Likely, everyone has been asked to go paperless for their bills, receipts and bank statements. Number one reason, it save trees. Like everything, there are pros and cons, and it takes some time for us to adopt a new system. Is going paperless always the best choice for you?
- If you decide to go paperless, make sure to file your electronic statements at the time you receive them so that they do not get lost amongst your other emails and junk-email.
- To be on the ball, check and review your statements when you receive them, and make sure the right amount is reported. Keep on top of your daily in and outgoings to make sure you’ve been billed correctly.
- Too busy right now to deal with the e-bill? Putting it aside so that you can come back to it later may make it easy to “slip through your fingers” unlike paper statements that we see.
- If you need to make a monthly payment, make sure you either pay it when you receive your statement, or schedule it, so you don’t miss it.
- Not all services have converted to eBilling, so you are likely to still have paper bills along with eStatements. Make sure you have a system to file both, so you know where and how to find them when you need them.
- It is always good to have larger item purchases and warrantees kept/filed together – it makes it easier to find them.
- Set-up an electronic file system where you can colour code when you have made a payment or alternatively, move payments into a separate file.
- If you find yourself missing payment deadlines or losing track of bills, better ask for a paper copy. The physical bill is a reminder that it needs to be paid, and when you pay it, you can write the payment date on your copy or staple a print-out of your payment with the invoice.
If you are not ready, or think it is more of a headache to keep track of e-Billing, then keep your traditional paper filing system, and take steps to transition to eBilling:
- File your papers as you always do
- Any statement you receive digitally, print it out and file it. It still cheaper to print out than paying a paper billing charge (some companies are now charging $2 for traditional billing). If you don’t print it out, it might ‘cost’ you more to locate it when you need it.
- Remember, Revenue Canada requires you to keep all our financial records for a minimum of seven years.