On May 21, 2014, Emilio B. Imbriglio, President and CEO of Raymond Chabot Grant Thornton, gave a talk to some 200 business people at the Omni Mont-Royal Hotel in Montréal during the Association des MBA du Québec conference.
Emilio shared some ideas that the firm believes are necessary to stimulate our economic growth, create jobs and increase our competitiveness.
“Our public debt is inhibiting our growth, and we need to act now,” he said, kicking off his talk. “The situation itself may be clear but the solutions are less so,” he continued. “Together, we need to provide Quebec with a solid foundation so that it can remain one of the most productive and prosperous societies in the world.”
He went on to say, “I can already hear you saying, ‘Sure, but how can we do that?’ I could never presume to have all of the answers, but I do have five mains ideas with specific measures, supported by fact.”
Here are Emilio’s ideas and accompanying measures to stimulate the economy:
1. Encourage entrepreneurship through tax incentives
- Make it fair from a tax point of view to sell a business, whether selling to family or foreign interests.
- Hold a public consultation to measure the impact of reducing or eliminating corporate taxes for SMEs, and define clear rules without reducing the government’s tax base.
2. Take advantage of export opportunities
- Take advantage of the soon-to-be official free trade agreement with Europe to develop new markets. Canada will be the only country in the world with free access, baring a few exceptions, to the two largest markets on the planet. Including North American consumers, Quebec has a potential market of over 900 million people!
3. Focus on innovation and growth-generating projects
- Create an innovation tax credit that complies with international economic agreements to help SMEs increase their technology investments and fast track their growth.
- Take advantage of the MUHC, CHUM projects and recently launched CRCHUM project, which are major draws for research organizations from the life science and health sectors, to develop a thorough and structured government strategy to attract talent and investments.
4. Train and attract talent more effectively
- Start teaching basic concepts at the high school level about credit, public debt, the cost of public services, and the importance of creating a budget.
- Improve the process for selecting and integrating immigrants by creating other agreements, such as the France-Quebec agreement, to recognize the qualifications of professionals from other regions.
5. Exploit natural resources respectfully and sustainably
- Develop a framework that supports long-term investments and infrastructures, specifically in terms of ports and railways.
Emilio B. Imbriglio
Influence and Leadership
Once again, this conference demonstrates the influence and leadership of the firm and its President and CEO. According to Les Affaires, Raymond Chabot Grant Thornton is ranked first among Quebec accounting firms and is actively working to defend the economic interests of Quebec and beyond, as reported recently in La Presse (article in French).
To learn more about the conference, read an article from Les Affaires.