5 BULLET FRIDAYS - Tax Mechanic News, Tips & Strategies

Welcome to Tax Mechanic Insights! 📬

🌟 Overview

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. 🛠️💡📊

💼 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?

Benefit

Online Request

Paper Request

Processing Time

~2 weeks

Weeks (or longer)

Refund Speed

Much faster

Delayed due to backlog

Document Submission

Upload directly via CRA My Account

Requires printing and mailing

Security

Encrypted and verified

Postal risks and delays

🧠 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

Deal

In

Out

Return

FTX Bankruptcy

$2M

$15M

7.5x

NJOY (Vape)

$2.5M

$75M

30x

Yellow Pages

$4M

$20M

5x

🧠 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

Benefit

Impact

💰 Lower Borrowing Costs

Home equity interest rates are typically much lower than credit cards or personal loans.

📦 Simplified Finances

Consolidate multiple debts into a single, manageable monthly payment.

📈 Potential Tax Deductions

Interest may be tax-deductible if used for investment purposes.

💸 Improved Cash Flow

Free up monthly cash by eliminating CRA payment obligations.

🔑 How to Get Started

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

  2. Calculate EquityHome 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

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

Filing Type

Filing Deadline

Payment Deadline

Example

Monthly Filers

1 month post-period

1 month post-period

July 31 → Aug 31

Quarterly Filers

1 month post-period

1 month post-period

March 31 → Apr 30

Annual (non-self-employed, various year-ends)

3 months post-year-end

3 months post-year-end

Aug 31 → Nov 30

Annual (self-employed, Dec 31 year-end)

June 15

April 30

Dec 31 → Apr 30 (pay), Jun 15 (file)

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

📆 Quarterly GST/HST Instalment Schedule (2025)

Quarter

Due Date

Jan 1 – Mar 31, 2025

Apr 30, 2025

Apr 1 – Jun 30, 2025

Jul 31, 2025

Jul 1 – Sep 30, 2025

Oct 31, 2025

Oct 1 – Dec 31, 2025

Jan 31, 2026

💼 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:

Red Flag

Risk

 Rental Losses, 3+ Years

No profit motive? CRA sees it as tax avoidance, not a real business.

🌍 Offshore Income Ignored

Canada taxes global income. Digital tracking = no place to hide.

🏘 Flipping Real Estate

Multiple sales = business income, not capital gains. Misreporting hurts.

@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])

🔧 Why Tax Mechanic? 🔧 

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! 🌟🎉