If I pay for my gas on my credit cards do I need to keep the receipts from the pumps? Is my credit card statement all that I need incase of an audit.
Thanks
Keep your receipts - statement is not sufficient.
And, scan the receipts. Those receipts will fade to just a blank piece of paper in 6 months.
You can also buy groceries, drinks, sandwiches and sometimes even clothes at some gas stations. So showing a gas station purchase of $50 tells nothing. Best to keep those receipts.
Pat Gamborg
PAT’s OFFICE
1354 Fed Road
Bear River NS B0S 1B0
902-467-3358
I once had a doctor as a client, and he bought all his cigarettes at the gas station. Little did he know, his bookkeeper was separating out anything labelled “convenience” rather than “gas”.
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“Is my credit card statement all that I need”
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… Long time since I’ve heard that one!
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However, failure to comply with Section 230 is unfortunately actually a very serious matter… (In the case above, S230(4)) 
Failure to comply properly with S230 could lead to prosecution under S238
("…is guilty of an offence and, in addition to any penalty otherwise provided, is liable on summary conviction to (a) a fine of not less than $1,000 and not more than $25,000; or (b) both the fine described in paragraph 238(1)(a) and imprisonment for a term not exceeding 12 months.")
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So to be safe, everyone in business really needs to have a (professional) tax advisor who has a working knowledge of the wording of the Income Tax Act.
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So no, don’t throw those receipts away…