Specific information that certain entities have to keep
On this page, you will find specific documents that must be kept by:
- corporations
- trusts
- registered agents for registered political parties and official agents for candidates in federal elections
- qualified donees such as registered charities (for a list, go to Qualified donees)
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 also have to 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 IC75-2, 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 showing the 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 Canada Revenue Agency to verify all donations that give a tax credit or deduction to the donor
- duplicates of every donation receipt showing the required information (for more information about what is required on a donation receipt, go to Issuing complete and accurate donation receipts)