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The following is a discussion item from NCF's Treasurer Lynn Laham. I would like to have a few minutes on Tuesday's Agenda to discuss the location of the corporations's books and records. As per Revenue Canada Books and Records must be stored at the place of business of the corporation.
This is copied directly from their website:
Requirements for keeping books and records1. Persons who are required to pay or collect excise taxes or other sums, or who make an application for a drawback or a refund are required, under subsection 98(1) 1, to keep adequate books and records. 2. Persons must maintain books and records in English or French, at their place of business in Canada. Permission to store books and records elsewhere may be granted to persons whose accounting systems are centralized outside Canada. 3. The books and records, and any source documents, must be in an appropriate form and must contain sufficient information to allow determination of the amount of tax to be paid or collected, or the amount to be refunded, rebated or deducted from net tax. 4. Under subsection 100(2), if a person fails to keep adequate records or books of account, the Canada Revenue Agency (the CRA) may specify the records and books of account that the person is required to keep, as well as the information that the books and records must contain.
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