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Receipts are considered the financial dashboard of how much money you spent throughout the year. Ensure that you hold on to all receipts and invoices that are pertinent to income earned from your business—whether it was for providing services or selling products.

The CRA recommends holding on to paperwork for up to six years. If you lack back-up documentation, the CRA has the right to impose interest or penalties, and your claims can be disallowed. Additionally, it is highly recommended that you have separate credit cards and bank accounts for personal and business-related transactions.

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