“I have receipts”: Why you need to keep Canada income tax documents  + MORE Feb 6th

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If you’re renting in Canada, you might not think that your monthly rent payments have anything to do with building your credit score. While home owners can strengthen their credit profile through mortgage payments, renters traditionally haven’t had the same opportunity. After all, paying rent isn’t the same as taking out a loan or using a credit card. But it can be a significant portion of someone’s expenses—and consistently making these payments should count for something. This is where rent reporting tools can help.

It’s a relatively new concept in Canada, but several tools and services are emerging to help renters report on-time payments to credit bureaus as a means to establish credit without taking on additional debt. In this article, we’ll explain how you can improve your credit score with rent reporting, and we’ll discuss the benefits, available tools and how to get started.

“Using a rent reporting tool is a simple way for renters to leverage their on-time payments, helping them build credit without taking on additional debt…

Ask MoneySense
What receipts are required to submit/save for one’s personal tax return? I’m trying to trim the amount I need to put together to submit my taxes. 

—Pepper

Keeping receipts for income tax claims

If you’re claiming any kind of tax deduction or credit, save the receipt and other back-up documents that support your claim—and hang on to it. Tax filers bear the “burden of proof.” That’s true even if you file a “nil return” to collect refundable credits and despite the success of electronic filing. Within our increasingly digital world, proper receipts and “records” still matter. As you prepare for tax season 2025, a primer on what to do to satisfy a future CRA (Canada Revenue Agency) auditor is in order.

Who files taxes in Canada

The Canadian tax system is based on residency and self-assessment. 

In other words, the onus is on every Canadian resident to accurately report their worldwide income in Canadian dollars, claim the deductions and credits properly applicable, and remit all resulting income taxes payable to the CRA…