GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Meals and Entertainment


Synonyms:allowance for expenses, entertainment allowance
Acronyms &
abbreviations:
M&E
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.

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