28 Feb 2018

Federal Budget 2018: Raymond Chabot Grant Thornton voices its opinion and publishes its tax bulletin

OTTAWA, February 27, 2018 – Raymond Chabot Grant Thornton published a summary of the tax measures announced today by Canada’s Finance Minister and highlights the elements that pertain to the country’s growth as well as wealth-creating businesses. The tax bulletin was prepared by a team of the firm’s specialists in the lock-up that can be accessed here.

Noteworthy measures

Finance Minister Bill Morneau’s third budget includes significant measures for the Canadian economy. Among them, Raymond Chabot Grant Thornton welcomes the new strategy for women and entrepreneurs.

The budget proposes, for example, to provide $105M over five years to regional development agencies to support investments in women-owned businesses that, according to the budget document, represent fewer than one in six businesses (16%). The government has also decided to increase its support to the growth of women-led businesses by providing $1.4B in financing over three years, starting in 2018–2019, through the Business Development Bank of Canada. To support access to international markets, women-led businesses that are exporting or looking to begin exporting could benefit from $250M over three years through Export Development Canada.

The firm also applauds financial measures to stimulate research and to support researchers across the country.

Fair tax system with incentives for businesses: a missed opportunity!

Notwithstanding its strategic measures for Canada and Canadian businesses, the federal government would have done well to take a bolder tax approach to stimulate the growth of Canadian businesses. The current economic situation combined with the uncertainty surrounding NAFTA and the U.S. President’s tax reform are cause for concern for businesses.

Emilio B. Imbriglio , President and CEO, stated: “Canadian businesses must remain competitive, especially in light of U.S. tax changes. Our corporate tax rates are now similar to those of our neighbours to the South—we no longer have the benefit of having a more appealing tax rate. This is a deciding factor when a Canadian entrepreneur is contemplating setting up operations in Canada or in the United States. Corporate tax rates should be further reduced, specifically by eliminating the tax on the first $500,000 of taxable income for small businesses.”

The firm maintains that, when it comes to the Finance Minister’s tax reform, the Canadian tax system must undergo a complete revamp in order to make it simpler, fair, efficient and transparent. Priority should be given to a national consultation in this regard, with a clear timetable and transitional measures, so that taxpayers can get organized accordingly. Tax Partner, Sylvain Moreau stated: “Today, Mr. Morneau has decided to maintain his objective of taxing passive income, that is contrary to the vast majority of stakeholders’ stated views during the public consultation. In our opinion, this is not a true tax reform, but rather, a partial measure that should be part of a global reflection.”

Unlike the Quebec government, the federal government has yet to adopt tax measures to ensure an equitable process for intergenerational business transfers. Sylvain Gilbert, Tax Partner stated: “There is an acute shortage of entrepreneurs to take over from owners on the verge of retirement. We can no longer refuse the capital gain exemption of up to $848,252 on the sale of a business by a family member. We must have a fair tax system!”

“This measure is impeding Canadian entrepreneurship,” added Eric Dufour, Vice-President and Entrepreneurial Succession National Leader . “Our experience with more than 500 business succession and transfer cases each year demonstrates that many owners are not selling to their children because they would lose a significant amount of money or they choose to sell to a third party to avoid being taxed on the capital gain.”

Timetable to balance the budget

This budget does not anticipate balancing the budget in the near future or include a plan with targets, such as a long-term infrastructure investment program. In 2022-2023, the deficit is expected to be $12.5B. Imbriglio concluded: “With rising interest rates, such an exercise would have sent a positive signal to lenders and rating agencies, while making government budget planning easier.”

Consult the pre-budget recommendations submitted to the Canada and Quebec Finance Ministers by Raymond Chabot Grant Thornton.

About Raymond Chabot Grant Thornton.

Founded in 1948, Raymond Chabot Grant Thornton has become a Canadian leader in the areas of assurance, tax, consulting services and business recovery and reorganization, with more than 2,300 professionals, including approximately 200 partners. Together, Raymond Chabot Grant Thornton and Grant Thornton LLP, another Canadian member firm of Grant Thornton International Ltd, comprise more than 4,200 professionals and close to 140 offices across Canada to help Canadian organizations achieve their full growth potential both locally and globally. Grant Thornton International Ltd’s member and correspondent firms provide clients with the expertise of some 47,000 professionals in more than 130 countries

Source:

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

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23 Feb 2018

On the evening of February 19, 2018, Raymond Chabot Grant Thornton pulled out all the stops to inaugurate its new Val-d’Or offices at an event where clients and business partners were invited to join the firm’s employees and partners to discover the new premises.

Emilio B. Imbriglio, President and CEO and Serge Allard, Regional Vice-President, proudly welcomed and thanked some 200 clients, employees and business partners for their confidence as well as the dedicated collaborators involved in realizing the impressive location.

Serge Allard stated: “With these new premises, Raymond Chabot Grant Thornton will continue to grow, while offering local clients and employees an environment that is the reflection of its leadership and commitment to excellence.”

The many notables in attendance included the Val-d’Or Mayor and municipal councillors.

Left to right: Céline Brindamour, Val d’Or municipal councillor; Sylvie Hébert, Val d’Or municipal councillor; Pierre Corbeil, Val-d’Or Mayor; Serge Allard, Vice-President, Assurance Partner, Abitibi-Témiscamingue; Emilio B. Imbriglio, President and CEO, Montréal; Sharka Hamet, Executive Vice-President and COO, Montréal; Lorraine Morissette, Val d’Or municipal councillor.

Raymond Chabot Grant Thornton Executive Committee: Guy Fauteux, Vice-President, Partner, Eastern Townships; Bernard Rochette, Vice-President, Legal Affairs, and General Counsel, Montréal ; Marc Bergeron, Vice-President, Partner, Recovery & Reorganization, Montréal; Éric Dufour, Vice-President, Partner, Saguenay Lac-Saint-Jean; Sharka Hamet, Executive Vice-President and COO, Montréal; Serge Allard, Vice-President, Partner, Abitibi-Témiscamingue; Emilio B. Imbriglio, President and CEO, Montréal; Mario Morin, Vice-President, Partner, Québec; Michel Proulx, Vice-President, Partner, Bas-Saint-Laurent; Pierre Garant, Partner, Québec City and Operio President.

Ribbon Cutting: Johanne Quessy, Tax Partner, Abitibi-Témiscamingue; Emilio B. Imbriglio, President and CEO, Montréal; Pierre Corbeil, Val-d’Or Mayor; Serge Allard, Vice-President, Partner, Abitibi-Témiscamingue; Alain Lemaire, Assurance Partner, Val-d’Or; Mario Thouin, Assurance Partner, Val-d’Or; Carole Lepage, Assurance Partner, Rouyn-Noranda; Alain Brière, Assurance Partner, Amos; Sylvain Faucher, Assurance Partner, Val-d’Or; Mario Gervais, Assurance Partner, Rouyn-Noranda.

The local media also covered the event extensively. Read the article online (in French).

The Val d’Or office team looks forward to meeting you in its new premises!

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19 Feb 2018

VAL-D’OR, February 19, 2018 – Raymond Chabot Grant Thornton is constantly seeking to innovate and provide its clients with a winning, operational environment. This is why the firm proudly celebrates the move of its Val-d’Or team to more modern and welcoming premises.

The completion of this major 11,000 square-foot project is a source of great pride that is shared not only by its more than 50 employees but also its clients and business partners. Serge Allard, Regional Vice-President, stated: “They place their trust in us, inspire us to excel and through their entrepreneurial spirit, embody the history and growth of our dynamic region.”

Allard concluded: “The diversity of our service offering, our organizational structure adapted to the local markets and our significant presence within the community are a testament of our strong desire to help entrepreneurs and take part in their success, both locally and abroad. We constantly strive to provide quality service and excellence for our clients and entrepreneurs within this region. Our new work environment will help us achieve these goals.”

Established in Val-d’Or for close to 70 years, Raymond Chabot Grant Thornton continues its dynamic growth at 1000 Germain St., Val-d’Or.

About Raymond Chabot Grant Thornton

Founded in 1948, Raymond Chabot Grant Thornton (rcgt.com) has become a Canadian leader in the areas of assurance, tax, consulting services and business recovery and reorganization, with more than 2,300 professionals, including approximately 200 partners. Together, Raymond Chabot Grant Thornton and Grant Thornton LLP, another Canadian member firm of Grant Thornton International Ltd, comprise more than 4,200 professionals and close to 140 offices across Canada to help Canadian organizations achieve their full growth potential both locally and globally. Grant Thornton International Ltd’s member and correspondent firms provide clients with the expertise of some 47,000 professionals in more than 130 countries.

Information:

Diane Lagrange
Business Partner – Talent & Culture
Raymond Chabot Grant Thornton
819-825-6226
[email protected]

Source:

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

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15 Feb 2018

Raymond Chabot Grant Thornton suggests budget measures to further support the growth of local businesses

Our wealth creators must have the means to be even bolder if they are to stay competitive. They have the potential, but do they have the right tools? Once again this year, our firm is proud to submit budget proposals to further stimulate the growth of Québec and Canadian businesses.
– Emilio B. Imbriglio, President and CEO

MONTRÉAL, February 15, 2018 – Raymond Chabot Grant Thornton’s unique perspective, from both an industry and regional standpoint, enables it to understand businesses and their situation, identify their needs and offer services that are aligned with their expectations. This has led the firm to suggest budget measures to the Finance Ministers of Québec and Canada again this year. While some of these measures have already been suggested, they are still relevant.

Emilio B. Imbriglio, President and CEO, stated: “For 70 years now, our firm has been proposing the best strategies possible to help businesses in Québec and Canada unlock their full potential. Our continuous focus on promoting their growth in competitive, innovative environments places us in a unique position to advocate measures that will help them achieve their business objectives while fostering economic growth in Québec and Canada.”

The proposed budget measures are centered on four main themes that are key to our local businesses’ competitiveness and productivity: fair and incentive-based tax policies, entrepreneurial succession, innovation and business immigration. The prebudget proposals forwarded to the federal and Québec government and a summary of the recommendations may be viewed on Raymond Chabot Grant Thornton’s website at the following addresses:

Brief submitted to the Québec Finance Minister, Carlos Leitão (in French)
Brief submitted to the Minister of Finance of Canada, the Honourable Bill Morneau (in French)

Imbriglio concluded: “Raymond Chabot Grant Thornton is and will always be the business partner of choice for local businesses. When they succeed, so do Québec and Canada. It guarantees prosperity for future generations. Additional growth drivers are needed such as those included in our prebudget proposals if our businesses want to be bolder in achieving their ambitions.”

About Raymond Chabot Grant Thornton
Founded in 1948, Raymond Chabot Grant Thornton (rcgt.com) has become a Canadian leader in the areas of assurance, tax, consulting services and business recovery and reorganization, with more than 2,300 professionals, including approximately 200 partners. Together, Raymond Chabot Grant Thornton and Grant Thornton LLP, another Canadian member firm of Grant Thornton International Ltd, comprise more than 4,200 professionals and close to 140 offices across Canada to help Canadian organizations achieve their full growth potential both locally and globally. Grant Thornton International Ltd’s member and correspondent firms provide clients with the expertise of some 47,000 professionals in more than 130 countries.

Source:

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