22 Jun 2021

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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13 May 2021

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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22 Apr 2021

The filing deadline of individuals income tax returns is not postponed and remains on April 30, 2021 (or June 15 if applicable).

No filing or payment deadline extensions are announced in 2021 for corporations, trusts, partnerships or any other obligations.

Relief for beneficiaries of COVID-19 related benefits

Individuals who received COVID-19 related benefits during 2020 (CERB, CESB, Canada Recovery or EI benefits) will not be required to pay interest on any outstanding federal and Quebec income tax debt for the 2020 tax year until April 30, 2022 if they duly file their tax return and if their taxable income is $75,000 or less in 2020. Interest will start after April 30, 2022 on any amount owing for the 2020 tax year.

This is not a filing deadline extension, so the late filing penalty will apply if the return is filed after April 30 (or June 15) 2021, subject to the relief announced in Quebec.

Relief announced in Québec (April 15, 2021)

No late filing penalty will be imposed and no interest will be applied on the 2020 tax balance if the income tax return is filed and the tax balance is paid on or before May 31, 2021.

Penalties will apply for a tax return filed after Monday, May 31, 2021. Interest will be imposed on the unpaid tax balance on May 31, and this, as of June 1, 2021, except for citizens who benefit from a holiday because they received benefits related to COVID-19.

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21 Apr 2021

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.