03 Feb 2011

Raymond Chabot Grant Thornton Calls Upon Government to Amend Tax Laws to Support Local Business Sustainability.

“Our current tax system favours the transfer of a business to a third party over family members. Changes are needed.” – Jean Robillard, President and Chief Executive Officer

Montréal, February 3, 2011 – Taking advantage of the consultations related to Canada and Quebec pre-budgets and the development of the Quebec entrepreneurship strategy (Stratégie québécoise de l’entrepreneuriat), Raymond Chabot Grant Thornton is releasing a report entitled Business Transfers: Problems and Suggested Solutions. The report, which was sent to the Quebec and federal Ministers of Finance, raises a significant tax concern regarding business transfers and proposes innovative solutions that would support family succession.

Business succession: vital to our economic success

Jean Robillard, President and CEO, stated, “If there is one necessary condition to Quebec and Canada’s economic success, it would be the competitiveness of our businesses. To support and encourage this competitiveness, we must ensure the prosperity of our business successors. This has, unfortunately, not been the case, because of tax provisions that do not favour business transfers to family members.

Full press release

Full Report (PDF)

Executive Summary (PDF)

Open Letter published by Daily Newspapers