What Books and Records Must be Kept by an Individual or a Business

Author: External Author | | Categories: Accounting Firm , Accounting Services , Bookkeeper , Bookkeeping Services , Chartered Professional Accountant , Corporate Tax Services , Financial Statement Preparation , Income Tax Preparation , Personal Tax Services , QuickBooks Accounting , Small Business Accounting , Tax Accountant , Tax Planning , Tax Services

Every business needs to keep reliable, accurate bookkeeping records in order to

  1. know their costs, which is essential in order to have a profitable business, and

  2. minimize their taxes payable.

Books and records must be kept by every:

  • person (individual, partnership, corporation, trust, etc.) who is required to pay or collect taxes or other amounts according to the Income Tax Act, Employment Insurance Act, Canada Pension Plan, or Excise Tax Act (which includes GST/HST) - this includes almost everyone

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Original Article Source Credits: TaxTips.ca, https://www.taxtips.ca

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Link to Original Article: https://www.taxtips.ca/smallbusiness/books-and-records-retention.htm