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Record Keeping and Receipts

1 min read · Running the business

Good records protect you with the tax office and with marketplaces.

Keep

Every purchase receipt
Marketplace statements
Shipping and supply costs
Mileage

How

Photograph receipts the day you get them; thermal paper fades.

How long

The CRA generally expects records to be kept for six years.

Why

Claiming expenses and tax credits
Answering marketplace questions about where stock came from

Organize

One folder per month, named by store and date.

General information for resellers, not financial, tax or legal advice. Marketplace fees and policies change; check the current rules before you buy.

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Keep reading

Running the businessIs Reselling Income Taxable in Canada?

Income from reselling is generally business income and must be reported.

Running the businessSole Proprietor or Corporation?

The trade-offs between operating personally and through a corporation.

Running the businessOrganizing Inventory at Home

A small space works if every item has a place and a label.