Keeping Records for Tax Purposes

by in Tax Advice Information and Updates
Keeping Records for Tax Purposes
Records are all your accounting and other financial information documents that summarize your transactions and include the documents to support these transactions. Records include ledgers, journals, financial statements, income tax returns and sales invoices. And as a responsible taxpayer, it is your responsibility to keep them organized.

All persons who have to file a tax return and those who are carrying on a business or engaged in commercial activities are required by law to keep records. These records must be reliable and complete, must include information needed to meet your tax obligations and to calculate your credits, be supported by documents and must be kept in English, French or a combination of these 2 languages.

Remember, it is your responsibility to protect your records even if you hire a third party to hold them for you. Also, it is important that you make these records and the supporting documents available to the CRA when asked.

Most importantly, ensure that you and your accountant are present when CRA officials examine your records at the address where you keep them. By being there with your accountant, you will be able to provide assistance to the CRA official as well as answer any questions about your transactions. This will make for a smoother and easier review process.

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Guest Wednesday, 23 January 2019

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