5 BULLET FRIDAYS - Tax Mechanic News, Tips & Strategies

Welcome to Tax Mechanic Insights! 📬

💼 Tax Change Requests: Why You Should Go Digital in 2025

In 2025, speed, simplicity, and security define smart tax management.

Yet 80% of change requests are still submitted by paper — even though 95% of Canadians file online.

💡 If you’re mailing changes to the CRA, you’re missing the modern advantage.

🚀 Why File Your Change Online?

🧠 Fixing a Tax Filing? Here’s the Smart Way

Spotted an error or missed a slip? Here’s how to correct it — fast:

🔹 Wait for your Notice of Assessment (NOA)
🔹 Log into CRA My Account or use tax software
🔹 Submit your change request securely
🔹 Upload documents digitally if needed

💬 What’s Next?
You’ll get a Notice of Reassessment (NOR) or an explanation if denied. Benefit changes come in a separate notice.

🗂️ Pro Tip: Keep all tax docs for 6 years.

💡 Bottom Line:
Go digital — it’s faster, safer, and CRA-approved.

Source: Canada Revenue Agency | Published May 14, 2025

💼 How Scott Galloway Turned $8M into $120M

🔥 Big Bets. Massive Wins.

Professor Scott Galloway’s investment journey is anything but typical — turning bold, high-conviction plays into serious returns.

💸 Top Investment Wins

🧠 Advice:

• Avoid self-sabotage

• Get fit — emotionally + physically

• Own your outcomes

• Look beyond the U.S. — Europe is rising

🎧 Listen to Episode 708 — strategy, swagger, and the blueprint for $100M.

🏡 Unlock Financial Flexibility: Tap into Home Equity to Resolve CRA Tax Arrears

💡 Transform Homeownership into a Financial Solution

If you’re a homeowner burdened by Canada Revenue Agency (CRA) arrears, you might be sitting on the very key to financial relief — your home equity. With real estate values steadily climbing, many Canadians now have access to untapped capital that can be strategically leveraged to settle tax debts and rebalance their financial outlook.

🧮 Why Home Equity Could Be Your Smartest Move

🔑 How to Get Started

1. Know Your Home’s Value — Use a recent appraisal or local market data.

2. Calculate Equity — Home value - mortgage balance = available equity.

3. Evaluate Loan Options — Choose between a HELOC, refinance, or second mortgage.

4. Work with an Expert — A licensed mortgage agent can tailor solutions for your tax situation.

📣 Final Word:
Using home equity to resolve CRA arrears is more than a quick fix — it’s a powerful financial strategy that puts you back in control. With guidance from an experienced mortgage advisor, you can turn real estate value into real financial peace of mind.

📩 Interested? Connect with Genelle George and take the first step toward financial clarity.

📅 Business Tax Deadlines 2025: What You Need to Know

🧭 Navigate Filing Season Like a Pro

Whether you’re running payroll, filing GST/HST returns, or managing seasonal employment, staying ahead of key CRA deadlines is mission-critical. Here’s your definitive guide to Canadian business tax deadlines in 2025, crafted for precision and clarity.

🗂️ GST/HST Filing & Payment Overview

🔹 Important: If your net tax exceeds $3,000 for both 2024 and 2025, quarterly installments are required.

📆 Quarterly GST/HST Instalment Schedule (2025)

💼 Payroll & Remitter Obligations

• T4/T4A Filing Deadline: Feb 28, 2025

• Late-Filing Relief: File by March 7, 2025 to avoid penalties

• Remittance Frequency: Based on your 2023 average monthly withholding
  ➤ Check your type at canada.ca/payroll-remit

📌 When deadlines fall on a weekend or holiday, CRA accepts filings the next business day. Source: Canada Revenue Agency (CRA) 

🚨 CRA Audit Triggers: 3 Red Flags You Shouldn’t Ignore

🔎 The CRA Is Watching. Are You Ready?

Some mistakes are more than just errors—they’re audit magnets. Here are three major CRA red flags every Canadian taxpayer should avoid:

@taxmechanic

Avoid these 3 CRA red flags before it's too late: claiming rental losses, not reporting offshore income, and flipping real estate without ... See more

🛠 Made a Mistake? Fix It Before They Find It

Use the Voluntary Disclosures Program to correct past returns without penalties.

👉 Ready to fix it? Let’s talk. All good.
🌟💼 (Email - [email protected])