5 BULLET FRIDAYS - Tax Mechanic News, Tips & Strategies

Welcome to Tax Mechanic Insights! 📬

Avoid the 1% Penalty: How to Stay Within Your TFSA Contribution Limit

📌 A Hidden Tax Trap for Savvy Investors
TFSAs have helped Canadians grow wealth tax-free since 2009—but overcontributing can cost you. Automated deposits or multiple accounts can push you past your limit, triggering a 1% monthly penalty from the CRA.

➤ “Even the most diligent savers can get caught off guard when they lose track of their TFSA limits.”

📊 Know Your Numbers: What Counts Toward Your TFSA Limit

✅ Use your CRA MyAccount portal to view current limits and transactions.

🛡️ Prevent Penalties and Protect Your Gains
To avoid unnecessary taxes and keep your investments growing tax-free:

• Track all contributions—especially across multiple institutions

• Turn off auto-deposits if you're near your limit

• Use CRA’s MyAccount to monitor available room

• Act fast! If you overcontribute, withdraw the excess immediately

If you receive a notice of overcontribution, you can request a waiver of penalties by providing a detailed explanation to the CRA.

Source- CRA News

 🚀 The 24-Hour Masterclass in Leadership & Performance

Spending a day with a billionaire is more than networking—it's a masterclass in strategy, mindset, and execution. Conversations with top performers reveal how the elite stay ahead—and why most don’t.

➤ “It’s not about working harder. It’s about raising your standard for what’s possible in a single day.”

💡 6 Key Insights from Elite Leaders

🎧 This episode is featured on My First Million 

🏡 Fast-Track to Freedom: Proven Strategies to Pay Off Your Mortgage Sooner

Becoming mortgage-free isn’t just a dream—it’s a strategic financial goal that can unlock new opportunities for investment, security, and peace of mind. Whether you're an executive optimizing cash flow or a family looking to lighten the financial load, these practical tactics can dramatically reduce your loan term and total interest paid.

💡 Smarter Moves for a Faster Payoff

The traditional 25- or 30-year mortgage doesn’t have to be your reality. With some intentional planning and discipline, you can shorten your amortization—and save thousands.

📊 Accelerated Mortgage Reduction Tactics

➤ “Your mortgage shouldn’t be a lifelong burden—it can be a short-term tool to build long-term wealth.”

📬 Ready to Strategize?

Work with Genelle George, a trusted mortgage professional who can help you navigate personalized options, optimize your payments, and align your plan with your financial goals.

🔗 Reach out to Genelle today to unlock your mortgage freedom timeline.

Disputing a CRA Decision? Here's How to File an Objection That Counts

⚖️ When to Push Back—And How to Do It Right

Not every CRA decision is final. Whether it’s a tax notice, CPP ruling, or GST/HST assessment, filing an objection can protect your rights and reduce costs—but timing is critical.

➤ “An objection isn’t just paperwork—it’s your formal path to a fair review.”

📊 Common Types of CRA Objections & Deadlines

✅ Late filing for Phoenix-related payments is allowed only via CRA MyAccount and applies solely to PSAC members with 2022 lump-sum payments.

🛠️ Best Practices for Filing an Objection

• Be specific—Clearly outline the decision you’re contesting

• Act promptly—Missed deadlines may forfeit your right to object

• Submit supporting documents—Facts win formal reviews

• Track processing times—Objections can be delayed due to volume

➤ “Only those who file formal objections will benefit from relevant CRA settlements.”

🔗 Learn More

CRA Adjusted Your Return? Here’s What to Do Next—Fast !

🎥 In Our Latest TikTok: Your CRA Return Was Changed—Now What?

If you’ve received a Notice of Adjustment or Reassessment, chances are the CRA thinks you owe more tax. It could be from a missed T4, denied credits, or a clerical error. But here’s the truth: you can fight it—and win.

➤ “You have 90 days to object. Miss that window, and your options shrink fast.”

@taxmechanic

🚨 Got a CRA reassessment or adjustment you disagree with? Here’s how to challenge it, protect your rights, and get the clarity you deserve... See more

✅ Fast Action Plan !

📊 Your Response Roadmap

💡 Don’t Delay

Your return. Your rights. Your money.
Act quickly, document clearly, and file if needed.

🌟 Book a call today if you need help with your taxes or want trusted advice that gets results.

💼 Email: [email protected]
🛠️ Let’s make your next move your smartest one.