Do I need to keep paper copies of my receipts?
This is a common question I get asked by my clients and the answer is: It’s up to you… Kind of!
According to the Canada Revenue Agency website you must keep all required records and supporting documentation for a period of 6 (six) years from the end of the last tax year they relate to. How you choose to save them is up to you.
Acceptable formats:
- Paper Format
- Paper Format, and later converted to and stored in an accessible and readable electronic format
- An accessible and readable electronic format
“Work Smarter, Not Harder”
Streamlining your receipt management process is one way you can work smarter in your business.
At Nova Ridge we recommend using Dext, an innovative & user friendly receipt management app!
Get a month FREE of Dext, please send us an email to: hola@novaridge.ca.
If you choose to keep your source documents in an electronic format, please make sure:
- It is an accurate reproduction with the intention of it taking place of the paper document
- It gives the same information as the paper document
- The significant details of the image are not obscured because of the limitation in resolution, tonality or hue.
For more information on acceptable forms of backup, please check out the CRA Website: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/keeping-records/acceptable-format-imaging-paper-documents-backing-electronic-files.html#mgr
Please link the blue text to: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/keeping-records/acceptable-format-imaging-paper-documents-backing-electronic-files.html#mgr
