5 BULLET FRIDAYS - Tax Mechanic News, Tips & Strategies

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Canada Caregiver Credit — 2025 Snapshot

What it is: A non-refundable federal credit that lowers your tax when you support a spouse/partner or relative with a physical or mental impairment. Eligibility hinges on genuine support (e.g., food, shelter, clothing) and the dependant’s net income.

✅ Eligibility at a Glance

• Who qualifies: Spouse/common-law partner; your (or your spouse’s) child, grandchild, parent, grandparent, sibling, aunt/uncle, or niece/nephew who lived in Canada at any time in the year.

• Pro tip: Only one person can claim a given dependant—splitting is not allowed.

💡 What You Can Claim (maximums)

Amounts and line references per CRA (updated Jan 21, 2025). Actual claim depends on your situation and the dependant’s net income.

🧾 Documentation (keep, don’t send)

• A medical practitioner’s statement noting onset and expected duration of the impairment may be requested.

• No statement needed if CRA already approved Form T2201 (Disability Tax Credit Certificate) for the period.

🗂️ How to File

Complete Schedule 5 to calculate amounts for lines 30300, 30400, 30425, 30450; enter line 30500 on your return. Build this into your filing checklist early to avoid missed credits.
Source: Canada Revenue Agency

📈 79 Years of Investing Wisdom — Distilled into 55 Minutes

In a rare masterclass on disciplined wealth creation, Howard Marks — co-founder of Oaktree Capital and one of the most respected voices in finance — shared nearly eight decades of investing wisdom with Sam Parr and Shaan Puri on My First Million (Episode 738). The conversation wasn’t just about markets; it was about how to think when the world feels uncertain.

🔑 Key Insights That Redefine Strategy

🌐 Why It Matters Now

Markets are cyclical. Technology, geopolitics, and policy may shift rapidly, but the principles Marks outlines remain durable across decades. For executives, advisors, and entrepreneurs alike, his message is clear: lasting success comes not from predicting the future, but from mastering your own behavior when it arrives.

👉 For leaders serious about compounding capital and credibility, this episode isn’t just recommended listening — it’s required.

🎧 Listen here: My First Million, Ep. 738

🏡 Demystifying Home Financing: 5 Mortgage Myths Every Buyer Should Know

When it comes to homeownership, misinformation can cost you both confidence and cash. Too often, Canadians hesitate to act because of outdated or misunderstood mortgage rules. Let’s cut through the noise and spotlight the truths that actually matter.

🔍 The 5 Myths, Debunked

💡 Why It Matters

Clarity is power. By separating myth from fact, you gain not just financial readiness, but peace of mind. Homeownership is more achievable than many realize — with the right knowledge and a trusted advisor, you can navigate the process with confidence.

📞 Connect with Genelle

Have questions or want tailored guidance?
Genelle George is here to help you every step of the way.

• 📱 Call: 416-854-7697

• 📧 Email: [email protected]

Your mortgage journey doesn’t have to be overwhelming — let’s make it next level.

🚨 Canadians Losing Access to CRA Call Centres: A Service Crisis in the Making

When trust in institutions is already fragile, the last thing citizens want is silence on the other end of the line. Yet that’s exactly what Canadians are facing when trying to reach the Canada Revenue Agency (CRA) by phone.

📉 The Numbers Tell the Story

The Union of Taxation Employees (UTE) warns that massive job cuts have gutted CRA’s call centres. Since May 2024, nearly 3,300 call centre jobs have been eliminated, leaving fewer than 5% of callers able to reach an agent. The ripple effect is profound: exhausted staff, angry taxpayers, and mounting backlogs.

Here’s the breakdown:

💬 Human Stories Behind the Stats

• Krista Tucker Petrick, executor of her late stepmother’s estate, called the CRA 671 times in a single day. Each attempt ended with an automated loop. “I was in tears,” she said.

• Erin Rudd, a Regina bookkeeper, dedicates an employee daily to redialing CRA—often without success. Her plea: “Help.”
  Source: CBC News (Sophia Harris, Aug 22, 2025)

Spotlight: The Canada Caregiver Credit

Most Canadians know the CRA for collecting taxes, not giving them back. But as Fraser highlighted in his latest video, the Canada Caregiver Credit (CCC) flips that script — offering thousands of dollars in relief to those supporting family members with physical or mental impairments.

@taxmechanic

Canada Caregiver Credit (CCC): flip the CRA. If you support a spouse/partner, adult dependant (18+), or a child/relative with an impairmen... See more

🗝️ Key Takeaways

🚀 The Action Step

If you’re supporting a spouse, child, or relative, don’t leave this money unclaimed. The Canada Caregiver Credit could be worth thousands — dollars better spent on your family’s future.