24 Sep 2019

SHERBROOKE, September 24, 2019 – Once again this year, Raymond Chabot Grant Thornton and the Grande Virée Artistique joined forces to celebrate the artistic talent of young people in the Sherbrooke area.

The Claude-Métras prize was awarded last night at an event held in Raymond Chabot Grant Thornton’s regional office to recognize the next generation’s artistic talent. Sherbrooke CEGEP student and emerging artist, Elizabeth Proteau-Paradis, won a $500 bursary.

This year, 26 students from seven local schools submitted 41 works of art for the Prix Claude-Métras, 20 of which were exposed at the Raymond Chabot Grant Thornton Sherbrooke office.

“Promoting our young people’s works of art is a way to showcase the next generation’s creativity, which contributes to our communities’ vitality. It’s important to highlight our young people’s outstanding contribution, particularly in the arts, and the business community is an excellent promotional lever,” Raymond Chabot Grant Thornton Eastern Townships’ Vice-President, Mr. Guy Fauteux, stated.

For the occasion, the jury also highlighted the talent of two other artists from different age groups, and the visitors were invited to vote for their favourite work of art, thuw rewarding three young artists with a $100 bursary each:

  • 12-15 age group was awarded to Émilie Hamel (Mitchell high school) for an acrylic painting;
  • 16-20 age group was awarded to Zeïne Kachroud (Bromptonville high school) for a photograph;
  • 20-25 age group was awarded to Amélie Hébert (Sherbrooke CEGEP) for a mixed medium painting.

The visitors’ favourite award was presented ex aequo to Coralie Lacharité for Capteur d’âme and one to Maina Lessard for Orijin (both Bromptonville high school students).

“Our collaboration with the business community is important, it allows us to promote artistic creation in unique and non-traditional venues. We’re proud to continue our association with Raymond Chabot Grant Thornton, a leading organization that knows how to encourage art and artists,” the president of La Grande Virée Artistique de Sherbrooke, Nancy Asselin, added.

Prix Claude-Métras 2019

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 2,600 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 135 countries with over 53,000 people who provide real insight, a fresh perspective and agility to keep clients moving ahead.

About the Grande Virée Artistique de Sherbrooke

The Grande Virée Artistique was created in 2002 by a group of provincially and nationally recognized Sherbrooke artists. The summer event takes place over a ten-day period from the end of June to early July in the six Sherbrooke boroughs. It showcases the talent of our local artists in both visual arts and crafts. Since its creation, the Grande Virée Artistique has featured over a hundred artists in Sherbrooke’s cultural community. It is an important event for art lovers, which allows them to discover totally different worlds, learn different techniques and knowhow and have a personal exchange with the artists.

Source:

Francis Letendre
Head – Public Affairs
Raymond Chabot Grant Thornton
Tel.: 514-390-4201
Cell.: 514-554-1685
[email protected]

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23 Sep 2019

The enthusiasm for Bitcoin and dramatic increase in its value in 2017 has proven to be very attractive to cybercriminals, who took advantage of investors’ lack of knowledge to hack them.

Cryptocurrencies have in fact shown to have serious security and governance flaws. Other cybercurrency risks have also been exposed: “Managing and handling cryptocurrencies is risky for people,” says Louis Roy, Assurance Partner and President of Catallaxy, subsidiary of Raymond Chabot Grant Thornton.

“For example, if you lost your private key, you would no longer have access to your assets. This isn’t like misplacing your debit card, which can easily be replaced.”

Many investors keep their assets as cryptocurrencies on their cellphone. In addition to the risk of losing their assets, they could be the target of cyberattacks. Investors must therefore be even more vigilant, especially when it comes to phishing scams.

Some investors rely on an intermediary to manage their cryptocurrencies.

“In some cases, the loss of assets is not due to an attack, but rather to a management or fraud issue,” Roy adds.

Recently, the suspicious death of the company founder resulted in more than $250M in losses for the cheated investors.

Roy questions: “How can you explain that a company leader had millions of his clients’ dollars all to himself on his personal computer? To improve cybersecurity in the cryptocurrency field, we’ll have to stimulate technological innovations and better inform users, but there are regulatory framework issues as well.”

You can read the entire article online (for subscribers only).

Are you interested in understanding blockchain technology and applying it in your organization? Our team of experts can help.

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20 Sep 2019

As entrepreneurs get closer to retirement, many of them would like to hand over the reins of their family business to their children. However, transferring the company to your children could be more complicated than selling it to strangers.

In an interview in L’Étoile du Lac, Éric Dufour, Partner and Vice-President, Management Consulting, tells us why:
“At the provincial level, the situation has been rectified, but this is not the case at the federal level. There is no tax exemption of up to $900,000 that applies when selling to family members. This complicates the transaction. You have to be prepared to make monetary sacrifices, because a company’s value, that’s the owner’s pension fund. It’s an obstacle and it’s time for the government to change this outdated 1980s tax system.”

Dufour also pointed out that the key to a business transfer lies in planning: “You have to undertake a plan that spans four years. An inter-generational overlap occurs, which means there is an adaptation period. This makes it all the more important to be supported in the process.”

The issue of intergenerational business transfers is still a concern for our Firm. In Quebec, a number of constraints still exist while at the federal level, the entire issue persists. We invite you to view the Firm’s recommendations, including recommendation 7 in the prebudget recommendations presented to the Quebec government at the time of the last Quebec budget.

Contact one of our entrepreneurial succession experts for support during the important process.

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16 Sep 2019

Catallaxy, Raymond Chabot Grant Thornton’s subsidiary takes its blockchain and cryptocurrency expertise worldwide with the signing of a partnership agreement with Grant Thornton Switzerland/Liechtenstein.

Under the agreement, Catallaxy will handle all of their projects involving cryptocurrency auditing over the next two years. Additionally, the Swiss/Liechtenstein firm wants to use Abacus, the cryptocurrency audit software solution developed by Catallaxy. This unique association provides Grant Thornton international visibility and widespread potential.

Emilio B. Imbriglio, President and CEO of Raymond Chabot Grant Thornton said: “When we created Catallaxy in 2017, we wanted to make Montréal a global blockchain technology expertise centre in the Grant Thornton organization. The agreement signed with GT Switzerland/Liechtenstein marks the achievement of this objective.”

GT Switzerland/Liechtenstein’s clientele includes numerous cryptocurrency entities, representing some 30 projects for Catallaxy in the coming years. This first agreement should pave the way for more partnerships with other member firms of Grant Thornton around the world.

Michel Besner, Managing Director of Catallaxy stated: “Switzerland/Liechtenstein’s regulatory framework has prompted many cryptocurrency foundations to set up in that country, creating a strategic centre in the world of cryptocurrencies. We are pleased to provide our expertise, support and technological tools to help GT Switzerland/Liechtenstein become a leader in their country.”

Marco Valenti, from GT Switzerland/Liechtenstein added: “As the cryptocurrency sector is expanding in Switzerland/Liechtenstein, it’s a plus to be able to count on the benefits of the Grant Thornton organization and call on our best specialists, such as Catallaxy. Thanks to our collaboration, we will be in a position to better serve our clients’ interests and position ourselves as market leaders. The agreement was prompted by our desire to become more competitive in this growing area.”

Cryptocurrency audits
The surge in cryptocurrencies has led an increasing number of organizations to own these types of currencies. Because of recent government positions on cryptocurrency legislation, it is imperative for auditors to obtain an understanding of this new asset class in order to implement sufficient and appropriate audit procedures. This translates into a range of issues in practice. The lack of regulations, immature technologies, security considerations and the quantity of data are major challenges for auditors and businesses alike.

The combination of an exclusive technology and a real-time audit software solution developed by Catallaxy gives Grant Thornton a competitive edge with a unique service offering specifically designed for digital asset audits that meet the auditor’s needs.

About Catallaxy
A Raymond Chabot Grant Thornton subsidiary, Catallaxy develops products in the fields of finance, accounting, digital economy and digitization of physical assets (consumer goods, food assets, real estate, manufacturing and legal documents).

Catallaxy has a group of experts in innovative technologies, such as cryptographic data analysis, blockchain, tokenization and artificial intelligence.