Keep a daily record of your 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 separate records for each business you run. If you want to keep computerized records, make sure they are clear and easy to read.
Do not send your records with your income tax return. However, keep them in case we ask to see them later.
Forms and publications
- Guide T4002, Business and Professional Income
- Form T137, Request for Destruction of Records
- Information Circular IC78-10, Books and Records Retention/Destruction
- Information Circular IC05-1, Electronic Record Keeping
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