All RSWs who have a private practice – even those who only supplement their income with the occasional private client – must keep records of income and expenses. This includes receipts for purchases and services, contracts, sales invoices and related correspondence. The Canada Revenue Agency generally accepts records in either paper or electronic format. While you can hire a book-keeper or accountant to manage this aspect of your practice, ultimately you are responsible and will be held accountable so it is crucial that you have a general understanding of recordkeeping.
In the event of an audit of your financial records by Canada Revenue Agency, client confidentiality can be maintained by blackening out personal client information on financial documents. In general, RSWs are best served to discuss the client privacy requirements with the auditor upfront and come to an agreement on how confidentiality can best be maintained during the audit process.
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