Canadian business records · 5 minute read
Good bookkeeping connects each recorded transaction with evidence of what happened. Accounting software helps organize the numbers, but you also need a dependable way to retain and retrieve the documents behind them.
Build a complete record trail
Keep sales and purchase documents, payment evidence, bank and credit card statements, contracts, financing documents, and records of significant assets. If you employ staff or are registered for GST/HST, maintain the additional records relevant to those accounts. What you need depends on your activities.
Organize documents around how you work
Use a consistent naming convention and a searchable filing structure. Attach documents to accounting entries where practical, and keep exports and backups accessible. A workable structure might group documents by fiscal year, month, and record type, with a separate folder for continuing contracts and major assets.
Understand retention before deleting
CRA’s general rule is to keep required records and supporting documents for six years from the end of the last tax year to which they relate. Exceptions apply. For example, late-filed income tax returns affect the retention period, and certain long-term property and corporate historical records must be retained indefinitely. Check the rules for the particular records before disposing of them.
Check where electronic records are kept
CRA generally requires records to be kept in Canada unless written permission is provided to keep them elsewhere. Simply accessing overseas records electronically from Canada does not make them records kept in Canada. Check your storage arrangements and the CRA guidance when selecting a document or accounting system.
Assign responsibility
Decide who collects documents, who follows up on missing records, and who maintains backups and access. When a bookkeeper changes or software is replaced, plan the handover before closing accounts or losing access to historical information.
A simple starting point
Choose one collection method, create a monthly missing-document list, and review it alongside your bank reconciliations. Address old gaps through a scoped cleanup rather than silently treating incomplete balances as reliable.
Get help organizing your books
Sources: CRA: Keeping records and CRA: Record location and retention. Reviewed October 5, 2026. General information; requirements vary with the circumstances.