It’s much easier than we think to accumulate debt, especially at or near retirement, when income is not as high.
Debt can also create tension within a couple.
Éric Lebel, Partner and Licensed Insolvency Trustee, paints a portrait of clients in debt in Bel Âge magazine : “People come to us looking for solutions. Some, in their fifties, are sick and don’t always have salary insurance. Others are self-employed, without a financial buffer in case of unforeseen events.”
Lebel reminds us that at retirement, it’s important to review all of our credit: “Even though our income decreases, we still get to keep all of our credit cards. Spending $100 or $200 over budget every month is enough to accrue thousands or even tens of thousands of dollars in debt.”
Sadly, in the past 20 years, there has been an increase in the number of people aged 65 and over with debt. There are solutions to remedy indebtedness, but first and foremost, you have to slow down your lifestyle. Then, different options are available such as debt consolidation, the consumer proposal or declaring bankruptcy. These solutions can get you back on track and help you sleep better at night.
Are you in debt? Contact our experts for a free and confidential consultation.
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For almost two decades, Raymond Chabot Grant Thornton has been collaborating to recognize Quebec business talent in connection with the Mercuriades of the Fédération des chambres de commerce du Québec (FCCQ).
This year marks the 40th anniversary of the Mercuriades. Our Firm will be presenting the Mercure Entrepreneuriat Raymond Chabot Grant Thornton once again.
This award recognizes two businesses, one in the SME category and one in the large enterprise category, for implementing a winning growth strategy, developing a succession plan or achieving a successful intergenerational transfer. SMEs and large enterprises are invited to submit an application.
To learn more about the different categories, including the Mercure Entrepreneuriat, click here.
Submit your application (free registration) before December 18, 2019 on the FCCQ Mercuriades website.
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The Le Devoir newspaper recently published an interesting article on business transfers that refers to our firm’s expertise in the matter.
Reporter Gérard Bérubé writes that, in the coming years, there will be a significant increase in the number of business transfers. However, many of the them could be doomed to failure because they neglect to take into consideration one crucial component: the generational gap between buyers and sellers.
Most businesses will be transferred to a family member, employee or manager or a third party who, generally, is younger than the seller.
According to our firm and our National Business Transfer Leader and Regional Vice-President: “People often forget to consider the difference in values, ways of doing things and sometimes diverging interests between generations: it’s a key issue, because there is a wide generational gap between Quebeckers born before 1965 and those born after.”
The former have a more Cartesian vision, while the latter consider work in terms of their contribution to the business rather than the number of hours worked.
Our firm goes on to say in the article: “Gen Xers and Gen Yers are not intimidated by authority, unlike their elders. They’ve been used to working in teams right from a young age, they therefore prefer a collective management and decision-making approach. In fact, it’s been noted that on average, three people take over from one seller.”
To plan your succession and efficiently and successfully pass on the torch, consult our management consulting experts. They can guide you through each step of the transfer planning and process.
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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.