Business Receipts: What is Sufficient?

Posted on October 2nd, 2024 in Domestic Tax, Not-for-Profit, Tourism & Hospitality

Picture of mans hand holding a receipt. The man is wearing a suit.

In a recent Tax Tip, CRA stated that an acceptable receipt for income tax purposes must contain all of the following:

  • the date of the purchase;
  • the name and address of the seller;
  • the name and address of the buyer;
  • the full description of the goods or services purchased; and
  • the vendor’s business number if the vendor is a GST/HST registrant.

Credit card statements are not generally acceptable unless they contain all the above information.

To avoid disputes when claiming deductions, ensure that receipts contain all the required information.

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Article originally published in: Tax Tips & Traps 2024 Third Quarter – Issue 147.

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