For this reason, Raymond Chabot Grant Thornton expected the federal government to take quick action and address the exceptional deficit associated with the pandemic. However, if growth forecasts prove to be too ambitious and targets aren’t met, public finances will be further compromised. Growth is expected and should lead to job creation. 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. The issue of public finances also requires special attention. Reducing the pandemic debt without raising taxes These deductions will help approximately 325,000 businesses make critical investments and generate $2.2 billion in total savings over the next five years. “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. The government has also announced a new accelerated capital cost allowance, which is something Raymond Chabot Grant Thornton has been recommending since 2020.
Extending these programs amounts to an additional $12.1 billion in support. “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. The federal budget includes a number of measures that promise to stimulate the economy by providing effective growth levers to Canadian businesses.
Vaccines and a strong economic recovery will be vital to ending the crisis. Relying on vaccines and a strong economic recovery 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. We could still experience additional financial turbulence caused by the pandemic.” “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. Imbriglio, President and Chief Executive Officer at Raymond Chabot Grant Thornton. The pandemic forced the government to take action in order to prevent devastating consequences,” said Emilio B. “The firm welcomes the numerous investments aimed at supporting businesses and various economic sectors. 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. Federal Budget 2021: Ottawa opens the floodgates of economic support but lacks a plan for paying down the pandemic debt.
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