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It can be tempting when starting a business not to distinguish between personal expenses and expenses related to professional activities. However, it is better to make it a habit from the outset to separate your sources of income and expenses and, above all, to monitor them closely. A well-organized accounting system will save you a headache at the end of the fiscal year.
To do this, it is recommended that you keep a record of each expense and revenue, and use separate bank accounts for personal and business expenses. In addition to making your life easier at tax time, this tracking of your expenses and income will allow you to establish a more realistic budget for your business, and even make financial projections. When you know where you stand, you know where you’re going!
Accounting is a necessary evil. Keeping a copy of your insurance receipts is not always enough to track your income. To help you keep up, many accounting software programs exist. Prices vary from one software to another; it is important to choose one adapted to your needs. Here are some of the most popular.
The Business Development Bank of Canada (BDC) also offers several other options.
The tax authorities require that most records  and supporting documents be kept for at least 6 years after the end of the year to which they relate. Therefore, if you file your returns late, the six-year period begins on the date you file the returns with the tax authorities. If there is a cessation of activities by a self-employed worker, the documents must still be kept for a period of 6 years.
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Neither the Réseau, nor FBL, s.e.n.c. assumes any responsibility for the content of this document, which is intended to be informative and not legal. Each user will have to make his own validations while being aware that each case is different.