If I am an employee without any self-employment income, will the TaxTimer™ help me?

Absolutely. We all have receipts and employee information slips we need to keep for various reasons and documents that are important (tax return, earnings summaries, Tax Agency notices).  It's convenient to have them all in one place. There are many personal uses such as records of new loans, leases, etc. on Insert 13 and personal expenses on Insert 18 - 25.

Does TaxTimer™ provide individual or business tax advice?

No. Whether you use an accountant, or prepare your own return, the TaxTimer™ is simply a personalized record-keeping, organization and storage system designed for quick, easy and effective tax-related reference.

Why do I have to keep paper bills? How long do I have to keep them?

Tax law requires that you keep all tax-related information for at least six years (Canada) and three to seven years (USA) for audit/review purposes.

I am self-employed but not sure if I should be categorized under business or professional to determine my color code.

Just refer to the handy lists on Inserts E and F to determine which category relates to your type of operation.