07 Feb 2019
Emilio B. Imbriglio
President and Chief Executive Officer | FCPA, FCA, MBA, CFE, ICD.D.

Raymond Chabot Grant Thornton submits budget recommendations to the federal and Quebec governments

Our unique perspective from both an industry and regional standpoint allows us to understand the realities of businesses, determine their needs and provide expert advice to meet their expectations. Once again this year, our firm is proud to submit budget proposals to further stimulate the growth of Quebec and Canadian businesses.

– Emilio B. Imbriglio, President and CEO

Montréal, February 7, 2019 – Stimulating wealth creation and providing our businesses with the means to achieve their ambitions are the driving forces behind the budget recommendations Raymond Chabot Grant Thornton has released today. These recommendations are based on four strategic priorities to enhance the performance of our businesses: equitable tax incentives, entrepreneurial succession, innovation and immigration.

“Our businesses have to respond to an increasingly competitive economic environment. It’s important not only to create additional leeway for them to invest and help generate wealth, but also to alleviate their tax burden,” stated firm President and CEO Emilio B. Imbriglio.

For more than 70 years, Raymond Chabot Grant Thornton’s mission has been to offer the best advice possible to help local businesses achieve their full potential for growth; their expertise combined with their knowledge of Quebec and Canadian businesses’ needs, positions the firm well to provide expert advice to ensure their success.

The following is an overview of the main recommendations based on the four key priorities that need to be considered to foster business competitiveness and productivity.

1. Equitable tax incentives

Among others, on the tax front, the firm is asking the governments to:

  • Announce their intention to reflect on and revise family taxation and, more broadly, that the federal government, in collaboration with the provinces, establish a review process for the tax system, that would be led by independent experts and would lead to a major taxation overhaul for the country;
  • Abolish corporate income tax on the first $500,000 of an SME’s taxable income, provided that the savings be invested in productivity, employment and innovation in a manner that avoids any possible abuse.

2. Entrepreneurial succession

The firm proposes the following measures for succession:

  • Governments should set up a fund to support businesses so that they can call upon professionals to help them implement a formal, complete succession plan;
  • The federal government should allow RRSPs to be used for funding entrepreneurs’ certified succession plans and for business investments;
  • The Quebec government should introduce financial aid intended specifically for entrepreneurial start-ups, growth and succession in organizations in the finance sector and especially investment fund management firms.

3. Innovation

Raymond Chabot Grant Thornton is suggesting that, for example:

  • Governments create an innovation tax credit to help SMEs increase their technology investments and continue to grow;
  • The Quebec government abolish the qualifying expenditure threshold for scientific research and experimental development (SR&ED). Failing this, SMEs should be exempted from the threshold or be able to carry forward their expenditures to subsequent years in order to qualify for funding;
  • The federal government improve the performance of the SR&ED tax credit program by eliminating the taxable income or capital restrictions, provided businesses reinvest the resulting benefit in SR&ED activities, and by abolishing the discrimination in application.

4. Immigration

For this fourth strategic priority, the firm recommends that:

  • The Quebec government use a portion of the funds generated by the Immigrant Investor Program (not government subsidized) to cover some of the international recruitment costs incurred by businesses;
  • The Quebec government expand the list of occupations not requiring a Labour Market Impact Assessment. Occupations could even be defined by each of Quebec’s administrative regions instead of for the province as a whole to better identify needs;
  • The federal government consider reintroducing an innovative business immigration program whose funds would be used in a more targeted manner than was the case with the previous program.

The prebudget proposals forwarded to the federal and Quebec government and a summary of the recommendations may be viewed on Raymond Chabot Grant Thornton’s website at the following addresses:

About Raymond Chabot Grant Thornton

Founded in 1948, Raymond Chabot Grant Thornton  has become a Canadian leader in the areas of assurance, tax, advisory services and business recovery and reorganization, with more than 2,500 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 4,400 professionals and close to 170 offices across Canada to help Canadian organizations achieve their full potential for growth. Grant Thornton International Ltd and its member and correspondent firms provide clients with the expertise of over 50,000 professionals across more than 135 countries.

Source:

Francis Letendre
Head, Public Affairs
Raymond Chabot Grant Thornton
Tel: 514-390-4201
[email protected]

07 Feb 2019  |  Written by :

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

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04 Feb 2019
Emilio B. Imbriglio
President and Chief Executive Officer | FCPA, FCA, MBA, CFE, ICD.D.

Grant Thornton International (GTIL), of which Raymond Chabot Grant Thornton is a member, has published a study on the global economic outlook.

Following a period of heightened optimism and strong economic growth, the outlook for businesses in 2019 is markedly more reserved as the global economic cycle cools and political uncertainty begins to bite.

The research, which gathers responses biannually from 5,000 business leaders in 35 economies including the G20, found that global optimism is now sitting at net 39%, a significant fall of 15 percentage points from 54% in Q2 of 2018, and the weakest score since Q4 2016.

Economic uncertainty is identified by business leaders as the biggest risk. European sentiment has dropped 18 percentage points to 28%. Global optimism in North America is slightly higher, at 58%, whereas it is 60% in Canada in the second quarter of 2018. Among Canadian business leaders surveyed, 39% say they are optimistic the economy will turn around in the near future.

Despite the uncertainty, over 60% of respondents were optimistic or very optimistic about the global economic outlook.

For more information, read the survey summary here.

 

07 Feb 2019  |  Written by :

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

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04 Feb 2019
Emilio B. Imbriglio
President and Chief Executive Officer | FCPA, FCA, MBA, CFE, ICD.D.

Raymond Chabot Grant Thornton is taking by storm the digital sector of the finance function and becomes Quebec’s leader

FPM360 joins Raymond Chabot Grant Thornton’s ranks

Montréal, February 4, 2019 – Today, Raymond Chabot Grant Thornton announces the acquisition of FPM360 and becomes Quebec’s leader in consulting for CFOs. Specifically, the firm is bolstering its services in the area of financial performance management, digitalization of the finance function and treasury management.

“Through this major acquisition, our Management Consulting practice is essentially doubling the size of its team and our financial performance management offer becomes the most sophisticated of its kind in the market,” rejoices Emilio B. Imbriglio, President and Chief Executive Officer of Raymond Chabot Grant Thornton.

FPM360’s experts have access to the most sought-after software publishers in the field. Their financial expertise as well as their technological prowess allows them to advise financial executives to make them key players in their organizations’ digital transformation.

“Our strength is the ability to lead the process from start to finish, from diagnosis to deployment,” states David Mayrand, Vice-President and partner of FPM360. “To meet our clients’ growing needs, it was essential for us to join a top-flight firm such as Raymond Chabot Grant Thornton. We are proud to be part of this Quebec flagship.”

FPM360’s founders, David Mayrand, Normand Houle and Hughes Lepage, will become partners of the firm.

Following the launch of Operio, a cloud accounting operational solution, and Catallaxy, a subsidiary specializing in blockchain, Raymond Chabot Grant Thornton is now taking the finance function technology sector by storm.

About FMP360

Founded in Montréal in 2010, FPM360 a consulting firm specializing in the implementation of integrated performance management and analytics solutions offers cutting-edge consulting advice to clients, SMEs and major corporations, working in various sectors such as financial services, manufacturing and retail. FPM360 has 47 employees, mostly CPAs.

About Raymond Chabot Grant Thornton

Founded in 1948, Raymond Chabot Grant Thornton has become a Canadian leader in the areas of assurance, tax, advisory services and business recovery and reorganization, with more than 2,500 professionals, including some 200 partners. Together, Raymond Chabot Grant Thornton and Grant Thornton LLP help Canadian organizations unlock their potential for growth with over 4,400 professionals and some 170 offices across Canada. Grant Thornton International Ltd provides clients with the expertise of over 50,000 professionals across more than 135 countries.

Information:

Francis Letendre
Head – Public Affairs
Raymond Chabot Grant Thornton
Telephone: 514-390-4201
Email: [email protected]

07 Feb 2019  |  Written by :

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

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31 Jan 2019
Emilio B. Imbriglio
President and Chief Executive Officer | FCPA, FCA, MBA, CFE, ICD.D.

An online survey published on January 21st indicated that half of Canadians are $200 away from bankruptcy.

Les Affaires journalist Daniel Germain wanted to find out more about these disturbing findings and contacted Éric Lebel, Partner and Licensed Insolvency Trustee at Raymond Chabot Grant Thornton.

Without commenting on the survey results, Lebel noted that many Quebec households are in fact struggling with financial difficulties.

Lebel went on to say that, according to an Innovation, Science and Economic Development Canada chart on monthly disposable income, a single individual needs $2,152 per month to cover basic needs (housing, food, clothing) while a couple needs $2,679 to cover those same needs.

Lebel said, “Far from being an exaggeration, these numbers are still more than what is earned by 20% of Quebeckers with an hourly salary under $15.”

It’s easier for a couple sharing their expenses to make ends meet than it is for a single person. Many people facing financing difficulties are recent singles who have found that their expenses climb sharply after a separation.

Find out more about Daniel Germain’s blog and Éric Lebel’s comments (in French).

Do you have a financial problem? Talk to an expert.

07 Feb 2019  |  Written by :

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

See the profile