What do I need to keep: all deposit slips, showing the contributors’ names; a record of all contributions of goods and services and their fair market value.

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What do I need to keep:

For audit purposes, the candidate must retain:
- all deposit slips, showing the contributors’ names; a record of all contributions of goods and services and their fair market value;

- a list of the names and addresses of all contributors, whether they are individuals, corporations or trade unions, and the amounts contributed by each; a record of all contributions returned as well as anonymous contributions paid over to the clerk; - cancelled cheques and bank statements;

- cheque stubs on which are recorded the particulars of all payments made;

- invoices, petty cash slips and other vouchers supporting all payments made and all goods and services contributions accepted.


In addition to records of monies received and disbursed, the following should be recorded:

- expenses incurred but not paid (accounts payable); amounts owing to the campaign at the end of the campaign period (accounts receivable);

- income on deposits or other investments, which has been earned but not yet received;

- expenses incurred by virtue of contributed goods and services; and

- contributions received prior to the end of the campaign period but not deposited until after the end of the period, and contributions received in the mail after the end of the period in envelopes postmarked prior to the end of the campaign period.

Gary Booth Chartered Professional Accountants
#406 - 555 Burnhamthorpe Rd.
Toronto, On
M9C 2Y3
Tel: 416-626-2727 | Fax: 416-621-7136
E-mail: audits@electionaudits.ca


Canada-Election-Audit.ca is your number one place to have your tax returns prepared. We have extensive experience in all manner of personal, corporation and trust tax returns as well as HST returns. Our professionals specialize in ensuring all your deductions are utilised so you pay the minimum tax allowable. Whether your information is current or in arrears we can help. Phone 416.626.2727 today for any tax return requirements.

We can solve your tax problems! We also offer a painless way to keep track of your bookkeeping and accounting requirements. Not only do we ensure that your business stays on top of its bookkeeping requirements we also become your partner to ensure you have the right information at the right time to make business decisions. Phone today for help in preparing any bookkeeping, financial statements or other financial requirements.

 
 
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