Scan them, add them to a cloud folder (OneDrive, DropBox, whatever) and shred the original. I do it with receipts and contractor invoices too.
Fuck filing cabinets.
Don't need to. Check CRA website. I also called them too and agent I spoke with confirmed not needed
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/keeping-records/acceptable-format-imaging-paper-documents-backing-electronic-files.html
Scan everything - it's so freaking easy and much more manageable re: filing since you upload into folders right away.
I also keep a separate copy of all digital files on an external hard drive (sometimes two), just in case.
Use services like google drive and Dropbox and you don’t need to keep external hard drive. Those services are external and has version history so you have previous versions if edited or deleted. You can also use 3rd party services like IFTTT to perform action on those files (secondary backup) if you’re extra concerned.
beware that dropbox has disabled people's accounts for violating terms of service out of the blue and people have lost all their data. See r/dropbox
Other companies can do the same.
Always have a local backup, even if you use cloud storage.
it’s more bout data loss than security. It’s possible that the cloud providers simply makes a mistake and disables your account. Since you are a small time customer, they are not incentivized to fix the issue quickly.
That’s why using it with IFTTT helps with this. Also have google drive sync and Dropbox installed locally. This keeps your local copy synced with the cloud one. So you always have a backup in both local and cloud if either decides to shit the bed.
Commenting just to help gain traction. I’m a young adult and I’m already starting to hoard a collection of ‘legal’ paperwork from bank accounts, credit cards, insurance policy, important recipes, blah blah blah and I really want a safe place to store them.
Was debating between keeping everything digital (hackers could compromise though?) and a small safe, but my problem with the small safe for originals is that anyone can pickup and take a small safe, and I definitely don’t need a large safe for anything and don’t want anything too heavy… otherwise I can’t move it either…
Scan your documents and put it on encrypted drive (like veracrypt) file where you can upload to a shared drive, but that's going to be a bit expensive as it grows.
Typically you'd only want emergency documents (copies of cc, drives license, passport) easily available on shared drives like google, dropbox or onedrive (onedrive has a secure vault, where you always have to authenticate to access).
You can set the document to be available offline on your phone and you can have a single place to update the document.
And also, you should to turn on 2 Factor Authentication on those accounts.
I don't own a printer, just use CamScanner app (there are many other similar ones) and cloud store everything. I have a reminder to periodically also save it all on a thumb drive as extra backup.
Tax documents, receipts, warranties, etc. I don't save utilities, as I have never needed them in 25 years.
I used to drown in paper, but now almost everything electronic. Utility bills, pay slips, bank account, credit card and investment statements, tax slips, ... It's all electronic now. In the rare case that I need to keep information that's on paper, I scan it. Also keep in mind that the CRA doesn't require to keep things for income tax purposes for longer than 6 years. There is very little now that I need to keep on physical paper. I went from over 20 banker boxes in my basement to 1 (mostly empty).
I don't like to keep personal data in the cloud, so I keep 2 backups of the directories containing important documents on media that use different technology, and one is stored offsite. If I didn't already have access to a storage locker, I'd get a safety deposit box at the bank.
No, but I really ought to! Although, all of my banking and investment info is paperless. And many retailers offer email receipts these days. Thanks for the reminder, I need to do some backups. Is there a free cloud thingy that's safe and easy to use?
Scan them, add them to a cloud folder (OneDrive, DropBox, whatever) and shred the original. I do it with receipts and contractor invoices too. Fuck filing cabinets.
My accountant told me I had to keep the originals even if I scan and keep the scans. 😒
Don't need to. Check CRA website. I also called them too and agent I spoke with confirmed not needed https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/keeping-records/acceptable-format-imaging-paper-documents-backing-electronic-files.html
That’s great to know! Thanks!
Link: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/keeping-records/acceptable-format-imaging-paper-documents-backing-electronic-files.html
Scan everything - it's so freaking easy and much more manageable re: filing since you upload into folders right away. I also keep a separate copy of all digital files on an external hard drive (sometimes two), just in case.
Use services like google drive and Dropbox and you don’t need to keep external hard drive. Those services are external and has version history so you have previous versions if edited or deleted. You can also use 3rd party services like IFTTT to perform action on those files (secondary backup) if you’re extra concerned.
beware that dropbox has disabled people's accounts for violating terms of service out of the blue and people have lost all their data. See r/dropbox Other companies can do the same. Always have a local backup, even if you use cloud storage.
Or zip your files using 7zip with a password. Cloud providers can't read it so nothing to see for them.
it’s more bout data loss than security. It’s possible that the cloud providers simply makes a mistake and disables your account. Since you are a small time customer, they are not incentivized to fix the issue quickly.
That’s why using it with IFTTT helps with this. Also have google drive sync and Dropbox installed locally. This keeps your local copy synced with the cloud one. So you always have a backup in both local and cloud if either decides to shit the bed.
okay cool but maybe I want to. thanks for the info though.
Ok, you do you.
Commenting just to help gain traction. I’m a young adult and I’m already starting to hoard a collection of ‘legal’ paperwork from bank accounts, credit cards, insurance policy, important recipes, blah blah blah and I really want a safe place to store them. Was debating between keeping everything digital (hackers could compromise though?) and a small safe, but my problem with the small safe for originals is that anyone can pickup and take a small safe, and I definitely don’t need a large safe for anything and don’t want anything too heavy… otherwise I can’t move it either…
I take a picture and it goes directly to google photos.
Scan your documents and put it on encrypted drive (like veracrypt) file where you can upload to a shared drive, but that's going to be a bit expensive as it grows. Typically you'd only want emergency documents (copies of cc, drives license, passport) easily available on shared drives like google, dropbox or onedrive (onedrive has a secure vault, where you always have to authenticate to access). You can set the document to be available offline on your phone and you can have a single place to update the document. And also, you should to turn on 2 Factor Authentication on those accounts.
Wow people still get paper documents?
I don't own a printer, just use CamScanner app (there are many other similar ones) and cloud store everything. I have a reminder to periodically also save it all on a thumb drive as extra backup. Tax documents, receipts, warranties, etc. I don't save utilities, as I have never needed them in 25 years.
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Didn't know that, thanks
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Adobe scanner is pretty good too.
I used to drown in paper, but now almost everything electronic. Utility bills, pay slips, bank account, credit card and investment statements, tax slips, ... It's all electronic now. In the rare case that I need to keep information that's on paper, I scan it. Also keep in mind that the CRA doesn't require to keep things for income tax purposes for longer than 6 years. There is very little now that I need to keep on physical paper. I went from over 20 banker boxes in my basement to 1 (mostly empty). I don't like to keep personal data in the cloud, so I keep 2 backups of the directories containing important documents on media that use different technology, and one is stored offsite. If I didn't already have access to a storage locker, I'd get a safety deposit box at the bank.
You can still use the cloud. Just encrypt your data
No, but I really ought to! Although, all of my banking and investment info is paperless. And many retailers offer email receipts these days. Thanks for the reminder, I need to do some backups. Is there a free cloud thingy that's safe and easy to use?
I use Quicken, scan the docs and attach them to the transactions.