2022 pre-budget consultations: Raymond Chabot Grant Thornton once again proposes ambitious measures to increase liquidity and revive the economy
Montreal, February 16, 2022 – As part of the federal and Quebec governments’ pre-budget consultations, Raymond Chabot Grant Thornton is once again calling for bold measures, particularly in the area of taxation, in order to create additional liquidity for taxpayers and government coffers.
The firm today unveiled its 2022 pre-budget submissions, which are centred on restoring public finances and paving the way for a strong and lasting recovery for small and medium-sized enterprises. The submissions are addressed to the Quebec and Canadian finance ministers for review prior to the preparation of their next budgets.
Governments have a duty to maintain measures aimed at easing the hardship experienced by so many taxpayers and economic sectors as a result of the pandemic. Without these measures, the impacts would have been devastating—and they could still be.
“However, it’s possible for governments to support those who haven’t recovered financially from the pandemic while also increasing government revenues, without raising taxes, in order to create more liquidity for taxpayers,” said tax partner Jean-François Poulin.
Raymond Chabot Grant Thornton has issued a first series of recommendations under the theme of Public Finance and Liquidity to encourage both levels of government to introduce temporary tax incentives and new forms of certain discontinued high-value programs, such as those for immigrant investors.
In addition, the firm is recommending measures to address challenges in two other key areas: Competitiveness and Entrepreneurship, and Workforce and Immigration.
“With so many small and medium-sized businesses still struggling, it’s clear that we need to introduce tax breaks and other measures to promote growth, such as making family business transfers easier and protecting the mental health of entrepreneurs,” added Éric Dufour, Regional Vice-President and National Business Transfer Leader.
Where workforce measures are concerned, Raymond Chabot Grant Thornton is asking the Quebec government to make changes to the Labour Market Impact Assessment process for recruiting candidates under the Temporary Foreign Worker Program (TFWP).
“Unfortunately, Quebec SMEs that want to recruit foreign workers through the TFWP face more challenges than their counterparts in other Canadian provinces. Since so many Quebec businesses are facing an urgent labour shortage, it’s crucial that we reduce the amount of time it takes to bring in foreign talent,” said Marc Audet, President of AURAY Sourcing, a firm that specializes in international recruitment and mobility, and a member of Raymond Chabot Grant Thornton.
Governments should also introduce meaningful tax incentives to encourage older workers to stay in the workforce or return to it.
“Federally, there’s no tax incentive for career extension like the one we have in Quebec. And the current Quebec tax credit isn’t attractive enough to truly incentivize experienced workers. We also need a tax shield for individuals who receive Old Age Security or the Guaranteed Income Supplement and choose to work past the age of 60,” concluded tax partner Sylvain Gilbert.
To read the detailed briefs submitted in French to the federal and Quebec governments, or a summary of the recommendations in English, go to: 2022/2023 Provincial Pre-Budget Submission and 2022 Federal Pre-Budget Submission.
About Raymond Chabot Grant Thornton
Raymond Chabot Grant Thornton is a professional services firm that has been dedicated to the success of organizations and their leaders since 1948. The firm’s advisors are committed to helping clients thrive by obtaining a deep understanding of what is important to them, their business and their industry. This knowledge, combined with a team of motivated and talented professionals, helps accelerate growth. A Quebec and Canadian leader in the areas of assurance, tax, advisory services and business recovery and reorganization, Raymond Chabot Grant Thornton relies on a team of more than 2,600 professionals, including approximately 200 partners, working in over 100 offices across the province and in the Ottawa and Edmundston regions.
Together with Grant Thornton LLP, another Canadian firm, and the Grant Thornton global organization, our global footprint spans across more than 140 countries with over 62,000 people who provide real insight, a fresh perspective and agility to keep clients moving ahead.
Source:
Francis Letendre
Head – Public Affairs
Raymond Chabot Grant Thornton
514-390-4201
[email protected]
You could also like to read
Next article
It’s a new year and new location for our Sherbrooke office. Our team will henceforth be located at 2207 King St. West, Suite 350, in the Promenades King, so that we can maintain our commitment to be present and active in the Estrie region.
The Sherbrooke office team, with more than 200 employees, will continue to serve the clients and entrepreneurs in our beautiful region, as it has been doing for the past 80 years, but with even more efficiency, professionalism and synergy with our experts. These new offices will provide our current employees with more modern, technologically advanced offices better adapted to today’s labour market.
This environment will also provide a flexible, attractive setting for future employees joining Raymond Chabot Grant Thornton’s Sherbrooke team. Keep an eye out for accounting, assurance, tax, strategy and consulting, and recovery & reorganization job openings that meet the highest industry standards, available here: consult our job offers.
Next article
We are very proud to introduce our new partners, outstanding individuals in our firm serving local businesses.
Jacinthe Arès – Tax – Estrie
Belkacem Berredjem – Tax – Montréal
Hélène Bouffard – Legal Affairs – Bas-Saint-Laurent, Gaspésie-Îles-de-la-Madeleine, New Brunswick
Martin Caron – Tax – Montréal
Philippe Côté – Recovery and Reorganization Group – Montréal
Jean-Philippe Faucher – Business Transformation Group – Regional urban centers
Mark Georges – Legal Affairs – Bas-Saint-Laurent, Gaspésie-Îles-de-la-Madeleine, New Brunswick
Marie-Eve Gignac – Assurance – Québec, Chaudière-Appalaches, Mauricie, Centre-du-Québec
Pascal Grob – Tax – Québec, Chaudière-Appalaches, Mauricie, Centre-du-Québec
Melissa La Venia – Tax – Montréal
Dany Leclerc – Assurance -Estrie
Maxime Lemieux – Assurance – Montréal
Sébastien Michaud – Assurance – Montréal
Geneviève Pagé – Recovery and Reorganization Group – Montréal
William Riverin – International Tax – Montréal
Paul Saulnier – Tax – Bas-Saint-Laurent, Gaspésie-Îles-de-la-Madeleine, New Brunswick
Congratulations on their appointment; we wish them continued success at Raymond Chabot Grant Thornton.
Next article
Simplify your decision-making with a real-time view of your financial data using IBM’s cloud-based solution.
This solution will enable you to forecast and analyze your sales, procurement and financial planning with real-time data updates quickly and accurately. It eliminates silos and optimizes collaboration.
The solution is compatible with your Excel interface and you can easily move between interfaces without losing your data and functionality.
We are pleased to offer our clients this state-of-the-art solution that meets the highest technology requirements. Our experts will advise you on best management practices and guide you towards the most appropriate technology solutions for your organization’s needs.
A solution that improves collaboration and increases efficiency
With IBM Planning Analytics with Watson you can:
- Automate and streamline planning without disrupting existing business processes;
- Break down silos and improve collaboration between teams;
- Manage, analyze and contribute to plans with an easy-to-use digital experience;
- Work in the Excel interface, retaining full functionality, while enjoying a more powerful enterprise planning solution;
- Adopt a flexible planning solution that can grow with you;
- Uncover deep insights and analyses through robust dashboards;
- Test scenarios to determine next steps before making decisions;
- Gain real-time visibility into your data.
Raymond Chabot Grant Thornton’s financial performance team has over 40 experts and a growing number of technology partners. Our consultants have the necessary skills to help you integrate and use the technological tools you need for your business.
Contact our experts to find out more about this solution and obtain personalized support.
15 Feb 2022 | Written by :
David Mayrand is a management consulting expert at Raymond Chabot Grant Thornton. Contact him today!
See the profile