Entrepreneurship & Small Business

Bank statements for a closed account

  • Last Updated:
  • Mar 30th, 2022 1:14 am
[OP]
Newbie
Mar 30, 2020
1 posts
Toronto

Bank statements for a closed account

Hello,

I am a new business owner. Apologies for maybe asking a quite basic question.
I currently have a business account with Scotia bank and thinking of closing that one and using the BMO account.

Can I just save a pdf copy of the bank statements / transactions in case CRA asks for it for audit in future?
When an audit happens, I have heard that CRA asks for the bank statements- do they reach out to bank directly or would they ask me to provide them a pdf copy of the statements?

Thank you in advance!
1 reply
Deal Fanatic
User avatar
Dec 20, 2004
5470 posts
1712 upvotes
Toronto
Yes saving a copy of the statements is more than sufficient. If the CRA ever audits you that is all that is required.

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