Is there any point of saving my tax receipts?
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i am living in toronto, ontario (canada) and I am only 18 years old but I save all my tax receipts, like from buying food, clothes, etc. my question is, is there any point of doing this, other then to keep track.. like can i write these all off when i open my own business, or anything beneficial in that aspect ... ????
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Answer:
You can only write off business expenses when you are actually operating a business. Otherwise saving tax receipts serves no purpose.
Unknown at Yahoo! Answers Visit the source
Other answers
There's no tax reason to save the reciepts. Taxes are the price you pay for living in civilization, even when you get poor value for your money. Keep your reciepts for as long as you think you might need them to return anything. So, after one month, throw them out.
Fred S
good idea because if something goes wrong u can prove it
Becca
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