Entrepreneurship & Small Business

interac e-transfer - transaction record

  • Last Updated:
  • Oct 5th, 2018 7:50 pm
[OP]
Newbie
May 29, 2009
45 posts
5 upvotes
Thornhill

interac e-transfer - transaction record

If I pay the rent of a parking space by interac e-transfer, what is the proof of payment in case of CRA audit?
5 replies
Sr. Member
Nov 13, 2006
868 posts
464 upvotes
A receipt from the landlord showing the price and that it was paid.
Penalty Box
User avatar
Jun 24, 2015
1869 posts
341 upvotes
Woodbridge, ON
the transactions for interact are stored on your online bank profile for up to a year, you can print them off too
Hi
Deal Addict
Apr 5, 2016
2947 posts
1675 upvotes
Calgary/Vancouver
There should be an option to add a message. You can write it's for renting a parking space.
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Ex Koodo customer.
Deal Addict
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Nov 4, 2013
2028 posts
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Living the dream
bomber17 wrote:
Oct 1st, 2018 9:52 pm
There should be an option to add a message. You can write it's for renting a parking space.
That wouldn't help in an audit.

You absolutely need to request an invoice showing it was paid. A lot of people who rent out parking spaces try to avoid giving out receipts because they don't want to pay tax on the supplementary income. If you're going to be submitting parking as an expense you better make sure the landlord provides you with a receipt. If you were to be audited in the future and went back to him for a receipt you might have a hard time getting him to admit to renting the spot, especially if he hadn't reported the income.
The name is pronounced El‧u‧àr‧do

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