11 Jul 2017
Sylvain Moreau
Partner | FCPA, FCGA, Pl. Fin., D. Fisc., TEP | Tax

This spring, Quebec experienced unprecedented flooding and many residences were seriously damaged.

New compensation program

The Quebec government recently announced a refundable tax credit to provide financial assistance to owners of secondary residences. This credit is in addition to the credit for damages to an individual’s primary residence.

Potential credit of up to $18,000

Under the new two-part program, owners can have their secondary residence repaired and be entitled to a refundable tax credit of up to $18,000.

For more information on this tax credit, click here to read the online article!

Sylvain Moreau is a Tax Partner and columnist for the Argent – Dans vos poches column in the Journal de Montréal and Journal de Québec, Québecor’s two major newspapers.

11 Jul 2017  |  Written by :

Sylvain Moreau is a partner at Raymond Chabot Grant Thornton. He is an expert in taxation for the...

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05 Jul 2017
Sylvain Moreau
Partner | FCPA, FCGA, Pl. Fin., D. Fisc., TEP | Tax

In connection with his financial shows on Radio-Canada radio, Pier-Paul Belzil-Lacasse, Lead Senior Manager, Turnaround and Licensed Insolvency Trustee at Raymond Chabot Grant Thornton, discusses a series of issues.

Protecting financially vulnerable people

The purpose of Bill 134 is to protect financially vulnerable people by modernizing consumer credit rules, by regulating certain debt settlements, credit agreements, loyalty programs, etc. Here are some noteworthy measures:

  • Online quick loans: will be closely supervised, will have to licensed and provide the contract information to prevent consumers from paying more than 100% interest or hidden fees, for example.
  • Obligation for merchants to assess consumer’s capacity to repay when they make a loan, at the risk of not having right to the credit they sold to the consumer (e.g.: furniture stores).
  • Increase in minimum credit card payment to 5% over 4 years. This would enable cardholders to pay down both interest and part of the capital.

Listen to the radio show “Conseil financier : le projet de loi 134  (Financial tip: Bill 134) (Go to the segment broadcast at 8:22 a.m. if the audio doesn’t start automatically).

Know how to resist summer temptations

Summertime is ripe with temptation and expenses tend to increase during this season. However, it’s relatively easy to control the spending. Here are a few things you can do:

  • Make a budget and don’t use your credit card as a financing tool.
  • Manage your cash properly (don’t buy water bottles or coffee, instead, prepare them at home) and make your lunch.
  • Review your priorities and implement your resolutions (stop smoking and keep this money for a trip for example).

Listen to the radio show “Conseil financier – L’été, une saison pour dépenser (Financial tip: Summertime, the spending season) (Go to the segment broadcast at 8:20 a.m. if the audio doesn’t start automatically).

Is your estate properly planned?

The foundation of proper estate planning is obviously to have a will and mandate in case of incapacity. By having such documents and consulting a notary, you’ll be able to appoint a liquidator, appoint a guardian for the children, specify how your property and money is to be allocated, etc.

When should you think about making a will? As a couple, when you have assets together or children, a will is almost imperative so don’t wait too long if you’re in this situation and still don’t have a will.

Listen to the radio show « Conseil financier – La planification successorale » (Financial tip: Estate planning) (Go to the segment broadcast at 8:21 a.m. if the audio doesn’t start automatically).

Children and money: simple, practical tips

It’s important to explain to children how money works to avoid the subject becoming taboo and to demystify money management. Here are a few ideas to explore with your little ones based on their age.

  • Less than 5 years old: keep a piggy bank and put money in it to instill the notion of saving, pretend shopping to show the exchange involved in a purchase, learn how to count, etc.
  • 6 to 8 years old: explain the difference between debit and credit.
  • 9 to 12 years old: compare the price of certain products at the store or grocery based on different brands.
  • 13 to 15 years old: establish a budget for buying clothes at the start of the school year, go over the monthly credit card statement to learn about interest, analyze advertisements, make a budget, make them understand how saving leads to the realization of financial objective and dreams, establish the difference between needs and wants, etc.

Listen to the radio show “Conseil financier – L’éducation financière des enfants(Financial tip: Financial literacy of children) (Go to the segment broadcast at 8:20 a.m. if the audio doesn’t start automatically).

Fraud: better safe than sorry

Fraud has many faces. Here’s a few things you can do to avoid being a victim of fraud:

  • Never give access to your computer or provide personal information over the telephone to anyone.
  • Shred personal documents, don’t recycle them.
  • In emails or texts, don’t click on links that seem fishy.
  • Carefully review your credit card and bank statements every month.

Listen to the radio show “Conseil financier – Se protéger contre la fraude” (Financial tip: Protect yourself against fraud) (Go to the segment broadcast at 8:22 a.m. if the audio doesn’t start automatically).

What is a Licensed Insolvency Trustee?

In his last show of the season, Pier-Paul Belzil-Lacasse discusses the profession of a Licensed Insolvency Trustee. He explains what’s involved in the basic training required to obtain a license to practice. He also specifies when a person should meet with a trustee and what is discussed in such a meeting.

Listen to the radio show “Conseil financier – Qu’est-ce qu’un syndic?” (Financial tip: What is a Trustee?) (Go to the segment broadcast at 8:20 a.m. if the audio doesn’t start automatically).

11 Jul 2017  |  Written by :

Sylvain Moreau is a partner at Raymond Chabot Grant Thornton. He is an expert in taxation for the...

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05 Jul 2017
Sylvain Moreau
Partner | FCPA, FCGA, Pl. Fin., D. Fisc., TEP | Tax

From May 28-30, 2017, Emilio B. Imbriglio, President and CEO, participated in the Canadian trade delegation to Italy with Prime Minister Justin Trudeau and Minister of International Trade François-Philippe Champagne, to reinforce existing ties between Canada and Italy.

Emilio also benefited from his time in Italy to visit the Grant Thornton offices in Rome and meet fellow partners. An article was published about this visit by Italian media (Askanews.it). (Please note the article is in Italian).

11 Jul 2017  |  Written by :

Sylvain Moreau is a partner at Raymond Chabot Grant Thornton. He is an expert in taxation for the...

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27 Jun 2017
Sylvain Moreau
Partner | FCPA, FCGA, Pl. Fin., D. Fisc., TEP | Tax

Congratulations to Patrice Gosselin and Édith Pion from the Brossard office, who participated in the Relay for Life in Longueuil in June and raised over $15,000.

The Relay for Life, which takes place in over 90 cities in Québec and 400 locations across Canada, is a fund-raising event for the Canadian Cancer Society. Team members take turns walking around a track at night to symbolize the ongoing fight against cancer.

On the night of June 9th, several Brossard office members participated in the Relay for Life held at Michel-Chartrand park in Longueuil, with over 450 other participants. Raymond Chabot Grant Thornton’s team included Patrice Gosselin, assurance provider and Édith Pion, Tax Partner, both cancer survivors.

Thanks to donations from partners, colleagues and clients, the Raymond Chabot Grant Thornton team successfully raised over $15,000, far more than the $150 minimum required per participant.

In 2016, the Relay for Life raised over $12 million across the country.

Patrice Gosselin et Édith Pion

11 Jul 2017  |  Written by :

Sylvain Moreau is a partner at Raymond Chabot Grant Thornton. He is an expert in taxation for the...

See the profile