26 Oct 2017

MONTRÉAL, October 26, 2017 – Raymond Chabot Grant Thornton, Quebec’s top accounting firm, believes it’s important to enhance the efficiency and fairness of our tax system for all taxpayers and applauds the government’s decision not to adopt a number of the measures in the July 18, 2017 legislative proposals. The government will, therefore, be able to properly analyze the many comments received during the consultation that ended October 2nd, and, it is hoped, will introduce measures to foster the growth of SMEs.

The firm also believes that the reduced tax rate for small and medium businesses confirmed in Minister Morneau’s economic update are a better choice for boosting the growth and competitiveness of businesses than the July 2017 proposed measures. Raymond Chabot Grant Thornton is pleased with the various changes to lighten middle class individuals’ tax burden.

Raymond Chabot Grant Thornton, a business partner for Quebec and Canadian enterprises for over 70 years, works daily to provide them with the means to fulfil their ambitions in order to unlock their full potential. Emilio B. Imbriglio, President and CEO, said: “We know what the needs and challenges of entrepreneurs are, and we recognize that recent changes to the proposed tax measures are positive, but they don’t fully allow businesses to perform at the height of their ambitions, especially in regard to intergenerational business transfers, a key issue for our firm.”

Business transfer taxation still unfair

Even if the federal government decided not to act on the proposals, in particular, those concerning the conversion of income into capital gains and the Lifetime Capital Gains Exemption, tax unfairness still exists for intergenerational business transfers. For several years, the firm has been making representations before the Quebec and Canadian governments to make business transfers to a family member fairer for all businesses in all economic sectors. Imbriglio adds, “We have succeeded in convincing the Quebec government to act on this, but the issue is still there on the federal side. We think this is entirely unacceptable, especially when the Finance Minister of Canada’s objective is greater tax fairness.”

Lower taxes welcome

Luc Lacombe, Tax Partner, stated: “The fact that they held their electoral promise to lower the SME tax rate to 9% as of 2019 is great news for our economic drivers. Without undermining the contribution of our workers, an economy without entrepreneurs is not a healthy one. Our tax system needs to acknowledge the risks our entrepreneurs assume. If other tax reforms are to be proposed in the near future, it’s important for the government to take this reality into consideration and do more to promote our entrepreneurs’ investments and innovation.”

About Raymond Chabot Grant Thornton

Founded in 1948, Raymond Chabot Grant Thornton has become a Canadian leader in the areas of assurance, tax, advisory services, and business recovery and reorganization, with more than 2,300 professionals, including approximately 200 partners. Together, Raymond Chabot Grant Thornton and Grant Thornton LLP, another Canadian member firm of Grant Thornton International Ltd, comprise more than 4,200 professionals and close to 140 offices across Canada to help Canadian organizations achieve their full growth potential, both locally and globally. Grant Thornton International Ltd’s member and correspondent firms provide clients with the expertise of some 47,000 professionals in more than 130 countries.

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Source:

Francis Letendre
Senior Consultant – Public Relations
Raymond Chabot Grant Thornton
Tel.: 514-390-4201
[email protected]

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25 Oct 2017

We’re hearing more and more about cryptocurrencies and blockchain technology, which are sure to have an impact on the economy all over the world. Francis Pouliot, Co-founder of Catallaxy and cryptographic research and assets specialist, was invited to discuss this subject on CGNT America on October 9, 2017. Our expert explained, in depth, the differences between the various cryptocurrencies and their uses in addition to addressing people’s misapprehensions about cryptocurrency and its association with the dark side of the web, or the Dark web.

You will recall that last July, Raymond Chabot Grant Thornton joined forces with young entrepreneurs to found Catallaxy, a Montréal-based blockchain expertise centre that would invest in the research, development, training and marketing of blockchain technology. For more information about Catallaxy and to keep abreast with the expertise centre’s news and activities, go to catallaxy.com and follow us on Facebook!

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16 Oct 2017

Ghyslain Cadieux, Senior Manager in the Management Consulting Group and Costing & Profitability Specialist, was invited along with Véronique Roy, Operations Director at Plastique Micron, to participate on a panel discussing the Connectivité des équipements : quand l’information en temps réel permet d’augmenter la compétitivité (Equipment connectivity: When real-time information increases competitiveness) at a Les Affaires Usine 4.0 event held in Montréal on September 19, 2017.

More than 200 business owners and managers were in attendance and had the opportunity to learn more about the strategic importance of linking Factory 4.0 initiatives to the “finance” function. Véronique clearly communicated the competitive advantages of implementing a costing system within a business.

The article Avez-vous ce luxe de sélectionner votre clientèle la plus rentable? published on the Les Affaires website, also provides an overview of how Plastique Micron has developed connectivity projects, and succeeded in implementing a quick and efficient costing process, developing a new bidding system, knowing the actual profitability of its product portfolio and directing its business decisions.

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12 Oct 2017

Congratulations to Emilio B. Imbriglio, President and CEO, on having been named 2017 Grand Ambassador of the Premio Venezia Awards by the Italian Chamber of Commerce in Canada (ICCC)!

Creating value in business relations between Canada-Italy

The Grand Ambassador of the Premio Venezia is any influential member of the Quebec business community who stood out in their career for their contribution to the creation of economic and business value between Canada and Italy, and for their involvement in the Italian community in Canada.

The Premio Venezia ceremony took place in the company of the Honorable Senator Marisa Ferretti Barth; Marco Riccardo Rusconi, Consul General of Italy in Montréal; Julien Cormier, Director, Europe, Africa and Middle East at the Ministère de l’Économie de l’Innovation et des Exportations du Québec (MESI); Frank Trentadue, Regional Director, Québec City Region at EDC; and Ivan Cavallari, Artistic Director of the Grands Ballets Canadiens.

Emilio received this award on October 5th during a ceremony that took place at the Marriott-Château Champlain Hotel.

For more information, read the article published October 12, 2017 in Corriere Italiano (in Italian).