Record Keeping - Who has to keep them?

Who has to keep records:

Here is the list of those who, by law, have to keep records:

• people who have to file a tax return

• persons carrying on a business or engaged in commercial activity

• persons who must pay or collect taxes or other amounts such as payroll deductions and softwood lumber products export charge

• people who have to file a GST/HST return

• people who apply for GST/HST refunds or rebates

• payroll service providers

• third-party record keepers

• trust

• non-profit organizations

• registered agents of registered political parties

• official agents for candidates in a federal election

• universities

• colleges

• municipal corporations

• hospitals

• school authorities

• qualified données such as:

  • registered charities

  • registered Canadian amateur athletic associations

  • registered housing corporations resident in Canada that are exempt from tax under Part 1 of the Income Tax Act because of paragraph 149(1)(i)

  • registered municipalities in Canada

  • registered municipal or public bodies performing a function of government of Canada

  • registered university outside Canada, the student body of which ordinarily includes students from Canada

  • registered charitable organizations outside Canada to which His Majesty in right of Canada has made a gift

Notes

Holding companies and corporations that are inactive still have to keep records.

You have to keep separate records for each of the above situations.