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| | What Information The Records Must Contain It's not hard to keep records that meet the requirements of the law. However, sketchy or incomplete records which use approximate instead of exact amounts, are not acceptable. Your books and records must: allow you to determine how much tax you owe, or the tax, duties, or other amounts to be collected, withheld, or deducted, or any refund or rebate you may claim; and be supported by vouchers or other necessary source documents. For credit card purchases, this includes not only the credit card slip, but also the monthly statement which shows the transaction.
If you do not keep your receipts or other vouchers to support your expenses or claims, and there is no other evidence available, CRA may reduce the expenses or claims you have made. The burden of proof is on the taxpayer, not CRA. CRA guidelines for record keeping can be found HERE. Legal Notice And Disclaimer Privacy Statement | | |  |  | Notice |
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