28 Apr 2020

Updated September 29, 2020

To help businesses keep and rehire workers through the challenges posed by the COVID-19 pandemic, the Government of Canada has introduced two wage subsidies for employers, that is, the Canada Emergency Wage Subsidy (CEWS) and the 10% Temporary Wage Subsidy (TWS).

Here is a summary of these measures, based on information available to date.

The CEWS is extended to November 21, 2020 and its scope has been expanded to include the following two parts, as of period 5, which started on July 5, 2020:

  • A base subsidy available to all eligible employers that are experiencing a decline in revenue, with the subsidy rate varying depending on the scale of revenue decline;
  • A top-up subsidy of up to an additional 25% for those employers that have been most adversely affected by the COVID-19 crisis. Bill C-20, which introduces these measures, was assented.

Eligible employers can apply for the CEWS or modify a previous claim through the CRA’s My Business Account portal or the web form.

Our experts are trained to assist you in the analysis of the eligibility criteria for the CEWS and for the preparation of your application. They will be able to help you make informed choices, particularly as to the methods for calculating the income reduction test. With their advice, you can maximize the amounts claimed while limiting your risk of dispute in this regard. Don’t hesitate to contact your advisor to discuss it.

To learn more regarding this subsidy, please read our tax news, which is regularly updated.

You can also visit our section on financial support measures for businesses, which is regularly updated.

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22 Apr 2020

Preparing SMEs for a rapid recovery from the COVID-19 crisis

Montréal, April 22, 2020 – The COVID-19 pandemic has sent shockwaves through the business community and forced many small- and mid-size businesses to either scale back their operations or stop them altogether. As a firm that’s committed to helping businesses survive and thrive, Raymond Chabot Grant Thornton has just launched Solutions for SMEs, a new program for developing effective business continuity and recovery strategies in uncertain times.

Emilio B. Imbriglio, President and CEO stated: “Ensuring that Quebec businesses succeed is key to getting the economy back on its feet. They’re the backbone of our economy and they need to be ready for a strong comeback—and that means preparing for a new reality starting now. Agility, innovation and a proactive approach are more important than ever before. And that’s precisely where Raymond Chabot Grant Thornton can be of assistance.”

Eight priority actions for effective recovery planning

Risk management partner Vincent Cartier said: “All businesses are facing a new reality that requires them to be more flexible and adaptable. There will be bumps in the road to recovery and leaders will have to be vigilant, organized and agile to respond quickly and effectively.”

To this, management consulting partner Pierre Fortin added: “In just a matter of weeks, our world has changed. Yesterday’s imperatives no longer apply, and consumer behaviours have shifted. That’s why Raymond Chabot Grant Thornton has developed a program with eight priority actions to help businesses redefine their business continuity and recovery strategies.

Solutions for SMEs uses a personalized approach to address each company’s unique needs through the following eight priority actions:

1. Managing cash flows
2. Supporting managers and employees
3. Stabilizing and boosting revenues
4. Managing procurement
5. Monitoring business performance
6. Managing risks
7. Prioritizing digital transformation and cybersecurity
8. Reassuring stakeholders

Management consulting partner Nancy Jalbert stated: “Organizations will need to revisit their procedures, including operations and procurement, and many will also need to review their digital transformation plans regularly as the situation evolves. Agility is essential. It has become a defining feature of any company that wants to be strong, efficient and competitive.”

Raymond Chabot Grant Thornton will provide an overview of the Solutions for SMEs program during a webinar to be held on April 23 at 10:30 a.m. To register, click here.

Eligible businesses interested in taking advantage of Solutions for SMEs can obtain funding for it through the Gouvernement du Quebec’s Concerted Actions Program for Maintenance in Employment (PACME).

About Raymond Chabot Grant Thornton

Raymond Chabot Grant Thornton is a professional services firm dedicated to the success of organizations and their leaders since 1948. The firm’s advisors are committed to helping clients thrive by obtaining a deep understanding of what is important to them, their business and their industry. This knowledge, combined with a team of motivated and talented professionals help accelerate growth. A Quebec and Canadian leader in the areas of assurance, tax, advisory services and business recovery and reorganization, Raymond Chabot Grant Thornton boasts more than 2,800 professionals, including approximately 200 partners, working in over 100 offices across the province of Quebec and in the Ottawa and Edmundston regions.

Together with Grant Thornton LLP, another Canadian firm, and the Grant Thornton global organization, our global footprint spans across more than 140 countries with over 56,000 people who provide real insight, a fresh perspective and agility to keep clients moving ahead.

Source:

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

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16 Apr 2020

Information updated May 28, 2020.

Now’s the perfect time to invest in workforce skill development. Leverage your in house talent to adapt your business activities to today’s needs and tomorrow’s opportunities.

Bolster your business continuity and recovery plans by providing employees with valuable training during this transition period. The Government of Quebec’s PACME-COVID-19 program provides businesses with direct financial support for employee training and skill development.

Note that the PACME’s Enterprises component has reached its financial cap, given the strong demand by businesses. Businesses are invited to consult the program’s Group Sponsors component.

The Ministère du Travail, de l’Emploi et de la Solidarité sociale (MTESS) will analyze the applications received and refer applicants to the program’s Group Sponsors component or to another program that better suits their needs.

Businesses are welcome to consult the list of PACME-accepted Group Sponsor projects. The PACME’s Group Sponsors component will be available until September 30, 2020 or as soon as the budget envelope is exhausted.

Our agile team of experts offers training and custom coaching plans on a wide range of topics.

Need help with professional development?

Our offer includes 8 critical factors for ensuring business continuity during the crisis and a strong post-COVID recovery, as well as valuable support for updating your business model:

  • Managing cash flows and solvency
  • Supporting employees
  • Stabilizing and boosting sales
  • Managing procurement and operations
  • Investing in technology and cybersecurity
  • Monitoring performance
  • Managing risks
  • Reassuring stakeholders

Contact Us

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Am I eligible for the PACME program?

You must be able to prove that the COVID-19 pandemic has disrupted your normal operations. This includes suspended operations or a decrease, increase or change in your activities. The program ends on September 30, 2020 or when the government’s $150 million budget has been depleted.

For more information

PACME–COVID-19 provides businesses with direct financial support to cover employee training.

Discover our areas of expertise

Solutions PME

Our expertises

Government Assistance Programs

Learn about available government assistance programs and subsidies covering eligible expenses. Our experts will also share insights on how to maximize the benefits you qualify for.

Accounting: Payroll and Bookkeeping

Meticulous bookkeeping with clear, accurate and up-to-date information: that’s what every business needs to prepare their financial statements. Our team of experts can help you manage your accounting effectively.

International Financial Reporting Standards (IFRS)

Our experts can help you understand the latest updates to the International Financial Reporting Standards (IFRS). Leverage their in-depth knowledge to learn about the changes that will affect the way financial information is presented in the future.

Business Valuation and Financial Litigation

How do you establish a fair price for a business? Our experts will cover the fundamentals of business valuation and provide an overview of the different options available to parties involved in financial litigation.

Financing

Does your business need a financial boost in order to grow? Discover different financing options and the various factors you need to consider when borrowing.

Risk Management and P&C Insurance

Renewing a property and casualty insurance program can be tricky. Find out what goes into an effective renewal strategy and come away with lower premiums and better coverage for your needs.

Make the Move to Cloud-Based Accounting with Operio

Let us help you migrate data and shift to a cloud-based accounting system.

Innovation Tax Credits

Get an overview of the different programs and subsidies available to support businesses that invest in innovation, research and development (SR&ED, CDAE, IRAP, IAP, private partnership pre-competitive research). We’ll even cover eligibility criteria and look at sample claims.

Family and Protective Trusts

Learn about the benefits of family trusts and protective trusts, as well as associated administrative requirements.

Asset Monetization

Discover a wealth of advantages available to you and your business with asset monetization, asset protection, and estate and succession planning.

Commodity taxes

Whether you work in the private, public or parapublic sector, you need to know how and when to collect taxes on the products and services you sell. Learn the ins and outs of local, national and international commodity tax rules from our experts.

Tax Implications of Owning or Selling Property in the US

Explore topics such as US tax residency, estate tax and the tax implications of selling or earning rental income from a US property.

US Corporate Taxation

Make sure you comply with US tax requirements by brushing up on state and federal regulations. We’ll review the basic tax rules that Canadian entrepreneurs need to know if they do business south of the border.

Tax Issues for Foreign Workers

Hiring foreign workers or sending employees abroad can be great ways to grow your business, but the success of these strategies depends on various personal factors and involves a number of financial, legal and tax considerations. Our international tax experts will cover all these issues.

Transfer Pricing

Refresh your knowledge of transfer pricing rules and obligations, including new tax laws and compliance risks that could affect your business.

Cybersecurity and Phishing

Cyberattacks are on the rise, striking businesses of all sizes and across all industries. From phishing to social engineering, identity management and access management, our experts provide insights on how to identify threats, integrate solutions and raise employee awareness to protect your valuable IT assets.

IT Technology Compliance

When IT processes and controls are well planned, you can feel confident about the availability, integrity and privacy of your digital data. Our team has an in-depth knowledge of IT standards and can help you address compliance issues and pinpoint development opportunities.

Artificial Intelligence and Advanced Analytics

Most businesses are already sitting on massive quantities of data, but few are able to extract insights from their digital assets. Take advantage of our in-depth expertise and seize business opportunities revealed by your data.

Digital Transformation and Industry 4.0

With accreditation from Quebec’s Ministry of Economy and Innovation, our experts explain digital transformation in simple terms that you can understand. Count on us to help with your Industry 4.0 audit or digital transformation plans.

Blockchain: Digital Assets, Encryption, Data Mining and Traceability

Let our specialists guide you through the blockchain technology ecosystem. We’ll look at cryptocurrency, tokens and traceability issues.

Risk Management

Good business strategies should always include rigorous financial and governance risk management processes. Our experienced team will help you identify and assess threats and implement appropriate mitigation measures.

Financial Performance Optimization

Boost operational profitability by optimizing your business’ financial transactions and administrative processes.

Business Performance and Innovation

Our professionals can help you gain a better understanding of your situation, your clients’ needs and your performance gaps. With this information, you’ll be able to offer quality service while improving your management capabilities, increasing production capacity and fine-tuning new processes.

Business Strategies and Models

To stay competitive, companies have to continually realign their business models with the market. Get objective insights from our professionals and gain perspective on your provincial and national business development strategies.

Strategic Planning

Our experts provide insights on strategic planning and how to optimize your business objectives

Actual Costs

Dive deep into financial management best practices, demystify actual costs and learn to analyze the profitability of each product, service or customer.

Making the Customer Experience Central to Your Growth Strategy

Attract and retain customers by elevating their experience. We’ll explore strategies for delivering a consistent experience across your entire business network.

Business Succession Planning

Transferring a business is no small task. Our experts offer a fresh and objective perspective that can facilitate communication between sellers and buyers. More specifically, we’ll explore the various interpersonal, legal, financial, tax and strategy considerations of business succession planning.

Conseils en ressources humaines

In a context of rapid change, it’s important not to lose sight of the people driving the transformation. Our experts offer assistance with all areas of human resources, including recruitment, engagement, knowledge sharing and your employer brand.

Recruiting Foreign Workers

Get expert tips on how to manage foreign workers, including effective recruitment and onboarding strategies.

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26 Mar 2020

The current situation is evolving rapidly due to the COVID-19 crisis. We would like to assure you that our team is available to assist you during this period of uncertainty.

We’ve taken special measures to ensure that we can continue offering quality service while protecting the health of our employees and clients.

We expect the current climate of uncertainty to have significant economic and operational impacts on businesses. As a result, you may need support to:

  • Assess your short, medium and long-term cash flow needs;
  • Determine your short and medium-term financial projections, define different optimistic and pessimistic scenarios, and ensure the adequacy of the contingency measures put in place;
  • Apply to the various business support programs offered by the federal and provincial governments;
  • Review and negotiate your commitments with your lenders;
  • Develop a business plan with a temporary contingency plan;
  • Evaluate and optimize your financial structure;
  • Review the management of your strategic projects;
  • Finalize a financing project.

Our Financial Advisory team has extensive experience in providing support during periods of uncertainty. It also specializes in corporate financing and has privileged access to key players in capital markets.

We look forward to hearing from you. We will respond as soon as possible in order to work together towards achieving your business objectives.