Oct
23

Record Keeping: Destroying imaged paper documents & backing up electronic files

12577795_l
As mentioned in a previous blog, you generally have to keep your original paper records unless you have saved them in an acceptable, microfiche, microfilm or electronic image formats. Therefore, if you have produced images of your paper records according to the Canadian General Standards Board standards, the images become the permanent records. If so, you can then destroy the imaged paper item. If you are unsure, please get legal advice first. Note that if your business cannot meet the Canadian General Standards Board standards, then you have to keep the original paper documents. You can view the standards here: Canadian...
Continue reading
0
Oct
21

Record Keeping: What is an acceptable format?

10070370_l_20170603-231047_1
When the CRA asks for certain documents, they expect you to produce these records in paper format, paper format later converted to and stored in an accessible and readable electronic format or an accessible and readable electronic format. If the records were originally produced in paper format, you have to keep your records in paper format unless you have saved them in an acceptable microfiche, microfilm, or electronic image formats. Note that you can use electronic imaging software to keep images of paper records. When producing an image of a paper document, you must make sure it is an actual reproduction,...
Continue reading
0
Oct
17

Record Keeping: GST/HST records

GS_20191017-161415_1
You are required to keep GST/HST information in your records if: • You are carrying on a business or engaged in a commercial activity in Canada • You have to file a GST/HST return • You are applying for a GST/HST rebate • You are applying for a GST/HST refund If you file a GST/HST return, you must have records that describe the related goods and services in enough detail to determine if the GST/HST applies to them. Ensure that your records can provide you with accurate information to: • Calculate the amount of GST/HST you have to pay or collect...
Continue reading
0
Oct
15

Record Keeping for Corporations and Trusts

12577795_l
Certain entities are required to keep specific information in their records. If you have a corporation, you have to keep in your records the following information: • Information on the corporation’s internet business activities • The minutes of meeting of the directors • The minutes of meetings of the shareholders • Any information about ownership of the shares of the capital stock of the corporation • The general ledger or other books of final entry with the summaries of the year to year transactions • Any special contracts or agreements necessary to understand the entries in the general ledger or other...
Continue reading
0

The KD Blog