Yesterday I learned something new, and I want to pass it on to you!
You the taxpayer are responsible for retaining all electronic records in a usuable file for the government. That is a loaded statement. What do I mean by that?
You are responsible - Just in case you have a third party (accountant/bookkeeper, e-commerce, internet service provider, outsource payroll, payables or receivables), you must ensure you have the proper documentation should Revenue Canada ever request a review.
Retaining - You must keep these records in the proper format for 7 years.
Electronic Records - As per Revenue Canada, "An electronic record is any information recorded in an electronically readable format."
Usuable - Excel or PDF. Most programs will transfer their data to an Excel or PDF format, and there are third party outsource services that do this, but only for a certain length of time. It is up to you to ensure that you have saved your data with proper backup.
Talk to your Bookkeeper or Accountant, and ask them to make sure all your documents are stored in the correct format, and the back up is done correctly!
No comments:
Post a Comment