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5 BULLET FRIDAYS - Tax Mechanic News, Tips, Strategies
Tax Mechanic
October 04, 2024
Bite-size tax and finance-related information that could save you $$$
Welcome to Tax Mechanic Insights!
This is the newsletter that transforms your tax worries into financial wins. Whether you’re dealing with personal or corporate taxes, our expert team is 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.
Join the Tax Mechanic community today and take control of your financial future.
Cyber Month: How the Canada Revenue Agency Protects Your Information
Ottawa, Ontario – October 1, 2024
Every October, Cyber Month highlights the importance of safeguarding personal information from evolving cyber security threats. The Canada Revenue Agency (CRA) is committed to protecting taxpayer information through continuous enhancements to its security measures.
Key Security Measures
Multi-factor Authentication (MFA)
Revoking At-Risk User IDs and Passwords
Identity Protection Services (IPS)
Mandatory Email on File
How Taxpayers Can Protect Their CRA Accounts
Monitor Accounts Regularly: Check for suspicious activity such as unexpected changes or unauthorized benefit applications.
Update Passwords and Security Questions: Change them regularly and keep them confidential. Use unique, complex passwords for CRA accounts.
Keep Contact Information Updated: Ensure mailing address, email, and phone number are current to receive alerts about suspicious activity.
What to Do If Your Account Is Compromised
If you suspect your CRA account has been compromised:
Report the incident to the CRA.
Inform other authorities such as banks, credit bureaus, and local police.
Notify the Canadian Anti-Fraud Centre.
The CRA will take necessary actions to secure your account.
From Nonprofit Founder To Building A $300M Pilates Business
In the latest episode of the “My First Million” podcast, Sam Parr engages in a compelling conversation with Anne Mahlum, a dynamic entrepreneur who transitioned from founding a non-profit to building a $300 million Pilates business. Below are the key highlights from their discussion:
Building an $8M/Year Non-Profit: Anne shares her journey of starting an $8 million per year charity from scratch, highlighting the challenges and triumphs along the way.
The Economics of [solidcore]: Anne discusses the economics behind [solidcore], her innovative Pilates studio, and how she managed to scale it from zero to 27 locations in just four years.
Playing a Game You Can Win: Anne’s story is a testament to playing a game you can win, as she strategically navigated the competitive fitness industry.
How to Be a Killer Negotiator: The episode delves into Anne’s negotiation tactics, offering valuable insights on how to be a killer negotiator.
Turning Down $75K: Anne recounts turning down a $75,000 offer, a decision that ultimately paid off as she continued to grow her business.
This episode is a must-listen for aspiring entrepreneurs and those interested in the intersection of non-profit work and for-profit business success. Tune in to hear Anne Mahlum’s inspiring story and gain actionable insights for your own entrepreneurial journey.
Maximize the Potential of Your Corporation’s Tax Losses
Are you aware that tax losses can be a hidden asset for your corporation? In Canada, these losses can be strategically valuable. If your corporation is currently facing tax losses, it might hold more value than you realize.
Turn Tax Losses into Financial Gains
Strategies to Utilize Your Corporation’s Tax Losses
Consider these options to benefit:
Sell Your Corporation: Corporations with tax losses can be attractive to other entities looking to offset their taxable income.
Acquire a Corporation with Tax Losses: If you aim to reduce your taxable income, purchasing a corporation with tax losses can be a wise decision.
Get in touch with us today to explore how you can leverage tax losses to your advantage. Schedule a consultation to discuss
CRA’s Last-Minute ‘Bare Trust’ Reporting Pause
In March, the Canada Revenue Agency (CRA) announced that Canadians with bare trusts would not be required to file a T3 tax return form under the new reporting rules for trusts that took effect this past tax season. This decision, made just days before the filing deadline, led to a scramble among CRA officials to inform the public about the changes. Internal emails obtained through an access to information request reveal the following key points:
Definition of Bare Trust
A bare trust relationship involves a trustee holding legal ownership of a property or asset without beneficial ownership.
The trustee can take no action without instructions from the beneficiary and only holds legal title to the property.
Examples include shared bank accounts or a parent being named on the title of a child’s house to help them qualify for a mortgage.
Internal Discussions
Emails show a flurry of discussions among CRA officials in the days leading up to the announcement.
The focus was primarily on the wording of the announcement.
The announcement was posted on the CRA’s website on the afternoon of March 28, but work on the wording began on March 25, just over a week before the filing deadline.
Timing and Communication
The CRA did not specify when the decision to pause the filing requirements was made internally.
National Revenue Minister Marie-Claude Bibeau mentioned in June that more than 44,000 Canadians filed bare trust forms this year, despite the requirement being paused.
This last-minute decision underscores the complexities involved in implementing new tax reporting requirements and highlights the importance of clear communication from tax authorities.
Posted: October 4, 2024, 4:00 AM EDT | Source: CBC News
Expert Insights by Fraser Simpson
Fraser guides how you can deal if you are Audited by CRA. Fraser explains step by step. The first step is to RELAX.
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.
Was this meant to scare you? Well, yes and no. We all know that if you get flagged, the CRA can cause you some serious headaches. But the Tax Mechanic is here to watch your back.
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.
