15 May 2015
Emilio B. Imbriglio
President and Chief Executive Officer | FCPA, FCA, MBA, CFE, ICD.D.
Emilio B. Imbriglio

Photo : Ninon Pednault, La Presse

The May 13, 2015 edition of La Presse covered the accounting sector and, in particular, what’s new with accounting firms. In this article (in French only) about the major accounting firms, Raymond Chabot Grant Thornton’s skill was yet again demonstrated, thanks to the firm’s 2,291 employees and 222 partners. The largest firm in Quebec, Raymond Chabot Grant Thornton remains attentive to its client’s needs, helping them realize their full potential, both locally and internationally.

The article provided information on Raymond Chabot Grant Thornton’s new Investigative and Forensic Accounting Department. The department’s Senior Manager Luc Marcil explained that “specialities such as money laundering and corruption of foreign public officials have been added”. Experts can investigate fraud and wrongdoing, while providing various forms of litigation support. This new service has been added to the some sixty services already offered by Raymond Chabot Grant Thornton to private and public organizations of all sizes and in all sectors of activity.

President and CEO Emilio B. Imbriglio also added that the firm is currently working on a governance project. “We want to bring those who are closest to our internal support network around the decision-making table to get an overview of practices and regions,” he stated.

These examples illustrate Raymond Chabot Grant Thornton’s continued drive towards becoming even more flexible and efficient in meeting its clients’ needs.

15 May 2015  |  Written by :

Mr. Imbriglio is partner and the President & CEO of Raymond Chabot Grant Thornton. He is in charge...

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07 May 2015
Emilio B. Imbriglio
President and Chief Executive Officer | FCPA, FCA, MBA, CFE, ICD.D.

On May 1st at the Club de Golf du Lac Mégantic was held the seminar on economy and employment organized by the Comité défi 2025 in which the Société d’aide au développement de la collectivité de la région de Mégantic is, among other things, engaged.

Dedicated to the economic and employment issues of the MRC du Granit, the seminar gathered together a hundred stakeholders from business, political and social backgrounds to discuss and decide on actions to be undertaken in a concerted manner to ensure the development and increase the population of the region.

The Comité défi 2025 has been established to promote collaboration and the implementation of an action plan aimed at attracting 2,025 new citizens in the MRC by the year 2025.

Guy Fauteux, partner in charge of the Lac-Mégantic Raymond Chabot Grant Thornton office, has made a commitment to the Committee as chairman. He gave the kick off to the 1st of May by inviting participants to address the challenges facing the region in the coming years.

“Retail businesses have seen their sales decrease for several years following lost businesses and increased Internet sales,” he says. Currently, the region’s businesses have difficulty recruiting new employees and the birth rate is declining. If nothing is changed and the different regional stakeholders do not realize the various issues currently underway, I expect that the region will hit a wall in 10 years,” suggests Mr. Fauteux, who has several years of experience as a professional established in the region.

Major Issues

The day thus allowed to focus on three main issues that were addressed during the workshop in order to determine which actions to take and in what order of priority.

1. Economic Issue
To achieve its objectives, the region needs to have an economic environment that allows the development of individuals. We must therefore support existing businesses and promote the creation of new businesses that will contribute to the collective enrichment.

2. Workforce Issue
The success of the region’s businesses depends in large part on the availability of enough qualified and mobilized workers. We must therefore give ourselves the tools to deal with this issue.

3. Outreach Issue
In order for the efforts made by all to develop local businesses and provide them with the necessary workforce for their success to work, we must be able to rely on the mobilization of all the region’s residents. We must also make sure that the opportunities offered by the MRC du Granit are also known outside the region.

A Distinguished Speaker

The economic journalist at La Presse, Alain Dubuc, was also invited as a speaker during the lunch hour. He addressed the crowd by providing an expert view on the overall picture of the attraction and retention of talent in Quebec, while placing the issue in its historical context and assessing its current impact.

The towns and villages of the MRC du Granit are not the only areas facing the challenge of attracting and retaining talent; dozens of other Quebec municipalities are in the same situation and are somehow in competition. That being said, Mr. Dubuc has identified four distinctive elements on which the region can rely on to achieve its objectives, namely the attraction of landscapes and outdoors, tourism potential, the dynamic nature of the region’s and the industrial base and notoriety.

15 May 2015  |  Written by :

Mr. Imbriglio is partner and the President & CEO of Raymond Chabot Grant Thornton. He is in charge...

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06 May 2015
Emilio B. Imbriglio
President and Chief Executive Officer | FCPA, FCA, MBA, CFE, ICD.D.

Once again this year, Raymond Chabot Grant Thornton has been ranked first among the top 25 accounting firms in Quebec, according to the Les Affaires newspaper ranking published in its May 2, 2015 edition. We have consolidated our position at the top thanks to our network’s incredible strength. Everyone, each of the 2,513 professionals located in over 100 offices, has made it possible for us to keep our ranking for the second year in a row.

Top 25 accounting firms in Quebec

Source: Les Affaires

Our workforce increased by 6.2% over 2014, due to a higher volume of activities as well as acquisitions, such as the arrival of the members of Rochon Thériault Chartrand, in Saint-Jérôme.

We believe that a 6% fee increase is possible in 2015, thanks to the contribution of our numerous resources, either by providing excellent services to our clients or by the constantly stepping up collaboration between the various services. The workforce should remain stable compared with 2014, given our focus on improving efficiency. See the article published in the Les Affaires special section on Les Grands de la comptabilité.

Growth Led by Advisory Services

In the same Les Affaires section, President and CEO, Emilio B. Imbriglio, also contributed to an article titled Les services-conseils animent la croissance (available on line, only to subscribers – in French). Among the firm’s offering of about sixty services, Investigative and Forensic Accounting, in particular, has expanded. In the article it was mentioned that Raymond Chabot Grant Thornton is focussing on the investigation component, following the arrival of recognized industry experts and that cybersecurity is also a promising service for accounting firms. “The firm has already obtained numerous cybersecurity assignments for the federal government”, stated Emilio B. Imbriglio.

Another firm objective is to increase the number of public companies among its clients (currently 200) by 10%. “Our main market is SMEs and 20% of our volume is due to public and parapublic organizations. Our competitors dominate the listed companies market. But, in our mind, there is no sacred ground: our objective is to dominate all markets”, Imbriglio added.

The firm has every reason to be proud of its leading market position and for being recognized as a business partner of choice for decision-makers and leaders of private entities and public organizations of all sizes across its territory.

15 May 2015  |  Written by :

Mr. Imbriglio is partner and the President & CEO of Raymond Chabot Grant Thornton. He is in charge...

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06 May 2015
Emilio B. Imbriglio
President and Chief Executive Officer | FCPA, FCA, MBA, CFE, ICD.D.

Once again this year, Raymond Chabot Grant Thornton experts shared their observations on the federal budget in several French-language media outlets, some, even before it was tabled on April 21, 2015. On the eve of the 2015 budget, tax partners Luc Lacombe and Jean-François Thuot discussed their budget expectations on TVA/Argent and Radio-Canada (L’heure du monde Radio Canada – listen as of 2 m. 30 sec.).

When the lock-up was lifted, other professionals quickly and effectively shared their analysis with various media outlets. Like their colleagues, Real Létourneau, Partner, and Eastern Townships regional Vice-President, and partners Sarah Phaneuf and Sylvain Gilbert also provided comments on the budget. In fact, Luc Lacombe was at the lock-up in Ottawa and had the opportunity to analyze the budget measures in advance.

View Raymond Chabot Grant Thornton’s press release and budget summary published after the lock-up was lifted.

A budget for seniors 

“This budget targets specific voters: seniors,” stated Partner Luc Lacombe on Radio X CHOI 98.1 FM (Québec City) and several other radio stations, including Rouge FM 94.7 FM (Mauricie), Roberval Planète Radio 99.5 FM (Lac-St-Jean), 101.5 FM Les incorrigibles (Ste-Marie-de-Beauce),CPAM 1410 (L’Après-midi Express), an ethnocultural radio (Montréal) and Radio-Canada (Cet après-midi).

Lacombe referred to several measures that benefit seniors: the easing of RIFF rules, increase of the TFSA limit and introduction of a Home Accessibility Tax Credit.

In an interview on Ici Radio Canada (Estrie), Sarah Phaneuf noted that the duration of compassionate care benefits was extended from six weeks to six months, which will help support Canadians who care for a gravely ill family member.

What’s new for families?

Raymond Chabot Grant Thornton’s experts agree that there is not much new for families. Income splitting between spouses and the universal child care benefit increase had both been announced by federal Finance Minister Joe Oliver in October 2014.

Sylvain Gilbert believes that the universal child care benefit will be less beneficial than initially expected. In fact, in an interview on 107.7 FM (Estrie), he explained that families will be taxed in April on the $420 cheque they will receive in July. Additionally, in April, they’ll lose the tax credit for children under the age of 18.

A good budget for business

In the Revue Politique television program on the CPAC public affairs network (22 min 30 sec), Luc Lacombe said he was pleased to see the tax rate for SMEs drop from 11% to 9% and looked favourably on the announced innovation, research and development, and transportation investments.

Jean-François Thuot also considered it to be an “interesting budget”, in the course of an hour-long televised budget special on Argent, (part 1 and part 2) and in a news bulletin.

However, he criticized the fact that there were no measures regarding business transfers and succession. “We’ve been asking for changes to the law for years now so that businesses can be transferred to the next generation more advantageously,” he explained.

Precarious balance

Thuot further noted that the budget includes commitments that will have repercussions in the future, and “it won’t always be possible to dip into reserves or sell GM shares to finance them,” he added.

According to Sylvain Gilbert, “The price of oil will play a big role. If it continues to drop, the $1.4B margin will quickly disappear and achieving the budget will be difficult or we could face a deficit,” he said.

In an interview with La Tribune, Raymond Chabot Grant Thornton Regional Vice-President and Partner Réal Létourneau observed, “The Conservative government opted for a short-term strategy, and there is a conspicuous absence of a long-term vision.”

 

15 May 2015  |  Written by :

Mr. Imbriglio is partner and the President & CEO of Raymond Chabot Grant Thornton. He is in charge...

See the profile