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5 BULLET FRIDAYS - Tax Mechanic News, Tips, Strategies
Tax Mechanic
March 07, 2025
In partnership with
Bite-size tax and finance-related information that could save you $$$
Welcome to Tax Mechanic Insights! 📬
🌟 Overview |
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Welcome to your definitive newsletter for transforming tax troubles into triumphs. 💼 Whether you're managing 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. 🛠️💡📊 |
📊 2025 Tax-Filing Season: Individual Income Tax Return Statistics
Source: CRA
The Canada Revenue Agency (CRA) has released the initial assessing statistics for T1 income tax and benefit returns for the 2025 tax-filing season (February 2025 to January 2026). The data covers:
Returns received by filing method 📥
Returns assessed by result (refund, balance owing, or nil return) 📊
A five-year overview of returns assessed by filing method 📈
Returns Received by Filing Method 📑
Below are the returns received from February 7, 2025, to March 3, 2025:
Filing Method | Number of Returns | Percentage of Total |
|---|---|---|
EFILE | 735,250 | 44% |
NETFILE | 850,870 | 51% |
SimpleFile Services (SFS) | 11,040 | 1% |
Total Electronic Returns | 1,597,160 | 96% |
Paper | 72,670 | 4% |
Total Returns | 1,669,820 | 100% |
Electronic Filing Methods 💻
EFILE: Allows authorized service providers to send tax return information directly to the CRA.
NETFILE: File your tax return directly using Internet and certified software.
SimpleFile Services (SFS): File by phone, digitally, or by paper.
Returns Assessed by Result 🧾
Returns assessed from February 8, 2025, to March 3, 2025:
Assessment Result | Number of Returns | Total Dollar Value | Average Amount Per Return | Percentage of Refunds |
|---|---|---|---|---|
Refund by Cheque | 82,200 | $150,617,000 | $2,000 | 9% |
Refund by Direct Deposit | 813,910 | $1,949,576,000 | $2,000 | 91% |
Total Refunds | 896,110 | $2,100,193,000 | $2,000 | 100% |
Balance Owing | 158,340 | $1,432,959,000 | $9,000 | n/a |
Nil Return | 275,570 | n/a | n/a | n/a |
For information on setting up direct deposit, click here 💳.
Initial Assessing Statistics (2025) 📈
Initial assessments from the past five years:
Tax-Filing Season | EFILE (%) | NETFILE (%) | SFS (%) | Paper (%) | Total |
|---|---|---|---|---|---|
2024 | 60% | 32% | 0% | 8% | 33,450,020 |
2023 | 60% | 32% | 0% | 8% | 32,275,550 |
2022 | 59% | 32% | 0% | 8% | 31,281,270 |
2021 | 58% | 33% | 0% | 9% | 30,922,510 |
2020 | 57% | 33% | 0% | 10% | 30,832,080 |
Stay informed, stay compliant.
📢 The 6 Greatest Marketing Ads of All Time
Episode 683: Shaan Puri & Craig Clemens 📈🎤: Join Shaan Puri as he sits down with marketing genius Craig Clemens to delve into the greatest marketing lines in history. 🌍🚀
Key Highlights ✨
Timeless Messages: Simplicity and directness in ads. 💍🎣
Strategic Brilliance: Iconic marketing strategies. 🧠
Attention-Grabbing: Shock value and urgency in ads. 🚨
Perseverance: Value in rejection. 🔄
This episode is packed with timeless insights and practical tips for anyone passionate about marketing and advertising. 🌐💼✨
Elevate Your Homeownership Journey 🏡 No Income Verification Mortgages for Business Owners in Ontario
Welcome Business Owners!
Ready to elevate your homeownership journey? Discover no income verification mortgages designed specifically for Ontario's entrepreneurs. 🏠✨
Why This Matters:
Traditional Income Verification:
Challenging for business owners.
Many reinvest profits, leading to lower reported income.
No Income Verification Mortgages: Simplify the process and leverage your business's potential.
What You Need to Know:
Flexibility: Secure financing based on your business’s overall financial health.
Alternative Documentation: Use bank statements or proof of business ownership.
Considerations: Higher interest rates or larger down payments may apply.
💼 Pro Tip: By providing alternative documentation, you can demonstrate your financial stability and achieve your homeownership dreams. ✅
Take the Next Step 🚀
Ready to unlock your potential? No income verification mortgages are your gateway to securing the home you've always wanted, so you can focus on growing your business. 🌟
Our Mission: Genelle believes every entrepreneur deserves to achieve their homeownership goals. We guide you through the mortgage process with the knowledge and support you need. 📈🤝
Act Now! 🏡💫
Don't let traditional barriers hold you back. Embrace the possibilities of no income verification mortgages and take the next step toward your dream home today!
Tax Year 2024 Trust Reporting Reminders📅
Canada Revenue Agency (CRA) : March 3, 2025
The Canada Revenue Agency (CRA) has released important updates and reminders for trust reporting for the 2024 tax year. Please review the key points summarized below to ensure compliance with the new requirements.
Content | Details |
|---|---|
📝 Enhanced Trust Reporting Rules | Affected trusts must file a T3 Income Tax and Information Return (T3 return) and Schedule 15 (Beneficial Ownership Information of a Trust), unless specific conditions are met. |
❗️ Bare Trusts Exemption | Bare trusts are exempt from filing a T3 return and Schedule 15 for the 2023 and 2024 tax years, unless requested by the CRA. |
📘 2024 T3 Return and Guide | The T3 return and T4013 T3 Trust Guide for the 2024 tax year are available online. Updates to the trust reporting requirements FAQ will also be published. |
📅 Filing Deadline | Trusts must file their T3 return within 90 days after the trust's tax year-end. Example: Trusts with a December 31, 2024 tax year-end must file by March 31, 2025. |
💼 Trusts with Capital Disposition | Effective January 1, 2026, the CRA will revert to the capital gains inclusion rate of one-half. Relief for late-filing penalties and arrears interest will be granted until May 1, 2025, for impacted trust filers. |
Trust reporting for the 2024 tax year
Fraser explained that for the 2024 tax year, the Canada Revenue Agency (CRA) will enforce enhanced trust reporting rules. Affected trusts must file a T3 Income Tax and Information Return (T3 return) and include Schedule 15 (Beneficial Ownership Information of a Trust), unless specific conditions are met. Here's the detailed video on TikTok by Fraser.
@taxmechanic "CRA crackdown! Avoid penalties!" "Trusts: T3 return + Schedule 15" "Bare trusts: No filing needed (2023 & 2024)" "Capital gains: 50% unti... See more
Important Updates for 2024 Tax Year
T3 Return Requirement: Most trusts must file with Schedule 15 (Beneficial Ownership Information).
Bare Trusts: No filing needed for 2023 and 2024 unless requested by CRA.
Capital Gains: 50% inclusion rate remains until January 1, 2026.
Key Deadline Reminder
Deadline: File by March 31, 2025, if the trust's tax year ended on December 31, 2024.
🔧 Why Tax Mechanic? 🔧 |
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Exclusive Access: Get a dedicated technician and manager. Expertise on Tap: Fraser Simpson with 35+ years dealing with CRA. AI Agents: Cutting-edge support. Community & Strategies: Join a network of tax strategies and shelters. Focused Attention: Personalized service just for you. |
And that's a wrap for this Friday, folks. Have a safe and fun-filled weekend! 🌟🎉 |
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