In a previous blog, I discussed how CRA recently sent out a slew of letters asking incorporated businesses to provide detailed documentation on various business expense deducted such as travel, auto or advertising. Last year, CRA also went on a similar expedition but on a smaller scale. Normally, by this time, which is a year later, taxpayers whose business expenses
Small businesses, defined as businesses with fewer than 500 employees make up a big part of Canada’seconomy. Many of these small businesses are CCPCs. Small businesses need to be agile and responsiveto changing local and international economic conditions to survive and thrive. The pandemic relatedemployment shrinkages mostly affected small businesses. Now, as Canadians try to move forward, CRAis also moving
BC corporations enjoy a 11% corporate tax rate on the first $500,000 of taxable income from active business due to the small business deduction (“SBD”). Most BC incorporated businesses qualify for this tax break. In fact, many businesses structure its business affairs in ways that can take full advantage of this favourable tax treatment. Consultants Who May Not Be CRA
MEW and COMPANY
Chartered Professional Accountants
Suite 418–788 Beatty St. Vancouver, BC V6B 2M1
Tel: 604 688 9198 | Fax: 604 688 9192
Suite 418–788 Beatty St.
Vancouver, BC V6B 2M1
Tel:604 688 9198
Fax: 604 688 9192
Lilly Woo, CPA, CA, CFE, CFP (ext. 1)
Richard Mew, CPA, CA, CFP (ext. 2)
For everything from consultation to a comprehensive corporate tax plan, call us, we’re here to help. Whether you’re an incorporated Canadian business or a Canadian individual, whether you need financial statements or a comprehensive tax and estate plan, we know how to work within the current Canadian tax laws to minimize your tax burden and maximize your net worth
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