Have you ever feared losing your bookkeeping records? Whether it be a fire, flood, or any other unexpected circumstances, it is important to be prepared.

Obviously, the best way to keep your records is digitally. If they are uploaded to a server, it is highly unlikely that you’ll lose them, especially if you have external local backups as well.

This way, if something awful does happen, you will always still have those records and don't have to report anything to the Canadian Revenue Agency.

The CRA recommends that you contact them as soon as you become aware that your records have been damaged or otherwise compromised. (1.800.959.8281 for personal records and 1.800.959.5525 for business records.) From there, they will determine what your next steps are.

Try to keep your records digital, and hopefully catastrophe does not ever happen to you. If they're digital, you won't lose any of those records, and you won't have to worry about not being able to provide the information that the CRA demands.