09 Jun 2015

Spring 2015 stands for economic development in Saguenay-Lac-Saint-Jean. Under the leadership of its Regional Vice-President, Partner Éric Dufour, the region has taken two important positions aimed at stimulating the economy and favouring wealth creation.

2015 Regional Economic Summit

First of all, the firm submitted a brief for the consultations in view of the Sommet économique régional du Saguenay –Lac-Saint-Jean which will be held in Alma on June 18, 2015. Organized by the Quebec Government, this Summit has three objectives:

  • Establish a common finding on the challenges and benefits of regional economic development and diversification.
  • Define strategic fields of intervention with the aim of ensuring the region’s prosperity for the next ten years.
  • Develop synergy among the regional players.

The brief submitted by Raymond Chabot Grant Thornton (French only) on April 2, 2015, entitled Un virage entrepreneurial et générationnel (An entrepreneurial and generational shift) proposes six axes to improve the balance of regional GDP from small and medium enterprises relative to regional GDP generated by big business. This heavy dependency has lasted too long and affects the stimulation of growth in several regards, the document points out.

According to the brief, the proposed gradual conversion plan should be articulated around the following axes:

  1. Maintain and support the current engines around three traditional sectors: aluminium, forestry and agri-food.
  2. Supporting current mining projects while ensuring the development of a strong mining cluster.
  3. Stimulate wealth creation around SMEs.
  4. Adapt the workforce developed in relation to our needs by creating coherence around elementary and secondary education, CEGEPs and vocational training.
  5. Support the university network while mandating it to develop an entrepreneurial culture.
  6. Favour integration of our youth and SME representatives through regional democracy.

Lac à Paul apatite mine project in Saguenay – Lac-Saint-Jean

On May 21, 2015, Raymond Chabot Grant Thornton again argued the importance of the Ariane Phosphate mining project during the consultations held by the Bureau d’audiences publiques sur l’environnement (BAPE). The highlights of this wealth-creating project based on responsible exploitation of natural resources were also presented by Raymond Chabot Grant Thornton in 2014.

In a position recently transmitted to the BAPE (French only), the firm reiterates the essential contribution of this mining project to the economic upturn of the Saguenay –Lac-Saint-Jean region. As the biggest investment project in the region in the past ten years, the Lac à Paul apatite mine should generate:

  • $9 billion of spending during the mine’s life cycle;
  • 2250 jobs created in the region during construction;
  • 1000 jobs created annually during operation;
  • $4 billion of tax spinoffs for governments;
  • Concrete opportunities for regional businesses that want to act as subcontractors.

According to Éric Dufour, “the region doesn’t have the right to bypass such an opportunity, considering its collective benefit and its role in stabilizing our economic and social structure for future generations”.

Read the recent article published on May 28, 2015 in Le Quotidien (French only), in which Éric Dufour argues the project’s importance for the region.

Raymond Chabot Grant Thornton always on the alert to defend the economic interests of the regions and their wealth creators

These two positions yet again are evidence of Raymond Chabot Grant Thornton’s keen interest in economic development and the success of dynamic Quebec businesses. The firm cares about the growth of every region of Quebec, and the competitiveness of wealth creators. It will continue to promote the structuring initiatives that allow our society to innovate and prosper.

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05 Jun 2015
Sylvain Moreau

Sylvain Moreau

In an interview given to La Presse, Sylvain Moreau, Tax Partner, gives advice on the tax strategy to adopt at age 65. He recommends the use of income splitting for couples, which can allocate up to 50% of a spouse’s eligible pension income to the other spouse. “This is fairly interesting. There is no single figure, but this strategy often generates a saving of $1000. Sometimes it can go up to $4000 or $5000,” Mr. Moreau explains. The expert also reviews the many income tax credit available at age 65. “The challenge is to know them and know which ones I am entitled to claim,” he adds. To learn more, see Simon Lord’s article  “Retraite : la fiscalité à 65 ans” (Retirement: taxation at age 65).

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05 Jun 2015

MONTRÉAL, June 5, 2015 – Raymond Chabot Grant Thornton is proud to be joined by a team of experts from Cognifistech, specialized in Scientific Research and Experimental Development (SR&ED) tax credit programs.

Cognifistech’s top professionals are joining one of the largest teams in Quebec specialized in SR&ED and innovation. “Coupled with the addition of M4S in 2013, our firm became an advisor of choice among local businesses for their research and development needs. Today, as we welcome these new and talented professionals, we are taking yet another important step towards excellence. By merging with Cognifistech, we are expanding our offer and further demonstrating our commitment to our clients to provide incomparable quality and diversity of professional services,” stated Samuel Havida, Vice-President (elect) of Raymond Chabot Grant Thornton’s Montréal region.

Cognifistech’s President, Pascal Perrault said, “We are extremely pleased to join a firm of Raymond Chabot Grant Thornton’s calibre and reputation. Our clients will have access to a wide array of services and an international network in over 130 countries. This merger represents extensive synergy opportunities and added value for our clients.”

Cognifistech’s experts have been working from Raymond Chabot Grant Thornton’s offices since May 15th. They are located in Montréal, Laval and Saint-Jérôme.

 About Cognifistech

Founded in 2003, Cognifistech Inc. specialized in preparing scientific research and experimental development (SR&ED) tax credit claims and in providing related advisory services. Over the years, Cognifistech developed leading and constantly evolving SR&ED expertise, offering its professional services to numerous Canadian businesses in a wide range of industries.

 About Raymond Chabot Grant Thornton

Founded in 1948, Raymond Chabot Grant Thornton has become a Canadian leader in the fields of assurance, tax, consulting services, and business recovery & reorganization. Its strength is based on a team of over 2,500 professionals, 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 professionals 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 professionals.

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Source:

Francis Letendre
Senior Consultant – Public Relations
Raymond Chabot Grant Thornton
Tel.: 514-390-4201
letendre.francis@rcgt.com

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03 Jun 2015

MONTRÉAL, June 3, 2015 – “It’s been a while since conditions for growth in the manufacturing sector have been this favourable, but the recovery is not for everyone,” stated Guy Barthell, Partner in Raymond Chabot Grant Thornton’s Strategy and Consulting Group. His comments were made in conjunction with the release of the Quebec component of the cross-Canada manufacturing sector study sponsored by Grant Thornton LLP, Raymond Chabot Grant Thornton’s Canadian counterpart.

Manufacturers cautiously optimistic

U.S. manufacturers are enjoying a resurgence and free trade agreements have reduced trade barriers, factors that improve local business prospects. In light of this economic and political situation, in particular the weak Canadian dollar, compared to the U.S. dollar, the study reveals that 60% of Quebec manufacturers are cautiously optimistic (slightly below the national average of 63%).

Tougher competition

Many manufacturers are concerned about tough competition. This is the reason most often given to explain their reluctance to expand beyond North America. This concern is also seen in the industry’s greatest business challenges, as revealed by the study: controlling costs (1st) pressures on pricing (4th), which is very strong internationally.

Poor productivity

An analysis of the Quebec component of the cross-Canada study indicates that for many Quebec manufacturers productivity issues are limiting access to international markets with their growth potential. “It’s important to take advantage of the economic situation to invest in training, research and development. Only those businesses that are able to improve their practices can take advantage of the global economy,” Barthell concluded.

The complete study may be viewed at the following: www.rcgt.com/en/outlook2015.

About Raymond Chabot Grant Thornton

Founded in 1948, Raymond Chabot Grant Thornton has become a Canadian leader in the fields of assurance, tax, consulting services, and business recovery & reorganization. Its strength is based on a team of over 2,500 professionals, 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 professionals 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 professionals.

-30-

Source:

Francis Letendre
Senior Consultant – Public Relations
Raymond Chabot Grant Thornton
Tel.: 514-390-4201Phone
letendre.francis@rcgt.com