Specific information that certain entities have to keep

Corporations

Corporations have to keep in their records the following:

  • information on their Internet business activities
  • the minutes of meetings of their directors
  • the minutes of meetings of their shareholders
  • any information about the ownership of the shares of the capital stock of the corporation, including any transfers of these shares
  • the general ledger or other books of final entry, containing the summaries of their year-to-year transactions
  • any special contracts or agreements necessary to understand the entries in the general ledger or other books of final entry

Corporations must also keep documents to support their transactions. This is very important for those engaged in international non-arm’s-length transactions. Corporations engaged in such transactions must keep all documents related to their transfer pricing policies.

Trusts

Trusts have to keep in their records the following:

  • the testator's will and codicil, if any
  • the probated list of assets and liabilities, if any
  • any trust agreement
  • any letter stating the wishes of the settlor
  • any books of account for the income beneficiary and the capital beneficiary for trust purposes required by trust law
  • any record of year-to-year allocations or designations to the beneficiary
  • any record of transfer of trust income and capital interests

Registered agents for registered political parties and official agents for candidates in federal elections

Registered agents for registered political parties and official agents for candidates in federal elections have to also keep in their records documents to support the monetary contributions they receive and the expenditures they make. For more information on these documents, see Information Circular IC75-2R9, Contributions to a Registered Party, a Registered Association or to a Candidate at a Federal Election.

Qualified donees

Registered charities and registered Canadian amateur athletic associations

Registered charities and registered Canadian amateur athletic associations have to keep in their records the following:

  • information that shows revenues, including all charitable donations received
  • information that shows the resources spent on charitable programs
  • information that proves that their purposes and activities continue to be charitable
  • information that allows the CRA to verify all donations that give a tax credit or deduction to the donor
  • minutes of meetings of their executives
  • minutes of meetings of their members
  • bylaws and documents that govern them
  • duplicates of every donation receipt containing required information (for more information about what is required on a donation receipt, go to Issuing complete and accurate donation receipts)

Other qualified donees

Other qualified donees have to keep in their records the following:

  • information that confirms they meet the requirements for qualified donee status under the Income Tax Act
  • information that allows the CRA to verify all donations that give a tax credit or deduction to the donor
  • duplicates of each receipt they issued for donations they received, showing the required information (for more information about what is required on a donation receipt, go to Issuing complete and accurate donation receipts)
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