In an article published in Le Droit, Tax Partner Bruno Charron, discusses incentives for the acquisition of works of art by PMEs and corporations.
Current tax incentives also help to support art and culture in Quebec and Canada.
However, according to Bruno, the capital cost allowance on the purchase or lease of a work of art is not as advantageous as other types of expenses, such as charitable gifts.
“Very few of our SME clients take advantage of these tax savings. Those who do are usually philanthropist art lovers, who don’t invest in art for tax reasons. A charitable gift, for example, would trigger a greater refund.”
Partner and president of Catallaxy | CPA, CA | Digital and technology consulting
Raymond Chabot Grant Thornton and its subsidiary Catallaxy were proud to welcome Dominique Anglade, Deputy Premier and Minister of Economy, Science and Innovation and Minister responsible for the Digital Strategy, for the announcement that FormFintech would be receiving $225,000 in financial assistance to support the improvement of its three main services, i.e. recruiting, training and the incubation of start-ups.
Ms. Anglade and her team went to BlockHouse, an international center of excellence recently inaugurated by the firm and dedicated to blockchain, applied cryptography and distributed technologies expertise, to share this major announcement.
Some one hundred participants were in attendance, including Emilio. B. Imbriglio, President and CEO of Raymond Chabot Grant Thornton, Louis Roy, the firm’s blockchain leader and Arthur Prats Ladous, BlockHouse manager.
All were pleased with this news, which fits in with the government’s plan to encourage and support the creation of promising, innovative businesses and shows Fintech’s potential to help grow local businesses and enhance Quebec society.
Our firm provided its municipal expertise during the 2018 annual meetings of the Union des municipalités du Québec (UMQ).
As an official partner, Raymond Chabot Grant Thornton is proud to be involved once again in this unique forum where municipal players got together to discuss major issues. The theme of the 97th edition was “Passer de la parole aux actes” (Putting Words into Action), a reminder that’s imperative to follow through on reforms undertaken in recent years in the municipal sector.
This event, the most important in the municipal sector, took place from May 16 to 18, 2018 at the Hilton Lac-Leamy.
In an interview at the meetings, Pierre Fortin, Raymond Chabot Grant Thornton Management Consulting Partner, underlined the firm’s leadership in the industry, with over 300 municipalities among its clients.
Pierre goes on to explain: “We support and guide municipalities to help them with their management and growth.” On another note, the accounting firm has developed a new ethics and anti-corruption practice and makes significant investments in the digital sector.
Are municipalities ready for the legalization of cannabis?
Pierre Fortin participated in a workshop called “Le monde est stone : parlons cannabis!” (Everyone is stoned: Let’s talk about weed!). This panel touched on the issues surrounding the anticipated coming into effect of the act legalizing the purchase, sale and consumption of cannabis. Pierre presented the example of Colorado, a liberalized and regimented market from which much inspiration can be drawn.
“While there are certain differences, in particular with regard to public health, the legislative framework of the City of Denver is comparable to what we have in Montréal when it comes to government levels and the sharing of competences,” he says.
“Income generated by the tax on the sale of cannabis in Denver, as well as its share of the State Shareback, will be $21.2M in 2018, that is, about 1% of the total $2G operating budget.”
The idea for this conference came from an assignment that Raymond Chabot Grant Thornton carried out for the City of Montréal to establish an accurate fair portrait of the services and operations that will be influenced by this legalization. The firm was also asked to study financial impact scenarios.
Since October 2017, experts and licensed insolvency trustees from Raymond Chabot inc, subsidiary of Raymond Chabot Grant Thornton, have offered sound advice to the population through the Dans vos poches column in the Journal de Montréal and Journal de Québec.
A total of 16 articles inspired by real-life cases were published up until May 2018 with the purpose of advising consumers who want to maintain a sound financial situation. (Articles in French only.)