On October 12, 2016, the President and CEO of Raymond Chabot Grant Thornton, Emilio B. Imbriglio, capitalized on his time at the Société de développement économique de Drummondville’s forum to speak about tax issues, entrepreneurship and innovation before an audience of 200 business people.
Under the theme Oser: pour un Québec plus compétitif (Dare to make Quebec more competitive), Emilio shared the firm’s ideas for making Quebec businesses more competitive and by extension, the province more prosperous.
According to Emilio, “The current challenge is daring to offer a more competitive tax framework and innovative and profitable economic measures to stimulate the development of dynamic local organizations. Quebec is chock full of talent and has all of the resources it needs to flourish. We need to give our wealth-generating businesses more ways to achieve their full growth potential.”
President and CEO of Raymond Chabot Grant Thornton, Emilio B. Imbriglio, flanked by regional leaders during the luncheon conference. From left to right: Daniel Dubois, Vice-President of Canimex, Roger Dubois, President of Canimex, Emilio B. Imbriglio, Alexandre Cusson, Mayor of Drummondville and President of the Société de développement économique, and Guy Fauteux, Regional Vice-President of Raymond Chabot Grant Thornton.
Here are some of the measures discussed by Emilio, which have been the firm’s public position for several years:
- Abolishing the business tax for SMEs on the first $500,000 of earnings, provided that equivalent amounts are invested in production, employment and innovation. The investments would be subject to an accelerated capital cost allowance and could possibly be enhanced during the same year.
- Setting up a fund to assist businesses so they can call upon external professionals to support them in their transfer process and in developing a succession plan.
- Applying tax equity regarding business transfers to companies in all of Quebec and Canada’s economic sectors. The federal government needs to act quickly in this respect.
- Creating an ecosystem that is favourable to the public listing of our wealth-creating businesses to boost entrepreneurship and business growth. (Measures related to the June 15, 2016 public report by the expert group formed by Claude Désy, lawyer at Dunton Rainville.)
- Introducing an innovation tax credit to help SMEs increase their technological investments and spur their growth.
- Raising consumer awareness about savings and credit, through TV and radio ads, for example. (The Minister of Education, Sébastien Proulx is working on a mandatory financial and economic education course for September 2017. The firm asked that an economic education course be brought back to the secondary school curriculum. Raymond Chabot Grant Thornton applauds this initiative.)
Emilio also took advantage of his time in the heart of Quebec to visit two dynamic companies that are the pride of Drummondville—Canimex and Valmétal.
Congratulations to the entire Raymond Chabot Grant Thornton Drummondville team and the Société de développement de Drummondville for contributing to the success of this enriching business event!