Keeping records

The Canada Revenue Agency (CRA) has detailed information for situations where your records, including those of your business, are affected by a disaster. For more information, go to Managing your tax affairs during or after a disaster.

If you need more information after reading the following topics, call 1-800-959-5525 .

Topics

• What are records, who has to keep them and why it is important
• Your responsibilities and the requirements associated with records the law requires you to keep
• Business records
  Keep income, expense, motor vehicle, and property records
• GST/HST and payroll records
  Information that GST/HST registrants and persons claiming a GST/HST rebate or refund must keep in their records, and the information that employers must keep in their records.
• Specific information that certain entities have to keep
  Information that corporations, trusts, registered agents for registered political parties, official agents for candidates in a federal election, as well as registered charities, registered Canadian amateur athletic associations and other qualified donees must keep in their records.
• Acceptable format, imaging paper documents and backing up electronic files
  Paper and electronic formats; converting paper documents into electronic files; reproducing or destroying paper documents after imaging; making backup copies of your electronic files.
• Where to keep your records, for how long and how to request the permission to destroy them early
• Review of business systems and keeping audit trails of business transactions
  What the CRA verifies when it reviews business systems, and keeping information on the sequence of events of business transactions

Forms and publications

• Information Circular IC05-1 , Electronic Record Keeping
• Information Circular IC78-10 , Books and Records Retention/Destruction

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