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5 BULLET FRIDAYS - Tax Mechanic News, Tips, Strategies
Tax Mechanic
November 15, 2024
In partnership with
Bite-size tax and finance-related information that could save you $$$
Welcome to Tax Mechanic Insights! 📬
🌟 Overview |
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Your go-to 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. 🛠️ |
CRA Transition to Online Mail: Are You Ready?
Date: November 14, 2024 | Issued By: Canada Revenue Agency (CRA)
Starting in spring 2025, the CRA will transition to online mail for business correspondence. This means you will receive most of your business notices through the secure online portal, My Business Account.
Affected Groups:
🆕 New business registrations
🏢 Existing businesses with My Business Account
👥 Businesses with representatives via Represent a Client
How to Prepare:
Step | Description |
|---|---|
Update Your Email | Ensure your email in My Business Account is current. |
Register for My Business Account | New businesses should register and provide a valid email address. |
Add Representatives | Include emails for representatives, accountants, or authorized individuals. |
Benefits of Online Mail:
Benefit | Description |
|---|---|
Faster Communication | Receive updates quickly and efficiently. |
Convenient Management | Handle tax matters from any device. |
Eco-Friendly Approach | Reduce paper use and contribute to a greener environment. |
Accessing Your Business Correspondence:
Step | Description |
|---|---|
Sign in to My Business Account | (or Represent a Client). |
Navigate to "Correspondence" | Select "Mail". |
Review Your Mail | Review, print, or download your correspondence. |
Requesting Paper Mail:
From May 2025, request paper mail by:
Selecting paper mail in My Business Account.
Completing and mailing form RC681.
For more information, visit About My Business Account - What's New.
Prepare in advance for a seamless transition to CRA’s efficient and secure online mail system.
6 College Students Pitch Us Their Startups
Issued By: My First Million Podcast | Date: November 14, 2024
Join Sam Parr and Shaan Puri as they invite six college students to showcase their startup ideas. Our analysis highlights the creativity and entrepreneurial spirit of these young innovators.
Show Notes
Time Stamp | Segment | Description |
|---|---|---|
0:00 | Intro | Setting the stage for an engaging session of student pitches. |
3:58 | Meet Your Class | Introduction to six creative college entrepreneurs. |
16:32 | Metafrazo | Innovating the translation services industry. |
30:21 | Milieu | Enhancing community engagement and connectivity. |
42:47 | Brother Nuts | Redefining the snack food market. |
54:14 | Tour | Transforming travel experiences with tech innovations. |
1:08:38 | Pathlit | Personalized learning paths in educational technology. |
Key Highlights
Innovative Ideas: Witness the inventive thinking and ambition of up-and-coming entrepreneurs.
Expert Insights: Gain valuable feedback and mentorship insights from Sam and Shaan.
Emerging Trends: Stay abreast of the latest trends and challenges in the startup ecosystem.
Benefits of Listening
Inspiration: Discover groundbreaking business ideas and innovative solutions from fresh perspectives.
Guidance: Learn from the expert advice and feedback provided to the student entrepreneurs.
Market Trends: Keep updated with new trends in technology and business.
For a detailed exploration of these startup ideas and to hear the full episode, watch here.
Maximize the Potential of Your Corporation's Tax Losses
Unlocking the Value of Tax Losses
Tax losses can be a hidden asset for your corporation. In Canada, these losses can offer strategic value. If your corporation is currently experiencing tax losses, it might hold more potential than you realize.
Turn Tax Losses into Financial Gains
Strategies to Leverage Your Corporation’s Tax Losses
Sell Your Corporation- Corporations with tax losses can be highly attractive to other entities looking to offset their taxable income.
Acquire a Corporation with Tax Losses- If your goal is to reduce taxable income, purchasing a corporation with tax losses can be an astute financial move.
Get in Touch
Explore how you can maximize your tax losses to your advantage. Schedule a free consultation with us today to discuss the potential benefits and strategies tailored to your corporation.
By implementing these strategies, your corporation can turn tax losses into financial gains, providing a significant advantage in your financial planning.
CRA's 'Witch Hunt' for Whistleblowers Following Fraud Exposure
Date: November 14, 2024 | Issued By: CBC News
The Canada Revenue Agency (CRA) is reportedly conducting a "witch hunt" to identify whistleblowers who exposed the agency's payout of millions in bogus refunds. Employees fear retaliation following these revelations.
Key Points
Investigation Findings: CBC’s The Fifth Estate and Radio-Canada revealed the CRA paid hundreds of millions in fraudulent refunds and underreported taxpayer account hacks.
Management Response: CRA leadership is reportedly anxious, attempting to control the narrative and silence leaks.
Public Accountability: The CRA’s reported figures of fraudulent refunds are disputed, with sources indicating much higher actual losses.
Internal Actions: An internal email from CRA officials urges employees to direct media inquiries to the media relations team.
Official Statement
The CRA emphasizes its commitment to preventing the harmful distribution of protected information and maintaining the integrity of the tax system.
Discover Valuable Tax Credits with Fraser Simpson
In our latest TikTok video, Fraser Simpson reveals essential tax credits that could significantly enhance your savings. Ensure you are making the most of these opportunities:
Key Tax Credits
$500 Work from Home Credit 💻🏠
Small Business Air Quality Improvement Tax Credit 🌬️🏢
Senior's Home Safety Tax Credit 👵🔒
Digital News Subscription Tax Credit 📰💻
Share the Knowledge- ♻️ Found the video helpful? Repost it to help others uncover these valuable tax advantages! 🚀
For detailed information, watch the full video on our TikTok channel.
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.
🔧 Why Tax Mechanic? 🔧 |
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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, my friends, is it for this Friday. Have a safe and fun-filled weekend! |
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