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People also ask
How long do you need to keep tax records in Canada?
How long do you have to keep tax records?
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Jan 23, 2024 · How long should you keep your income tax records? Keep your supporting documents for six years even when: you file your return electronically. the return, form or schedule you are completing says that you do not have to attach your supporting documents to the paper version.
- Ic78-10R5 Books and Records Retention/Destruction
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- Keeping records
Generally, you have to keep your records (whether paper or...
- Ic78-10R5 Books and Records Retention/Destruction
- Overview
- Where to keep your records
- How long to keep your records
- How to request the permission to destroy your records before the end of their retention period
- Forms and publications
On this page, you will find information on the following:
Note
Records kept outside of Canada and accessed electronically from Canada are not considered to be records kept in Canada. The CRA will not give permission to keep records outside of Canada to: registered charities registered Canadian amateur athletic associations Canadian municipalities public bodies performing a function of government housing corporations resident of Canada and exempt from tax under Part 1 of the Income Tax Act For permission to keep records elsewhere, write to your tax services office. After reviewing your situation, the CRA will provide to you written permission. The CRA's written permission will specify any terms and conditions. If the CRA gives you permission to keep your records outside of Canada, you must make them available upon request in Canada for review by the CRA. The CRA may give permission for you to keep your electronic records outside of Canada. If so, the CRA may accept copies if: the CRA is satisfied that the copies of the records are true copies they are made available to CRA officials in Canada in an electronic format readable by CRA software they show enough details to support the returns filed with the CRA If you keep your records on servers located outside Canada, you must access the servers or arrange for your staff to access the servers and provide the electronic system records required by CRA officials. For more information on electronic record keeping, see Information Circular IC05-1, Electronic Record Keeping, and GST/HST Memorandum 15.2, Computerized Records.
Generally, you must keep all required records and supporting documents for a period of six years from the end of the last tax year they relate to.
The tax year:
•is the fiscal period for corporations
•is the calendar year for individuals
•varies for trusts based on the type (for more information on trusts, including the tax year for each type, go to Trust income tax)
The rules for the record retention period are similar under the following legislations:
If you want to destroy your books of account and records earlier than the retention period specified in How long to keep your records, you first must get written permission from the CRA.
To get this permission, you or your authorized representatives can do either of the following:
•fill in Form T137, Request for Destruction of Records
•apply in writing to your tax services office
If you destroy paper or electronic records without the CRA's permission, you may be prosecuted.
The CRA's permission only applies to records you have to keep under legislation it administers. The CRA is not authorized to approve the destruction of records you have to keep under other federal, provincial, territorial or municipal laws.
•Information Circular IC05-1, Electronic Record Keeping
•Information Circular IC78-10, Books and Records Retention/Destruction
Oct 26, 2022 · Contrary to the stuff of nightmares, there’s only so far the Canada Revenue Agency (CRA) can dig into your tax history – six years to be exact. This is the length of time you’re legally required to hold onto old tax returns and supporting documents. The six-year period starts at the end of the tax year to which the records relate.
Oct 5, 2020 · The rule for retaining tax returns and documents supporting the return is six years from the end of the tax year to which they apply. For example, a 2015 return and its supporting documents, are safe to destroy at the end of 2021.
Jan 22, 2023 · In general, you need to keep all required records and supporting documentation for six-years from the end of the last tax year that they pertain to. The tax year is defined as the calendar year for individuals and the fiscal period for corporations. For trusts, the tax year varies based on what type the trust is.
Mar 13, 2020 · The Employment Insurance Act; The Canada Pension Plan; The Excise Act, 2001; and. The Air Travellers Security Charge Act. However, there are times when you must keep your record for longer. Some of these include: If you file an income tax return late, you must keep your records for 6 years from the date you file that return;
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