Tag Archive for: What to save

Do you have the receipt?

By this I mean do you keep good records? If revenue Canada were to call you today and said that you were being audited for all your taxes from the last 7 years would you be able to supply the proof to back up your claims? For this reason if you don’t have good records then you should. An example from today, I received a registered letter stating that I owed a bill from a few years ago. It took a few minutes but I found the confirmation and faxed it to them proving that it had been paid. That was a great peace of mind to both me and my wife.

So how long should you keep your financial recourds? Actually according to Revenue Canada you should keep the supporting documents related to your income tax for 6 years Read more