benefits of incorporating, given lowering corporate tax rates, must be carefully considered by small business owners.

Vancouver, BC -- (ReleaseWire) -- 04/01/2024 -- As a team of Chartered Professional Accountants in Vancouver, Mew and Company offers small business incorporation tax services for companies on the grow.

Taxes have always been a big-ticket expense item for businesses; a 15% reduction is a considerable discount. However, small business owners must carefully consider whether incorporation is an option. Anticipated corporate tax reductions only benefit businesses that can leverage them.

Successful proprietors are often burdened with personal tax bills that are almost always higher than anticipated. This is because in BC, the personal tax rate is 40.7% for taxable income above $127,300 and this rate peaks at 53.30% for all taxable income above $1240,171. Employer and employee portions of CPP premiums also need to be paid, which max out at $7,735 for 2024.

As burdensome as personal tax rates can be, the benefits of incorporating must be carefully considered, even given the lower corporate tax rates. Regardless of the corporate tax rate (currently 11%), businesses must be profitable enough to reap the benefits of a lowering corporate tax rate.

What does profitable mean in this context? A rough calculation is that at least $50,000 should be retained in the corporation after the owner has paid for all business expenses AND all personal expenses (including clothes, mortgage, school tuition, social club membership, vacations, etc.).

Standard prerequisites to consider incorporation

Despite the very low corporate tax rate for Canadian-controlled private corporations, the prerequisites to consider incorporation have not changed: high profitability and the need to shelter retained earnings. It is also worth noting that certain types of businesses need incorporation to shelter against litigation so tax planning would not be the primary consideration in these cases.

Additionally, suppose the business operates in a city like Vancouver with high rents and operating costs. In that case, one must remember that the bar where incorporation makes sense is generally set much higher than average.

As a team of Chartered Professional Accountants, the team at Mew and Company offers small business incorporation accounting services in Vancouver. By working with small business owners, accountants can advise on the best time to discuss strategies to minimize tax burden while ensuring all tax requirements for Canadian businesses are met.

Call 604-688-9198 to learn more about small business incorporation accounting services in Vancouver.

About Mew + Company, Vancouver
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, go to website https://mewco.ca/

Lilly Woo, CPA, CA, CFE
Mew + Company Chartered Professional Accountants
604-688-9198

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

many small business owners wait until spring to start thinking about taxes, stay on top with strategies and advice to reduce tax burden

Vancouver, BC -- (ReleaseWire) -- 04/01/2024 -- As a team of Chartered Professional Accountants in Vancouver, Mew and Company understands that many small business owners are spirited entrepreneurs with products and businesses out to change the world. However, a strong focus on tax planning strategies plays a critical role in any company's success. From small business incorporation to meeting tax requirements, Mew and Company is a team dedicated to the long-term prosperity of BC's small businesses. For more, go to https://www.mewco.ca/corporate-tax-accounting-services/corporate-tax-planning/

There's no denying that corporate tax is one of the largest expenses for any successful business. To maximize savings, business owners need to be mindful of money-saving strategies year-round. One of the simplest ways to minimize tax burden is to take advantage of all the tax deductions available. That means collecting receipts of all business expenses no matter how small or large. These expenses add up and will reduce the tax bill come tax time.

For example, as more Canadians begin working from home, entrepreneurs and small business owners should be aware of tax advantages. If the primary place of business is the home, it's possible to claim a percentage of home expenses, typically in relation to the size of the workspace compared to the home. If the workspace is roughly 7% of the home, it's necessary to claim a portion of home expenses that relate to operating the business. Some examples would be utilities, house insurance, cleaning costs, property taxes, and mortgage interest.

If a business has a non-capital loss, years when expenses exceed income, a tax specialist will utilize this loss when the business finally turns a profit.

As a team of Chartered Professional Accountants, Mew and Company can offer small business owners insight and advice on strategies to help hold on to more money—and make taxes less taxing.

Call 604-688-9198 to learn more and work with a tax specialist who can address issues like:

- Strategic wage or dividend payments
- Income splitting
- Share classes and shareholding strategies
- RRSP purchase and mortgage payment strategies
- Corporate and/or personal investment trade-offs
- Corporate tax and GST/PST instalment planning
- Timely payroll remittances
- Corporate tax and GST/PST return filings
- Timely and accurate filing of T4, T5, and T3
- SR&ED credit claims

About Mew + Company, Vancouver
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients. Learn more about Mew + Company and discuss their tax services.

Lilly Woo, CPA, CA, CFE
Mew + Company Chartered Professional Accountants
604 688 9198.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

For growing businesses the small business accountants at Mew and Company introduce automated, easy to use accounting systems

Vancouver, BC -- (ReleaseWire) -- 12/14/2023 -- For Canadian solopreneurs with businesses, a cost-effective, automated, and easy-to-use accounting system is a vital strategy for growth. As Chartered Professional Accountants, the team at Mew and Company takes the legwork out of small business accounting, introducing robust systems to enhance accounting accuracy and transparency for business owners who want to set up strong, foundational accounting systems. For more, go to: https://www.mewco.ca/corporate-tax-accounting-services/accounting-system-design-and-implementation/

Through Vancouver-based accounting services, Mew and Company has embraced the role of small business accountants for over 20 years. Small businesses have unique needs. Business owners need access to information like bank balance, the status of receivables and payables, invoice payment priorities, overdue accounts payable, and general cash management priorities.

To operate efficiently and facilitate growth, business owners need proper accounting systems that offer the insights to drive good financial decisions. As small business accountants in Vancouver, the team at Mew and Company can design and implement an accounting system with services tailored specifically to different industry needs, along with the advice small business owners need, like when to incorporate, how to pay themselves, and what to do when the CRA comes knocking.

For small business accounting tailored to industry challenges, with a diverse toolset and the flexibility to adapt to growing businesses, the team at Mew and Company work hard, offering the accounting solutions small businesses need to evolve.

Call 604-688-9198 to learn about small business accounting in Vancouver.

About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services go to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604-688-9198

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

a successful succession plan starts with an optimal tax structure advises Vancouver Chartered Professional Accountants at Mew and Company

Vancouver, BC -- (ReleaseWire) -- 12/14/2023 -- Most business owners have casually come across the term succession planning—but it's about much more than deciding who inherits a business. Succession planning works to preserve equity and ensure there's a working plan for a business in the future. In many cases, having an optimal tax structure simplifies succession planning. For more, go to https://www.mewco.ca/corporate-tax-accounting-services/succession-planning/

Any entrepreneur knows creating a successful business requires years of hard work and dedication. When it's time to consider stepping down, retirement, capital preservation, selling a business or handing it off, Mew and Company offers Vancouver-based business consulting services to to optimize the process of succession planning.

Succession planning is complex and requires expert advice to ensure capital is preserved or transferred onward with as little taxation as possible. The Vancouver Chartered Professional Accountants at Mew and Company
have extensive experience with corporate reorganizations and setting up family trusts. As a trusted team, Mew's business consulting services help to minimize risks while maximizing the long-term benefits of family and team members.

Some common succession planning issues Mew and Company addresses include:

- Tax loss utilization
- Key man insurance
- Capital dividend planning
- Family trusts
- Share structures and shareholding changes
- Share for share exchanges

As an independent firm of professional accountants, Mew and Company provides strategic tax consulting and accounting services and focusses on delivering exceptional strategic tax planning, corporate tax services and personal tax services to Canadian incorporated businesses and high-net-worth individuals.

Call 604-688-9198 for business and tax consulting services to support succession planning.

About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, go to their website at https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604-688-9198

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

incorporated consultants may not qualify for the favourable 11% tax rate enjoyed by BC Corporations

Vancouver, BC -- (ReleaseWire) -- 08/15/2023 -- As Chartered Professional Accountants in Vancouver, the team at Mew + Company help individuals and businesses to minimize tax burden. It's well known that BC corporations enjoy an 11% corporate tax rate on the first $500,000 of taxable income from active business due to the small business deduction ("SBD"). However, there are rules to take advantage of this special treatment, and some apply to consultants. For more, go to https://www.mewco.ca/blog/the-costly-consequences-of-pretending-to-be-an-incorporated-consultant-2/

Some consultants may have incorporated their service businesses to take advantage of the low corporate tax rate, not knowing that their corporate income does not qualify for the favourable 11% rate.

Currently, CRA is escalating their efforts in this area – identifying incorporated employees – also known as "personal services business" or PSB in the tax world and applying the appropriate tax rules to these businesses. The final tax costs could be dire for an incorporated business that is offside with this rule. To qualify as a self-employed consultant, one must avoid being regarded as an employee by the CRA. Hence, act like a consultant and not an employee.

Below is a sample list of what "real" consultants do to stay in business:

- print business cards
- develop a website with client testimonials
- have more than one client
- join business networking groups
- buy state of the art computer equipment to improve productivity
- set their own hours
- pay for office premises to meet various clients
- stay off the paying client's group benefit plans

These are just some of the more apparent criteria the CRA uses to differentiate a consultant from an employee. Failure to establish itself as a true incorporated consultant has dire tax consequences.

Personal services businesses can only deduct wages paid to those performing the services and other employment-related expenses (which are very limited). Secondly, the corporate profit is taxed at 50% (BC rate)—way higher than the favourable 11%.

Canadian corporate tax system is based on two corporate tax rates, currently 11% for corporate profits qualifying for the SBD and 27% for corporate profits not qualifying for the SBD. These rates, in conjunction with the eligible vs non-eligible dividend tax regime, are meant to bring integration.

PSB tax rate of 50% creates integration costs, even if the dividends are taxed as eligible dividends at the personal level.

Many corporations with ongoing projects often hire consultants on a full-time basis for a predetermined period, and for various reasons, these organizations often require the consultant to be incorporated. If the service provider does not meet the self-employed test, the best tax planning option is to reduce the annual corporate taxable income to zero by paying the service provider a salary and whatever travel expenses incurred to earn the salary. Then, there is no risk of reassessment if a CRA audit occurs.

The expenses a PSB is entitled to deduct are limited to the following:

- salary paid to the service provider
- employment benefits for the service provider
- expenses that would be allowed if the individual were a commissioned salesperson
- legal expenses incurred by the corporation to collect amounts owing to it

For corporations that used the small business deduction but are subsequently regarded as a personal services business during a CRA audit, the tax costs are high. First, expenses deducted outside of the allowed expenses listed above would be disallowed and taxed at the PSB rate of 50%. In addition to the corporate taxes, these draws will be taxed personally to the shareholder. In effect, the taxpayer pays tax twice on the same funds drawn from the corporation. And, of course, there would be interest and possible penalties.

The tax consequences of an employee pretending to be a corporation is costly.
For corporate tax planning of all kinds, the team at Mew + Company works to identify the best tax planning strategies for organizations and individuals looking to minimize tax burden. Learn more by reaching Mew's team of Chartered Professional Accountants at 604-688-9198.

About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604-688-9198

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

leading provider of tips for staying on top of tax preparation in 2023

Vancouver, BC -- (ReleaseWire) -- 07/25/2023 -- The 2022 tax scramble is over. Most Canadians have already filed taxes. For those who want to avoid the panic in 2023, the Vancouver Chartered Professional Accountants have some expert advice, so businesses and individuals can file with greater ease and peace of mind. For more, go to https://www.mewco.ca/corporate-tax-accounting-services/financial-statement-preparation/

As one of Vancouver's most respected accounting firms, Mew and Company prepares financial statements for tax preparation. More importantly, they analyze results and provide the right recommendations to help limit business liability. Whether it's orporate tax planning or personal, people need to understand how Canadian tax law relates to their situation. The first step is getting started.

1. Get organized: Mew Company Chartered Professional Accountants emphasizes the importance of maintaining an organized financial filing system to keep track of receipts, invoices, and other relevant documents needed for tax filing. This not only helps clients to limit tax liability—they are ready if the CRA comes knocking.

2. Understand Canadian tax law: taxpayers who understand applicable tax deductions can work to limit liability and maximize returns. Deductions for childcare expenses, medical expenses, charitable donations, and various tax credits may be available, depending on the business and personal situations. A knowledgeable corporate tax advisor can help clients to leverage these benefits.

3. Leverage tax planning strategies: The Chartered Professional Accountants at Mew + Company also advise to explore tax planning strategies. What are the opportunities for retirement savings plans, income splitting, and tax-loss strategies?

4. As Chartered Professional Accountants, the team stays updated on the latest tax law changes—this is important for individuals who want to stay compliant with all the legislation changes.

5. Get help: seeking professional tax advice to ensure accurate and efficient tax filing cannot be underestimated. As a team of certified professionals, Mew + Company works to support clients in protecting their wealth and preserving the equity in their businesses now and well into the future.

Learn how to streamline tax preparation to minimize stress and tax burden. As a team providing strategic tax consulting and accounting services, clients can file with greater security and peace of mind.

Call 604-688-9198 for more information.

About
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604-688-9198

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Vancouver, BC -- (ReleaseWire) -- 03/13/2023 -- As Vancouver Chartered Accountants, there have been many changes made to the taxation of CCPC since the current Liberal Government came into power back in 2015. The most significant tax change is the maximum $50,000 of aggregate investment income ("AII") that a CCPC can earn before the $500,000 small business deduction limit ("SBD") is impacted. For more, go to https://www.mewco.ca/blog/taking-more-remuneration-from-your-corporation-can-be-good-tax-planning/

Once the maximum AII of $50,000 is exceeded, the small business deduction limit is reduced by $5 for every $1 additional investment income. Hence, once investment income reaches $150,000, the CCPC will not be entitled to the small business deduction the following year. Consequently, all corporate profit will be taxed at the current "big" rate of 27% (for BC resident corporations). Note that current year AII impacts the available SBD limit the following year only. The CCPC starts with the entire $500,000 SBD every year, which is reduced accordingly by the excess AII from the prior year. Exceeding the AII limit one year does not leave the CCPC with the big rate continuously into the future.

On the one hand, the 27% corporate tax rate is still a good deal for CCPC if one considers that the highest personal tax bracket is 53.5%, and this starts at $240,717 of employment income. On $200,000 employment income, the total incomes taxes is approximately $64K or 32% average tax rate plus the employer and employee portion of the CPP premiums combining for $7490.

On the other hand, there is disintegration of investment income earned in a corporation. (This is a fancy way of saying investment incomes earned in a corporation are taxed higher than investment income earned directly personally.) The refundable tax regime further penalizes corporate investment income by forcing the CCPC to pay taxes on investment income upfront. The introduction of ERDTOH and NERDTOH made dividend distribution that gave access to the refundable taxes from CRA more complex. Finally, the personal tax rates on ineligible dividends have increased annually between 2015 to 2022.

Where does this leave the CCPC shareholder with the amount and type of remuneration when tax planning?

Consider starting with a payroll remuneration of $171,000 or thereabout. This figure gives the shareholder/manager the maximum RRSP deduction amount or $30780. It also dramatically exceeds the CPP pensionable ceiling amount of $66,600. The RRSP allows tax sheltering and reduces the personal tax burden. The corporate taxes are reduced, especially if the CCPC has no SBD room. CPP contributions are being made. Dividends can also be issued to get back some or all of the refundable taxes. Best of all, lower personal tax brackets are being. Remunerations to the shareholder are not minimized but tax efficient and sustainable over the long run.

At the corporate level, the retained earnings accumulated are less than otherwise, as funds are accumulated personally and in the RRSP account instead. The AII being earned each year can be managed and massive grind down of the SBD can be avoided annually.

A relatively young shareholder will significantly benefit from the tax shelter benefits of the RRSP. The introduction of the FHSA in 2023 will increase the tax shelter benefits. Note that the corporation will also be accumulating retained earnings for investment. For more information, contact the Vancouver Chartered Accountants at Mew + Company. Call 604-688-9198 to get started.

About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, go to the website at https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604-688-9198

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

the Vancouver tax accountants at Mew and Company reduce tax burden through strategic consulting and accounting services.

Vancouver, BC -- (ReleaseWire) -- 02/28/2023 -- Mew and Company is an experienced team of Vancouver tax accountants located in the downtown core. As an independent firm that provides strategic tax consulting and accounting services to businesses and individuals, the professionals at Mew and Company use tax planning to preserve wealth and reduce tax burden. For more, go to https://www.mewco.ca/about-us/

Meticulously kept finances are crucial to success—for businesses and families. As Vancouver tax accountants, the professionals at Mew and Company work within current Canadian tax laws to maximize tax savings. Canadian tax laws are complex. By developing a sound understanding of individual businesses and families, and their unique financial challenges, Mew's chartered Vancouver tax accountants provide individualized strategies to reduce personal and corporate taxes.

As experienced Vancouver tax accountants, Mew and Company are focused on providing exceptional services to Canadian incorporated businesses and high-net-worth individuals. By providing strategic tax advice and preparation, Mew and Company helps Canadian businesses and individuals minimize tax burden in Canada, which has one of the highest rates in the world.

Core services include advising on payroll tax, capital gains tax, tax-free rollovers into Canadian corporations, succession planning, and personal and corporate tax preparations.

Through the experience of working with hundreds of clients, the Chartered Professional Accountants at Mew and Company understand the significance of planning and providing contingencies to protect hard-earned nest eggs. For businesses and families, the professionals at Mew and Company create individualized strategies to realize tax savings. To set up an appointment, call 604-688-9198.

About Mew + Company
Company Website: https://www.mewco.ca
Mew + Company offers tax solutions for Vancouver businesses. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields - including restaurants, real estate, retail, and the service industry. Investing in their specialist tax services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their tax services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604-688-9198

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

many CCPCs have received a letter from the CRA to review expenses deducted during the 2019 fiscal year

Vancouver, BC -- (ReleaseWire) -- 12/14/2022 -- Small businesses prepare--there's a wave of CRA audits going round. Small businesses with fewer than 500 employees make up a big part of Canada's economy. Many of these small businesses are Canadian-controlled private corporations (CCPCs). To survive and thrive, small businesses must be agile and responsive to changing local and international economic conditions. The pandemic-related employment shrinkages mostly affected small businesses. As Canadians try to move forward, CRA is also moving forward with many audit letters.

CRA Audits – Documents Required

In October, many CCPCs received a letter from the CRA to audit expenses deducted during the 2019 and 2020 fiscal year. Unlike past audit expeditions, this current wave of audit letters is not limited to auto or meal expenses only. It appears that any material operating expense is being reviewed, including advertising or travel, to name a few.

Regardless of the expense being reviewed, the required documentations are generally the same. The most important one is a detailed listing of the transactions with a total that agrees to the amount deducted on the corporate tax return. The review could turn into a drawn-out process if this report is unavailable. Worse, CRA could expand its review scope. Suppose a taxpayer confesses to the CRA that this report is not readily available or the one available does not agree to the reported amount. In that case, this indicates that the taxpayer's books are not in order, which often leads to automatic review scope expansion.

CRA Audits – Proof of Payment

The next document CRA asks for is, of course, the receipts to show proof of payment. Generally, only the top 10 most significant line items must be supported with a receipt—also an explanation of why the expense was incurred. Hence, a meal with a vendor or a trip overseas to meet a client needs to be explained. Of course, if relevant, the CRA would also request logs for driving or travel. Another factor to note is a visa receipt without an actual invoice is generally not accepted by the CRA. Many CCPCs have one individual shareholder or one family group owning all the shares. Proof of payment for goods and services must be in the corporation's name. Proper expense reimbursement documentation should be prepared if a shareholder paid for it. The CRA could deny an invoice billed to the shareholder and paid out of corporate funds.

CRA Audits – Prevention Measures

In summary, small businesses are busy navigating the complex and fast-changing business landscape, and proper documentation for a CRA audit may be lacking. It is always a good practice to have the following:

- A proper accounting system
- Dedicated credit card for the business only
- Ensure all expenses, particularly the big-ticket items, are billed to the corporation
- Logs for meals, driving, travel, phone calls, etc.
- Invoices billed to the actual corporate taxpayer

If these documents are unavailable during a review, the taxpayer may consider involving a professional accountant to assist with the review to ensure the scope does not expand.

If it's time to consider Corporate Tax Planning, the CPAs at Mew and Company are ready to assist. Contact 604 688 9198 to get started.

About Mew + Company Vancouver Chartered Professional Accountants
Mew + Company Vancouver Chartered Professional Accountants offers ideal solutions to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services go to their website at https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
lwoo@mewco.ca
Mew + Company Chartered Professional Accountants
604 688 9198

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Streamline tax expenses with individualized corporate tax planning services in Vancouver

Vancouver, BC -- (ReleaseWire) -- 09/22/2022 -- Corporate tax planning is an ongoing process to reduce the overall taxes owed by a business. Successful businesses leverage tax planning as a vital tool to build and protect capital. To identify and implement the best strategies, the Chartered Professional Accountants (CPAs) at Mew and Company work to understand business and lifestyle goals before creating individualized strategies. For more, go to https://www.mewco.ca/corporate-tax-accounting-services/corporate-tax-planning/

Mew and Company has focused on providing exceptional strategic tax planning, corporate tax services and personal tax services to Canadian incorporated businesses and high net worth individuals since 1997. As an experienced team, we work with organizations to preserve equity and minimize tax expenses in Canada, which has one of the highest tax rates in the world.

Corporate tax law varies depending on several factors, including location and business structure. The CPAs at Mew and Company look at both provincial and Federal law to provide meaningful solutions to clients looking for a range of services, which may include:

- Corporate withdrawal optimization
- Strategic wage or dividend payments
- Income splitting options
- Dividend strategies for adult children attending university
- Share classes and shareholding strategies
- RRSP purchase and mortgage payment strategies
- Corporate and/or personal investment trade-offs
- Corporate tax and GST/PST instalment planning
- Timely payroll remittances
- Corporate tax and GST/PST return filings
- Timely and accurate filing of T4, T5, and T3
- SR&ED credit claims
- Capital dividend elections
- Tax-free rollovers of personal assets into a corporation

Through personalized strategies that consider structure, goals, and needs, the CPAs at Mew and Company can come up with relevant plans that, when executed properly, may afford several advantages such as:

- Lowering tax rate
- Reducing taxable income
- Introducing advantageous tax credits
- Flexible payment options to minimize financial impact

Creating an effective corporate tax strategy isn't a one-size-fits-all solution. It's different for every business. Putting together the most effective plan for an organization takes a team of experienced professionals that can weigh various factors and put together a plan of action designed to meet the long-term needs of different organizations—and the people behind them.

If it's time to consider Corporate Tax Planning, the CPAs at Mew and Company are ready to assist. Contact (604) 688-9198 to get started.

About Mew + Company
Company Website: https://www.mewco.ca Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
lwoo@mewco.ca
Mew + Company Chartered Professional Accountants
604-688-9198

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Streamline tax expenses with corporate tax planning services in Vancouver.

Vancouver, BC -- (ReleaseWire) -- 07/08/2022 -- Corporate tax planning is one of the biggest investments of any business. It makes sense. Successful businesses know how to preserve equity and grow—and this is exactly what effective corporate tax planning works to achieve. For more, go to https://www.mewco.ca/corporate-tax-accounting-services/corporate-tax-planning/

As trusted corporate tax advisors in Vancouver, Mew and Company, the team member at Mew and Company work one-on-one with business owners to gain an intimate understanding of business and lifestyle goals. Through this understanding, the tax advisors at Mew and Company can suggest and implement strategies designed to make long-term goals a reality.

Effective tax specialists need a profound understanding of Canadian tax law, including how it's evolving and changing. By staying on top of both federal and provincial tax laws, Mew and Company allows clients to optimize cash flow and operations through solutions that include:

- Corporate withdrawal optimization
- Strategic wage or dividend payments
- Income splitting options
- Dividend strategies for adult children attending university
- Share classes and shareholding strategies
- RRSP purchase and mortgage payment strategies
- Corporate and/or personal investment trade-offs
- Corporate tax and GST/PST instalment planning
- Timely payroll remittances
- Corporate tax and GST/PST return filings
- Timely and accurate filing of T4, T5, and T3
- SR&ED credit claims
- Capital dividend elections
- Tax-free rollovers of personal assets into a corporation

As both the provincial and federal governments work to bring the economy back into equilibrium, leveraging corporate tax planning will become an increasingly important strategy, especially as interest rates continue to climb.

For clients looking for solutions to free up more capital and reduce tax burden, the team members at Mew and Company are ready to help with effective strategies that are 100% compliant with Canadian tax laws.

Book an appointment to sit down with a Chartered Professional Accountant to discuss Corporate Tax Planning. Contact 604 688 9198 or lwoo@mewco.ca.

About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604-688-9198

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Exchange of shares can be a powerful and versatile tool for corporate tax planning.

Vancouver, BC -- (ReleaseWire) -- 08/09/2022 -- When it comes to corporate tax planning, it can be hard to know where to begin. One of the simplest and most common methods--corporate reorganization—involves the shareholder of a corporation exchanging his/her shares in one class of existing shares, for shares of another authorized class. To learn more, go to https://www.mewco.ca/blog/vancouver-corporate-reorganization-and-tax-planning/

The primary focus of share exchange is freezing the current fair market value of the shares given up by the shareholder, referred to as the transferor. In exchange, the company issues the transferor shares in another class having the same value.

Normally, the transferor gives up all common shares in a particular class. In exchange, the transferor receives preferred shares with a fixed redemption value equal to value of shares surrendered. Since the redemption value of the preferred shares is fixed, fair market value of these preferred shares cannot increase as the performance of the company increases. Future success of the company would accrue to the other shareholders of the common class, not to the transferor.

Reorganization involving the exchange of shares is commonly used during estate planning when an estate freeze is desired. However, the reorganization approach can also be used in other circumstances beyond corporate tax planning.

For example, employee successions involving either an adult offspring—or even when an employee that is not a family member. Just as described above, the existing shareholder would freeze the current market value of his/her common shares by exchanging them for preferred shares with a fixed redemption value. The employee or offspring would be issued new common shares so that future benefits of the company would accrue to them.

Another scenario where the scenario could be initiated is a divorce settlement where each person owns 50% of the company and one spouse is no longer going to be involved with the business after the divorce. Again, the person leaving the company can be issued preferred shares (perhaps without voting rights) in exchange for the common shares.

Corporate reorganizations are an effective tool that can be employed in many situations for the benefit of all parties involved, both in business and personally. To learn more about corporate mergers and other tools, visit https://www.mewco.ca/

About Mew + Company
Company Website: https://www.mewco.ca Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, go to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

professional chartered accountants in Vancouver can help small businesses catch up on tax filing

Vancouver, BC -- (ReleaseWire) -- 07/20/2022 -- Tax time can be challenging for small business owners who wear so many hats. Marital breakdowns, family emergencies, and mental health issues are just a few of the reasons small business owners can fall behind during tax time. For those who need help catching up and filing on time, the Chartered Professional Accountants at Mew and Company are ready to assist. For more, go to https://www.mewco.ca/personal-tax-accounting-services/mewco-tax-special/

Working with a Chartered Professional Accountant can make playing catch up more manageable. From finding slips and reconciling information to discussing tax planning strategies, working with an accountant makes tax filing for small businesses a faster, easier process.

Self-Employed Businesses
For self-employed taxpayers, Mew and Company has a tax advisor on hand who can assist with organizing financial information.

Reading and following CRA guidelines can be a daunting task for individuals already overwhelmed with the number of receipts in hand. A tax organizer can help self-employed filers understand what needs to be forwarded to their tax advisor, deductions to consider under the Canadian Income Tax Act, and how to assemble and categorize all the business expenses.

For small and self-employed business owners, the tax specialists at Mew and Company are a resource that can provide greater insight into Canadian tax laws and help avoid late filing penalties.

While getting caught up won't necessarily be pain-free, the team at Mew and Company can simplify the process of tax filing—because small and self-employed business owners have other things they need to do with their time. To get started, call 604-688-9198 or reach out through the company contact form.

About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198
Company Website: https://www.mewco.ca

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

For businesses and individuals, Mew’s Chartered Professional Accountants in Vancouver leverage Canadian laws to minimize tax burdens

Vancouver, BC -- (ReleaseWire) -- 01/21/2022 -- It's already 2022. If strengthening business and minimizing tax expenditures is on the list of to-dos this year, one of the best strategies is sitting down with a Chartered Professional Accountant in Vancouver. For more, go to https://www.mewco.ca/corporate-tax-accounting-services/corporate-tax-planning/

Tax laws are complex, and every decision has an impact. Consider just a few of the questions—what's the best time to incorporate? How should an owner pay themselves? What happens if the CRA comes knocking?

As trusted corporate tax advisors to many clients in Vancouver, the team at Mew and Company specializes in understanding individual business and lifestyle goals. Chartered Professional Accountants are more than bookkeepers. They are tax professionals who work to build up an understanding of their client's business before identifying tax-saving opportunities and strategies to implement these.

Common Corporate Tax Planning Issues:

- Corporate withdrawal optimization
- Strategic wage or dividend payments
- Income splitting options with family members
- Dividend strategies for adult children attending university
- Share classes and shareholding strategies
- RRSP purchase and mortgage payment strategies
- Corporate and/or personal investment trade-offs
- Corporate tax and GST/PST instalment planning
- Timely payroll remittances
- Corporate tax and GST/PST return filings
- Timely and accurate filing of T4, T5, and T3
- SR&ED credit claims
- Capital dividend elections
- Tax-free rollovers of personal assets into a corporation

As business tax planning specialists, a Chartered Professional Accountant can provide insight about the decisions and directions that can minimize tax burden, making a business more profitable and stronger.

Learn more about corporate tax planning services. Talk to a Chartered Professional Accountant in Vancouver by calling 604 688 9198 or using the company contact form.

About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198
Company Website: https://www.mewco.ca

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Shifting tax rules and rates pertaining to dividends received from a CCPC make a detailed analysis based on current rates worth revisiting.

Vancouver, BC -- (ReleaseWire) -- 11/15/2021 -- A few years back, receiving dividends from a CCPC as opposed to getting a management salary was the more favoured remuneration method. At that time, the corporate tax rate was higher but the corporation paid this tax and bore the full burden of the cash outflow. All that's changed, which is why the Mew & Company Chartered Professional Accountants in Vancouver have published an article on shareholder remuneration. For more, go to https://www.mewco.ca/blog/salary-or-dividend-shareholder-remuneration-revisited-2021/

When personal tax rates on CCPC dividends were favourable and with no CPP withholdings on dividends, the after-tax take-home pay of a dividend from CCPC was superior to management salary.

Fast forward six years—and that no longer seems to be the case. Why? In BC, the combined corporate tax rate for a CCPC has decreased to 11 percent and 27 percent for taxable income above the small business deduction limit of $ 500,000.

However, a very complex set of rules to limit the amount of investment income earned by a CCPC was implemented in 2018. These complex rules, in conjunction with higher personal tax rates applied to CCPC dividends, have combined to revisit the better remuneration debate.

What About Management Salary?
Management salary, unlike dividends, is a deductible expense in the calculation of taxable corporate income. Hence, by choosing the management salary method, the corporation lowers its corporate taxes. However, CPP premiums are applied on management salary, maxing out at $ 3,167 for the employer and $ 3,167 for the employee for the 2021 calendar year. Hence, there is an added payroll tax cost of $ 6,334 combined on choosing the management salary. (Note: CPP is a long-term investment vehicle for the employee where there will be an annuity for the contributor starting at age 65.) However, at the personal tax level, taxes on salary have not increased as much as taxes on CCPC dividends – the first advantage.

The second advantage is that salary produces RRSP contribution room whereas CCPC dividend does not. The taxpayer receiving management salary can buy RRSP to reduce personal taxes – an option not available for the CCPC dividend recipient. As most taxpayers are aware, RRSP is a great vehicle for tax shelter.

RRSP Contributions
An investment advisor recently informed me that RRSP contributions have decreased dramatically in recent years. A reason for this may be that capital gains earned outside of an RRSP are only 50 percent taxable whereas draws from an RRSP are 100 percent taxable. This advice was given by accountants in assisting clients to choose between investing using a TFSA, a holding company, an RRSP, or personally. However, with all the whispers of the capital gains inclusion rate going back up to 66.66 or even 75 percent, RRSPs will become very relevant again.

In addition, with the complex rules implemented during 2018 on adjusted aggregate investment income earned by a CCPC, paying a salary to the shareholder/manager is a method the CCPC may have to use to avoid the 27 percent corporate tax bracket.

For those taxpayers remunerated with dividends from a corporation, this is the time to rethink if the strategy is still optimal.

Mew & Company, Chartered Professional Accountants in Vancouver, specializes in helping business owners to save time and money. For corporate tax planning services or any related questions, please contact Lilly Woo, CPA at 604 688 9198 or use the contact form.

About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198
Company Website: https://www.mewco.ca

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Tax accountants advise tax planning can help Canadians prepare for impending increases

Vancouver, BC -- (ReleaseWire) -- 09/24/2021 -- The BC economy is reopening slowly. It's time to start planning for the return to normal as the physical threats brought about by the pandemic subside. For businesses and individuals in Vancouver, the accountants at Mew + Company have released a new article advising Canadians about potential increases that could impact their lifestyle.

With all the government assistance and money printing that went on during the heart of the pandemic, taxpayers who owned assets benefitted greatly from asset appreciation. Assets such as real estate, stocks, bitcoins, etc. appreciated tremendously and continue to do so. On the flip, Canadian taxpayers also have to pick up the cost of the financial benefits provided during the pandemic. In other words, tax increases are on the way.

Higher Tax Rates in BC
The simplest way to increase revenue is by increasing the tax rate on the same amount of income. Many Canadians have noticed that income taxes have been increasing at a quick rate since 2017. Also, CPP contributions by employees and employers are expected to grow to 5.95 percent of salary by each party by year 2023, with the maximum pensionable earnings ceiling estimated to be around $ 67,000. CPP is not an income tax but a payroll tax that impacts the take-home pay of Canadian employees.

Stagnant wages, higher income tax rates, higher CPP rates with expected inflation are all expected to greatly reduce the amount of after-tax income available to meet family obligations and nondiscretionary spending.

Higher Capital Gains Inclusion Rate
For many years, there have been whispers the capital gains inclusion rate would be increased. With the asset appreciation that occurred during the pandemic, particularly with real estate prices in major Canadian cities, it's getting louder.

A higher capital gains inclusion with higher inflation and the current tax brackets will seriously impact investments returns for Canadians. Hence, the use of tax shelters will become critical. For many years, the problem with RRSPs is that withdrawals from this account (which have capital gains embedded) are taxable at 100% whereas capital gains outside of the RRSP are taxable at 50%. The use of RRSP will be crucial with a higher capital gains inclusion rate. Of course, there is always the TFSA where contributions are not tax-deductible and neither are withdrawals.

For corporate taxpayers who use retained earnings to invest, higher inclusion rates will exacerbate the very complex set of rules on investment income earned by CCPS, brought into legislation by the current government during 2017/2018.

Protecting assets means understanding evolving tax laws. This article is a small sample of tax issues potentially facing Canadian taxpayers and the tax planning opportunities that should be discussed with tax advisors before the year-end. To learn more or get started, call 604 688 9198.

About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198
Company Website: https://www.mewco.ca

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Strategic corporate tax planning works to determine the most effective methods of reducing taxation and preserving wealth.

Vancouver, BC -- (ReleaseWire) -- 08/11/2021 -- The complexity of tax laws is well known. A skilled tax accountant works to reduce taxation and build personal wealth, but a unique skill set is required for corporate taxation. At Mew + Company, the team of corporate tax accountants focuses on developing a solid understanding of a client's business and unique challenges to come with long-term strategies that work to maximize tax savings. For more, go to https://www.mewco.ca/corporate-tax-accounting-services/

As corporate tax advisors, the team at Mew + Company has facilitated many business expansions and reorganizations. Through services that include business consulting services, corporate tax planning, and succession planning, it's possible to leverage the detailed knowledge gleaned from financial statements and come up with strategies for long-term success.

Through experience working with hundreds of clients, the corporate tax accountants at Mew + Company table bespoke ideas and strategies, so a business can plan ahead and institute contingencies that prevent devaluation from high taxation.

Corporate Tax Planning Services offered at Mew + Company include:

· Tax Planning
· Succession Planning
· Accounting Systems
· Financial Statements
· Reorganizations
· CRA Audits
· Audit + Assurance Services
· Business Consulting

As a recognized team of corporate tax accountants in Vancouver, these professionals leverage years of experience working within Canadian tax laws to minimize tax burden and maximize value for clients across British Columbia. To ask a question or get started, call 604 688 9198.

About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198
Company Website: https://www.mewco.ca

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Vancouver, BC -- (ReleaseWire) -- 06/15/2021 -- Many mature businesses have endured a CRA tax audit at least once in their life. For most businesses, it isn't an issue. As Vancouver tax planners, it pays to have adequate financial records a CRA auditor can examine—the trick is knowing what qualifies as adequate records. For more, go to: https://www.mewco.ca/blog/why-a-real-general-ledger-is-the-first-line-of-defence-during-a-cra-tax-audit/

The CRA audit has changed from twenty years ago. In the past, an actual person came to the business premise to examine the books and records. If the business has a spare room or desk for the auditor, the audit was carried out on-premises. The business owner simply had to make available financial records for the auditor and avail themselves to answer questions.

Today, the auditor can be in the Winnepeg tax office while auditing a Vancouver business. This is because CRA has shifted the logistical burdens of audits solely onto the taxpayers. The taxpayer will receive a letter from the CRA informing the taxpayer of the period and the matter being audited. It is up to the taxpayer to provide all the financial information necessary to the CRA through electronic or paper format.

This lack of face-to-face meetings between the auditor and the taxpayer creates opportunities for miscommunication. CRA could conceivably not receive the information it is seeking despite availability because the taxpayer and the auditor are not in the same room to go over the information.

Why General Ledgers Are Important for Small Businesses

Most small businesses, particularly successful ones, keep a general ledger. A general ledger is a well-sorted set of financial data that is very user-friendly for accountants. It is like a logically organized garage where similar items are in the same place and can be readily counted or audited in our case.

When a real general ledger report exists, it allows the users, (taxpayer and the CRA) to examine records efficiently through sampling and various other selection criteria. It allows users to sort financial records so that they can quickly determine the tax status of various types of receipts and expenses. After all, the auditor is an employee with a workload just like any other employee. If the taxpayer cannot provide information promptly during the audit, the auditor has no choice but to reassess the taxpayer unfavorably.

Running a business is no excuse for bad paperwork. Auditors are busy and do not have time to sort through documents and receipts. If an auditor can't find the information they need—or if a business is not properly represented, the result can be a worst-case scenario.

Keeping a general ledger is a cost-effective solution that helps businesses stay out of trouble with the CRA. To learn more about setting up a general ledger, call 604-688-9198 to talk with the Vancouver tax planning specialists at Mew + Company.

About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198
Company Website: https://www.mewco.ca

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Corporate tax planners in Vancouver work to minimize the biggest expenses businesses face.

Vancouver, BC -- (ReleaseWire) -- 05/13/2021 -- Corporate income tax is one of the largest expenses of any successful business. Effective corporate tax planning is essential to minimize ongoing tax expenses, which affect not just business owners, but their families too. For more, go to https://www.mewco.ca/corporate-tax-accounting-services/corporate-tax-planning/

As trusted corporate tax advisors to many businesses in Vancouver, the team members at Mew and Company work to understand specific business and lifestyle goals before identifying and leveraging the best strategies to get there.

Through years of experience in corporate tax planning, Mew + Company supports clients in protecting their wealth and preserving the equity in their businesses now and into the future.

As Vancouver business tax planning specialists, Mew + Company is here to take care of all corporate tax planning, leaving business owners free to focus on what's important—running the business.

Common corporate tax planning addressed at Mew + Company, include:

- Corporate withdrawal optimization
- Strategic wage or dividend payments
- Income splitting options with family members
- Dividend strategies for adult children attending university
- Share classes and shareholding strategies
- RRSP purchase and mortgage payment strategies
- Corporate and/or personal investment trade-offs
- Corporate tax and GST/PST installment planning
- Timely payroll remittances
- Corporate tax and GST/PST return filings
- Timely and accurate filing of T4, T5, and T3
- SR&ED credit claims
- Capital dividend elections
- Tax-free rollovers of personal assets into a corporation

As a team of corporate tax planning specialists, Mew and Company offer a variety of accounting services for businesses and individuals. To learn more or get started, call 604-688-9198.

About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198
Company Website: https://www.mewco.ca

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Growing businesses can benefit from the insight of part-time CFO and controllership services in Vancouver.

Vancouver, BC -- (ReleaseWire) -- 01/20/2021 -- For growing businesses, Mew + Company offers part-time CFO and controllership services in Vancouver for organizations that need to bridge the gap between accessing timely and accurate financial information before hiring a full-time CFO is feasible. For more, go to: https://www.mewco.ca/cfo-controllership-services/

The chief financial officer or CFO is an important position in any company. As the senior executive responsible for managing the financial well-being of an organization, the CFO's duties include managing and tracking cash flow as well as financial planning. By analyzing finances, the CFO offers insight on perspective strengths and weaknesses as well as potential fixes.

Of course, while any organization can benefit from the insight of a CFO, having a full-time staff member can be a challenge for businesses that are still growing and have to be mindful of finances.

For those who need occasional support gathering timely, accurate financial information. Part-time CFO and Controllership in Vancouver is one of the services offered by Mew + Company.

Some of the areas where CFO and Controllership services can help include:

- Cash flow management
- Month-end reporting
- Pricing strategies
- Costing strategies
- Cost/benefit analyses
- Internal controls
- Fraud prevention

Financial information has to be managed for many reasons, including income tax compliance, obtaining financing, enticing shareholders, or to engage, and effective capital expenditure planning.

Learn more about part-time CFO and controllership services in Vancouver. . Whether it's for an incorporated Canadian business or an individual, whether it's financial statements or a comprehensive tax and estate plan, the Chartered Financial Tax Accountants can provide easy, accurate access to the financial information necessary to make informed decisions and keep moving forward.

As a team of Chartered Financial Tax Accountants, contact Mew + Company Professional Chartered Accountants in Vancouver offers an extra site of eyes and hand when needed. To learn more or get started, at 604-688-9198.

About Mew + Company, Vancouver
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198
Company Website: https://www.mewco.ca

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Minimize tax expenses with expert advice from corporate tax accountants in Vancouver.

Vancouver, BC -- (ReleaseWire) -- 01/14/2021 -- Corporate income tax is one of the largest expenses any successful business will face. As a team of corporate tax accountants in Vancouver, the chartered professional accountants at Mew and Company act as trusted advisors to business owners of all sizes. Through an individualized approach to tax planning, they work to protect wealth and preserve equity in small and medium businesses. For more, go to https://www.mewco.ca/corporate-tax-accounting-services/corporate-tax-planning/

Company finances are often tricky in a growing business. Canadian tax laws are complex. As experienced Vancouver corporate tax accountants, Mew and Company specializes in advising clients on how best to work within the current tax laws to help maximize tax savings.

Corporate tax accountants are more than nimble number crunchers. By developing a sound understanding of an individual business and its unique challenges, Mew and Company provides business consulting services, corporate tax planning, and succession planning for the most effective methods of reducing corporate taxes.

The chartered professional accountants at Mew and Company have proven expertise in helping clients protect and grow their equity. By focussing on long-term goals while maximizing benefits and tax breaks, it becomes easier for business owners to protect and grow the equity in their business--for expansion, for security, for legacy.

Common corporate tax planning offered at Mew and Company include:

- Corporate withdrawal optimization
- Strategic wage or dividend payments
- Income splitting options with family members
- Dividend strategies for adult children attending university
- Share classes and shareholding strategies
- RRSP purchase and mortgage payment strategies
- Corporate and/or personal investment trade-offs
- Corporate tax and GST/PST installment planning
- Timely payroll remittances
- Corporate tax and GST/PST return filings
- Timely and accurate filing of T4, T5, and T3
- SR&ED credit claims
- Capital dividend elections
- Tax-free rollovers of personal assets into a corporation

As a team of tax planning specialists for medium and small businesses, the chartered professional accountants at Mew and Company work to focus on tax planning, so business owners can focus on what they do best—expanding and nurturing their business. To learn more or get started, call 604-688-9198.

About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604-688-9198
Company Website: https://www.mewco.ca

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Different methods for acquiring a business can impact purchase cost and tax benefits

Vancouver, BC -- (ReleaseWire) -- 10/15/2020 -- With the reopening of the BC economy, business owners can finally pursue all the goals contemplated during the lockdown. For those wondering about the tax and legal considerations of acquiring a business, the Vancouver chartered professional accountants at Mew + Company have recently published an article on this subject. For more, go to https://www.mewco.ca/blog/tax-structure-when-buying-an-incorporated-business/

After a quiet and somewhat painful summer in BC, the economy is slowly chugging along. As business owners begin to put plans that were on-hold into action, it's advisable to consider the tax ramifications, particularly if plans include business acquisition.

For owners acquiring new businesses, there are two ways this is done: buying the shares of the company or buying the desired assets of the company.

Share Purchase

A share purchase is simply when the buyer buys the shares of the corporation from the current shareholder. From a tax perspective, share purchase is relatively straightforward for both parties. The presale assets, liabilities, and all relevant tax values of the company are inherited by the new shareholder.

If the company continues in the same line of business, the non-capital losses carry forward and can be used to offset future operating gains under the new ownership. Due to the relative simplicity of a share purchase, professional fees could be lower. The downside of a share purchase is the legal responsibility for future tax reassessments, past environmental pollution, or any other non-tax legal claims also pass onto the new shareholder.

The most significant benefit of a share purchase transaction is for the vendor. The lifetime capital gains exemption of $ 866,912 can be used to reduce the taxable capital gain. Understanding this sizeable tax benefit to the vendor on a share purchase will impact the negotiated price.

Asset Purchase

The other way to acquire a business is to buy strategic assets, which could be almost all the assets of the business. This method requires that assets being acquired be valued based on the current negotiated price with any excess of the purchase price over the fair market value of tangible assets allocated to goodwill. Hence, the buyer gets to record the acquired assets at the price paid, getting the benefits of capital cost allowance on the higher "bumped up" asset values in the future.

For the vendor, the sale of assets creates more accounting and legal work. The sale of the assets is by the company, not the shareholder. Hence, the company reports the gains and losses. Then there is also personal tax consequence from the distribution of the company's retained earnings as dividends.

The bottom line is the sale of assets is not the preferred choice for the vendor, so the buyer should expect to pay more.

As a firm of chartered professional accountants in Vancouver, the team at Mew + Company can assist in many purchase negotiations. Besides quantifying tax savings, an advisor can perform the required due diligence, providing the purchaser with greater security and peace of mind. More importantly, an accountant can advise on how to allocate the purchase for optimal business tax planning.

Anyone looking for personal or corporate tax planning services is encouraged to contact Mew & Company Professional Chartered Accountants in Vancouver at 604-688-9198.

About Mew + Company Chartered Professional Accountants
Mew + Company Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198
Company Website: https://www.mewco.ca

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Verifying important numbers is one of the most important tasks for buyers to undertake prior to purchasing a business

Vancouver, BC -- (ReleaseWire) -- 08/18/2020 -- There are many reasons to purchase a business. Acquiring a competitor to increase market share or buying out a supplier are just a couple of motivators that drive acquisitions. Whatever the purpose, it is in the buyer's best interests to verify the numbers and information being provided are true. The Vancouver Tax Accountants at Mew + Company are available for consultations when purchasing a business. For more, go to https://www.mewco.ca/blog/thinking-about-buying-a-small-business-vancouver-tax-advice-you-need-to-know/

When it's time to crunch numbers and negotiate pricing, the seller of the business has a huge advantage. As the current operator of the business, the seller has intimate knowledge factors such as competitors, demographics, labor availability, and competition that impact operations and costs.

It's up to the buyer to perform due diligence before purchase. One of the best ways to mitigate risk is by hiring an independent professional accountant. Due diligence procedures can be long and onerous. Details of the purchase can change what items need to be checked and prioritized. An accountant knows what to look for and can obtain and verify vital financial information in a quick, cost-effective manner.

For example, corporate tax and GST returns can be used to verify sales and expenses. Payroll filings can be used to double-check the number of employees on payroll. Shareholders and family members may be contributing to a business without being properly compensated. There are many methods to check that the claims being made by the seller are complete and accurate.

Naturally, the most critical information is the sales figures. With many consumers using credit and debit cards to pay for purchases, many processing platforms provide detailed sales reports and history. Accessing this information can provide vital insight on sale trajectories, transaction sizes, location of sales, best-selling items/services, and much more.

By choosing to work with a team of Chartered Professional Accountants, it's possible to gather in minutes what could otherwise take weeks.

Anyone looking for personal or corporate tax planning services is encouraged to contact Mew & Company Professional Chartered Accountants in Vancouver at 604-688-9198.

About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198
Company Website: https://www.mewco.ca

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

A summary of Federal and BC Government Economic Response to the COVID-19 Lockdown

Vancouver, BC -- (ReleaseWire) -- 04/09/2020 -- As it became clear that the social distancing protocol is going to have a tremendous impact on the Canadian economy in general and small business in particular, both the Federal and BC Government launched a variety of economic responses to help small businesses survive the lockdown due to COVID-19. A summary of the initiatives provided by the Vancouver Tax Accountants at Mew + Company is now available at https://www.mewco.ca/blog/federal-and-bc-government-response-to-the-covid-19-crisis-for-canadian-small-businesses/

It's important for business owners to familiarize themselves with relevant relief packages. To read more about Ottawa's response, go to the official link at https://www.canada.ca/en/department-finance/economic-response-plan/covid19-businesses.html#wage_subsidies

Relevant points of the Federal Response that will impact small businesses include:
- a 75% wage subsidy for up to 3 months, retroactive to March 15
- a $40,000 interest-free loan to small businesses that demonstrate they paid between $ 50K to $ 1Mil in total payroll in 2019 (If the balance of the loan is repaid before Dec 31, 2022, 25% of the loan or $ 10K will be forgiven)
- deferral of income tax payments owing or after March 18, 2020. The deferral is interest-free to Sep 1, 2020. Please note that most 2019 installments were owing prior to March 18, so interest will accrue on that

All businesses including the self-employed may defer GST payments until June 30, 2020. That means annual filers do not need to pay until June 30. Quarterly filers need not pay for 2020 Q1 until June 30. Monthly filers need not pay Feb, March and April 2020 until June 30. The CRA has also frozen collection actions, new audits, and audits in progress.

The article goes on to outline BC's response to the crises, which can be read fully at https://news.gov.bc.ca/releases/2020PREM0013-000545. In a nutshell, PST filing and payments have been deferred till Sep 30, 2020.

While Mew + Company will be not be seeing clients while social distancing measures and restrictions remain in effect, the office is open for inquires and questions by phone and email. Please email any question to the office along with a relevant cell number/email. Every effort will be made to answer questions in a prompt and thorough fashion.

About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198
Company Website: https://www.mewco.ca

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Accounting system services are in-demand with growing businesses looking for technical solutions to help automate accounting in Vancouver

Vancouver, BC -- (ReleaseWire) -- 03/17/2020 -- For businesses seeking to grow, the importance of a cost-effective, automated and easy to use accounting system cannot be overemphasized. As chartered professional accountants in Vancouver, the team at Mew + Company understand how to leverage accounting software for greater business efficiency and integrity. For more, go to: https://www.mewco.ca/corporate-tax-accounting-services/accounting-system-design-and-implementation/

The design and implementation of accounting systems services is a long-term solution that can allow businesses to increase accounting efficiency and decrease expenses. As a provider of Vancouver-based accounting services to clients in a variety of businesses and industries, the accountants at Mew + Company understand that efficient operations and growth often hinge upon financial information that's accurate and up to date.

Leveraging technical accounting solutions opens up a new world for many businesses. It allows key personnel timely access to information like current bank balances, the status of receivables and payables, invoice payment priorities, overdue accounts payable, and general cash management priorities.

Working with Mew + Company to install and leverage accounting systems services means strengthening the timeliness and accuracy of billing and collections. However, no two businesses are quite the same when it comes to optimizing account systems and minimizing risks and errors. As a licensed QuickBooks Advisor, the chartered professional accountants at Mew + Company can help evolving businesses take control through the design and implementation of tailored accounting software. These solutions are powerful and adaptable, evolving with businesses and their owners.

To learn more about part-time system design and implementation of technical systems that can help streamline and automate accounting, contact Mew + Company at 604-688-9198 or email Lilly Woo at lwoo@mewco.ca.

About Mew + Company
Mew + Company, Vancouver, is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields—including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to https://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198
Company Website: https://www.mewco.ca

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm