There is no hard and fast rule or law on what records you should keep or how long you should keep them.

The general rule is that you should keep all records that would be required so that you can prove your tax returns.  Remember, the burden of proof is on the taxpayer.

For a restaurant or bar operation, the suggested records and retention times are as follows:

If the above seems like a lot of record keeping, you can make it much simpler.  The government will accept digitized copies of all the above.  Your payroll tax returns and Individual and Business tax returns are already stored digitally by Kallas for 10 years.

Your Employee files can be stored digitally by using the Kallas On-Boarding payroll option.