MONTRÉAL, November 18, 2011 – As the Government of Quebec’s Minister of Economic Development, Innovation and Export Trade, Sam Hamad, takes the podium today at the Board of Trade of Metropolitan Montreal to talk about entrepreneurship, Raymond Chabot Grant Thornton applauds the new government measures to develop a true Quebec culture of entrepreneurship.
“The Quebec entrepreneurship strategy (Stratégie québécoise de l’entrepreneuriat) announced by Quebec Premier, Jean Charest, among others, is certainly a positive development in supporting business successors and a key issue for our competitiveness,” said Chief Executive Office, Jean Robillard.
Given the importance of business succession to Quebec’s prosperity, the Firm has developed a Businses Succession and Continuity practice, which brings together several Firm network specialists. “For a successful business transfer, it is imperative to consider all issues, that is, tax-related, strategic, human, legal and financial. This is why our practice includes experts in human resources, management, financing, accounting and taxation,” noted Management Consulting Partner, Éric Dufour, adding that, “the government’s strategy to give business leaders the tools to develop best practices that may increase their business’s future profitability and its skills investment measure (Investissement–compétences) are of particular interest for business transfers.”
Despite these announcements, Raymond Chabot Grant Thornton believes that true entrepreneurship success in Quebec and Canada depends on tax equity for business transfers. In its entrepreneurship strategy, the government of Quebec emphasizes the idea of reviewing family business transfer taxation in coordination with the government of Canada. “We will continue to lobby for this because, remember, an owner who sells his company shares to a third party or to foreign interests rather than to a family member’s company always has a greater tax advantage because he can claim a capital gains exemption of up to $750,000,” concluded Jean Gauthier, Tax Partner.
About Raymond Chabot Grant Thornton
Founded in 1948, Raymond Chabot Grant Thornton is a leader in the fields of assurance, taxation, consulting and recovery and reorganization services. The Firm owes its success to over 2,000 employees, including more than 225 Partners in over 90 offices in Quebec, Eastern Ontario and New Brunswick. For the past 30 years,
Raymond Chabot Grant Thornton has been a member of Grant Thornton International Ltd providing its clients with the expertise of the member and correspondent firms in more than 100 countries.
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