Catallaxy and Raymond Chabot Grant Thornton contribute to the successful creation of the first regulated cryptocurrency fund.
On October 30, 2019, 3iQ, an investment fund manager specializing in new technologies and crypto-assets, received a favourable ruling from the Ontario Securities Commission to create the country’s first regulated cryptocurrency fund: The Bitcoin Fund.
“We are particularly proud to have supported 3iQ in this process. In recent years, Catallaxy and Raymond Chabot Grant Thornton have invested time and money to develop comprehensive expertise and innovative tools to audit cryptocurrency funds. This means that we are now ready to respond to ever-growing market needs. The Ontario Securities Commission’s decision will undoubtedly have a major impact on Canada’s cryptocurrency funds sector”, said Louis Roy, Assurance Partner at Raymond Chabot Grant Thornton and President of Catallaxy.
3iQ expects to syndicate the offering as soon as possible and hopes to have the Fund listed and trading later this quarter.
The news is a very timely additional success for Catallaxy and Raymond Chabot Grant Thornton, since Catallaxy has just launched its new product, Abacus, the first software designed to audit crypto-assets. Abacus uses blockchain-related expertise to enable auditors to audit crypto-assets.
More than ever, Catallaxy and Raymond Chabot Grant Thornton are asserting their leading position on the cryptocurrency market.
Congratulations to the team for this successful assignment!
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A bill introduced by U.S. Senator Marc Rubio would allow Canadians aged 50 and over to stay in the United States for eight months instead of six.
Every winter, over one million Quebeckers migrate to the warmer weather down in Florida. If this bill is adopted, it will enable the State of Florida to benefit from higher consumer income.
Martin Caron, Senior Manager, International Tax and Mobility, emphasizes: “If money is spent in another juridiction, the taxes are spent over there and not here.”
Caron specifies that this bill should technically not have an impact on income taxes, but rather on sales taxes.
“Take the two extra months multiplied by the number of people who will stay longer in Florida, and both Quebec and Canada will be losing out on sales tax income.”
Let’s not forget that while the U.S. law might change in this respect, Quebec legislation, especially with regard to health care, will remain unchanged for the time being.
Caron mentions that, under the Quebec Health Insurance Plan, Quebeckers cannot stay outside of the province for a period longer than six months. If the U.S. bill is adopted, some Quebec provisions will have to be adjusted for tax purposes, but nothing has been confirmed in this regard.
If you’re planning to retire under the sun, call on one of our international tax and mobility experts.
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It’s much easier than we think to accumulate debt, especially at or near retirement, when income is not as high.
Debt can also create tension within a couple.
Éric Lebel, Partner and Licensed Insolvency Trustee, paints a portrait of clients in debt in Bel Âge magazine : “People come to us looking for solutions. Some, in their fifties, are sick and don’t always have salary insurance. Others are self-employed, without a financial buffer in case of unforeseen events.”
Lebel reminds us that at retirement, it’s important to review all of our credit: “Even though our income decreases, we still get to keep all of our credit cards. Spending $100 or $200 over budget every month is enough to accrue thousands or even tens of thousands of dollars in debt.”
Sadly, in the past 20 years, there has been an increase in the number of people aged 65 and over with debt. There are solutions to remedy indebtedness, but first and foremost, you have to slow down your lifestyle. Then, different options are available such as debt consolidation, the consumer proposal or declaring bankruptcy. These solutions can get you back on track and help you sleep better at night.
Are you in debt? Contact our experts for a free and confidential consultation.
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For almost two decades, Raymond Chabot Grant Thornton has been collaborating to recognize Quebec business talent in connection with the Mercuriades of the Fédération des chambres de commerce du Québec (FCCQ).
This year marks the 40th anniversary of the Mercuriades. Our Firm will be presenting the Mercure Entrepreneuriat Raymond Chabot Grant Thornton once again.
This award recognizes two businesses, one in the SME category and one in the large enterprise category, for implementing a winning growth strategy, developing a succession plan or achieving a successful intergenerational transfer. SMEs and large enterprises are invited to submit an application.
To learn more about the different categories, including the Mercure Entrepreneuriat, click here.
Submit your application (free registration) before December 18, 2019 on the FCCQ Mercuriades website.