All Quebecers are encouraged to create a budget and to stick to it.
MONTREAL, May 21, 2020 /CNW Telbec/ - The COVID-19 pandemic has knocked the wind out of the Quebec economy and has left in its wake the largest number of unemployed people ever recorded in peace times in the history of Quebec. For 40 years, Raymond Chabot's Counsellors in Financial Recovery and Licensed Insolvency Trustees have been helping Quebecers manage their financial health. They are foreseeing an unprecedented financial fragility situation for thousands of Quebec consumers and are calling on all Quebecers to take stock of their financial health to better handle the economic uncertainties of the coming months.
"Just like washing your hands, making a budget and adhering to it is a needed preventive measure to safeguard the financial health of Quebecers. The pandemic is forcing us to adjust ourselves in most aspects of our lives. We also need to reassess how we're managing our money," explains Éric Lebel, Partner in Financial Recovery and Reorganization and Licensed Insolvency Trustee at Raymond Chabot.
"The Chambre de la sécurité financière (CSF) emphasizes the importance of consumers to live within their means. The COVID-19 pandemic has forced us into an uncertain economic context and advisors who are members of the CSF are available to help Quebecers plan their finances," says Marie Elaine Farley, President and CEO of the Chambre de la sécurité financière.
Emergency benefits: An artificial respirator with an expiration date
Operating in 109 offices in Quebec, Ontario, and New Brunswick, Raymond Chabot's Counsellors in Financial Recovery and Licensed Trustees have their fingers on the pulse of consumer finances. They recognize that thousands of consumers and small business owners will not be able to cope with their debt when the emergency benefits come to an end. "We have to give all Quebecers the means to get through this crisis and that can only be done by ensuring their financial health," adds Lebel. "The end of the emergency benefits in a few weeks' time may mark the beginning of a financial abyss for thousands of Quebecers if they don't plan their finances carefully."
About Raymond Chabot
Raymond Chabot, a subsidiary of Raymond Chabot Grant Thornton, has specialized for more than 40 years in personal and corporate insolvency and financial recovery. With a team of 274 professionals across 109 offices, including one in New Brunswick, four in Ontario, and 104 in Quebec, it is the largest network of Financial Recovery Counsellors and Licensed Insolvency Trustees in Quebec. Raymond Chabot stands out thanks to their expertise and their human touch.
About Raymond Chabot Grant Thornton
Raymond Chabot Grant Thornton is a professional services firm 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 2,800 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 more than 140 countries with over 56,000 people who provide real insight, a fresh perspective and agility to keep clients moving ahead.
About the Chambre de la sécurité financière
The Chambre de la sécurité financière is a self-regulatory organization whose mission is to protect consumers by maintaining discipline and overseeing the training and ethics of its close to 32,000 members. They practise in five sectors and registration categories: group savings plan brokerage, financial planning, insurance of persons, group insurance of persons, and scholarship plan brokerage.
SOURCE Raymond Chabot Grant Thornton
For further information: and interview requests: Elena Gabrysz, Tesla RP, 514-839-7296