How Long Should You Keep Old Canadian Tax Returns?

Keeping all documents with your Canadian tax returns can save a lot of problems if you are selected for review.

Retain for Six Years

The Canada Revenue Agency (CRA) advises Canadians to keep their tax returns and all supporting documents such as receipts for six years. Canadian taxpayers can be reviewed by the CRA up to six years from the original filing date. Taxpayers who are selected for a review are expected to have all of their documents available to support claims made on the returns.

Retain More Than Six Years

Canadian taxpayers occasionally may find it helpful to retain their tax records for a period longer than six years for personal reasons. An example of this would be a business owner trying to track long-term profit changes. The records would not need to be kept for the CRA, but they would be helpful for the business owner's personal records.

Bottom Line

Canadian taxpayers should never discard their income tax records before six years have elapsed. Once the returns see their sixth birthday, they no longer need to be retained for legal purposes--though some people may find it useful to keep them longer than six years.

References

• "How Long Should You Keep Your Income Tax Records?": Canada Revenue Agency

Resources

• "Books and Records Retention/Destruction": Canada Revenue Agency