Records are accounting and other financial documents that are kept in an organized way.
If you are carrying on a business or engaged in a commercial activity in Canada, you are required by law to keep adequate records.
Your records have to provide enough details to determine your tax obligations and entitlements. Also, your records have to be supported by original documents.
- Who has to keep records
Individuals, partnerships, corporations, and trusts
- Types of records
Description of paper and electronic records
- How to keep records
Requirements, location, how long to keep records and early destruction
- Payroll records
Records you should keep
- E-commerce records
Obligations for maintaining, retaining and safeguarding records. Electronic records, imaging and back up files
- GST/HST - Books and records
Business or organization type
Forms and publications
- Guide RC4409, Keeping Records
- Information Circular IC05-1, Electronic Record Keeping
- Information Circular IC78-10, Books and Records Retention/Destruction
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