Short version: As a Canadian Freelancer, if I track all my expenses carefully in mint, and pay for pretty much everything with credit/debit cards, do I still need to keep all those paper receipt?
I'm in Canada, and work as a freelancer doing a mix of writing, facilitation, teaching, consulting, and other stuff.
Over the past year, I've been using mint.com to track all my tax-related expenses (previously
). It's not flawless, but I like it a lot. Every week or so, I go in and categorize everything. I usually add notes on what the expense was: "Bought book XXX" or "Had business meal with YYY".
For some reason: I'm very good at organizing stuff on the computer, and not-so-great at organizing bits of paper. I'm confident my mint.com records are very very accurate. I'm not so confident whether my box of receipts is really complete, and I'm curious whether I should work harder to ensure that it is, and hoping I can just forget about all that paper.
How important is it that I still keep paper receipts? If I have a record in my books explaining the expense and the date, and there's a record in my bank card or credit card, is that not sufficient? Or do also need to have the paper receipt?
(Also - I know I could scan all the receipts. But for me, I don't think that adds much: My guess is that having to scanning them all, even with a fast good scanner, is still the sort of paperwork I'd be lousy at. Exeperiences to the contrary are welcome...)