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T
theq570014
February 21, 2024
Question

Do I have to send in all my business expense receipts?

  • February 21, 2024
  • 1 reply
  • 0 views
I am a new start-up and I am the owner and sole employee. I have every receipt saved from my business-related expenses. Do I have to submit them all? First time doing taxes for a small business here! Any help is appreciated. Thank you!

    1 reply

    G
    GHarpe
    February 21, 2024

    No, you do not need to send in your receipts but according to the Canada Revenue Agency (CRA) "you must keep all required records and supporting documents for a period of six years from the end of the last tax year they relate to." If at anytime during those 6 years, should the CRA wish to verify your expenses, you will need to support them with your receipts.

     

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