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  • 81 Financial and Tax Tips For The Canadian Real Estate Investor Expert Money Saving Advice On Accounting and Tax Planning-85

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    This document provides a tip for implementing a color-coded filing system for real estate investment properties. The system uses four colored folders - red, yellow, green, and blue - to organize documents for each property purchase. The red folder contains tenant information, the yellow holds miscellaneous property documents, the green is for financial records, and the blue keeps legal records. Implementing this simple color-coding makes it easy to find specific documents among investment records.

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    81 Financial and Tax Tips for the Canadian Real Estate Investor Expert Money Saving Advice on Accounting and Tax Planning-85

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    This document provides a tip for implementing a color-coded filing system for real estate investment properties. The system uses four colored folders - red, yellow, green, and blue - to organize documents for each property purchase. The red folder contains tenant information, the yellow holds miscellaneous property documents, the green is for financial records, and the blue keeps legal records. Implementing this simple color-coding makes it easy to find specific documents among investment records.

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    81 Financial and Tax Tips For The Canadian Real Estate Investor Expert Money Saving Advice On Accounting and Tax Planning-85

    Uploaded by

    stumerit
    This document provides a tip for implementing a color-coded filing system for real estate investment properties. The system uses four colored folders - red, yellow, green, and blue - to organize documents for each property purchase. The red folder contains tenant information, the yellow holds miscellaneous property documents, the green is for financial records, and the blue keeps legal records. Implementing this simple color-coding makes it easy to find specific documents among investment records.

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    TIP #27: COLOUR-CODE YOUR FILING SYSTEM.

    Every time you buy a new property, add four new file folders to your
    cabinet.
    You should put this tip to work before you buy your first property. If it’s not
    already in place, make it a priority now.
    This colour-coded filing system was developed by the Real Estate
    Investment Network and offers a proven way to find specific documents
    amongst your investment records. It is easy-to-use, is compatible with
    Canada Revenue Agency rules, and can be used when buying single or
    multi-family properties.
    Let’s get started:
    1. Buy a filing cabinet that will hold legal-size documents.
    2. Buy good-quality file folders in four colours, plus hangers.
    3. Every time you buy a new property, add four new file folders.

    RED: TENANT INFORMATION

    Rental data, move-in and move-out inspection reports, completed tenant


    questionnaires, lease or rental agreements, a CD of property pictures and all
    tenant correspondence.

    YELLOW: PROPERTY MISCELLANEOUS

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