Enclosed is the information circular from the CRA regarding record keeping for charities.
This circular gives information and guidance to persons who are required by law to keep books and records according to sections 230 and 230.1 of the Income Tax Act, section 87 of the Employment Insurance Act, and section 24 of the Canada Pension Plan. It does not reflect the requirements imposed by other statutes, whether federal, provincial/territorial, or municipal, to maintain adequate books and records. Information Circular 05-1R, Electronic Record Keeping contains information related to keeping electronic books and records.
The sections and subsections referred to in this circular are from the Income Tax Act. Parallel provisions for most of these matters exist in the Employment Insurance Act and the Canada Pension Plan. Where significant differences do exist, they are indicated. The Excise Tax Act has similar requirements and information concerning Books and Records in a GST/HST environment can be found in the GST/HST Memoranda Series 15.1 and 15.2. The Excise Act, 2001, also has similar requirements and can be found in Excise Duty Memoranda Series 9.1.1.
Link to Information Circular
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.