In most cases, CRA can reassess (review) your tax returns for the previous three years and audit them for the previous four years. However, CRA can go further back and there is no time limit as long as there is suspected fraud or misrepresentation on the part of the tax payer. Generally, you must keep all required records and supporting documents for six years from the end of the last tax year they relate to, or from when you filed the return if you filed late.

For individuals, the tax year is a calendar year. For corporations the tax year is the fiscal year. Also, records which deal with property should be kept indefinitely as they may affect future transactions and tax obligations.

CRA can also arbitrarily assess or guess your income if you have not kept all your returns and supporting documentation. To get help, ask a lawyer now.

What tax records should I keep?

Keep all income and expense records, such as:

• All T-slips
• RRSP contribution slips
• Medical receipts
• Charitable donation receipts
• Self-employed and business revenue and expense records

Where should I keep my tax records?

You are required to keep your records at your residence (or business address for corporations) unless the CRA gives you written permission to keep them elsewhere. For permission to keep your records at an alternate location, contact your tax services office.

Can I destroy my tax records before the end of their retention period?

If you wish to destroy or dispose of your tax records earlier than the specified period and not face problems in the future because you did so, you first must get written permission from the CRA. To obtain permission, file a Form T137, “Request for Destruction of Records” and apply in writing to your tax services office.

For general information, contact Canada Revenue Agency.

Get help

For advice and assistance with tax planning, a CRA tax dispute, or other tax issues, contact KPK Law.

Personal and business tax issues are vast and complicated. To get help, ask a lawyer now.

								
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