We apologize to any of our regular readers who thought they escaped our blog without having to read about taxes, for today we’re posting our inaugural tax article. True, with May 1 as the last day to file, you may think we’re late. Tax season is over, after all, but here at Abacus Self Storage we aren’t worried about the ins and outs of filing your return. Our concern is your growing pile of tax documents taking over your home office or place of business.
You may be tempted to toss everything in the recycling bin now that tax day has come and gone for another year, but you’d do well to ignore that impulse. The Canada Revenue Agency requires you to keep any supporting documents for up to six years after you file. Six years is how long the CRA can go back and reassess older tax returns. It may ask to see any document or receipt you used as proof of deduction, including but not limited to your T3s, T4s, and T5s.
Failure to provide the records they need could cancel the deduction or credit you received, and you’ll owe the government that amount. In extreme cases, it may also result in prosecution. If you’re convicted of failing to maintain proper records, you could face jail time and/or a $1,000 fine.
Now you can understand the need to keep these records, but retaining these documents isn’t ideal if they’re taking over your work space with clutter.
If you miss the surface of your desk or if it’s been a while since you could close your filing cabinet, it’s time to think about our secure document storage. We have ample space in each of our facilities across the GTA to help you reorganize your life and stay on the CRA’s good size.
Our smallest units are roughly the size of a closet and are perfect for individuals who need a little extra space in order to declutter. Meanwhile, we have units that would better suit local businesses, as we have space that’s big as a large garage that can fit as much as the contents of a 3–4 bedroom house.
Each of our facilities is also equipped with the highest quality packing materials, including banker boxes for all of your file folders. Just speak with one of our representatives to learn about the materials we have on hand. Of course, you’re more than welcome to move in your own filing cabinets, shelving units, and other accessories to help keep you organized.
Take a look at these resources if you’re having trouble conceptualizing what ‘organized’ means within the confines of our commercial storage units. There are quite a few organizational gurus who suggest going digital by scanning all of your documents, which would certainly save space. But the initial act of transferring from physical paper to digital file could take more time than you’re willing to invest. Luckily, there are many more experts who offer up ingenious ways to organize your tax records here.
Once you’ve gleaned all of their secrets, you’ll know exactly how to put our storage units to use. But first, you’ll need to rent one. Give us a call now that tax season is over, and we’ll set you up with the perfect space to save on clutter and trouble with the CRA.
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