What are records?
Records are organized accounting and financial documents that summarize your transactions and include the documents to support these transactions. These documents include:
ledgers
journals
books
charts
tables
financial statements
statements of accounts
income tax returns
goods and services tax/harmonized sales tax (GST/HST) returns
excise tax returns
sales invoices
purchase receipts
vouchers
contracts
guarantees
bank deposit slips
bank statements
cancelled cheques
cash register slips
credit card receipts
work orders
delivery slips
working papers
logbooks
emails
all correspondence that supports your transactions
Who has to keep records?
Here is the list of those who by law have to keep records:
persons who have to file a tax return
persons carrying on a business or engaged in commercial activity
persons who have to pay or collect taxes or other amounts such as payroll deductions and softwood lumber products export charge
persons who have to file a goods and services tax/harmonized sales tax (GST/HST) return
persons who apply for GST/HST refunds or rebates
payroll service providers
third-party record keepers
trusts
non-profit organizations
registered agents of registered political parties
official agents for candidates in a federal election
universities
colleges
municipal corporations
hospitals
school authorities
qualified donees such as:
registered charities
registered Canadian amateur athletic associations
registered housing corporations resident in Canada that are exempt from tax under Part 1 of the Income Tax Act because of paragraph 149(1)(i)
registered municipalities in Canada
registered municipal or public bodies performing a function of the government of Canada
registered university outside Canada that is prescribed to be a university, the student body of which ordinarily includes students from Canada
registered charitable organizations outside Canada to which Her Majesty in right of Canada has made a gift
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