02 Oct 2015
Éric Lebel
Partner | CPA, CA, CIRP, LIT | Recovery and reorganization

According to the CROP survey conducted by Raymond Chabot Grant Thornton, nearly one in two Quebecers could not survive a month if they lost their job

 Éric Lebel, Recovery & Reorganization Partner at Raymond Chabot Grant Thornton, contributed to an article in the October edition of Coup de pouce magazine, analyzing the dangerous situation of a large number of Quebecers who live “from paycheque to paycheque”. He offers advice to prevent this risk situation and manage personal finances properly.

Quebecers with fragile finances…

Nowadays, consumption is no longer restrained by our income, savings are rare, and recourse to borrowing to finance our needs and desires has become commonplace. However, this lifestyle, disconnected from our real income, can have serious consequences. According to the 2014 report of the Office of the Superintendent of Bankruptcy Canada, the number of insolvency cases reached 43,891, a 4% increase compared to 2013.

The CROP poll published by Raymond Chabot Grant Thornton last April reveals that 41% of Quebecers consider their personal finances are fragile. The situation for the 18 to 44 age group is even more precarious. Half of them consider their personal finances are fairly or very fragile. Under these conditions, saving becomes difficult: 4 in 10 Quebecers declare they never save. Yet without savings, people are very vulnerable to the unexpected.

Sticking to your budget

From Éric Lebel’s point of view, savings are the best way to have peace of mind regarding your personal finances. He explains that there is no miracle solution to be able to save: you have to make a budget and stick to it.

Making a budget doesn’t mean you can’t have fun anymore. If a budget is too strict, it won’t be respected. The planning exercise must include a “fun” expense item. When you want to indulge yourself (clothing, restaurants, trips…), you will “take money from this envelope instead of going deeper to debt on your credit card,” the expert explains.

To learn more, see the article in the October issue of Coup de pouce magazine.


02 Oct 2015  |  Written by :

Mr. Lebel is a partner at RCGT. He is your expert in Recovery and Reorganization for the Brossard...

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