Income Records

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As per the CRA website:

Keep track of the gross income your business earns.  Gross income is your total income before you deduct the any expenses, including those associated with the goods sold.

Your income records should show all the following information concerning your income:

  • the amount and date received;
  • the source of the income.

Record the income whether you received cash, property, or services.

Support all income entries with original documents. Original documents include:

  • sales invoices;
  • cash register tapes;
  • receipts;
  • bank deposit slips
  • patient cards;
  • fee statements; and
  • contracts.

For an example of how to records your income, see Example – Sales Journal – Month of July or contact our office for a template.


  • Record your sales honestly and in compliance with Canada Revenue Agency’s record keeping requirements
  • Do not claim ITCs on things not DIRECTLY related to earning income like meals, auto expenses etc.
  • Do not buy/lease a business vehicle unless warranted by your business
  • Do not get your business to pay for holiday houses, second homes etc.
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