Business Record-Keeping - Very Important!

This is information from the Canada Revenue Agency with regard to Record-keeping for Businesses:

Here is a listing of the ways that you can keep records:

• books, records, and supporting documents produced and kept in paper format;
• books, records, and supporting documents produced on paper, and later converted to and stored in an electronically accessible and readable format; and
• electronic records and supporting documents produced and kept in an electronically accessible and readable format.

Supporting documents are required for each of the above methods and may be kept in either paper or electronic format (including electronic imaging format).
Your books and records:

• must be kept in Canada unless our permission is granted to keep them elsewhere;
• must be made available to our representatives upon request; and
• include electronic records that are created and maintained by computerized record-keeping systems.

For more information about requirements for corporations, trusts, registered charities, registered Canadian amateur athletic associations, registered agents for registered political parties, official agents for candidates in a federal election, agents authorized under the Senate Appointment Consultation Act, hospitals, non-profit organizations and other qualified donees, see Guide RC4409, Keeping Records.

You have to keep all records in paper format, unless you keep them in an acceptable microfiche, microfilm, or electronic image format. Electronic imaging software is a popular method of keeping scanned images of paper documents, books, and records.

We consider you to have electronic records if you create, process, maintain, and store your information in an electronic format.

You have to keep your electronic records in an electronically readable format, even if you have paper printouts of those records.

If any of your source documents are first created, transmitted, or received electronically, you have to keep them in an electronic format.

Scanned images of paper documents, records, or books of account that are kept in electronic format are acceptable if proper imaging practices are followed and documented.