What Records To Keep

Make sure you keep orderly records of all income and expenses you receive. All books and records such as paper documents, as well as those stored in an electronic medium including the software program(s) necessary to run the electronic data, must be kept in Canada or made available in Canada at CRA’s request. You can keep these documents outside Canada if you get written permission from CRA. Also, keep all receipts, invoices, vouchers, cancelled cheques, credit card receipts and monthly credit card statements for expenses indicating outlays of money. Such outlays include:

1. salaries and wages;

2. operating expenses such as rent and advertising, and capital expenditures; and

3. miscellaneous items, such as charitable donations.

If you import goods into Canada, your records must substantiate the price you paid for imported goods, and list their origin and description. They must also include any documentation which supports the reporting, releasing, and accounting of the goods, as well as the payment of duties and taxes. You should keep these records at your place of business or residence in Canada (unless you get written permission from us to keep them elsewhere). You have to make them available to CRA if you're asked to do so.

Whichever accounting or record keeping method you use, your records must be permanent. They must contain a systematic account of your income, deductions, credits, and other information you need to report on your income tax and GST/HST returns.

CRA guidelines for record keeping can be found HERE.

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