Never too early to start collecting your information for your 2012 tax filing.

Written By on January 20, 2013

No one likes to file taxes. Even worse is the actual collecting of the information that is used to file your taxes.

Income T-slips, expense receipts, medical receipts, RRSP receipts, transit passes, Tuition slips, stock trading advices… it never seems to end.

While the headache will not go away it can be lessened by being organized and starting to collect the information now. Soon tax slips will start appearing in the mail and you should have a specific file or place where you put each slip as it arrives.

Until she passed away 2 years ago one of our clients had a great system called The Cookie Tin. It really was based on a cookie tin. Throughout the year as each relevant piece of paper came in she would put it into a metal cookie tin decorated with flowers on the outside. While the flower decorations are optional certainly having a dedicated location for the slips worked very well. Even if she received something that may be related to taxes but she was unsure of she would still put it into the tin. In the 20 years that we prepared taxes for this lady she never misplaced a relevant slip. We miss this lady and we miss the cookie tin.

For yourself, it may not be a cookie tin but a large envelope but get organized early and the task may not be as bad as you remember. Unfortunately the filing part of the process will still be as painful.

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