Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately

Meals and Entertainment

Synonyms:allowance for expenses, entertainment allowance
Acronyms &
Filed Under: financial-banking, investments, taxation
Tags: accounting, business, investment

Definition of meals and entertainment (M&E)

meals and entertainment (M&E)
1. Expenses that are deductible in your business may include meals and entertainment, such as the cost of taking a client to a restaurant and a sporting event. These expenses, however, are only partially deductible (50 % in Canada)

Related Terms and Acronyms:

  • business interest expense   Interest acquired in business operations can be deducted as a business expense.
  • expensing   Government tax law allows individuals to expense certain business activities.
  • self employed person (SEP)   A person who runs a trade or business, rather than working as an employee for someone else. You are self-employed if you are a sole proprietor or a partner working in a business. You can be an employee and self-employed at the same time if you have an independent business outside your regular employee hours. To qualify for many business tax exclusions and deductions, the enterprise must make a profit in three of five years. In most cases in order to qualify you must take and average of the last 2-3 years tax assessments.
  • tax deduction   An expense that governments allow you to subtract from your income before computing your income tax.

Search the Glossary

Try Our Mortgage Calculator
Do you ever doubt the mortgage advice your bank manager gives you? You'd better, because they're looking at their own bottom line when they tell you to refinance and lock in for longer. Use our mortgage calculator to examine their claims, and find out if what they say is really in your best interest.
Mortgage Rates
Check out how we stack up against our competition and compare our mortgage rates.
Mortgage Rates
Compare Today's Best Rates
We have nothing to hide and that's why we post all of Canada's current mortgage rates for you to compare. We strive to maintain our spot at the top of that list each and every day with the best mortgage rate available.
Compare Rates