Set Up A Files For All Of Your Receipts, Charity, And Medical. Canada 150 Recommendation #3

You need a place to keep the receipts that will save you some money on your personal income tax return. This place can be a file on a computer or a physical file folder or possibly both.

The receipts I am talking about are medical receipts such as dental, eyeglasses, prescriptions, hearing aids etc., and also donations to charities.

What we see when we are preparing personal tax returns is that our clients cannot find all of the receipts easily. We end up with half done returns while we wait for the client to scour their homes and offices for the paper we need.

If you donate electronically you probably got an emailed receipt — your choices are to print it and save in a physical file folder or to save that email to a folder on your computer. If you save it on your computer then you should have a system for backing up the file so that the receipts are not lost.

Make a plan to save all of your receipts and you will get all of the tax deductions you are entitled to — we all pay enough tax, lets not pay tax when it could have been avoided, legally.

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