How Long Should Tax Returns Be Kept in Canada?
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Income Tax Returns
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The Canada Revenue Agency recommends that you keep income tax returns and records for a period of six years. Records refer to anything with relevant information, "whether written or in any other form." You should retain these documents in case you are audited.
For Corporations
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Corporations should also keep tax records for six years, but in this case that refers to fiscal years, while individuals should go by calendar years. The six-year period means six years from the end of the last tax year to which the documents relate, according to the Canada Revenue Agency.
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Bottom Line
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You must keep your tax documents at your residence or place of business in Canada and make them available to the Canada Revenue Agency for audit. If you have e-records, electronically readable copies of electronic records must be provided, according to the Canada Revenue Agency.
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