“Our firm takes the competitiveness and performance of wealth-creating businesses to heart. Their success leads the success of society at large. Let’s help them achieve their full potential for growth.”
– Emilio B. Imbriglio, President and CEO
MONTRÉAL, February 26, 2016 – Raymond Chabot Grant Thornton took advantage of the federal and Quebec governments’ pre-budget consultations to propose certain measures designed to make local dynamic businesses more competitive. The recommendations were transmitted to the Ministers of Finance.
In presenting its recommendations, the firm focused on three areas it deemed significant: tax incentives, entrepreneurial succession and innovation. “In the current economic context, businesses need some fresh air. Quebec and Canada’s corporate taxation is a major burden that stifles their investment capacity whereas as they need to create more wealth both locally and abroad to set themselves apart and remain competitive,” asserted Emilio B. Imbriglio, President and CEO.
In terms of taxation, the firm proposes, among other things:
- That the federal and Quebec governments abolish corporate tax for SMEs earning less than $500,000, on the condition that they invest the amounts saved in productivity, employment and innovation;
- That the federal and Quebec governments amend the tax legislation to create fairness for business transfers to family members for all business in all sectors and that they quickly harmonize their respective tax legislation accordingly.
In terms of the succession, the firm has proposed:
- That the federal and Quebec governments create a fund to support businesses assisted by professionals in implementing a formal and comprehensive succession plan.
- That the federal and Quebec governments develop new mechanisms to ensure that business succession plans are efficiently carried out, such as by certifying professionals and accrediting plans.
In a third strategic area, Raymond Chabot Grant Thornton proposes, for example:
- That the federal and Quebec governments create an innovation tax credit to help SMEs increase their technology investments and pursue their growth.
Other initiatives were proposed in the notices to the Ministers of Finance. To find out more about the measures proposed to the Quebec government, read the letter to Minister Carlos Leitão at www.rcgt.com/qcbudget-consultation-2016-2017 (in French). For the recommendations submitted to the federal Minister of Finance, Bill Morneau, go to www.rcgt.com/federalbudget-consultation-2016 (in French).
“Raymond Chabot Grant Thornton is proud to have been supporting local businesses for more than 65 years. Their success is our objective, and we are in an excellent position to understand their situation, identify their needs and advise them in a way that meets their expectations. This is why the measures suggested are important to stimulate Quebec and Canada’s growth, while contributing to establishing a tax regime better adapted to the situation of our economic drivers, that is, our wealth-creating businesses,” Imbriglio concluded.
About Raymond Chabot Grant Thornton
Founded in 1948, Raymond Chabot Grant Thornton has become a leader in the fields of assurance, tax, consulting services, and business recovery & reorganization. Its strength is based on a team of over 2,500 people, including some 230 partners. Together, Raymond Chabot Grant Thornton and Grant Thornton LLP, another Canadian member firm of Grant Thornton International Ltd, help dynamic Canadian organizations unlock their potential for growth with over 4,300 people and some 140 offices across Canada. Grant Thornton International Ltd provides clients with the expertise of member and correspondent firms in more than 130 countries, with over 40,000 people.
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Senior Consultant – Public Relations
Raymond Chabot Grant Thornton