Do I need to keep paper copies of invoices?

Do I need to keep paper copies of invoices?

Always keep receipts, bank statements, invoices, payroll records, and any other documentary evidence that supports an item of income, deduction, or credit shown on your tax return. Most supporting documents need to be kept for at least three years.

Are photocopies of receipts acceptable to the CRA?

Reproductions of imaged documents are as acceptable as the originals, if you follow certain procedures. You must produce, control, and keep imaged reproductions (including microfilm and microfiche) of books of original entry and source documents according to the latest national standard of Canada.

Are scanned documents legal in Canada?

Scanned images of paper documents, records, or books of account that are maintained in electronic format are acceptable if proper imaging practices are followed and documented.

Do I need original receipts for business expenses?

Receipts are not required when submitting the return, but the IRS can ask for supporting proof during an audit. If the IRS disallows reported deductions, your company could be liable for additional taxes, penalties, and interest.

How long do you need to keep receipts for CRA?

six years
Generally, 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.

Is a scanned copy an original?

In the United States, records made from a document imaging system will be admissible in evidence to the same extent as the original record, as long as the document imaging records accurately reproduce the original.

Is photocopy the same as copy?

The difference between Copy and Photocopy. When used as nouns, copy means the result of copying, whereas photocopy means a copy made using a photocopier. When used as verbs, copy means to produce an object identical to a given object, whereas photocopy means to make a copy using a photocopier.