- 5 Bullet Fridays
- Posts
- 5 BULLET FRIDAYS - Tax Mechanic News, Tips, Strategies
5 BULLET FRIDAYS - Tax Mechanic News, Tips, Strategies
Tax Mechanic
October 18, 2024
In partnership with
Bite-size tax and finance-related information that could save you $$$
Welcome to Tax Mechanic Insights!
Your go-to newsletter for turning tax troubles into triumphs. Whether you're handling personal or corporate taxes, our seasoned experts are 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.
At Tax Mechanic, we’re more than just a service; we’re a community. Join us today and take the reins of your financial future.
Verifying CRA Calls: Protect Yourself from Scams and Fraud
When you receive a phone call from the Canada Revenue Agency (CRA), it's essential to be cautious. The CRA employee will identify themselves by providing:
Their name
A phone number to call back
Confirming a Phone Number Is from the CRA
Never call the phone number provided to you unless you have verified it yourself with the CRA. Follow these steps to verify a CRA callback number:
Do Not Share Personal Information: Since you cannot be certain if it's really the CRA calling you, refrain from sharing any personal information with the caller.
Get the Caller’s Information: Request the following details from the caller:
Their name
The office name or location
A phone number to call back
Their Badge Number
Tell the Caller You Will Verify Their Information: Inform the caller that you will verify their information before calling them back.
End the Call: You can confirm the authenticity of the CRA number by using the verify phone number tool.
Verify a CRA Phone Number
Do not attempt to verify the phone number during the call or rely on the number displayed on your caller ID. Instead, end the call and use the tool provided on CRA website to verify the callback number.
Enter "1" followed by the 10-digit phone number you were given to call back.
You can also verify a phone number by referring to the CRA's list of phone numbers.
If You're Still Unsure the CRA Contacted You
There are times when the CRA may need to contact you for various reasons, such as:
Asking for additional or missing information
Discussing an amount you owe
Notifying you about an upcoming review
Stay vigilant and always verify the identity of the caller to protect yourself from scams and fraud. If you have any doubts, visit the CRA website or contact them directly using a verified phone number. Your caution could save you from potential financial and personal information threats.
Source: Canada Revenue Agency.
Episode 637: Unraveling Bitcoin's Biggest Mystery
In this episode of My First Million, Sam Parr and Shaan Puri also welcome renowned entrepreneur and online marketing expert, Neil Patel. From his beginnings as a blogger to generating nine figures in revenue, Neil shares his incredible journey and insights. This episode is packed with inspiration, business strategies, and unique perspectives on current market trends.
🎧 Tune in to hear:
The Making of Satoshi: Dive into the origins of Bitcoin's mysterious creator.
Is Peter Todd the Guy?: Explore the theory surrounding Peter Todd's potential involvement.
A "1 Minute" Case for Bitcoin: A quick yet compelling argument for Bitcoin's value.
"It's Political Suicide to Not Be Pro Crypto": Discuss the political implications of cryptocurrency.
Must-Watch Crypto Thriller Movies: Recommendations for thrilling crypto-related films.
SBF and FTX Update: Latest insights on Sam Bankman-Fried and the FTX saga.
Maximize the Potential of Your Corporation's Tax Losses
Unlocking the Value of Tax Losses
Tax losses can be a hidden asset for your corporation. In Canada, these losses can offer strategic value. If your corporation is currently experiencing tax losses, it might hold more potential than you realize.
d
Turn Tax Losses into Financial Gains
Strategies to Leverage Your Corporation’s Tax Losses
Sell Your Corporation- Corporations with tax losses can be highly attractive to other entities looking to offset their taxable income.
Acquire a Corporation with Tax Losses- If your goal is to reduce taxable income, purchasing a corporation with tax losses can be an astute financial move.
Get in Touch
Explore how you can maximize your tax losses to your advantage. Schedule a free consultation with us today to discuss the potential benefits and strategies tailored to your corporation.
By implementing these strategies, your corporation can turn tax losses into financial gains, providing a significant advantage in your financial planning.
CRA Fires 330 Employees for Inappropriately Claiming CERB
Posted October 16, 2024 4:52 pm
More than 300 employees of the Canada Revenue Agency (CRA) have been terminated in the past year for inappropriately receiving the Canada Emergency Response Benefit (CERB) during the COVID-19 pandemic. The final round of firings occurred in the past three months. In total, 330 individuals lost their jobs at the federal agency after receiving a benefit they were ineligible to receive, according to a final update from the CRA to Global News.
Last year, the CRA launched an internal review and identified approximately 600 employees for further investigation. The $2,000-per-month CERB was rolled out by the CRA between March and September 2020, during the early months of the pandemic.
Key points:
185 employees were investigated but not fired, though 40 faced disciplinary actions, such as suspension.
Some cases concluded as the employee was no longer with the agency or was found to be a victim of identity theft.
Those who accessed CERB inappropriately are required to repay the money if they have not already done so.
“The actions of some should in no way undermine the honesty and integrity of the tens of thousands of CRA employees who work every day in an exemplary manner to serve Canadians,” a CRA spokesperson said in an email.
A small number of cases, such as those involving employees on medical or extended unpaid leave, are still under review and will take additional time to complete.
Source: Global News
Expert Guidance by Fraser Simpson: Leveraging AI for Tax Efficiency
Our latest TikTok video dives into how AI can lower your tax liability. Whether you're a small business owner or an individual taxpayer, these tips can help you maximize savings and navigate the CRA audit process with confidence.
Automated Bookkeeping & Expense Tracking
Tax Planning & Optimization
Tax Law Analysis
Minimizing Audit Risk
Tax Resolution
AI-Powered Tax Court Support
Optimized Tax Filing
For more details, watch the video to get the full rundown.
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.
Tax Mechanic: Your Partner in Corporate Tax Filing
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.
If you're frustrated by one-sided reporting, our 5-minute newsletter is the missing piece. We sift through 100+ sources to bring you comprehensive, unbiased news—free from political agendas. Stay informed with factual coverage on the topics that matter.