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Navigating the complexities of Canadian tax law can be challenging. The support of a competent and attentive expert can make all the difference.
Experts derive satisfaction from accompanying individuals and companies to optimize their tax situation or from providing support during the oftentimes complex process of purchasing or selling a company.
Sylvain Gilbert, Tax Specialist and Partner with Raymond Chabot Grant Thornton, explains his work.
What is your tax specialty?
I have in-depth expertise in Canadian tax. In many cases, I work to optimize a client’s corporate structure so that it is tax efficient, scalable and allows shareholders to take full advantage of tax laws by reducing their overall tax burden.
Many assignments involve developing strategies to help a business’s shareholders effectively plan their succession, or addressing a request for support and advice in the sale or purchase of a business.
I often represent clients in situations where they have received tax assessments from the Québec and Canadian governments. I analyze the client’s file in order to understand and clarify a situation that may be stressful to them. I identify favourable arguments for the client’s defense and negotiate with the government authorities to reach a settlement agreement.
On occasion, I collaborate with tax litigation lawyers to prepare the defense for a client whose case will go to court.
Can you give us an example of a typical assignment?
We often work with clients who want to sell a business, or who have received a purchase offer, and want to structure the organization to optimize their income. We try to minimize the tax liability in the context of a sale of shares or assets.
We also analyze financial and legal documents, prepare any calculations needed and produce the forms prescribed by tax laws. The objective is to help the client conclude a transaction that is advantageous from both a tax and a financial perspective.
Can you give us an example of an unusual situation?
In a complex case, it took us three years to defend our client with the tax authorities and we ended up winning almost every aspect of the case. One of the company’s shareholders, who was over 60 years old, confessed that he felt a great weight has been lifted from his shoulders. Going bankrupt at his age and starting his career again was unimaginable to him. The outcome of the transaction was a total relief for him, to the point where he gave me a long, very emotional hug.
Were you expecting to work in such an emotional environment?
No! We often have to reassure our clients because they are under stress. In complicated situations, when large sums of money are at stake, the lengthy negotiation and verification process with the governments can make clients quite edgy. In the end, a whole retirement plan, for example, can be at stake. I’d say that our role is as much psychological as it is technical. We must continually build our clients’ confidence and offer our support.
Also, negotiating a transaction can take place at any time of the day or evening, including weekends. It’s demanding, but it’s also motivating. You can spend sleepless nights dealing with a case and managing people’s emotions.
But I’m really on my game and I’m comfortable with the pressure.
What was your career path?
My father was a business owner and he used to invite me to meetings with this tax advisor, someone he thought very highly of. That inspired me.
I’ve always worked at Raymond Chabot Grant Thornton. I even did my internships here during my co-op program at the Université de Sherbrooke. I started in assurance, as an accountant. When I was 24, I went to do a master’s degree in tax.
For the firm, I was a consultant, senior consultant, manager, and I became a partner in 2009. I rose through the ranks pretty quickly, because I put a lot of time and effort into improving my technical knowledge while getting involved in business development. I did a lot of tax presentations, I taught at the university for about ten years, I gave media interviews to better promote myself. I also took training courses to better communicate. I haven’t finished growing here!
What motivates you?
I want to be able to make a difference for someone, to feel like I’m helping. I understand that I don’t do heart surgery, but even though I work with numbers and laws, it can make a huge difference in someone’s life.
What are your interactions with colleagues like?
I try to make others stand out. There are about 30 tax professionals in the Sherbrooke office and I like it when I can make colleagues shine and allow them to go beyond the limits that they’ve set for themselves.
I always enjoy working in a team. I like to be around people. Even when I go on vacation down south, I go with colleagues. They’re really a part of my family.
What advice would you give to a young candidate?
Show an interest in people, both clients and colleagues. When a client does business with a credible firm, they expect you to be competent, but your interest in the other person is what makes the difference.
You also have to be persistent if you want to be successful in this business. It’s not enough to be smart.
Finally, be aware of current events, invest in your general knowledge. It makes us much more interesting to be around than just dealing with numbers.