My name is Sheldon and I am a Rottweiler. My ancestors have been looking after money since the 1800s but it is the 21st century and I am here to tell you why, paper is for your puppy!

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Sheldon’s Tax Tips #1

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Your money is in your paperwork and now the bandits come in suits and ties.

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You are required by the CRA to keep your paperwork for up to 7 years depending on your business. The question you need to ask yourself is, can you produce that paperwork from 5 years ago. Is it in the basement, the attic, “dead storage”?

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I can tell you rodents are not good guardians of paperwork. I know that squirrel and he is not to be trusted.

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CRA accepts electronic documents and that is why you no longer need to keep all that paper.

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More info on electronic record keeping can be found here.

www.canada.ca/en/revenue-agency/services/tax/businesses/topics/keeping-records/specific-information-that-certain-entities-have-keep.html