Tax season is fast approaching. Start preparing to file your tax returns TODAY!
What documents do I need to keep to file my tax return?
You can start compiling the following documents:
- Final pay stub with your cumulative total income
- Investment slips
- New TFSA contribution limit
- RRSP contribution limit
- Business receipts
- Rent and/or property tax paid
- Official charitable donation receipts
- Medical expense receipts
- Document your odometer if you have a company vehicle
- Prepare a budget to know your expected cash flow for the year
- Other documents for more specific situations will be required
Let us help make your life easier!
We have a Tax Return Checklist for a more detailed list of specific documents that you need for your tax return. Head over to our Resources page to download the checklist today!
Should I still keep my old documents?
Everyone should be keeping their financial records for a minimum of six years. This is important to follow because the government can review your income tax filing for a three-year period following the date that you submitted your tax return (assuming there is no tax evasion). After six years the government cannot expect you to still have original documents.
Do you prefer to file your tax documents electronically? You can keep electronic documents as a substitute to physical receipts, however they must be clear and accessible. Please note that credit card statements will not count as substitutes for physical receipts. Your credit card statement only proves the payment, but does not show the amount and name of vendor lined up to the expense.
Click here for further guidance on how to keep you records for CRA.
If you have any questions, please don’t hesitate to contact me at firstname.lastname@example.org or call 519-822-9933 x252.