Business records

You are required by law to keep records of all your transactions to support your income and expense claims.

Keep a record of your daily income and expenses. We do not issue record books or suggest any type of book or set of books. There are many record books and bookkeeping systems available. For example, you can use a book that has columns and separate pages for income and expenses.

Keep your records, along with your duplicate deposit slips, bank statements, and cancelled cheques. Keep separate records for each business you run. If you want to keep computerized records, make sure they are clear and easy to read.

Note
Do not send your records with your income tax return. However, keep them in case we ask to see them at a later date.

Forms and publications

• Guide RC4409, Keeping Records
• Guide T4002, Business and Professional Income
• Form T137, Request for Destruction of Records
• Information Circular IC78-10R5, Books and Records Retention/Destruction
• Information Circular IC05-1R1, Electronic Record Keeping