5 BULLET FRIDAYS - W34-23

Ottawa landlord convicted of tax evasion

In May 2023, Chi Van Ho of Ottawa, Ontario, was formally sentenced at the Ontario Court of Justice for charges of tax evasion. Ho underreported income on both his and his spouse’s individual tax returns between 2008 and 2012. The cumulative impact of this underreporting resulted in $95,747 of unreported income, leading to a $27,759 decrease in their federal income taxes.

This recent tax evasion conviction reinforces the CRA’s determination to track down and deal with tax evasion cases. Read the whole article here.

Do you have a tax problem?

Collaboration with N+1 Analytics - diversify into crypto

One of our team members, Stephanie, is working with an interesting Vancouver-based startup in the crypto space called N+1 Analytics. N+1 Analytics is a data analytics company that combines financial, on-chain, and communications data to make price predictions for cryptocurrencies. They are developing a newsletter for investors interested in exploring crypto. This newsletter was developed by N+1 Analytics' team of experts with PhDs in finance, business, communication and data science. N+1 Action is a culmination of their research and development with a goal to provide investors of all types with data-driven insights to confidently navigate crypto markets.

N+1 has spent years developing high-level, crypto analytics using artificial intelligence, machine learning and big data. N+1 Action provides subscribers with smart trading algorithms so you know the best time to buy and sell Bitcoin. They also offer crypto portfolio models, macro economic and social media analysis to better inform your investing decisions.

Tax Mechanic clients are receiving an exclusive 60-day free trial. The newsletter costs $10 monthly, and the emails are delivered twice a month (bi-weekly). As a limited time offer, your first two months are completely free!

Sign up for your free trial here.

Leveraging your TFSA for tax efficient retirement investments

Canadian retirees are facing a dual challenge: seeking higher returns on their savings while avoiding the pitfalls of higher tax brackets and Old Age Security (OAS) clawbacks.

To navigate this landscape, a strategic approach is to harness the power of the Tax-Free Savings Account (TFSA) to generate tax-free passive income. Canadian retirees hold the potential to tap into an extensive cumulative TFSA contribution limit, presently set at $88,000, encompassing the $6,500 TFSA ceiling for the year 2023.

Investors should consider GICs and premier dividend stocks. For recommendations on how best to use your TFSA, check out our article here.

Would you like to explore how you could maximize your TFSA earnings?

Media of the week - a podcast and a book

Check out the Tax Mechanic’s recommendations for financial literacy and personal development.

PODCAST
My First Million - Asking my friend how he went from $0 to +$100M Before Age 30

Shaan Puri and Sam Parr talk with Syed Balkhi on building a 9-figure Wordpress empire before age 30. Learn why he turned down a $70M offer, why he bought a gas station as a baby shower gift, the difference between recurring revenue vs. re-occurring revenue, and much more.

BOOK
Breakfast with Seneca by David Fidelier

A guide to the timeless, practical teachings of the Stoic philosopher Seneca. Philosopher David Fideler mines Seneca's classic works in a series of focused chapters, clearly explaining Seneca's ideas without oversimplifying them.

Watch our new tiktok about our experience working with clients in construction and common mistakes. Watch here.