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Accounting Records for Your Business

It is fairly common knowledge that businesses are required to keep their accounting records for seven years. However, many people are not aware that they should be keeping certain records, like their general ledgers, forever in some cases.

Take for instance, the family farm which has been operated for thirty years and is being passed down to the next generation. As part of the succession plan, your accountant and lawyer will need to determine the gain in value of the farmland over those years. In order to do so, they will need to review purchase records from thirty years ago. In the case of buildings, costs of significant improvements are factored into the calculations.

If the business is incorporated, the Minute Book should be kept up to date as it would generally contain information on purchases of real property, share issuances, etc., in addition to minutes of annual meetings as required by law.

If a corporation is winding down, the Minute Book and accounting records should be retained in the case of a taxation review or audit in the future.

If you have any questions about creating a Minute Book for your corporation, maintaining annual minutes, or winding down your corporation, contact one of our corporate lawyers.

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Notice: The articles on our website are provided for general information purposes only and should not be relied upon as legal advice or opinion. They reflect the current state of the law as at the date of posting on the website, and are subject to change without notice. If you require legal advice or opinion, we would be pleased to provide you with our assistance on any of the issues raised in these articles.