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13.1. Books and Records

Businesses in Canada are required to keep sufficient records of their income and expenditure and original supporting documentation in order to determine tax obligations and entitlements.

The books and records must be kept in Canada for a period of at least 6 years following the close of the fiscal year to which they refer, be written in English or French, and denominated in Canadian dollars.

In certain cases, permission may be granted by the tax authorities to keep books and records outside Canada, and/or denominated in a functional currency of the taxpayer. Qualifying currencies that may be permitted include the U.S. dollar, the Australian dollar, the British pound, and the Euro