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The Seeker Newsmagazine Cornwall

Tax Tip 3

Khyle by Khyle
February 19, 2016
in News and Announcements
Reading Time: 6 mins read
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Receipts!!! How billionphotos-1163682important 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!

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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 


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The Seeker Newspaper is located at 327 Second Street E., Cornwall, ON K6H 1Y8 -- All rights reserved
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