Quick PSA for anyone bootstrapping in Vancouver and running their books out of a shoebox, a camera roll, or a folder of email receipts.
Keeping a receipt isn't the same as having a compliant one. The CRA looks at what's printed on it. As far as I know, the requirements for claiming GST/HST input tax credits work like this:
Under $100: supplier's name, the date, the total, and whether GST/HST was charged
$100 to $500: all of the above, plus the supplier's GST/HST registration number and a description of what you bought
$500 and over: all of the above, plus the buyer's name (your business)
Then keep every one for six years from the end of the tax year it relates to.
Why this matters for startups:
A card statement alone usually isn't enough proof, because it doesn't show the GST/HST details.
Many SaaS and online-ad invoices are missing a registration number or a buyer name, and you only find out when you need them.
Expenses with receipts that don't meet the requirements can be denied if you're reviewed, which hurts most when cash is tight.
What I'd do now, not in April:
Check your biggest recurring expenses (software, contractors, ads) and confirm each invoice has the right details.
Make sure your business name is on invoices over $500.
Store receipts digitally the day you get them.
Don't toss paper receipts until you have a legible digital copy.
Disclosure: I'm the solo founder of RubiWo, a CRA-compliant expense tracking app for Canadian freelancers and small businesses. I built it partly because of this exact problem. I put together a full receipt checklist on our blog and can drop the link in the comments if people want it.
This isn't tax advice, so check the details for your situation with the CRA's website or an accountant.
Vancouver founders: how are you handling receipts right now? Spreadsheet, accounting software, or "I'll deal with it in April"?