Accounting FAQ

What are the requirements to the documents if I work as a self-employed?

You are required by law to keep records of all your transactions to support your income and expense claims.

Keep a record of your daily income and expenses. There are many record books and bookkeeping systems available. For example, you can use a book that has columns and separate pages for income and expenses.

Keep your records, along with your duplicate 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.

If you do not keep the necessary information and you do not have any other proof, CRA may have to determine your income using other methods. CRA may also disallow expenses you deducted if you are unable to support them.

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