The CRA won’t accept your bank or credit card statements to justify deductible expenses – you need an itemized receipt that corresponds with the transaction. For example, the annual fee on a points card, or the interest from a balance carried from one month to the next, can be claimed if the transactions are business related. It’s a good idea to have a separate business account and credit card so you don’t mix business expenses with those incurred for personal purposes.Īs a bonus, if all transactions are business related, you can claim any fees associated with that card or account. It’s easy to lose track of cash transactions so it’s good practice to use a credit card or debit card to cross-check details with your paper receipts. We’re all about supporting small business owners, so we’ve outlined seven tips and tricks to help you keep on top of those records.

Plus, staying organized throughout the year will help you save time when it comes to filing your taxes. If you keep good records, you will avoid Canada Revenue Agency (CRA) fines in the event of an audit. It may not be at the top of your list, but if you’re self-employed or a small business owner you are required by law to keep a record of your business transactions. It can seem overwhelming to keep track of your receipts and record keeping on top of the demands of running your own business. Does the thought of organizing your receipts fill you with dread?

How to use evernote for taxes