CRA Penalties for Missing Receipts and Poor Record Keeping
Missing receipts during a CRA audit is one of the most stressful situations a small business owner or freelancer can…
Articles tagged
receipts
38 articles
How Long to Keep Receipts in Canada: CRA Record Retention Rules
How long do you need to keep your business receipts and records in Canada? The short answer is six years…
GST/HST Input Tax Credits: Documentation Requirements Explained
If your business is registered for GST/HST, you can recover the tax you paid on business purchases by claiming input…
Digital Receipts and the CRA: Electronic Record Keeping Rules
The CRA fully accepts digital receipts and electronically stored records for tax purposes — you do not need to keep…
HMRC Record Keeping Requirements: What Receipts to Keep and For How Long
HMRC requires every self-employed individual, sole trader, and business in the UK to keep adequate records of their income and…
VAT Record Keeping Requirements: Invoice Types and Documentation Rules
If your business is VAT-registered, HMRC requires you to keep detailed records of all VAT charged and paid. The rules…
CRA Receipt Requirements 2026: Complete Guide for Small Businesses
If you run a small business or work as a freelancer in Canada, keeping proper receipts is not optional —…
Schedule C Receipt Requirements: What Self-Employed Filers Need to Document
Filing Schedule C? Every expense line requires documentation. Learn exactly which receipts you need for each Schedule C category, what…
Lost a Receipt? How to Reconstruct Missing Tax Documentation for the IRS
Lost receipts don't always mean lost deductions. Learn how to reconstruct missing tax documentation using the Cohan Rule, bank statements,…
How Long to Keep Receipts for Tax Purposes: IRS Retention Rules Explained
The IRS requires you to keep receipts for 3 to 7 years depending on your situation — and sometimes indefinitely.…
Credit Card Statement vs Receipt: Which Does the IRS Accept for Tax Deductions?
Can a credit card statement replace a receipt for IRS tax deductions? Sometimes — but not for meals, travel, or…
The Payment Terminal Receipt Problem: Why Your Card Slip Isn’t Enough for the IRS
Your payment terminal receipt proves you paid — but not what you bought. Learn why the IRS needs the itemized…