25 Feb 2019
Éric Lebel
Partner | CPA, CA, CIRP, LIT | Recovery and reorganization

Éric Lebel provided valuable personal finance advice on TVA’s Deux filles le matin.

Last February 20th, the Raymond Chabot Grant Thornton Partner and Licensed Insolvency Trustee presented an overview of Quebeckers’ personal finances. He answered guests’ questions and shed some light on a variety of topics, such as debt consolidation, consumer proposals, bankruptcy, TFSAs and RRSPs.

Additionally, he talked about the high cost of living and the fact that so many Quebeckers are living paycheque-to-paycheque, without being able to set aside any savings and he provided some advice.

Éric also reminded the audience that a single person living in Quebec needs a net amount of $2,200 per month for living expenses and emphasized the need to have an emergency fund to get them through tough times.

He also reiterated the importance of a having a budget to help achieve peace of mind. The Raymond Chabot web site provides a simple budget tool to plan expenses and possible savings.

If you’re having personal finance issues, call on an expert: it’s free and confidential.

25 Feb 2019  |  Written by :

Éric Lebel is a partner at Raymond Chabot Grant Thornton. He is your expert in recovery and...

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15 Feb 2019

Bookkeeping is both a legal obligation and a fundamental management tool which can prove to be a complex task for some entrepreneurs.

Oftentimes, bookkeeping may be neglected due to a lack of time or internal resources or simply because accounting standards are difficult to grasp.

What exactly is bookkeeping?

  • Accounting for current transactions;
  • Filing government reports;
  • Reconciling accounts.

Several deadlines must be met, for example to file tax forms, deductions at source and commodity tax reports.

A healthy business requires an organized and accurate bookkeeping system.

By working with our bookkeeping experts, you can:

  • Obtain an overview of your business’s financial results;
  • Avoid late filing penalties with respect to deductions at source and remittances;
  • Avoid uncertainty and the resulting errors;
  • Save time when preparing your financial statements;
  • Closely monitor your business’s financial health;
  • Take advantage of all the credits you are entitled to;
  • Offset a staff shortage.

Our goal is to advise you and support your business’s growth. You can trust our experts to provide rigorous and efficient bookkeeping assistance.

Tenue de livres - Estrie - Marie-Eve Lacroix, Sophie Grenier, Chantal Lacasse

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14 Feb 2019
Pascal Leclerc
Partner | CPA, CA, LL.M. Tax | Tax

Does your business perform manufacturing and processing activities? Are you considering acquiring production equipment or computer systems for your processes, particularly as part of your 4.0 manufacturing strategy? You should do it in 2019.

The Quebec investment tax credit (QITC) for manufacturing and processing equipment has been enhanced and is now available for ALL Quebec regions with some very attractive benefits.

The temporary increase in the QITC announced by the Quebec government on August 15, 2018 (increase applicable to property acquired after August 15, 2018 and before January 1, 2020) is designed to support the expansion and productivity improvements of businesses investing in manufacturing and processing equipment.

QITC tax rate

The QITC tax rate is at least 10% (20% for the metal processing sector) and can be as much as 45% for some Quebec regions (provided the corporation is entitled to the increased rates, otherwise it would be 5%) (see the table below).

The applicable credit rate depends on the location and timing of the investment as well as other factors:

  • The size of the business (global paid-up capital);
  • Whether the corporation qualifies as a metal processing corporation (based on the overall payroll);
  • Eligible property (is new and used exclusively in Quebec):
    • Internally designed and manufactured equipment for the business’s own use may qualify;
  • Eligible related expenditures;
  • Optimizing eligible expenditures ($12,500 exclusion threshold per property).

While it may be advantageous, the QITC is a complex tax measure that is closely scrutinized by Revenu Québec.

Our canadian tax experts can support your processes in order to maximize the QITC during the preliminary analysis, optimization, documentation and filing of the application, assisting during the audit and much more…

Not only can they help you achieve savings by ensuring you have everything you need to claim the credit, they would be more than pleased to advise you on the additional capital cost allowance, accelerated capital cost allowance and any other matter to help reduce your tax burden. Contact us.

The following table presents the QITC for businesses with a paid-up capital under $250 million.

Tableau anglais CIIQ

  1. The remote zones consist of the following administrative regions: Abitibi-Témiscamingue, Côte-Nord, Nord-du-Québec and Gaspésie–Îles-de-la-Madeleine.
  2. The eastern portion of the Bas-Saint-administrative regions includes the following Regional County Municipalities (RCM): La Matapédia, La Mitis and La Matanie.
  3. The intermediate zones include the following administrative regions and RCMs: Saguenay–Lac-Saint-Jean administrative region, Mauricie administrative region, Antoine-Labelle RCM, Kamouraska RCM, La Vallée-de-la-Gatineau RCM, Les Basques RCM, Pontiac RCM, Rimouski-Neigette RCM, Rivière-du-Loup RCM and Témiscouata RCM.

This article was written in collaboration with Kim Joyal Lamarche.

25 Feb 2019  |  Written by :

Pascal Leclerc is a tax expert at Raymond Chabot Grant Thonrton. Contact him today!

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14 Feb 2019
Sarah Phaneuf
Partner | CPA, CA, M. Fisc., M. Sc. | Tax

What changes should taxpayers be aware of for their 2018 tax returns? Our tax specialist, Sarah Phaneuf, highlights some new developments.

The 2018 tax season is just around the corner. Sarah Phaneuf, Tax Partner at Raymond Chabot Grant Thornton, contributed to a Protégez-vous magazine article (February 2019 edition) and discussed a number of changes individuals should be aware of in their tax returns.

Phaneuf identified a variety of tax measures and added:

“Some tax credits have been enhanced or extended to support the middle class and have wealthier individuals pay more taxes. For example, given the worsening workforce shortage due to massive baby-boomer retirements, a number of smaller measures encourage individuals to work more or longer.”

“Additionally, since January 2018, income splitting measures at both the federal and provincial levels have been significantly curtailed. This will limit tax savings for contractors and incorporated professionals (physicians, accountants, lawyers, etc.) who could previously split some dividend income with their spouse or adult children.”

Read the full article (in French) in Protégez-vous.

Consult our online Tax Planning Guide for help in preparing your tax returns.

To call on the help of a professional, use taxo.ca, an online tax service for individuals that is available year-round. Enter your data quickly, at any time, and let our professionals do the calculations for you.

Remember that the 2018 tax filing deadline is April 30, 2019.

25 Feb 2019  |  Written by :

Sarah Phaneuf is a partner at Raymond Chabot Grant Thornton. She is your expert in taxation for the...

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