How to Save Information to File Your Income Taxes

In Canada, organizing your information for income tax filing is crucial to ensuring accuracy and maximizing deductions. Here’s the best way to save and manage your tax-related documents:

1. Go Digital for Organization

• Cloud Storage: Use Google Drive, Dropbox, OneDrive, or a secure tax software with cloud backup.
• Tax Software: Our office will store your previous returns and supporting documents, but if you do your own taxes, most software providers will store it for you from year to year.
• PDF Scanning Apps: Use apps like Adobe Scan, Microsoft Lens to digitize paper receipts and tax slips.

2. Categorize Your Tax Documents

These are partial lists. Consult our office for more information

Income Documents:

• T4 – Employment income
• T5 – Investment income
• T4A – Pension, annuities, or self-employment income
• T3 – Trust income
• T4E – Employment Insurance (EI) benefits
• T2202 – Tuition & education credits

Deductions & Credits:

• RRSP Contributions – Receipts for Registered Retirement Savings Plan (RRSP) deposits
• Medical Expenses – Prescription receipts, dental bills, therapy costs
• Charitable Donations – Official donation tax receipts
• Child Care Expenses – Daycare, babysitting, and camp receipts
• Student Loan Interest – T2202 form or loan statements
• Union/Professional Dues – Association fees or union dues

Business or Self-Employed Income:

• Invoices & Receipts – Revenue records
• Business Expenses – Office supplies, advertising, utilities, vehicle expenses (keep a mileage log)
• Home Office Expenses – Rent, utilities, and internet (if you work from home)
• GST/HST Reports – If you are registered for GST/HST

3. Use a Tax Checklist

Click here to access a Tax Checklist as well as a Tax Organizer, Budget Calculator and Budget Worksheet to ensure you don’t miss anything. Keeping a checklist on your cloud storage or in a digital note.

4. Register for CRA Online Account

Sign up for the CRA My Account to access tax slips, track refunds, and check balances.

5. Set Up Auto-Sync for Bank Statements

If you claim investment income, deductions, or self-employment expenses, download bank and credit card statements monthly and keep them in a separate tax folder.

6. Backup Everything

Ensure you back up your tax files to:

• A USB Drive or External Hard Drive (for offline access)
• Encrypted Cloud Storage for security

Contact our office to make your tax filing season as stress free as possible. We are here to help you.