16 Jul 2015
Éric Lebel
Partner | CPA, CA, CIRP, LIT | Recovery and reorganization

In an interview on the Argent channel, Trustee Partner and Financial Recovery Advisor Éric Lebel shed light on the question of indebtedness in Quebec. He also offered some tips for smart borrowing.

Quebec household debt: should we be alarmed?

The figures show that Quebecers are increasingly in debt. The CROP survey entitled Les Québécois et les finances personnelles (Quebecers and personal finances), commissioned by Raymond Chabot Grant Thornton, reveals that 56% of Quebecers saw their debt increase over the past three years. However, for Éric Lebel, the increase in household debt is less alarming than it appears. “It’s normal that people have more debt because they have more assets,” he says.

The real problem isn’t debt, but overindebtedness, Éric Lebel explains. “Quebec has a population of 8.2 million, with 41,000 financial problem cases. Ontario has a population of 13.5 million but also has 41,000 cases (…) this is cause for concern. ”

Knowing the difference between good and bad debts

“A large portion of household debt comes from mortgages,” Éric Lebel explains. “There are also a lot of consumer loans,” he adds. According to a recent study published by BMO and cited by Mr. Lebel, one out of three Canadians regrets they are unable to control their useless and spontaneous spending. “Many Canadians who want to improve their financial position don’t know where to begin,” he explains.

Knowing the difference between good and bad debts is essential, according to Éric Lebel. The expert suggests accounting for several criteria when contracting a loan. “You must look at the interest rate and the term of the loan, and ask whether you have the budget to do this,” he explains. During the interview, Eric Lebel gives several concrete examples for a better understanding of the subtle distinctions between good and bad debts.

16 Jul 2015  |  Written by :

Éric Lebel is a partner at Raymond Chabot Grant Thornton. He is your expert in recovery and...

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10 Jul 2015
Éric Lebel
Partner | CPA, CA, CIRP, LIT | Recovery and reorganization

In an article in the newspaper Finance et Investissement addressing the tax risks of foreign diversification, Tax Partner Renée Gladu explains that it is possible to recover withholding taxes on investment income earned in the United States, for example. The withholding tax is 30% in principle, but under the Canada-United States Income Tax Convention, this rate is reduced to 15% for dividends.

“The tax withheld can be deducted from taxes paid in Canada.” Ms. Gladu indicates that this credit very often will be claimed on the investor’s federal income tax return. “For example, if a taxpayer earns between $43,953 and $87,902 at a federal marginal tax rate of 18.4%, he will therefore use his entire 15% federal credit,” Ms. Gladu points out.

To learn more about these tax issues, see the article: http://www.finance-investissement.com/nouvelles/industrie/risques-fiscaux-d-une-diversification-etrangere/a/60672/1

 

 

16 Jul 2015  |  Written by :

Éric Lebel is a partner at Raymond Chabot Grant Thornton. He is your expert in recovery and...

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09 Jul 2015
Éric Lebel
Partner | CPA, CA, CIRP, LIT | Recovery and reorganization

Acquiring a business is a demanding process that requires efficient planning. Raymond Chabot Grant Thornton has become a leader in facilitating transfers and thus providing buyers with sound support. In some cases, business transfer transactions must materialize quickly, but planning nonetheless remains important.

Partner Éric Dufour, National Business Transfer Leader at Raymond Chabot Grant Thornton, collaborated on a Les Affaires article relating the story of a young entrepreneur. In this article, the expert mentions the relevance of “creating a bank of consulting hours for young buyers, as is done in Europe. An entrepreneur who wants to prepare his or her succession plan can receive a grant from Emploi-Québec. But nothing exists for individuals who would like to analyze an acquisition. ”

“It is important to be able to equip young entrepreneurs adequately in the business transfer process. “In a context where business creation is more popular among young entrepreneurs than the option of buying an existing business, every means must be sought to ensure the sustainability of our local businesses,” Éric Dufour believes.

To read the article: https://www.lesaffaires.com/dossier/pme–acheter-une-entreprise-cest-cool/lancien-stagiaire-devenu-proprietaire-de-tonus-/579786

16 Jul 2015  |  Written by :

Éric Lebel is a partner at Raymond Chabot Grant Thornton. He is your expert in recovery and...

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06 Jul 2015
Éric Lebel
Partner | CPA, CA, CIRP, LIT | Recovery and reorganization

Once again this year, Raymond Chabot Grant Thornton is proud to have participated actively in Défi Entreprises, aimed at promoting physical activity and improving the quality of life and performance of businesses. This three-part event was held in Quebec City (May 31), Trois-Rivières (June 7), and in Montreal (June 14); Raymond Chabot Grant Thornton participated in each event!

More than 160 RCGT employees and associates invested time and effort in order to surpass themselves and to support this cause, whether they participated in the 5 km, 10 km, or the Zumba/yoga challenge. Participants from Raymond Chabot Grant Thornton were incredible team players, and they showed all their passion and energy.

Winner in the Fittest Large Corporation Category

The women and men of team Raymond Chabot Grant Thornton who participated in the Montreal challenge were rewarded for their commitment by winning the title of the fittest business in the “Large Corporation” category. Congratulations!

This kind of commitment by our professionals is a good illustration of our corporate culture and the way we work in the markets and communities we serve. It reflects our CLEARR values, which are embedded throughout our business and set the parameters of how we expect people to behave with their colleagues, clients and the world at large.

Défi Entreprises - Trois-Rivières - RCGT

The Trois-Rivières team was all smiles and had a lot of fun!

Défi Entreprises - Québec - RCGT

Kudos to the Quebec City team for staying motivated and in good spirits despite the cold!

Défi Entreprises - Montréal - RCGT

The Montreal team proudly posing as the winners of the title of the fittest business in the “Large Corporation” category! Congratulations!

16 Jul 2015  |  Written by :

Éric Lebel is a partner at Raymond Chabot Grant Thornton. He is your expert in recovery and...

See the profile