Every year tax season comes and during this period we used to make ourselves busy for preparing the tax returns within time. Each and every individual have tax returns and after the return file, they will get a receipt for the payment. So these receipts are nothing but the great records of each and every individual. Usually, records are accounting and financial documents which always reflects your transactions. According to the law, we have to protect our records and that is our prime responsibility, because if you are selected for an audit, then it is mandatory to produce all your records or receipts to support your claims.
Why we want to create electronic images of paper documents
The CRA or the Canada Revenue Agency is a federal agency who manages different laws of taxes for the Government of Canada. Every taxpayer has to submit their tax return to the CRA every year. So when the time comes for tax return it is our duty to keep those records safe and secured for future use, so that we can produce those records in the time of need in front of the CRA officials. In the past, Canada Revenue Agency (CRA) didn’t accept any kind of digital formats of those records, but now they have changed their rules. The new rule is applicable throughout Canada and in the new rule, the CRA is now ready to accept all the receipts in digital formats along with paper format from the taxpayers.
Usually, the records should be kept in the paper format but sometimes due to different circumstances those physical copies of paper receipts faded over more than half a year. So it is always suitable to save those paper formats in acceptable electronic image formats so that it can be readable any time by the CRA officials. Keeping those original paper documents with you, it is better to produce those electronic images of those documents, which is called as imaging. After creating the images of those paper documents they are kept in the electronic files of a microfilm. Only a few things we have to take care when producing the images of those paper documents in front of the CRA officials.
1. The electronic records must be accurate and they are produced in place of the paper document.
2. The main aim of the submission of the electronic records always same. That means sometimes paper documents faded over a half year, but if we replace those paper records with electronic records, then they will solve the same purpose.
3. By creating electronic records you can’t hide important details of those images.
1925 18 Avenue Northeast #115
Calgary, AB T2E 7T8
(403) 903 – 0959