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Commonly Asked Questions about Record retention policy Canada Forms

What records do you need to keep for 7 years in Canada?

Keeping business documents such as tax records, pay stubs, and other supporting documents is important. Business owners should hold on to most documents for a period of 6-7 years in compliance with the Canada Revenue Agency (CRA) standards.

How many years back can you be audited in Canada?

Generally, CRA can only audit someone up to four years after a tax return has been filed, although, in some cases, such as cases of suspected fraud or misrepresentation, CRA can go farther back and there is no time-limit for the re-assessment.

How long do you have to keep accounting records in Canada?

Canada Revenue Agency (CRA): For GST/HST, income taxes, source deductions (EI, CPP), business income and expenses, property and motor vehicle use, you must keep all records and supporting documents 6 years from the end of the last tax year they relate to.

How long to keep insurance records in Canada?

Keep Forever Auto/Home/Life Insurance Policy Information: Keep as long as the policy is still active and then shred. Auto Records: Keep as long as you own the vehicle. Receipts for major home improvements: Keep until you no longer own the home.

How long are banks required to keep records in Canada?

Retention and Disposal Standards: All the records related to paid and prescribed balances will be kept for 7 years and then destroyed. The records related to inquiries deemed to be valid claims against balances (but not paid) are kept for seven years and are then destroyed.

Should records be kept for at least 7 years?

Most lawyers, accountants and bookkeeping services recommend keeping original documents for at least seven years. As a rule of thumb, seven years is sufficient time for defending tax audits, lawsuits and potential claims.

What is the record retention policy in Canada?

If the CRA wants you to keep records for a period longer than six years, a CRA official will let you know how long to keep them either in person or by registered mail. If you file an income tax return late, you must keep your records for six years from the date you file that return.