You are required by law to keep records of all your transactions, for 6 years, to be able to support your

  • income
  • expense
  • property

A record is defined to include an account, an agreement, a book, a chart or table, a diagram, a form, an image, an invoice, a letter, a map, a memorandum, a plan, a return, a statement, a telegram, a voucher, and any other proof containing information, whether in writing or in any other form.

Keep a record of your daily income and expenses. There are many record books and bookkeeping systems available. Or you can use a book or excel spreadsheet that has columns and separate pages for income and expenses.

Keep your duplicate invoices, deposit slips, bank statements, and cancelled cheques. Keep separate records for each business you run. If you want to keep computerized records, make sure they are clear and easy to read.