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Important Taxpayer Relief Deadline Approaching! 🗓️

December 12, 2024 | Ottawa, Ontario | Canada Revenue Agency

The Canada Revenue Agency (CRA) would like to remind taxpayers and registrants that the deadline to make a taxpayer relief request related to the 2014 tax year or reporting period is fast approaching. You have until December 31, 2024 to submit your request. ⏳

Key Points to Remember:

• Deadline: December 31, 2024 📅

• Applicable Years: 2014 tax year or any reporting period that ended during the 2014 calendar year 📆

• Relief Requests: Penalty and interest relief requests must be made within 10 years from the end of the calendar year or fiscal period of concern 📝

If you are involved in a tax process with the CRA, such as an audit, objection, or appeal for the 2014 tax year, or a reporting period that ended in 2014, and are unsure if you need to make a taxpayer relief request, it is advisable to submit your request before the deadline. 🕒

How to Submit Your Request:

1. Online: Use the CRA’s My Account, My Business Account, or Represent a Client services by selecting “Request relief of penalties and interest.” 💻

2. Form RC4288: Fill out the Request for Taxpayer Relief – Cancel or Waive Penalties and Interest form and submit it:

   • Online using My Account, My Business Account, or Represent a Client by selecting the “Submit documents” service 📄

   • By mail or courier to the designated office, as shown on the last page of the form, based on your place of residence 📬

For more information about how to submit documents online, visit canada.ca/cra-submit-documents-online. 🌐
For detailed information about relief from penalties and interest and the related forms and publications, visit canada.ca/penalty-interest-relief. 📚

Don't miss this important deadline! Ensure your taxpayer relief request is submitted on time to avoid unnecessary penalties and interest. 📅

Dive deeper into the topic.

He Built a $1M/MRR Dinner Club App in 2 Weeks with 0 Employees 🚀

Issued By: My First Million | Date: December 13, 2024

In this episode, we dive into the incredible journey of an entrepreneur who built a $1M Monthly Recurring Revenue (MRR) dinner club app in just two weeks, without any employees. This story is a testament to innovation, determination, and the power of leveraging technology.

Show Notes:

Key Highlights:

• Innovative Business Models: Rapid success with a unique approach.

• Sales Strategies: Science behind major sales events.

• Financial Challenges: Reverse Black Friday and money fast benefits.

• Productivity Hacks: Effective ChatGPT prompt hacks.

• Investment Insights: Tips on high-growth startups.

• Learning Techniques: Elon Musk's learning methods.

This episode is packed with valuable insights and practical tips for entrepreneurs, investors, and anyone looking to enhance their financial and personal growth.

📋 Tax Debt Resolution & Financing Program

For Tax Debts under $100K

💼 Legal Fee: The Cost of the Buy-down of the Interest Rate to less than 10% + Service Fee (i.e., % of Total Financing Sought)

How the Program Works

📝 Initial Consultation & Assessment

• Free Initial Consultation: Evaluate the client's tax debt situation (individual or business), assess CRA notices, and devise the optimal resolution strategy.

• Eligibility Review for Financing: Collaboration with the Tax Mechanic to assess client eligibility for the 0% interest financing option.

🔍 Engagement & Financing Agreement

1. Service Engagement: Once deemed eligible, the client signs a retainer agreement with the law firm.

2. Financing Application: Assistance provided to the client in completing a financing application with the partner financing company.

3. Immediate Payout: Upon approval, 100% of the legal fees, including the total tax debt amount, is deposited directly into Lawlignment's trust account.

⚖️ Legal and Financial Management

🔧 Comprehensive Tax Debt Resolution Services

• Debt Analysis & Negotiation: Development and execution of a tailored legal strategy (e.g., negotiating installment agreements, filing objections, or exploring offers in compromise).

• Ongoing Legal Representation: Representation of clients in dealings with the CRA, ensuring compliance and favorable outcomes.

💳 Client’s Repayment to Financing Company

This program offers a structured and efficient approach to resolving tax debt, ensuring clients receive comprehensive support from initial consultation to final repayment. By leveraging professional legal and financial management, clients can achieve favorable outcomes and clear their tax debts with confidence. 💼

📬 Canada Post Mail Service Disruption – Impact on CRA Services

Ongoing Canada Post Strike 🪧

• Delivery Delay: Benefit cheques for the Canada Child Benefit (CCB) and related benefits will be delivered on December 20, 2024, instead of the 13th. 🗓️ Direct deposits remain unchanged.

• Hold on Cheques: All other cheques will be held until the strike ends. Sign up for direct deposit to avoid disruptions. 💳

Overview 📦

• Postal Services Interrupted: Since November 15, 2024, expect delays or non-delivery due to job action.

• Digital Sign-Up: Register for My Account and direct deposit to get email notifications and direct payments. 📧

🌐 Benefits, Credits, and Rebates

Canada Child Benefit (CCB) 📅

• Only CCB cheques and related benefits will be delivered during the disruption.

All Other Payments 🏦: Regular cheque production continues. Undelivered cheques will be securely stored.

🚫 Avoid Payment Disruptions

• Direct Deposit: Ensure timely payments and held notices by signing up. 💡

• Check Dates: Verify payment dates online and complete My Account registration quickly. 📆

• Email Notifications: Stay updated with CRA's email alerts for digital notices. 📧

💳 Payments to CRA

• Delayed Paper Payments: Cheques and remittance vouchers are delayed. 🐌

• Bank Payments: Honoured using the bank date stamp. 🏦

• Electronic Payments: Send payments electronically to avoid penalties. Instalment payments are due December 15, 2024. ⏰

💻 Audits and Document Submission

• Communication: CRA will contact audit clients via phone, My Account, or written letters. 📞

• Digital Services: Use CRA sign-in services and Secure drop zone for audits. 📨

• Drop Boxes: Deposit forms at CRA drop boxes if unable to submit electronically. Confirm locations beforehand. 🗂️

Dive deeper into the topic.

📢 Voluntary Disclosures Program (VDP) Overview 📢

Introduction: In this video, Fraser Simpson explores the Voluntary Disclosures Program (VDP) by the CRA. This program offers relief to taxpayers who voluntarily correct errors before the CRA contacts them, helping to avoid penalties and prosecution. 🛡️📄

@taxmechanic

No penalties on late Taxes. VDP Explained. #taxes #tipsandtricks #taxtok #vdp #toronto #canada🇨🇦 #fyp #ontario

Key Points

📌 Eligibility 🏢👥

• Open to most taxpayers: individuals, corporations, and GST/HST registrants.

• Covers unfiled returns, under-reported income, and unremitted employee deductions. 📈📉

📌 Program Conditions 📊📂

• Applications are assessed against five key conditions.

• Categorized into: General, Limited, or Wash transactions.

📌 Relief from Prosecution and Penalties 💸⚖️

• Pay taxes owed plus interest, with relief from prosecution and penalties.

• Unintentional errors receive more leniency than intentional tax avoidance. 🤝💼

How to Apply 📄✉️

Step 1: Document Preparation: Gather all necessary documents. 🗂️

Step 2: Choose Submission Method: Online: Use CRA's sign-in services for the fastest submission:

• My Account for individuals

• My Business Account for businesses

• Represent a Client for representatives 💻📲

• Fax or Mail: Alternatively, submit your application via fax or mail. 📠✉️

Stay informed and compliant with our expert insights! 🌟📊
For more valuable tax information and updates, follow Tax Mechanic across social media platforms. 📧💼