Record Keeping Rules for Small Business Owners in Canada
CRA requires businesses to keep income and expense records for 6 years. Learn what to keep, how long, and storage tips.
📁 Small Business Owners: What Records Do You Need to Keep?
As a business owner, you must keep all documents that support the income and expenses of your business. In short, if it proves that money entered or left your business, keep it.
✅ Examples of records to keep:
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Invoices and receipts
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Bank statements and deposit slips
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Payroll records
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Contracts and agreements
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Tax filings and correspondence with CRA
⏳ How Long Should You Keep Them?
In Canada, the CRA requires businesses to keep records for at least 6 years from the end of the last tax year they relate to.
🔔 The 6-year clock starts after the end of the tax year — not the date the document was created.
👉 Example: Receipts from your 2023 tax return must be kept until the end of 2029.
📌 Helpful Tip:
Records can be kept electronically as long as they are legible, accessible, and retrievable in case of an audit. Scanned copies and cloud storage are fully acceptable.
