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posted Feb 21, 2024 4:45:07 AM

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

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!

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Moderator
Feb 21, 2024 5:06:09 AM

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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