S&ME Accounting

Virtual Tax Office Dear all, Following recent warnings by Alberta Health, S&ME Accounting Ltd. proudly announces that we provide online tax services to prevent coronavirus spread and protect all dear clients.... Those who wish their taxes to be filed online, please click on the link below and then fill out the tax check list. https://sameaccounting.ca/tax-checklist/ After submitting the first form, please click on the Authorization form link and fill it out. You will be contacted to prepare additional documents according to the checklist. After completing and reviewing the Tex file, the final form will also be sent to you for signature.

Tax-Deductible Meal Expenses Generally, business expense including meals can be deducted when these expenses are incurred for the purpose of earning income from a business or property. Deductible meal expenses are 50% of the lesser of:... (a) the amount actually paid or payable in respect of these items; and (b) an amount that would be reasonable in the circumstances to pay for them. Meals only eaten with customers or clients are allowable. This means you can not claim your meals expenses even if it is in work place. There are exceptions to 50% rule: Businesses that regularly provide food, beverages or entertainment for compensation, such as restaurants or hotels, are exempt from the 50 percent rule and can claim 100% deductions for such expenses. Long-haul truckers can claim 80% of the food and beverages they consume during eligible travel periods (a period of at least 24 continuous hours away from where they live and transporting goods at least 160 kilometers away). For more details please call us at 587-889-8184

Dividend versus Salary As the owner-conductor of a Canadian small business corporation, you have three options to pay to yourself: Dividend: paid out of the corporations retained earnings Salary: paid out of the corporations net income Dividend and Salary: Both... Since dividends are not subject to deduction from corporation income, the taxes on them are paid in two places: first, in the corporation and second, in the owners personal tax. The taxes on salaries, on the other hand, are only paid in the owner-manager personal tax and are deductible from business revenue. At first, It might seem that salary results in less tax payable. Actually, it is true but do not forget salary deductions., The key difference between salaries and dividends is that salaries are subject to the CPP and dividends are not. In 2018, the combined employee/employer contribution to the CPP is calculated as 9.9% of the salary paid over $3500, to a maximum of $5,187.6 half of which is paid by the employee, and half by the employer. As both employee and employer, the owner-manager must pay both. Generally speaking, we think that salaries have more cash out than dividends. However more precisely, choosing any of the options to pay the owner depends on different factors as owners contribution to RRSP, share percentage of the owner, having room for business loss carry-back, owner preference to compensate CPP or not,. if youd like to discuss dividends vs. salaries in greater detail, please feel welcome to contact the S&ME Accounting at: 587-889-8184 587-889-8482 See more

Story of a dentis who lost her tuition tax credit!! https://www.google.com//use-your-tuition-tax-credits-/amp

S&Me provides fully bookkeeping, accounting and tax services for Canadians small to medium size businesses.We are a Calgarian based business who are committed to provide precise and on time accounting and advice tax solutions to minimize tax. Our Services: Monthly bookkeeping... Monthly financial statements Payroll Administration fees Annual financial statements Annual corporate tax return GST Return CRA correspondence/audit support Corporate tax planning Access to advice from a Chartered Accountant when you need it. Call us for more informations 587 889 8184 587 889 8482 See more