On Thursday, April 9, 2015, as he continued his regional tour, Emilio B. Imbriglio – President and CEO of Raymond Chabot Grant Thornton – gave a talk to some 100 business people in the Eastern Townships at the Orford Arts Centre (see also the article published in Le Reflet du Lac, in French only).
His talk on Quebec’s growth was met with interest from leaders and managers gathered for the event, including the Mayor of the City of Magog, Vicki May Hamm, representatives from top companies in the region, the Dean of Université de Sherbrooke’s Faculty of Business Administration, François Coderre, the Vice-President of Raymond Chabot Grant Thornton’s Eastern Townships region, Réal Létourneau, as well as the Partner in Charge of the Magog office, Jean Gaouette.
“Entrepreneurship, education, employment and the sustainable development of our resources are the pillars upon which Quebec’s growth should rest,” declared Emilio.
Without claiming to have THE solution for promoting wealth creation, Emilio rather suggested three key ideas with specific measures based in fact to give Quebec the means to unlock its potential. Here are a few of these measures:
1. Encourage entrepreneurship through tax incentives
- To encourage further investment by our wealth creators, it would be relevant to examine the idea of completely eliminating taxes for SMEs in Quebec.
- The recent Quebec budget has to a large extent satisfied the requests repeatedly made since 2010 by Raymond Chabot Grant Thornton to make transferring businesses from one generation to the next fair from a tax point of view. As of 2017, business owners will benefit from a capital gains exemption in Quebec when selling their primary or manufacturing sector company to a corporation owned by their children (or to a non-arm’s length party). This is a major step towards equity. “We must go even further for this measure to have a real impact. This tax equity should extend to businesses in all of Quebec’s economic sectors, and the federal government should act quickly as well,” stated Emilio.
2. Take advantage of export opportunities
- Take advantage of the soon-to-be official free trade agreement with Europe to develop new markets. Canada will be the only country in the world with free access, baring a few exceptions, to the two largest markets on the planet. Including North American consumers, Quebec has a potential market of over 900 million people!
3. Train and attract talent more effectively
- Start teaching basic concepts at the high school level about credit, public debt, the cost of public services, and the importance of creating a budget.
- Improve the process for selecting and integrating immigrants by creating other agreements, such as the France-Quebec agreement, to recognize the qualifications of professionals from other regions.
20 Apr 2015 | Written by :