Partnerships – Registers and Supporting Documents
A partnership must keep registers and supporting documents used to calculate any amount that it must deduct, withhold, collect or pay under a tax law.
Unless otherwise specified, a partnership is not required to enclose supporting documents with the Partnership Information Return (form TP-600-V). The partnership is required, however, to keep supporting documents and the related registers, in case of an audit.
Registers and supporting documents include the following (regardless of the storage medium used):
- invoices, receipts and other documents substantiating the information that is or should be entered in a register; and
- any document that is used to collect and compare data for accounting, financial, fiscal or legal purposes, such as a general journal and special journals (cash journal, sales journal, cash disbursements journal, purchase journal, etc.), as well as an inventory of property, kept in the prescribed manner.
These registers and supporting documents must generally be kept for six years after the end of the last fiscal period to which they apply or after the date on which the return for the fiscal period is submitted, if the return is submitted late. In addition, registers and supporting documents in an electronic or digital format must be kept readable for the retention period. You must take the necessary steps to ensure and maintain their integrity throughout their lifecycle.