How long must business documents/receipts be kept according to the content?

Bob GauvreauAsk Bob Gauvreau Questions Based On His Training

Keeping Your Business Receipts Organized: A Must-Know Tip! #shorts

8 Sept 2023 · 1 min

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0:58

Short instructional content explaining why and how to organize business receipts: receipts serve as evidence for business expenses, should be attached to transactions in a cloud accounting system, and must be retained for seven years from the date of assessment to satisfy government audits. Emphasizes matching receipts to transactions and readiness for government review.

Questions this video answers

Seven years from the date of your notice of assessment.

Chapters

Let's talk about organizing receipts in your business. So with organizing our receipts, if the government were to ask for evidence that those expenses exist, that's what those receipts do. They provide the evidence that those expenses actually were incurred, what they were for, and to make sure that they're legitimate. So what organizing those receipts does is it reinforces that deduction. As our bookkeepers are doing the bookkeeping work related to this, they'll see those receipts come in and we'll actually attach it to transactions in the cloud based accounting solution. They're automatically being sent in. We're matching them so that when the government or if the government were to ever test this and look at some of those documents, they're nicely organized and ready to go. You have to keep your documents for seven years because the government can come back in and look at any or request any documentation for up to a seven year period. Beyond that, seven years from the date of your notice of assessment, you're good to go. To dispose of these documents.