19 May 2020

Five Grant Thornton (GT) member firms have launched a new technology offering for global mobility services.

This application will help HR and international travel managers better manage the regulatory, tax and compliance issues that arise from a mobile workforce.

When employees accept an international assignment or are permanently transferred out of their home country for business reasons, their employer is required to provide support for ensuring continued tax compliance in addition to being responsible for the company’s obligations.

Our international mobility specialists are then called upon to inform organizations of the scope of tax, social security, benefits and human resource requirements they need to consider in order to ensure compliance and maximize their investments.

The new platform, developed jointly by GT member firms in the United States, the United Kingdom and the Netherlands as well as the Canadian member firms in Toronto and Montréal, equips clients by providing them with real-time monitoring, analyses and information on their international mobility programs (e.g. schedules, deadlines, follow-ups, dashboards, etc.).

Martin Caron, Senior Manager, Global Mobility Services at Raymond Chabot Grant Thornton says: “This new tool allows organizations with a mobile employee population and experts in the GT network to share information in real time, allowing them to better ensure compliance during international assignments.”

Caron adds: “For example, an employer can easily track the status of tax returns for employees deployed to China, the United States or Canada.”

Workers abroad also have access to the application and can use it, among other things, to file their tax documents. Each of the parties involved benefits from the application according to their role in the program, in a high-performance, easy-to-use and fully secure virtual environment.

Contact us for more information about our international mobility services or the new platform.

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28 Apr 2020

Updated April 1, 2021

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.

As of period 11 starting on December 20, 2020, the maximum rate of CEWS has been 75%, or 40% for basic CEWS and 35% for top-up CEWS. The CEWS will be extended until June 5, 2021 at these same rates, which represents three additional periods after March 13, 2021. For these three additional periods, the decline in revenue according to the general approach will be established by comparing the income for the reference month in 2021 to those of the same month in 2019 (rather than those of 2020).

April 22 deadline approaching for CEWS claim period 8.

Be aware that after this date, businesses will no longer be able to apply for the CEWS claim period 8 (September 27 – October 24, 2020).

Eligible employers can apply for the CEWS or modify a previous claim through the CRA’s My Business Account portal or the web form no later than 180 days following the end of the qualifying period. They may also be eligible for the new Canada Emergency Rent Subsidy (CERS), which offers eligible entities of all sizes and all industries that have experienced a revenue reduction direct support in relation to the cost of renting or owning a qualifying commercial property.

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 wage 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
letendre.francis@rcgt.com

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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.