Keeping Business Records, Part 1

by in Tax Advice Information and Updates
Keeping Business Records, Part 1
As a business owner, you are required by law to keep records of all your transactions to support your income and expenses. Your business records must be reliable and complete, include the information needed to meet your tax obligations and calculate your credits, be supported by documents, be kept in English, French or a combination of these two languages. 

According to the law, you are responsible, as a business owner for:
-      Protecting your records;
-      Making your records and supporting documents available to the CRA when requested;
-      Making sure that you, your employees or your third party record keeper is present when CRA officials examine your records at the address where you keep them;
-      Making sure that your representative is cooperating with the examination by providing reasonable assistance and answering question about your business;
-      Allowing CRA officials to make copies, or giving them copies, of any records they need.

It is important to note that you should have your accountant present when the CRA examines your records.  At KD, we assist clients during this time.  We even have a few clients ask the CRA official to come to the KD office to do their inspection of their records. 

Another important thing to remember is that you never give out original documents to the CRA.  Keep these original copies for your file. You will never know what will happen to the original documents when in the hands of the CRA.  You will be surprised at how many original documents are misplaced under the care of the CRA. 

Source:  www.cra.gc.ca
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