Tax Tip 3

Receipts!!! How important are they? Every year, I get many clients who say “I don’t have the receipts but I can get them” (referring to medical appointments, child care, rent etc.).

Receipts are very important because Revenue Canada can ask for any receipt they want to see for the last 7 years. They could ask for copies of your rent receipts as far back as 2008!

The property you resided at in 2008 has changed hands twice and you have no way of getting a hold of your old landlord or getting receipts. This means a Re-assessment and repayment of Ontario Trillium Benefits with interest and possible penalties. Do not delay in getting your receipts as soon as possible and keeping them on file for 7 years. You never know when the tax man will want to see them!

For more tax tips and tax related frequently asked questions, visit my website at www.sauvetaxservices.ca