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.

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