9.4.1 Getting organized

Your income tax returns, together with any payments due, must be filed by April 30 of each year. It's very difficult to get organized at the last minute. To make things easy on yourself, follow these simple steps:

1. Set up a family tax file with multiple parts. A large accordion document file or part of a file drawer works best for this. Keep it where it will be easy to get at.
2. Create a large file or section for each member of the family that you will be filing for. List basic information, including names, dates of birth and social insurance numbers.
3. In each family member's file, create a section for current and past documents.
   • In the Past section, place copies of old returns that have been filed, together with any supporting documents, Notices of Assessment, etc. Label them clearly with the tax year they apply to. If these are bulky, place each year in a separate file.
   • In the Current section, place any records relating to the current tax year, such as T-slips or RL-slips and related employment records, donation receipts, medical expenses and investment receipts.
   • If any family member is self-employed, create a separate file for their business records. File a copy of the business income statement in the Current section when it is complete.
4. As you receive documents such as tax receipts, T-slips or RL-slips through the year, place them in the Current file for the family member they apply to.
   • If you will have more than a few documents, put them in separate subject files:
     • income from all sources
     • receipts that may be deductible
     • personal expenses such as medical expenses and mortgages
     • investments
     • logs of car expenses or other items you may need.
   • Place documents that you will need every year, such as investment records, in the general section where you have filed the person's name and social insurance number.
5. As soon as possible after you receive your T-slips or RL-slips, put them and the other documents in the Current file to complete your tax return. The sooner you complete your return, the sooner you will get a refund of any money you have overpaid.
6. At the beginning of each year, start a new Current file. After you have filed your tax return for the past tax year, label it with the year and move it to the Past section. Place your Notice of Assessment in the file when you receive it. You can destroy the old files when they are seven or more years old.

For more information, see the video, Organizing your taxes.