What the CRA says about business records
The CRA's Business records page for sole proprietorships and partnerships says: "You are required by law to keep records of all your transactions to be able to support your income and expense claims." It says to keep daily records of income and expenses, not to send them with your return, but to keep them in case the CRA asks later.
This is general information, not tax or legal advice. Your situation may differ, so check the linked CRA pages (and the CRA if you are unsure) for the rules that apply to you.
Income and expense records
For income, the page says your records must include the date, amount and source, and that entries should be supported by original documents. It lists sales invoices, cash register tapes, receipts, bank deposit slips, fee statements and contracts as examples.
For expenses, it says to always get receipts or other vouchers when you buy something for your business. Receipts should show the purchase date, the seller's and buyer's names and addresses, and a full description of the goods or services. It also describes extra details for GST/HST registrants and says what to record in an expense journal if no receipt is provided.
The page does not list bank statements by name, so this article does not claim they appear on it; it treats a statement as a way to find and cross-check transactions against the documents the CRA does list.
How long and in what form
The page says to keep your records for a minimum of six years from the end of the last tax year to which they relate. On format it says: "If you want to keep computerized records, make sure they are clear and easy to read."
The CRA's general Keeping records page also covers acceptable formats, imaging paper documents and backing up electronic files, and links to further CRA publications on electronic record keeping. Read those before relying on a particular format.
How a spreadsheet can help you organise statements
A bank statement PDF is awkward to total or filter. Converting it into rows and columns gives you a working copy that makes it easier to match each line to an invoice or receipt. Nothing here says a spreadsheet satisfies any CRA requirement, and it does not replace the supporting documents.
A simple layout, with made-up figures, might look like this:
Date Description Amount Type Receipt on file
2026-03-05 Client payment inv 12 +2,400.00 Income Yes
2026-03-10 Office supplies -64.20 Expense Yes
2026-03-18 Software subscription -29.00 Expense No - request copyA Receipt on file column makes gaps visible, and Type and Category columns let you total income and expenses. Check converted rows against the opening and closing balances before relying on totals. If you use a tool such as PDFtoRow to convert statements, keep the original PDFs as well.
Convert Bank Statement PDFs Cleanly with PDFtoRow
Tired of fixing broken columns, corrupted dates, and numbers stored as text? PDFtoRow extracts transaction tables directly from digital PDF vector layers, preserving check numbers and outputting true numeric amounts. Statements up to 5 pages are free once per email every 24 hours. Check the 10-row preview before you download.
Frequently Asked Questions
Its Business records page says a minimum of six years from the end of the last tax year to which the records relate.
The CRA says income records must include the date, amount and source of the income, supported by original documents.
The CRA page says that if you keep computerized records, make sure they are clear and easy to read. Its Keeping records page links to more detail on electronic formats.
Primary Evidence & Official References
- Business records (sole proprietorships and partnerships) — canada.ca (Verified 2026-10-29). Official source documentation →
- Keeping records — canada.ca (Verified 2026-10-29). Official source documentation →