5 BULLET FRIDAYS - Tax Mechanic News, Tips, Strategies

Welcome to Tax Mechanic Insights! 📬

💼 Reporting Business Income & Expenses – Made Simple

Source: Canada Revenue Agency (CRA)

If you’re self-employed, running a business, or earning commission income, reporting accurately is key 🔐. The CRA recommends using Form T2125 — the simplest and most efficient way to report your business or professional activities.

📎 Other formats of financial statements are also accepted, but this form keeps it clean, clear, and CRA-compliant ✅.

🔍 Key Reporting Topics

📚 CRA Resources for Deeper Guidance

• 📘 Guide T4002 – Self-employed, Farming & Fishing

• 📑 IT-206 Bulletin – Separate Businesses

🗞️ Inside the $100M+ Newsletter Empire

🎙️ Episode 693 – Featuring Fraser, Alex Lieberman & Austin Rief
Host: Sam Parr

Want to grow a newsletter into a nine-figure business? This episode is a masterclass from the people who did exactly that. Fraser joins the minds behind Morning Brew to break down growth strategies, team-building, and the systems that powered one of the biggest newsletter successes ever.

🧠 Top Takeaways

🚀 Why It’s a Must-Listen

• Real, proven growth strategies

• Tactical hiring + operations insights

• Newsletter business models that print cash

📺 Watch now or tune in on your favorite podcast app
👉 Don’t just start a newsletter — scale it like a pro.

🏡 Choosing the Right Mortgage Term: Make Every Move Count

In today’s evolving mortgage market, the right decision could save you thousands 💰. With Six in Ten Canadians breaking their mortgage term early, now is the time to rethink your approach — and choose smarter.

Whether you’re refinancing, renewing at a higher rate, or planning ahead, your mortgage term isn’t just a number — it’s a strategy.

🎯 Why Your Mortgage Term Matters

✅ Manage Costs – Find flexible terms that fit your cash flow
✅ Stay Prepared – Anticipate renewals before rates rise
✅ Seize Short-Term Wins – Take advantage of falling rates with shorter terms

🔍 Smart Options Available

💬 Let’s Build Your Strategy

Understanding your mortgage term isn’t just smart — it’s essential. With expert insight and one-on-one support, you’ll gain the clarity and confidence to make decisions that align with your goals.

Whether you're renewing, refinancing, or buying — now is the time to act.

📞 Ready to learn more?
Let’s talk options. Your financial flexibility starts with a conversation. Reach out to Genelle today and take your next step confidently.

📧 Contact:  416-854-7697 👈
🌐 Website: https://nextlevelmortgage.ca/

🏨 Airbnb Condo Sale Deemed Subject to GST/HST: What You Need to Know

📅 March 29, 2024
🧠 By Amit Ummat & Alisha Butani, Ummat Tax Law-, Page- Canadian Accountant

⚖️ Tax Court Ruling: Airbnb Use Triggers GST/HST

In a landmark decision (1351231 Ontario Inc. v. The King, 2024 TCC 37), the Tax Court of Canada ruled that a condo previously used for short-term Airbnb rentals is subject to GST/HST on sale — redefining how commercial activity is interpreted in real estate.

🔍 Key Case Summary

⚠️ Key Takeaways for Property Owners

• Short-term rentals can disqualify a property from GST-exempt status

• CRA’s lenient 90% rule was overridden by a stricter Court interpretation

• Understanding “change-in-use” rules is critical for real estate investors

Source: Tax Court of Canada | Read the full case here

🎯 Influencers, the CRA Is Watching!

Featuring Fraser, Tax Mechanic

If you're making money on YouTube, TikTok, Only Fans, or any platform — this is your wake-up call. In his latest video, Fraser breaks down how the CRA is cracking down on digital creators who aren’t reporting their income.

@taxmechanic

Why is the CRA coming after influencers? #tax #cra #after #content #creators #canada_life🇨🇦 #toronto #fyp #accountant #tipsandtricks #TaxTok #fyp

✅ How to Stay Safe

• Report all online income

• Track and deduct legit expenses

• Work with a real tax pro (not just Google)🔐

Reach Out: For expert assistance, contact us today. 🌟💼 (Email - [email protected])