How it Works     (Simpler than it sounds!)

Each taxpayer has different requirements so TaxTimer™ has separated specific needs into groups and assigned each group a specific colour.  The How to Use Instruction Booklet will guide you to the colour and in turn to the list of relevant inserts and information.  For example;  if you own a retail store, then you are in business and your assigned colour would be green.  Thus, any insert with a green checkmark relates to you and your business.  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). Place all information slips or revenue receipts in the appropriate sleeves.

Allowable deductions or expenses are listed on insert C (personal) and inserts 1 to 17 (self-employed).  Each expense insert is coded with the colors of which self-employment activity these expenses apply. If you have a receipt and the insert for that expense shows your color, then that receipt will go into that sleeve. If you have more than one business, just jot down on the receipt which business the receipt applies to, or have a separate TaxTimer™ for each business.  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 individual TaxTimer™

• See back (b) of each insert for extra information or summary logs (inserts 16(b) and 07(b)). You should also record pertinent information on the (b) side of inserts A, D, 12, 13 and 14. Plus, there is ample room to jot down any notes or questions as they arise! * IT refers to Interpretation Bulletins and PUB refers to publication.
• "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.  For example, if you have purchased or sold any assets of the business, report on insert "Capital Cost Allowance"/"Depreciation" (12b). Or, if you have secured new financing or leasing costs in the current year, report on insert "Financing and Leasing"(13 and 13b). Also record on insert 13, your principal balances of any loans or mortgages at year end as reported by your bank.