Tax Genius · Canada
Bookkeeping & Financial Statements
Bookkeeping, reconciliation and financial-statement support designed for Canadian tax and business reporting.
Information reviewed against referenced sources:
Frequently asked questions
How long do Canadian businesses keep records?
Bookkeeping & Financial Statements normally starts with sales/purchase records, bank/card statements, and invoices/receipts. CRA requires businesses to keep records that support income, expenses and tax obligations; electronic records have retention/access requirements.
Can electronic records be used?
Bookkeeping & Financial Statements normally starts with sales/purchase records, invoices/receipts, and bank/card statements. CRA requires businesses to keep records that support income, expenses and tax obligations; electronic records have retention/access requirements.
What records support GST/HST ITCs?
Bookkeeping & Financial Statements normally starts with sales/purchase records, invoices/receipts, and payroll data. CRA requires businesses to keep records that support income, expenses and tax obligations; electronic records have retention/access requirements.
How often should accounts be reconciled?
Before filing or responding, reconcile payroll data, opening balances, and prior financial statements/tax returns against GST/HST/payroll linkage and period close. Any mismatch should be resolved or explained before submission.
Are bookkeeping and financial statements the same service?
For Bookkeeping & Financial Statements, start with period close. The supporting review uses prior financial statements/tax returns, bank/card statements, and opening balances and follows Maintain a repeatable close process, Understand the business and reporting cycle, and Collect and organise source records.