As all Canadians settle back into work after the holiday season, we're all looking forward to fulfilling the new intentions and resolutions we have set forth for the 2014 year. However, it is important to note that although 2013 calendar year has closed, along with it the financial results of your business, many tax planning opportunities for 2013 remain open. 2013 tax filing requirements still remain to be completed for business owners and their tax advisors.
For business owners in British Columbia, the trend of remunerating shareholders with dividends instead of salaries and/or management bonuses has been going on for years. The low corporate tax rate of 13.5% on the first $500,000 of corporate profits in conjunction with total CPP premiums of $4,712 on the first $51,100 of salary paid to each shareholder/manager created a strong tax planning argument to take dividends instead of salary. Currently, with discussion in Ottawa to further expand the ... Read More
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Mew & Company Google + PageMew and Company is an independent firm of Vancouver Chartered Accountants providing accounting, assurance and tax consulting services for Vancouver businesses.
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One of the first questions I ask a new prospective client is “Why do you wish to switch tax advisors?” The most common complaint is that there is a lack of proactive tax planning from the current advisor. The second common complaint is late filing penalties and interest fees. More specifically, the taxpayer often complains that the current tax advisor has been unresponsive to a tax planning request or has been too busy to make the client a priority. After being in practice for many years now, I ... Read More
In my previous articles, the benefits of incorporating a business have been discussed at length. The tax advantages for corporations are substantial enough that some taxpayers structure the financial relationship with their “vendors” so that they are deemed self-employed, thus qualifying to operate as a corporation earning active business income. This allows the corporation to deduct expenses otherwise not deductible and qualify its corporate profit to the low corporate tax rate (currently 13.5% ... Read More
The past year, I have noticed quite a few more requests from CRA to review medical expenses, donation receipts, and HST returns filed. The best thing for a business owner being audited is that they have been honest with their tax affairs. The second best thing is for the business owner to have a competent professional Vancouver accountant to assist them through the process. If the records are complete and accurate and the professional accountant has experience dealing with CRA, then the audit ... Read More
The following blog post is a continuation on my previous blog post Vancouver Hair Salons: Business and Tax Tips - Part 1. If you'd like to catch up, please take a moment to review it. Hair Salon Industry Analysis In the hair salon industry, image and trends matter. Talented Vancouver hair stylists are a must, but the industry is too competitive. From my experience as a Vancouver Chartered Accountant serving different hair salons, I have found that in order for Vancouver hair salons to ... Read More
I am noticing the proliferation of hair salons in the Downtown Vancouver area and I can’t help but think that they are in for a challenging time. Retail commercial rent is sky high, escalating real estate price and cost of living in general has reduced the city's discretionary income pool, and as a consequence Vancouverites are relocating to the more affordable surrounding suburbs. To add to these challenges, the industry has little barriers to entry – it doesn't take a long time or a lot of ... Read More
I am a Chartered Accountant at Mew & Company - I have had my own accounting firm located in Downtown Vancouver for almost 15 years now. I was recently inspired by a conversation I had with a new client which I want to share with all the women business owners in Vancouver, BC. My new client is an energetic and enterprising entrepreneur. Her business has been expanding in a very challenging industry. Without being prompted by me, her reasoning for the continual expansion was to successfully ... Read More
“Taxes grow without rain.” This Jewish proverb is a crisp and beautiful expression of the agony that almost all taxpayers feel around the world. However, not all taxpayers are fortunate enough to have a simple and easy solution to this problem like Canadians do. With a reliable and extremely lucrative group of professionals like Mew and Company Chartered Accountants, both individuals and businesses can relax and watch while these expert Chartered Accountants work to make things simpler and ... Read More