Avoid paying fees to CRA!

@davidrdinardo

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SoundTikTok sound · original sound - davidrdinardo

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Why it worked

The video addresses a common pain point for business owners (avoiding penalties and fees from the CRA) with a clear, actionable tip and a relatable anecdote, making it highly shareable and valuable.

Summary

The video advises corporate owners to proactively ask their accountant about issuing a T5 slip if they've withdrawn funds, to avoid late filing penalties. The speaker shares personal experience of dealing with clients who failed to do this, resulting in penalties.

Structure

1Introduction: Avoid CRA fees
2Action: Call accountant and ask about T5 slip
3Reason: T5 slip is due end of February for withdrawals
4Consequence: $100 late filing penalty
5Personal anecdote: Accountant's experience with late T5s
6Call to action: Proactively request T5 to avoid penalties

Product placement

The video discusses the T5 slip, a tax form related to corporate income, and implicitly promotes accounting services by advising viewers to contact their accountant.

Original caption

Submit your T5 before end of february! #cra #t5 #deadline #taxes #corporation

More from @davidrdinardo

Call to action

Call your accountant and ask them who's issuing the T5 slip for your corporation.

On-screen text

Avoid paying fees to CRA! YOU CONFLICT ACCOUNTANT, ONE CALL ASK ISSUING T5 SLIP CORPORATION. ANY CORPORATION TO T5 MONEY CORP IS FEBRUARY. IT'S LATE PENALTY. GUESS RUNNING YEARS, RECEIVED BEING YOU ISSUED T5. RESPONSE ALWAYS, ME AND ACCOUNTING MARCH, FOR END. THE AVOID FORTH. CALL AND OUT $30,000 CORPORATION. T5 DON'T ANY

Transcript

If you want to avoid a conflict with your accountant, do one thing today. Call your accountant and ask them who's issuing the T5 slip for your corporation. Any owner in a corporation right now has to issue a T5 slip if they've taken money out of the corp. That is due at the end of February. If you don't, it's a $100 late filing penalty. Guess what? Running an accounting company for years, I've received so many calls being like, you should have issued me a T5. In response, always, me, you didn't tell me you took money out and we didn't do your accounting till March for April for year end. And there's the back and forth. Call your accountant and said, I took out $30,000 out of my corporation. Please issue me a T5 so I don't owe any CRA any more money.