01 May 2015

Raymond Chabot’s awareness campaign “Ne perdez pas vos moyens” on healthy personal financial management launched on April 13, 2015 has been highly successful in Quebec. A vast number of French-language media outlets across the province relayed the campaign message in over one hundred newspaper and web articles and radio and television programs.

Our experts Eric Lebel, Stéphane Gauvin, Éric Morin and Marc Lafrenière, bankruptcy partners in the Brossard, Rimouski, Chicoutimi and Gatineau offices respectively, gave over 80 media interviews to make Quebecers aware of the importance of properly managing their personal finances.

They also participated in numerous programs, including Salut Bonjour! on TVA, Ici RDI and Le midi trente on Radio Canada, Mario Dumont’s program on LCN as well as Ça commence bien! on V Télé. Additionally, they were heard on various radio programs, including Normandeau-Duhaime on CJMF FM 93.3, Médium large on SRC and Solide comme le Roch on CKOF FM 104.7. Lastly, they contributed to several newspaper articles in Journal de Montréal, Journal de Québec, Le Soleil, Le Nouvelliste, and Le Droit, to name but a few.

Comedian Laurent Paquin, who experienced financial difficulties of his own in the past, lent his support to Raymond Chabot’s campaign.

In a series of capsules that went viral, Laurent Paquin provides advice based on his own experience.

You can view the capsules and share them on www.raymondchabot.com/conseils.

Personal finances: 50% of Quebecers are worried about the future

As part of the cross-Quebec campaign, Raymond Chabot experts commented on the results of a CROP survey conducted for the firm that dealt with Quebecers’ relationship with their personal finances. According to this survey, nearly one in two people in Quebec is experiencing financial difficulties.

In light of this alarming situation, the experts at Raymond Chabot urge people to break the money taboo and to seek help when they are a difficult situation. Here a few tips, taken from various media interviews.

Some expert advice

  • Prepare a budget and stick to it

Marc Lafrenière emphasizes the importance of preparing a budget and sticking to it. “This is crucial for sound personal finances and to get a true picture of your situation,” he explained in Le Droit and other media outlets, in particular CHOT TV (TVA Gatineau/Ottawa), CKOF Outaouais FM 104.7, CBOF ICI Radio Canada Première FM 90.7, CKLX Radio 9 FM 91.9, FM1047.ca and ICI.Radio-Canada.ca.

  • Don’t confuse “need” with “want”

Éric Morin noted that, increasingly, people who come to his office get their pay and spend it right away. To avoid impulse buying, he recommends that they analyze their expenses, so they don’t confuse “need” with “want”.

His analysis and recommendations may be found in several articles, radio, web and TV interviews: Le Quotidien (Chicoutimi), CKTV ICI Radio Canada (Jonquière), CFRS TV (V média Jonquière), CKYK Radio X FM 95.7 (Saguenay), CFGT Planète 104.5 FM (RNC Saguenay), CBJ ICI Radio-Canada Première FM 93.7 (Chicoutimi), Ici.Radio-Canada.ca (Région Saguenay), 98.5 FM, FM 104.7 and VTele.ca.

  • Include “fun” in your budget and build a cushion to deal with the unexpected

In an article published in La Tribune, partner Eric Lebel advises that 5% of net income be set aside for “fun”, so that planned expenses are realistic. He also recommends exercising caution and estimates that everyone should have a cushion of about three months’ worth of salary to deal with anything unexpected.

You can find other advice given by Eric Lebel during his media tour to raise awareness about healthy personal financial management on estrieplus.com, in Finance et Investissement, on Rougefm (Estrie), 107.7 FM, ICI Radio Canada (Montréal), Cite Rouge FM 102.7, TVA Nouvelles, Argent, LCN, ICI RDI and several others.

  • Don’t isolate yourself and don’t hesitate to get help

Partner Stéphane Gauvin, whose numerous media interviews were heard on TVA, Radio X, FM93, FM 106.9, CJE FM 91.9, CJMF FM 93.3, CHNC Rock Country FM 107.1, CKOB MAURICIE FM 106.9, and CBV ICI Radio Canada Première FM 106.3, recommends that you not isolate yourself and that you don’t try to hide your personal financial difficulties.

“On the contrary, in such a situation, you need to get information, talk about your circumstances, get the right help,” he explained in Le Soleil. “Talking about money should no longer be taboo, you need to get your peace of mind back, to do this, you have to get help and support.”

For more tools and advice, visit our site: https://www.raymondchabot.com/en/.

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24 Apr 2015

Dimitrios Georgoulas, Tax Senior Manager, analyzes the impact of federal tax cuts on families, in an article republished in many media, including the Financial Post, the Brandon Sun, Huffington Post, the Winnipeg Free Press,the Penticton Herald, Advisor.ca, the

Chronicle Herald and the Telegraph-Journal.

According to the expert, the new measure, which allows the spouse with the higher income to transfer taxable income to the spouse in a lower tax bracket is not only intended for the rich, as some critics may have affirmed.

“The measure will also benefit young families,” Dimitrios Georgoulas explains. “However, this income transfer could reduce other credits, such as medical expenses, which are linked to the income of the lower-earning spouse,” the expert warns.

To learn more, see the article.

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23 Apr 2015
Yannick Veilleux

Yannick Veilleux

The 29th gala of the Junior Chamber of Commerce of Drummondville (JCCD) was held on April 9th at the Royale room. Five awards were distributed on that occasion, including Volunteer of the Year to Yannick Veilleux, Senior Staff – Assurance, of Raymond Chabot Grant Thornton’s Drummondville office.

Mr. Veilleux has been very committed to the JCCD as a member of the organizing committee of the annual gala and ELAN competition for the last two years. His commitment also involves several other regional organizations such as the Fardoche childcare centre for which he has been Treasurer for the last eight years, the Rotary Club in which he has been active for four years and the food drive for Drummondville’s food outlet to which he has been participating for five years.

Raymond Chabot Grant Thornton is pleased to congratulate Mr. Veilleux on receiving this well-deserved award. Kudos!

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21 Apr 2015

OTTAWA, April 21, 2015 – In keeping with its tradition, Raymond Chabot Grant Thornton releases its post-budget tax summary for individuals and business managers. Prepared by a team of firm experts during the lock-up, this document highlights the main tax measures announced by the federal government. This easy-to-consult summary may be downloaded at www.rcgt.com/en/2015-federal-budget.

A budget that paves the way for growth…

Having achieved a balanced budget, the federal government now has more maneuverability to stimulate wealth creation. Raymond Chabot Grant Thornton welcomes the fact that there are no income or commodity tax increases in today’s Economic Action Plan. In fact, there is even a tax decrease. “Be they individuals or businesses, taxpayers have had enough of digging into their pockets. This budget provides a bit of breathing room, particularly for small businesses, the economic motors that are key to our prosperity,” stated President and CEO, Emilio B. Imbriglio.

The firm would like to draw attention to certain measures that support economic growth. For example “the reduction of the small business tax rate to 9% is a positive measure, as is the 10-year investment incentive for manufacturing businesses,” explained Tax Partner, Luc Lacombe. Going forward, manufacturers will be entitled to an accelerated CCA rate of 50%, declining balance, for machinery and equipment purchased after 2015 and before 2016.

Also of note, is the government’s decision to continue providing $5.35 billion per year on average for provincial, territorial and municipal infrastructure under the New Building Canada Plan Force. This measure serves the dual purpose of creating jobs and modernizing the country’s infrastructure. Additionally, it is creating a new Public Transit Fund of $750 million over two years, starting in 2017–18, and $1 billion per year ongoing thereafter.

… but still does not support business transfer tax equity

On the other hand, Raymond Chabot Grant Thornton continues to call for tax equity on intergenerational business transfers for entrepreneurial success in Canada. “In a context where creating a business is by far the most popular option for young Canadians wanting to get into business, the firm considers it is essential to encourage the purchase of existing businesses. It’s crucial that intergenerational business transfers become more equitable from a tax perspective,” Imbriglio added.

Raymond Chabot Grant Thornton has been asking the Canadian government and its Finance Ministers to introduce legislation in this respect since 2010. In its March 26, 2015 budget, the Quebec government announced that, as of 2017, owners of primary or manufacturing sector businesses will benefit from a capital gains exemption in Quebec on the sale of their business to a business owned by their children. The firm would like this tax equity to be extended to businesses in all industry segments in Québec and for the federal government to follow suit quickly so that the tax equity will have a true impact in Canada.

To quote Jean Gauthier, Partner and National Tax Director, “Unfortunately, from a tax perspective, it’s unfavourable for business owners to sell their business to their children rather than to a stranger. For the seller, this results in the loss of the benefit of the capital gains deduction in excess of $800,000, whereas this does not apply in a transaction with a third party,” Gauthier concluded.

The report titled Business Transfers: Problems and Suggested Solutions is available at the following address: www.rcgt.com/business-transfers.

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 2,400 people, including some 230 partners in more than 100 offices in Quebec, eastern Ontario and New Brunswick. For over 30 years, Raymond Chabot Grant Thornton has been a member of Grant Thornton International Ltd, providing clients with the expertise of member and correspondent firms in more than 100 countries.

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