Hugues

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      Hugues supported this idea  · 
      Hugues commented  · 

      Basically in Canada CRA have requirement that you must comply with. You are responsible to choose a software that respect those requirement.

      You can see them here: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/15-2-computerized-records-revised-june-2005/computerized-records-revised-june-2005.html

      "Persons who keep records in an electronic format are required to retain them in an electronically readable format for a period of six years from the end of the latest year to which they relate. This means that a person must retain the electronic records even when hard copy is available."

      So basically with QBO if you close your business you must keep paying your subscription for 6 yrs to keep the data available. Exporting to Excel if you loose the justification document (receipt that you attach in QBO) will not be enough for the CRA: "Persons using electronic records must retain all business records in an electronically readable format and the data must be capable of relating back to the supporting source documents. "

      You must also be able to provide them with a copy of your data:

      "Accessible copy means that the person must provide a copy of the electronic records in an electronically readable and useable format to the CRA auditors to permit them to process the electronic records on CRA equipment."

      More information on the link above.

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