Keeping records

Records are accounting and other financial documents kept in an organized way. Traditionally, they were kept in paper format and were called “books and records” but today many records are kept in electronic format.

If you are carrying on a business or engaged in a commercial activity in Canada, you are required by law to maintain a record of your transactions. Your records have to be sufficiently detailed to determine your tax obligations and entitlements. You have to keep all the source documents so the information in your records can be verified.

Keep a daily record of your income and expenses. See Chapter 1 of the Fishing Income guide for examples of records kept in books with columns or on spreadsheets.

Record the gross income earned by your fishing business whether it was payable in cash, property, or services. Income records must show the date, the amount, and the source of the income. They include sales slips for each landing, trip settlement sheets, and slips or records of sale to the public, retailers, and restaurants.

Always get receipts, invoices, or other vouchers when you buy merchandise or services for your business. Expense records must show the date of the purchase, the name and address of the seller or supplier, the name and address of the purchaser, and a full description of the goods or services bought.

For more information, refer to the Keeping Records guide.

Forms and publications

• Fishing Income guide (T4004)
• Keeping Records guide (RC4409)
• IC05-1, Electronic Record Keeping
• IC78-10, Books and Records Retention/Destruction
• GST/HST Memorandum 15.1, General Requirements for Books and Records
• GST/HST Memorandum 15.2, Computerized Records