Canada Revenue Agency
www.cra.gc.ca
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Who has to keep records
Adequate records have to be kept by individuals, partnerships, corporations, and trusts, as identified below:
- persons carrying on a business or engaged in commercial activity;
- persons required to pay or collect taxes or other amounts such as payroll deductions and goods and services tax/harmonized sales tax (GST/HST) under the Income Tax Act, the Excise Tax Act, the Excise Act 2001, the Employment Insurance Act, the Canada Pension Plan, the Air Travellers Security Charge Act and the Softwood Lumber Products Export Charge Act, 2006 (SLPECA);
- persons required to file an income tax or GST/HST return;
- persons who apply for GST/HST rebates or refunds;
- payroll service providers;
- trusts;
- non-profit organizations;
- registered charities;
- registered Canadian amateur athletic associations;
- a registered agent of a registered political party;
- an official agent for a candidate in a federal election;
- agents authorized under the Senate Appointment Consultation Act;
- universities;
- colleges;
- municipal corporations;
- hospitals; and
- school authorities.
Note
Even inactive corporations and holding companies have to keep certain records.
