Receipts, Records, and CRA: What to Keep and For How Long

Running a business means keeping paperwork in order—even if it’s all digital. Whether you're a sole proprietor, incorporated company, or Indigenous council, the CRA has rules about what records you must keep and for how long.

This post outlines what’s required and how to stay compliant without drowning in documents.

Why Keeping Records Matters

You need proper records for:

• CRA audits or reviews

• Grant reporting and contribution agreements

• Loan applications or year-end reports

• Tracking your business performance

Inaccurate or missing records can lead to penalties or lost funding opportunities.

What You Must Keep

Here’s what the CRA expects you to retain:

• Receipts (sales, expenses, travel, meals, fuel)

• Invoices (issued and received)

• Bank and credit card statements

• Payroll records (T4s, ROEs, timesheets)

• GST/HST filings and supporting documentation

• Contracts and grant agreements

• Year-end financial statements

Digital or paper copies are fine—as long as they’re complete, readable, and accessible.

How Long to Keep Business Records

CRA guidelines require you to keep most business records for:

• 6 years from the end of the last tax year they relate to

• Longer for capital purchases, grants, or audits

Example: A 2020 fuel receipt for a truck used in business must be kept until at least 2026.

Indigenous Business & Council Tip

For Indigenous councils and First Nations businesses, keep records long enough to satisfy:

• Federal or territorial grant guidelines

• Self-government legislation (e.g. TH Financial Administration Act)

• Band council audits or community reviews

Digital storage with clear folders by year and program is recommended.

Tools to Stay Organized

Use technology to make compliance easy:

• Hubdoc, Dext, or AutoEntry for receipts

• QuickBooks Online for transaction backups and reports

• Google Drive or Dropbox for document folders

• Set calendar reminders to back up or archive each year

These tools protect you in case of audit—and save hours during tax season.