Tax Mechanic
180 John Street M5T 1X5 Toronto, ON, Canada

Running a successful business selling cookbooks, lasagna and salad dressings does not seem suspicious to the least, does it? Especially a family business run by a mother and her three daughters. The elaborate tax scheme that reported $56 million in sales involved fake invoices, expenses and sales reports, and claimed $3.6 million in GST/HST refunds. Link in bio... #taxes #taxseason #finance #entrepreneur #smallbusiness #housewife #fraud

Cryptocurrencies are not yet legal tender in Canada, but the Bank of Canada, the country's central bank, has been experimenting with token-based digital currencies (CBDC). Some cryptocurrencies for example are approved by the Ontario Securities Commission, and registered with FINTRAC as a money services business. It is important to note that transactions involving cryptocurrencies have tax implications. While cryptocurrency holdings are not taxed, making a profit or lo...ss on buying or selling them, must be reported on your income tax return. Profit earned on the sale or trade of cryptocurrency is considered capital gains or business income. Are you a crypto investor or crypto-curious? Talk to us! #crypto #cryptocurrency #finance #taxseason #tax #nft #nftcommunity

Solution #5 Account Management An informed decision about how to best handle your tax debt is a daunting process and requires an in-depth understanding of the CRA procedures in accordance with your unique tax situation. Having an experienced firm like Tax Mechanic analyze and manage your account is the best approach, to ensure that the best solution is applied for your case. We review your tax and financial situation, discuss your options and negotiate on your behalf: we do... this every day. Some of our clients are lawyers and accountants, who come to us as their last line of defense. Call us for a consultation we’re here to help! #tax #taxseason #accountmanagement #cra #taxdebt #debtfree #finance

Solution 4/5 Refinancing your debt This is the preferred way to deal with your debt from the CRA’s perspective so this will be their first advice when you are unable to pay off your tax debt. Easier said than done, generally accumulation of a large tax debt is an indication of long term financial challenges, and getting financing without financial stability is difficult. Refinancing impacts your credit score positively since the payment history will reflect the original d...ebt being paid off. The Tax Mechanic works with lenders that have helped clients with refinancing and paying off their CRA debt. #smallbusinessowner #smallbusiness #debt #tax #taxseason

Solution 3/5 Payment Arrangement One of the most common ways to deal with your tax debt and avoid drastic measures such as bankruptcy or even a consumer proposal, is negotiating a payment arrangement with the CRA so you can pay your back taxes in instalments. Your payment arrangement will depend on your financial circumstances and you will need to provide documentation for your income and expenses and a bank loan denial letter from your bank. ... Keep in mind that If an agreement is not reached, the CRA might withhold GST credits, child tax credits, or even garnish your wages and seize funds in your bank account. #smallbusinessowner #smallbusiness #tax #taxseason

The Canada Revenue Agency does NOT send text messages. If you get a text from them, it is fraudulent. Follow us for more #tax #tips! Let’s get social! Like us on Facebook: Tax Mechanic... Follow us on Instagram: @tax_mechanic Follow us on Twitter: @Tax_Mechanic Follow us on LinkedIn: Tax Mechanic Subscribe to our YouTube channel: Tax Mechanic Follow us on TikTok: @taxmechanic #taxtiptuesday #taxtips #follow #businesspreneur #deduction #deductions #purchase #taxtime #selfemployed #entrepreneur #entrepreneurlife #proactive #rrsp #tfsa #entrepreneurmindset #taxplanning #fraud

Non-fungible token A term being tossed around lately is a non-fungible token. For anyone who isn’t involved in the cryptocurrency world, an NFT is a type of token that is completely unique, and thus are not mutually interchangeable. Popular examples are unique pieces of artwork and blockchain-integrated collectible games. This is huge in the art world. Before, someone could purchase a piece of artwork and duplicate it for free, which lowers the value of the art. Blockchain p...rovides artists with digital scarcity, meaning that they can put a block on their art and can prevent people from reproducing without consent. Games such as Gods Unchained require users to buy a card using their cryptocurrency. However, the cards are an NFT. They are unique, no one can alter them. CryptoKitties is similar, but less complex. Gods Unchained has better graphics and more features. Do you think that crypto is our future? #cryptocurrency #blockchain #crypto #taxdisputes #taxlaws #taxation #taxlaw #taxconsultant #torontobusiness #taxadvice #taxhelp #taxes

Trying something new is scary. Not trying is even scarier. Let’s get social! Like us on Facebook: Tax Mechanic... Follow us on Instagram: @tax_mechanic Follow us on Twitter: @Tax_Mechanic Follow us on LinkedIn: Tax Mechanic Subscribe to our YouTube channel: Tax Mechanic Follow us on TikTok: @taxmechanic #mondaymotivation #monday #motivation #motivationalquotes #motivationmonday #business #smallbusiness #smallbusinessowner #michaeljordan #mj

LinkedIn has over 740 million users, and their revenue stream is the membership subscriptions and job ads. Both of those totaled to $8.8 billion in 2020 Quite a chunk of change! LinkedIn is expanding on their current job search platform. They want to test out a gig search, which they will name Marketplace. Essentially, they will be similar to Fiverr, where you can freelance work, but take a cut of 13 to 27 per cent of the job. This would be available to anyone, from web ...designers to home repair. However, it will focus on work such as consulting, marketing, and writing. This is an extension of the company Microsoft acquired that matches lawyers with small businesses. This is part of an overall strategy that will align Microsoft with its digital wallet. This will allow LinkedIn to pay content providers to bring other members value. Their revenue growth has slowed from 2012 to 2020. It’s hard to move Microsoft’s $143 billion revenue. #linkedin #socialmedia #microsoft #marketplace # #marketing #taxdisputes #taxlaws #taxation #taxadvice #taxlaw #taxes #taxfiling #torontobusiness #tax #taxconsultant

If you received any emergency benefits in 2020, you must report the amount on your income tax return! Have any questions? Don’t worry, we speak YOUR language! Let’s get social! Like us on Facebook: Tax Mechanic... Follow us on Instagram: @tax_mechanic Follow us on Twitter: @Tax_Mechanic Follow us on LinkedIn: Tax Mechanic Subscribe to our YouTube channel: Tax Mechanic Follow us on TikTok: @taxmechanic #russian #russia #canada #language #foreign #taxtips #follow #businesspreneur #deduction #deductions #purchase #taxtime #selfemployed #entrepreneur #entrepreneurlife #proactive #rrsp #tfsa #entrepreneurmindset #taxplanning

A whole new Trello Trello announced a completely new version of their platform which will allow for a new viewing experience. A new timeline, dashboard and calendar. The timeline is a Gantt chart. It allows for the user to see the progress of the project (called sprints). The dashboard shows you your projects in a bar chart or in a pie chart. The calendar shows you projects sorted by date, to allow for easy scheduling. ... The cards will also be updated to show previews from external websites, such as YouTube, Instagram, Dropbox, and even your CRM. In a few months, they will introduce a mirror card function, which will allow users to clone one card on one board, and have it appear on another board. This will allow users to appear on multiple boards, and update any teammate in real time. All updates on the original card will also appear on the other cards without the need to update it manually. What apps do you use to stay on top of your tasks? #gantt #trello #organized #resources #tasks #taxdisputes #taxlaws #taxation #taxlaw #taxadvice #taxes #taxfiling #tax #taxconsultant #torontobusiness

Let's get social! Follow us on Instagram: @Tax_Mechanic Follow us on Twitter: @Tax_Mechanic Follow us on LinkedIn: Tax Mechanic Subscribe to our YouTube channel: Tax Mechanic... Follow us on TikTok: @taxmechanic See more

Tax season is slowly creeping up on us... Do you know what tax bracket you fall under? Or do articles like this one confuse you? Don't worry, I'm here to make it easy for you! https://www.moneysense.ca//tax-brackets-canada-provinces-/ #taxes #tax #taxlaws #taxation #taxlaw #taxlaw #taxadvice #taxhelp #taxconsultant #taxadvisor #taxfiling #taxdisputes #taxmechanic #accounting #finance #like #financialplanning #money #economy

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Thank you to all of our veterans. Thank you for allowing us to have the freedom that we all enjoy today. We honour you, we remember you. Lest we forget. #lestweforget #lestweforget2020 #remembranceday

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