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There are 3 basic types of business records: Income records, Expense records and Property records. Income records:  Income records keep track of the gross income your business earns. Gross income is your total income before you deduct any expenses including those associated with goods sold.  Your income records must show the following information with regards to your income: -      Amount and date received -      Source of the income It is also important that you record the income whether it was received as cash, property or services.  Original documents must support all income entries.  These documents include sales invoices, cash register tapes,...
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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...
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