Stay Ahead of Tax Season: What receipts should I keep for taxes?
- Soberman Goldstein
- Apr 12
- 4 min read
Tax season might not be your favorite time of year, but being prepared can make all the difference. As a Canadian taxpayer, staying organized throughout the year helps you reduce stress, save time, and even increase your tax refund. This guide will walk you through the best practices for organizing your tax receipts and records ahead of the 2025 tax filing season.
Whether you're employed, self-employed, or managing multiple income streams, keeping track of your receipts and important tax documents is key. Let's explore how you can set yourself up for success with practical tax preparation tips tailored to Canadians.
1. Why Organizing Your Tax Documents Matters
Before diving into the how-to, it helps to understand the why.
Staying organized for tax season isn’t just about being tidy. It can help you:
Maximize deductions and credits
Avoid missing important documents
Prevent costly mistakes or audits
Make your accountant's job easier (and potentially cheaper)
Stay compliant with the Canada Revenue Agency (CRA) record-keeping rules
According to the CRA, individuals must keep records for at least six years. That includes receipts, tax slips, and any supporting documentation related to your income and deductions.
2. Set Up a Filing System That Works for You
One of the best ways to prepare for tax season is by creating a personalized filing system. You can go digital, physical, or hybrid—whatever helps you stay consistent.
Digital Filing System
Create a folder titled "2025 Taxes"
Inside, make subfolders like "T4 Slips," "Receipts," "Medical Expenses," "Business Expenses," and "Donations"
Use apps like Google Drive, Dropbox, or OneDrive to access your files anywhere
Scan or take pictures of receipts right away so nothing gets lost
Physical Filing System
Use a labelled accordion folder or envelopes
Sort receipts and documents by category or month
Store everything in a safe, dry place
Using a cloud-based solution can give you peace of mind by ensuring that your files are backed up in case something happens to your physical copies.
3. What Receipts should I Keep for Taxes?
Here’s a breakdown of the key tax documents you should collect and hold onto for 2025:
Income Slips
T4 slips from employers
T5 slips for investment income
T4A slips for contract or freelance work
T5013 slips for partnerships
Any other relevant income documents (e.g. gig economy, rental income, foreign income)
Expense Receipts
Medical and dental expenses (prescriptions, treatments, insurance premiums)
Charitable donations (must be to registered charities)
Childcare expenses (including receipts from daycare or babysitters)
RRSP contributions (you’ll receive an RRSP contribution receipt from your bank)
Moving expenses (if you relocated for work or school)
Home office expenses (for remote workers or self-employed individuals)
Education and tuition fees (T2202 slip for post-secondary students)
Self-Employment or Side Business Documents
If you're self-employed, a freelancer, or have a side hustle, keep:
Invoices issued
Receipts for business-related expenses (equipment, software, advertising, mileage logs)
Proof of income from platforms like Etsy, Uber, SkipTheDishes, etc.
Bank and credit card statements related to your business
Remember, the CRA allows business owners to deduct reasonable business expenses, but you must be able to prove the expense was incurred to earn income.
4. Use a Tax Preparation Checklist
Having a tax prep checklist is one of the easiest ways to stay organized and ensure you don’t miss anything.
Here’s a simple version you can adapt:
Update this list monthly or quarterly, so it’s not overwhelming when tax season arrives.
5. Make It a Monthly Habit
The best way to stay organized is to build the habit. Set a recurring reminder once a month to:
Upload new receipts
Rename files to something searchable (e.g. "2025_March_MedicalReceipt_ABCClinic")
Log any deductible expenses in a spreadsheet or accounting software
Reconcile income and expenses if you run a business
By doing a little bit each month, you avoid the stress of last-minute scrambling in March or April.
6. Leverage Digital Tools and Apps
Here are some Canadian-friendly tools to help you stay tax-prepped:
Expensify: Great for scanning and categorizing receipts
QuickBooks Self-Employed: Ideal for freelancers and small business owners
TurboTax MyDocs: CRA-compliant app to upload and store receipts securely
Simple Spreadsheet: Works well for salaried individuals with limited deductions
Digital tools help automate the categorization and storage of receipts, which is a huge time saver.
7. Communicate with Your Accountant Early
The earlier you reach out to your tax preparer, the better.
Share your tax situation or changes (new job, self-employment, moved provinces, etc.)
Ask for advice on deductions you may not be aware of
Find out which documents they prefer digital or paper format
Getting ahead of tax season lets you tap into their expertise while avoiding the rush. Bonus: you’re more likely to get your return done faster and with fewer errors.
8. Know CRA's Record Keeping Guidelines
The CRA expects you to keep your tax documents for six years after the end of the tax year. For 2025, that means you should hang onto your documents until at least the end of 2031.
They can request to see any of your receipts or supporting documents during a review or audit. This is why storing everything in an organized, retrievable way is so important.
Final Thoughts: It’s Never Too Early to Start
Tax season in Canada doesn’t need to be stressful. By organizing your receipts and records ahead of time, you reduce the chances of missing out on valuable deductions, making errors, or having to chase down paperwork in a panic.
Whether you’re filing your own taxes or working with a professional accountant, the peace of mind that comes with being prepared is priceless.
So go ahead—set up that "2025 Taxes" folder today. Your future self will be glad you did.
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