Our 5th Canadian Season??

Yes, I’m going to talk more about Tax Season!

Whether you hire someone to prepare your taxes or attempt to complete them yourself, your papers must be in order.

And organizing your tax related documents is not just some hap-hazard thing you do the evening of April 29^th.  Good tax organization is a year-round process.

Yes, you can wait until June 15^th for the final deadline to file; however, you will pay penalties. Your taxes in Canada are officially due by midnight on April 30^th period or you will pay late penalty fees.

Here are a few tips to remedy tax time stress:

1. Set up a file system to manage all your tax records

2. Create folders for receipts and include Credit Card and Bank Statements, Invoices, Office Expenses, Mortgage Interest Statements, Investment statements, Charitable Donations.

3. As receipts and documents arrive in your home office, place them in the appropriately labelled folder. (you might have to schedule this into your work week to ensure it gets done).

4. Archive your tax documents at the end of the year. Designate a bankers box, or a file cabinet for storage and retrieval. Generally, I say find a space that does not take up valuable workspace for your current day to day operations. Really, you should not be moving or climbing over boxes or have them piled up in your office. A document storage facility might be right for you.

Being organized at tax time will give you greater control rather than feeling overwhelmed. And accountant will sing your praises when you present them with envelopes of organized papers and receipts and you’ll save money.

If you’re feeling overwhelmed and just don’t know where to start Living Organized has a  Tax Special to:

get your documents, your system, and your office in order

Click here for Details

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