Record Keeping for Businesses

As a business owner, you are required by law to keep records of all your transactions that will be able to support your income and expense claims. Records include accounts, agreements, books, charts and tables, diagrams, forms, images, invoices, letters, vouchers and any other proof that can provide information whether in writing or in any other form.

Here are some basic things you need to know when keeping your business records:
- Make sure you keep duplicate deposit slips, bank statements and cancelled cheques.
- Keep separate records for each of your business if you own and operate multiple businesses.
- If you keep computerized records, make sure they are clear and easy to read.
- Do not send out original copies of your records to the CRA with your income tax return. Keep them in case the CRA asks for them.

There are 4 types of business records you must keep – income records, expense records, asset records and liability records. These are pretty much self-explanatory as each name suggests. Basically, these records are supporting documents related to income, expenses, assets and liabilities of the business.

In our next blogs, we’ll take a look at these types of business records so please check back soon!
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