interesting budget”, in the course of an hour-long televised budget special on Argent, (part 1 and part 2) and in a news bulletin.

However, he criticized the fact that there were no measures regarding business transfers and succession. “We’ve been asking for changes to the law for years now so that businesses can be transferred to the next generation more advantageously,” he explained.

Precarious balance

Thuot further noted that the budget includes commitments that will have repercussions in the future, and “it won’t always be possible to dip into reserves or sell GM shares to finance them,” he added.

According to Sylvain Gilbert, “The price of oil will play a big role. If it continues to drop, the $1.4B margin will quickly disappear and achieving the budget will be difficult or we could face a deficit,” he said.

In an interview with La Tribune, Raymond Chabot Grant Thornton Regional Vice-President and Partner Réal Létourneau observed, “The Conservative government opted for a short-term strategy, and there is a conspicuous absence of a long-term vision.”


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01 May 2015

Raymond Chabot’s awareness campaign “Ne perdez pas vos moyens” on healthy personal financial management launched on April 13, 2015 has been highly successful in Quebec. A vast number of French-language media outlets across the province relayed the campaign message in over one hundred newspaper and web articles and radio and television programs.

Our experts Eric Lebel, Stéphane Gauvin, Éric Morin and Marc Lafrenière, bankruptcy partners in the Brossard, Rimouski, Chicoutimi and Gatineau offices respectively, gave over 80 media interviews to make Quebecers aware of the importance of properly managing their personal finances.

They also participated in numerous programs, including Salut Bonjour! on TVA, Ici RDI and Le midi trente on Radio Canada, Mario Dumont’s program on LCN as well as Ça commence bien! on V Télé. Additionally, they were heard on various radio programs, including Normandeau-Duhaime on CJMF FM 93.3, Médium large on SRC and Solide comme le Roch on CKOF FM 104.7. Lastly, they contributed to several newspaper articles in Journal de Montréal, Journal de Québec, Le Soleil, Le Nouvelliste, and Le Droit, to name but a few.

Comedian Laurent Paquin, who experienced financial difficulties of his own in the past, lent his support to Raymond Chabot’s campaign.

In a series of capsules that went viral, Laurent Paquin provides advice based on his own experience.

You can view the capsules and share them on www.raymondchabot.com/conseils.

Personal finances: 50% of Quebecers are worried about the future

As part of the cross-Quebec campaign, Raymond Chabot experts commented on the results of a CROP survey conducted for the firm that dealt with Quebecers’ relationship with their personal finances. According to this survey, nearly one in two people in Quebec is experiencing financial difficulties.

In light of this alarming situation, the experts at Raymond Chabot urge people to break the money taboo and to seek help when they are a difficult situation. Here a few tips, taken from various media interviews.

Some expert advice

  • Prepare a budget and stick to it

Marc Lafrenière emphasizes the importance of preparing a budget and sticking to it. “This is crucial for sound personal finances and to get a true picture of your situation,” he explained in Le Droit and other media outlets, in particular CHOT TV (TVA Gatineau/Ottawa), CKOF Outaouais FM 104.7, CBOF ICI Radio Canada Première FM 90.7, CKLX Radio 9 FM 91.9, FM1047.ca and ICI.Radio-Canada.ca.

  • Don’t confuse “need” with “want”

Éric Morin noted that, increasingly, people who come to his office get their pay and spend it right away. To avoid impulse buying, he recommends that they analyze their expenses, so they don’t confuse “need” with “want”.

His analysis and recommendations may be found in several articles, radio, web and TV interviews: Le Quotidien (Chicoutimi), CKTV ICI Radio Canada (Jonquière), CFRS TV (V média Jonquière), CKYK Radio X FM 95.7 (Saguenay), CFGT Planète 104.5 FM (RNC Saguenay), CBJ ICI Radio-Canada Première FM 93.7 (Chicoutimi), Ici.Radio-Canada.ca (Région Saguenay), 98.5 FM, FM 104.7 and VTele.ca.

  • Include “fun” in your budget and build a cushion to deal with the unexpected

In an article published in La Tribune, partner Eric Lebel advises that 5% of net income be set aside for “fun”, so that planned expenses are realistic. He also recommends exercising caution and estimates that everyone should have a cushion of about three months’ worth of salary to deal with anything unexpected.

You can find other advice given by Eric Lebel during his media tour to raise awareness about healthy personal financial management on estrieplus.com, in Finance et Investissement, on Rougefm (Estrie), 107.7 FM, ICI Radio Canada (Montréal), Cite Rouge FM 102.7, TVA Nouvelles, Argent, LCN, ICI RDI and several others.

  • Don’t isolate yourself and don’t hesitate to get help

Partner Stéphane Gauvin, whose numerous media interviews were heard on TVA, Radio X, FM93, FM 106.9, CJE FM 91.9, CJMF FM 93.3, CHNC Rock Country FM 107.1, CKOB MAURICIE FM 106.9, and CBV ICI Radio Canada Première FM 106.3, recommends that you not isolate yourself and that you don’t try to hide your personal financial difficulties.

“On the contrary, in such a situation, you need to get information, talk about your circumstances, get the right help,” he explained in Le Soleil. “Talking about money should no longer be taboo, you need to get your peace of mind back, to do this, you have to get help and support.”

For more tools and advice, visit our site: https://www.raymondchabot.com/en/.

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01 May 2015

In light of the growing risk and complexity of fraud and financial misconduct, company owners, public sector institutions and lawyers feel an increasing need for assistance and expert advice. This is why if you visit the “Investigative and Forensic Accounting” section, you will discover our new range of services and a new team of four CA•IFA specialists.

An Extended Range of Expert Services

To better meet the increasingly diverse and complex needs of companies and institutions in Quebec, we decided to revise all of our forensic accounting services. Now we offer an even wider and deeper range of services. Here is an overview:

  • Investigations and investigation technologies
  • Anti-bribery and corruption
  • Litigation support
  • Whistleblower reporting solutions
  • Business valuation
  • Training
  • Anti-money-laundering
  • Other services

Our new forensic accounting service offering, another way Raymond Chabot Grant Thornton is helping local businesses unlock their potential for growth.

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24 Apr 2015

Dimitrios Georgoulas, Tax Senior Manager, analyzes the impact of federal tax cuts on families, in an article republished in many media, including the Financial Post, the Brandon Sun, Huffington Post, the Winnipeg Free Press,the Penticton Herald, Advisor.ca, the

Chronicle Herald and the Telegraph-Journal.

According to the expert, the new measure, which allows the spouse with the higher income to transfer taxable income to the spouse in a lower tax bracket is not only intended for the rich, as some critics may have affirmed.

“The measure will also benefit young families,” Dimitrios Georgoulas explains. “However, this income transfer could reduce other credits, such as medical expenses, which are linked to the income of the lower-earning spouse,” the expert warns.

To learn more, see the article.