Keeping business receipts

Do you need to keep all of your business receipts for business expenses? Yes, you should be keeping all of the receipts for expenses you are claiming for business and they should be kept for at least 6 years after the year you claim this. This applies to physical and digital receipts. You do not have to submit the receipts when filing your taxes, however, you should keep them for your own records but also in the case that the CRA ever wants proof of your expenses or audits your business. CRA website of receipt record keeping: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/keeping-records/where-keep-your-records-long-request-permission-destroy-them-early.html Magnaltus Instagram: https://www.instagram.com/magnaltus/ #business #businessmanagement #businessstartup