How it Works 

Each taxpayer has different requirements, so TaxTimer™ has separated specific needs into groups and assigned each group a specific color.  The How to Use Instruction Booklet will guide you to the color and in turn to the list of relevant inserts and information.  Note that all personal inserts have a pink checkmark and should be used by each and every tax-payer.

Sources of income or revenue are listed on insert B (personal) and inserts E, F and F(b) (self-employed).
Allowable deductions or expenses are listed on insert C (personal) and inserts 1 to 17 (self-employed). Even if you are not self-employed, Inserts 1 to 17 are handy to place personal receipts.

Inserts 18 to 25 represent personal records which may or may not apply to your tax return. Make note of the Helpful Hints on these inserts. Keep these records in their appropriate sleeves so that every record you have, business or personal, is in only one portfolio each year!

If you have employees, keep all records of hours, remuneration, start and end dates, employee information and finally your copies of the T4's, W2's and other information slips in Sleeve 8.

Helpful Hints

If both spouses or partners are self-employed, it may be beneficial to use separate TaxTimers.

• "Line" numbers on the inserts link to the line numbers in your tax guide, on your return and on your statements of activities for easy transfer of information (Farming, Farm Rental and Fishing have many different expenses and Line numbers so inserts 14 and 15 are specific to these  groups)

** Certain inserts such as "Business Use of Home Expenses" (insert 16) and "Motor Vehicle Expenses" (insert 7) have a summary right on the back to record monthly totals during the year saving you time and energy at the end of the year!

However, receipts must still be retained in the sleeves. Others can be recorded on inserts as well - don't forget to use the back of inserts for any notes/questions for your Accountant or yourself.