Raymond Chabot Grant Thornton and the CQFF join forces to promote tax training and information across Quebec
Montreal, June 22, 2021 – Raymond Chabot Grant Thornton, a firm that employs many of Quebec’s leading taxation experts, is pleased to announce a partnership with the Centre québécois de formation en fiscalité (CQFF). This move will ensure the long-term viability of the institution, which every year provides training to more than 10,000 people working in the fields of taxation, accounting and financial planning.
The CQFF is dedicated to offering high-quality tax training and information, and has enjoyed exceptional success since it was established in 1992. Every year, its services reach thousands of accountants, financial planners, tax specialists, SME controllers, finance managers and other professionals who require a solid understanding of taxation issues.
“This alliance is a terrific opportunity to strengthen our service offering,” said Pascal Leclerc, a tax partner at Raymond Chabot Grant Thornton. “Our firm already has a dedicated tax research team that publishes thought-leading content. This alliance will significantly increase knowledge-sharing with the financial and taxation community. It will also enhance the professional development of our in-house experts and thereby enable them to provide added value to our clients.”
“The basis for this alliance is our shared commitment to accelerating and promoting knowledge-sharing, particularly in an era where tax policies and changing regulations could significantly alter our business environment,” said Yves Chartrand, CQFF founder and instructor. “We’re excited at the prospect of helping even more professionals advance their knowledge thanks to Raymond Chabot Grant Thornton’s broad network.”
The CQFF will be releasing its annual training calendar in the next few days and will maintain its independent approach, which is based on explaining the various administrative practices used by tax authorities, as well as simplifying information and sharing innovative strategies.
About the Centre québécois de formation en fiscalité
The Centre québécois de formation en fiscalité (CQFF Inc.) is a privately owned taxation training company that was founded in 1992 to provide high-quality tax training and concrete, practical information. Its priorities are making tax information easier to understand and revealing the administrative practices used by tax authorities. More than 10,200 people have attended CQFF training activities in the past year.
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 help accelerate growth. A Quebec and Canadian leader in the areas of assurance, tax, advisory services and business recovery and reorganization, Raymond Chabot Grant Thornton boasts more than 2,700 professionals, including approximately 200 partners, working in over 100 offices across the province of Quebec 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 close to 140 countries with over 58,200 people who provide real insight, a fresh perspective and agility to keep clients moving ahead.
Information:
Francis Letendre
Head – Public Affairs
Raymond Chabot Grant Thornton
514-390-4201
[email protected]
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Raymond Chabot Grant Thornton continues to shine in Quebec in Léger’s annual corporate reputation survey as the accounting firm most admired by Quebecers. The firm ranked first in its sector.
For over 70 years, in every region across Quebec and in the Ottawa and Edmundston regions, Raymond Chabot Grant Thornton is proud to support the success of local leaders and contribute to building ever more innovative organizations and communities.
This distinction regarding the Firm’s reputation underscores the diligent work and expertise of its 2,700 professionals in more than 100 offices, even during a pandemic. Raymond Chabot Grant Thornton has demonstrated its commitment to service excellence and quality on behalf of organizations in all activity sectors.
The Léger reputation study includes 330 Quebec and Canadian organizations and was conducted among over 32,000 Canadians, including nearly 15,000 in Quebec. Our firm continues to meet the six core pillars of reputation recognized by Léger, including financial strength, quality of products and services, social responsibility, honesty and transparency, attachment and innovation.
Thank you very much for your trust in Quebec’s leading firm!
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Federal Budget 2021: Ottawa opens the floodgates of economic support but lacks a plan for paying down the pandemic debt.
Raymond Chabot Grant Thornton has responded with mixed feelings to the first federal budget presented by Canada’s Finance Minister, the Honourable Chrystia Freeland, due to concerns that it could result in a heavy financial burden for future generations.
“The firm welcomes the numerous investments aimed at supporting businesses and various economic sectors. The pandemic forced the government to take action in order to prevent devastating consequences,” said Emilio B. Imbriglio, President and Chief Executive Officer at Raymond Chabot Grant Thornton. “However, these massive investments should be followed by a plan to reduce the astronomical pandemic-related deficit with ambitious measures—even temporary ones—like those recommended by Raymond Chabot Grant Thornton. We could still experience additional financial turbulence caused by the pandemic.”
Having published a tax bulletin highlighting the budgetary and tax measures announced by the government, the firm wishes to share its views on the federal budget and reiterate certain recommendations.
Relying on vaccines and a strong economic recovery
Vaccines and a strong economic recovery will be vital to ending the crisis. The federal budget includes a number of measures that promise to stimulate the economy by providing effective growth levers to Canadian businesses.
“Considering that so many small- and medium-sized businesses continue to face challenging conditions, it makes sense to extend the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy and the Lockdown Support for Businesses until September 25, 2021, in addition to extending the Canadian Emergency Business Account,” said Sylvain Gilbert, a partner and tax specialist at the firm. Extending these programs amounts to an additional $12.1 billion in support.
The government has also announced a new accelerated capital cost allowance, which is something Raymond Chabot Grant Thornton has been recommending since 2020. “We’re pleased that the government will be allowing for the immediate expensing of up to $1.5 million of eligible investments of Canadian-controlled private corporations, every year for the next three years,” said tax partner Patrick Delisle. These deductions will help approximately 325,000 businesses make critical investments and generate $2.2 billion in total savings over the next five years.
Reducing the pandemic debt without raising taxes
The issue of public finances also requires special attention. While protecting the health of Canadians and ensuring a strong economic recovery remain the top priorities, it’s also important to consider the potential for higher interest rates and a widening deficit, as well as the need to protect future generations from inheriting a heavy financial burden. Budget projections remain fragile. Growth is expected and should lead to job creation.
However, if growth forecasts prove to be too ambitious and targets aren’t met, public finances will be further compromised. For this reason, Raymond Chabot Grant Thornton expected the federal government to take quick action and address the exceptional deficit associated with the pandemic.
Given the size of the debt, the firm believes the government should have developed special budgetary measures aimed specifically at reducing the deficit and debt generated by assistance programs, and it should have presented them separately from regular budgetary measures.
“By introducing bold measures, like the ones we’re proposing, the government could generate additional revenues to reduce the deficit. Raymond Chabot Grant Thornton’s recommendations include giving taxpayers the opportunity to immediately pay deferred taxes—amounts that would nonetheless be owed at a later date—but at a reduced rate. We also suggest reopening the immigrant investor program to bring in new foreign capital,” stated Mr. Imbriglio.
In its 2021 prebudget proposal to the federal government, Raymond Chabot Grant Thornton also suggested allowing taxpayers to withdraw funds from their RRSPs at a combined tax rate of 15%, payable immediately, by establishing a structured mechanism to ensure the sound management of the retirement fund. The firm also recommended allowing taxpayers to pay capital gains tax on assets (shares, revenue properties, etc.) at a combined tax rate of 15%.
“We know that drastic action is needed to protect future generations. The Governments of Canada and Quebec should consider options like these to take pressure off public finances. Applying special measures on a temporary basis would help prevent a public finance crisis and ensure intergenerational equity for young people, who are tomorrow’s leaders,” added Mr. Imbriglio.
Reopening the immigrant investor program to attract foreign investment
Invest in Canada and several other organizations across the country work actively to attract foreign capital and businesses. “If Canada’s efforts to attract foreign investment were supported by the reopening of an immigrant investor program, the government could use these funds to reduce the pandemic debt and pay for various economic initiatives and government programs,” said Marc Audet, President of AURAY Capital, a subsidiary of Raymond Chabot Grant Thornton that specializes in business immigration.
In 1985, Canada was the second country in the world to introduce a program allowing wealthy families to immigrate in exchange for a substantial investment. These investments were redistributed to participating provinces and territories in order for them to develop their economies. Unfortunately, Canada stopped recruiting this class of newcomers in 2012 and officially ended its immigrant investor program in 2014. Now that economic recovery is a priority, a program of this nature would be particularly helpful as it would drive considerable economic benefits.
It’s worth noting that between 2015 and 2020, the United States recruited more than 55,000 investors through their Immigrant Investor Program (EB-5), thereby bolstering its economy by more than $27 billion. Meanwhile, foreign investors injected nearly €22 billion in Europe’s various jurisdictions between 2015 and 2019 through this type of immigration program.
“Canada already has the infrastructure needed for this type of program. We just need to re-examine which types of investors are most desirable and what their contribution requirements should be. The federal government should act quickly to update and reopen the immigrant investor program. If we establish the right criteria, their financial contributions could amount to more than $1 billion annually,” concluded Mr. Audet.
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Updated on February 22, 2023
Hard hit by the pandemic, environmental issues and labour shortages, organizations and businesses in the tourism, leisure and culture industries must sometimes review infrastructures and business plans. They need financial assistance to do this.
A number of financial aid programs have been adopted by governments and regional bodies to help organizations in Québec and Canada get through this period of change.
Consult the support measures for tourism businesses.
Where to start?
Each program has its own special features. Getting a good understanding and making sure you meet all the criteria can be somewhat complicated.
So, how can you be sure you’re taking full advantage of available financial assistance programs?
The key is to prepare a strong application so that government analysts can process your file quickly. You should:
- Provide a statement of your situation;
- Include a revised business plan that is both concise and convincing;
- Demonstrate that your business is viable.
How to prepare a good case?
Funding agencies generally receive 10 times more applications than available subsidies. It’s important to stand out to increase your chances of being selected.
Before you start filling out forms, take the time to review the eligibility criteria. You want to have the right information on hand and provide the best possible answers to their questions. A carefully crafted application will increase your chances of receiving a fast response and getting approved.
Preparing applications for financial assistance can be difficult and complicated for managers who are already overwhelmed with decisions to make.
Our tourism, leisure and culture team is familiar with all currently available relief programs, as well as their specific eligibility criteria, and the key issues in various sectors and regions. Contact our experts. We’re here to help.
Here are some of the programs available to help you implement your projects and undertake your transformation when necessary.
Support measures in tourism
Support measures for the arts
Support measures for restaurant industry
Regional economic development
Support measures in tourism
Programme d’aide à la relance de l’industrie touristique (PARIT) to support sustainable, innovative projects
The purpose of this program is to support the development and consolidation of an innovative, progressive and sustainable tourism offer to ensure the sustainability and competitiveness of the Québec tourism industry. A 10% top-up of the financial assistance is possible for projects with an eco-responsible theme. The program is in place until March 31, 2024, depending on the availability of funds.
Explore Québec program
The Explore Québec program is a subsidy that makes it possible for receptive travel agencies, tour operators and agencies to offer interesting, reduced-rate packages to Quebeckers.
The program comprises three components: On the road packages, Air packages, Electric packages. It ends on March 31, 2023 or on depletion of the budget envelope. For more information, go to the Québec government website.
Programme Explore Québec sur la route
This program offers financial support of up to $10 million to travel agencies, tour operators and incoming agencies holding a regular permit from the Office de protection du consommateur that wish to offer travel packages in Québec.
Programme d’appui au développement des attraits touristiques (PADAT)
This program supports private investments through loans and loan guarantees. It is intended for for-profit and non-profit organizations (NPFOs) and cooperatives legally constituted in Québec, as well as recognized Indigenous communities and nations.
Part 1: Support for development of tourist attractions
This minimum financial assistance of $150,000 is available in the form of a loan, loan guarantee and grant. The maximum amount awarded is $5,000,000, not to exceed 60% of eligible costs.
Projects funded must be invested in a tourism infrastructure, product, service or equipment with the goal of creating jobs and increasing revenues and visitor numbers.
Part 2: Funds for business tourism financing for hotel establishments
This fund is specifically intended for the renovation and upgrading of ageing hotel infrastructures in order to prepare these businesses for recovery, but projects for the construction of new hotel establishments in tourist regions with a shortage of accommodation units are now eligible.
Funding is in the form of a term loan of a minimum of $100,000 and a maximum of $5,000,000 and could cover up to 90% of eligible work costs.
Go to the Investissement Québec site for more information.
Destination durable et action concertée support mechanism
This measure is intended for not-for-profit and for-profit organizations , municipal entities and recognized Indigenous communities or nations. Its purpose is to better anchor Québec’s tourism offer in the communities and reduce its environmental footprint.
The objective of selected projects must be to counter climate change, increase the resilience and competitiveness of tourism businesses, maximized the tourism industry’s contribution to the social and economic vitality of the communities visited and increase the attraction of Québec and its regions. Consult the website for more information.
Federal government Tourism Relief Fund
The Tourism Relief Fund (TRF), administered by Canada’s regional development agencies and Innovation, Science and Economic Development Canada (ISED), is a new $500-million national program. This fund will help tourism businesses and organizations adapt their operations to meet public health requirements, improve their products and services and position themselves for post-pandemic economic recovery.
A minimum of $50 million of the TRF will specifically support Indigenous tourism initiatives and organisations.
Entente de partenariat régional et transformation numérique en tourisme 2022-2025 (EPRTNT 2022-2025)
The purpose of this program is to renew and enhance the tourism offering in regions. Selected projects must stimulate the local economy and foster the growth of a responsible and sustainable tourism offering. You will find all the details of this regional partnership on the Quéebec government website.
Programme d’innovation touristique
This program is designed to meet the needs of tourism industry businesses by developing solutions to: improve their productivity, competitiveness or efficiency, address the labour shortage, foster their digital shift, reduce the environmental footprint of tourism activities. You can find more information on the government website or on the MT Lab website.
Centrale d’achats en tourisme de l’Alliance de l’industrie touristique du Québec
This sanitation equipment and supplies purchasing group allows all registered tourism businesses to reduce their costs for products that meet the needs of maintenance, protection and compliance with new health safety standards. Visit the Alliance website to learn more and to register.
Programme d’accessibilité aux établissements touristiques (PAET)
To help tourism establishments improve the accessibility of their infrastructures for people with disabilities, this program offers a grant of up to 80% or 90% of eligible costs, depending on the type of establishment, for a maximum amount of $100,000. Consult the details of this grant on the website.
Incubator-accelerator for tourism projects north of the 49th parallel
The Québec government is creating an incubator-accelerator that will help tourism projects north of the 49th parallel. This incubator will be headed by three sector tourism associations, Fédération des pourvoiries du Québec, Indigenous Tourism Québec and Aventure Écotourisme Québec. Click here for more information.
Reconnect Ontario Marquee Event Fund 2022
This fund provides financing to cover up to 50% of eligible costs to support Ontario municipalities and organizations to host major, high-impact events that meet the Department’s definition of a popular event. Consult the site for more information.
Tourism Small Business Assistance Project
The Tourism Small Business Assistance Project provides non-repayable contributions of $45,000 or less per business. These contributions are intended to support small tourism businesses in carrying out small investment projects to adapt or develop their products and services to the needs of their clientele in order to support their development and seize recovery opportunities.
Culture
Québec financial assistance for festivals and tourist events
In order to position Québec as a tourist destination on the national and international scene, the Québec government supports festivals and major tourist events with assistance of up to 50% of eligible costs. This program promotes the development of festivals and tourist events in a responsible and sustainable manner. Consult the government’s information site.
Federal Support – Major Festivals and Events Support Initiative
To support Canadian festivals and events hard hit by the economic impacts of COVID-19 to adapt and enhance their activities, Canada Heritage has a budget of $200M over two years. Eligible organizations organize major recurring festivals and events with annual revenues exceeding $10M. Go to the government website for more information.
Montréal’s Assistance Program for Events and Festivals
Consult Tourism Montréal’s Assistance Programs for Events and Festivals for more information on their assistance programs for one-time initiatives or festivals and events.
Restaurant industry
Free training program on digital transformation in restaurant and hotel services
The Québec government is awarding a grant of up to $3,550,235 to the Institut de tourisme et d’hôtellerie du Québec (ITHQ) to support the implementation of a training program and a center of excellence in artificial intelligence. Offered free of charge, this training program will allow restaurant and hotel owners to learn about the best business practices and inform them about the methods and tools available in Québec, as well as the contribution of artificial intelligence in optimizing the management of their activities. Consult the announcement to learn more.
Regional Economic Development
Programme d’appui aux actions régionales
With a $10.2M annual envelope, the objective of the Programme d’appui aux actions régionales (PAAR) is to support the realization of projects that help promote community vitality, and the attraction and growth of the National Capital region. Consult the site for more information.
Programme de développement de l’offre touristique des parcs régionaux (DOTPR)
This program offers financial assistance of up to $250,000 to support the development of activities and infrastructures in regional parks. For more information on this program, go to the website.
Regional innovation ecosystems
Through the Regional Economic Growth through Innovation (REDI) program, Canada Economic Development (CED) supports projects that help create a regional entrepreneurial environment conducive to innovation and promote business development, growth and competitiveness. Consult the website for more information.
Attracting investments or tourists from outside Québec
Through the Québec Economic Development Program (QEDP), CED also supports projects aimed at promoting the regions in order to increase the presence of international organizations or encourage increased spending by tourists from outside the province. Consult the website for more information.
