Sheldon's Tax Tips #1
Paper is for your Puppy!
My name is Sheldon and I am a Rottweiler. My ancestors have been looking after money since the 1800’s but it is the 21st century and I am here to tell you why, paper is for your puppy!
Your money is in your paperwork and now the bandits come in suits and ties.
You are required by the CRA to keep your paperwork for up to 7 years depending on your business. The question you need to ask yourself is, can you produce that paperwork from 5 years ago. Is it in the basement, the attic, “dead storage”?
I can tell you rodents are not good guardians of paperwork. I know that squirrel and he is not to be trusted.
CRA accepts electronic documents and that is why you no longer need to keep all that paper.
More info on electronic record keeping can be found here.