Oct
21

Record Keeping: What is an acceptable format?

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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,...
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Oct
17

Record Keeping: GST/HST records

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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...
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Oct
15

Record Keeping for Corporations and Trusts

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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...
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Oct
09

Keeping Business Records: 4 types of business records

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As mentioned in our previous blog, there are 4 types of business records you must keep. Income records: Income records must support all of the income that your business earns. Your income records must include the date, amount and source of income. It should also show if the income was received as cash, property or services. Your business income must be supported by original documents such as sales invoices, cash register tapes, receipts, bank deposit slips, fee statements and contracts. Expense records: When you buy something for your business, you must always get receipts or other vouchers. The receipts must show...
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