5 BULLET FRIDAYS - Tax Mechanic News, Tips, Strategies

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Tax Mechanic
September 20, 2024

Bite-size tax and finance-related information that could save you $$$

Welcome to Tax Mechanic Insights!

This is the newsletter that transforms your tax worries into financial wins. Whether you’re dealing with personal or corporate taxes, our expert team is here to guide you every step of the way.

Today’s edition is brought to you by Tax Mechanic – your trusted partner in navigating the complexities of the Canadian tax system.

Join the Tax Mechanic community today and take control of your financial future.

Canada Revenue Agency and Workplace Safety and Insurance Board Partner to Offer New Payment Option for Ontario Businesses

From: Canada Revenue Agency

News Release

The Canada Revenue Agency (CRA) and the Workplace Safety and Insurance Board (WSIB) are pleased to announce a new payment option for Ontario businesses. Ontario businesses with a business number can now report their insurable earnings and make WSIB account payments through their CRA My Business Account. This new service allows businesses to take advantage of a quick and secure method to pay their WSIB premiums using pre-authorized debit.

Ontario businesses that do not have a CRA My Business Account and wish to use this service can easily register through the CRA’s website.

CRA’s My Business Account is a secure online portal that provides an opportunity to interact electronically with the CRA on various business accounts. These accounts include:

  • GST/HST

  • Payroll

  • Corporation income taxes

  • Excise taxes

  • Excise duties

  • And more

Managing your business’s tax affairs with My Business Account is convenient, easy to use, fast, and secure.

This new option for Ontario businesses simplifies the management of WSIB payments online. For more information on other payment options, businesses can visit wsib.ca.

My $0 to $1 Million Guide - How I Would Start Over in 2024

In this insightful episode of the “My First Million” podcast, Shaan Puri shares his blueprint for starting from scratch and building a million-dollar business in 2024. Here are the key takeaways:

  • Optimize for Your Current Phase: Focus on where you are in your journey and tailor your actions accordingly.

  • Identify Your Edge: Leverage your unique skills, network, or perspective to stand out.

  • Join a Company or Start a Company?: Weigh the pros and cons based on your goals and circumstances.

  • Work on an A+ Problem: Solve significant problems that have a high impact.

  • Create Luck: Be proactive and put yourself in situations where opportunities can arise.

  • Service Agency Blueprint: A step-by-step guide to starting and scaling a service agency.

  • Invest in Yourself: Continuously improve your skills and knowledge.

  • Leaving a Legacy: Think long-term and build something that lasts.

This episode is packed with actionable advice and practical steps to help you start over and build a successful business from the ground up. Whether you’re just starting out or looking to pivot, Shaan’s guide provides a comprehensive roadmap to achieving your financial goals in 2024.

Maximize the Potential of Your Corporation’s Tax Losses

Are you aware that tax losses can be a hidden asset for your corporation? In Canada, these losses can be strategically valuable. If your corporation is currently facing tax losses, it might hold more value than you realize.

Turn Tax Losses into Financial Gains:

Strategies to Utilize Your Corporation’s Tax Losses

Consider these options to benefit:

  1. Sell Your Corporation: Corporations with tax losses can be attractive to other entities looking to offset their taxable income.

  2. Acquire a Corporation with Tax Losses: If you aim to reduce your taxable income, purchasing a corporation with tax losses can be a wise decision.

Get in touch with us today to explore how you can leverage tax losses to your advantage. Schedule a consultation to discuss your options. If you’re interested in buying a corporation with tax losses, contact us for more details.

CRA Expands Service Hours After Callers Unable to Reach Agents


Due to a high volume of calls, the Canada Revenue Agency (CRA) has extended its service hours. This change follows a request from the taxpayers’ ombudsperson to prevent callers from being blocked during regular hours.

The Office of the Taxpayers’ Ombudsperson found that the CRA’s telephone system was preventing callers from reaching an agent if the contact centre was not open in the time zone associated with the caller’s phone number.

The CRA’s enquiry lines are now open Monday to Friday from 6:30 AM to 11:00 PM and Saturday from 7:30 AM to 8:00 PM Eastern Time. Previously, the contact centre was open Monday to Friday from 8:00 AM to 8:00 PM and Saturday from 9:00 AM to 5:00 PM local time.

Taxpayers’ ombudsperson François Boileau stated that this change provides “equal access” to Canadians across the country. He added that his office is monitoring how to better address CRA call volumes, noting that the CRA is taking steps to meet call demand.

Source- Global News By Saba Aziz

Expert Insight by Fraser Simpson

Unlock Your Freedom with Tax Mechanic: Professional Bookkeeping Services

In today’s fast-paced world, there are two types of people: those who manage their own bookkeeping and those who choose to live life to the fullest by entrusting their bookkeeping to professionals. At Tax Mechanic, we believe in giving you the freedom to enjoy life without the stress of managing your finances.

Imagine this: while you’re out sailing on a yacht, exploring new horizons, or simply spending quality time with your loved ones, your bookkeeping is being meticulously handled by our team of experts. With Tax Mechanic, you can rest easy knowing that your financial records are accurate, up-to-date, and compliant with all regulations.

Tax Mechanic and team helping people to gain Knowledge on social media too. Make sure, you follow Tax Mechanic to get the information you need.

Was this meant to scare you? Well, yes and no. We all know that if you get flagged, the CRA can cause you some serious headaches. But the Tax Mechanic is here to watch your back.

Here’s the Deal:

When you choose Tax Mechanic to handle your corporate tax filings for multiple years, we’ll file one year completely FREE of charge! Yes, you read that right – we’ll take care of one year’s return at no cost when you trust us with your multi-year filings.

Why Choose Tax Mechanic?

  • Customer-Oriented Service: At Tax Mechanic, our clients are our top priority. We’re dedicated to providing personalized service tailored to your unique needs.

  • Always Available: Got questions? We’re here for you. Our team is always ready to address your queries and provide the support you need.

  • 35+ Years of Experience: With over three decades of expertise in the industry, we bring a wealth of knowledge and experience to ensure your taxes are filed accurately and efficiently.

  • Trustworthy and Reliable: We pride ourselves on our reputation for integrity and trustworthiness. You can count on us to handle your tax matters with the utmost professionalism.

Why Wait? Simplify Your Tax Filing Today!

Take advantage of this limited-time offer and let Tax Mechanic make your tax filing process seamless and cost-effective. Don’t miss out on the opportunity to save on your corporate tax filings.

Contact Us Today!

Ready to get started or have questions about our services? Reach out to us now to learn more and take the first step towards stress-free tax filing.

And that, my friends, is it for this Friday. Have a safe and fun-filled weekend! If tax problems weigh you down, all it takes is a call to start fixing them.