You must keep all required records and supporting documents for a period of 6 years from the end of the last tax year they relate to.
The tax year is the following:
👉🏻fiscal period for corporations
👉🏻calendar year for individuals
Records could be kept electronically
Exceptions To The 6-Year Rule
✅If you file your income tax return late
👉🏻Keep the records for 6 years from the day you filed the return
✅If you filed an objection or appeal
👉🏻Keep the records for 6 years after appeal is resolved
✅If your non-incorporated business or organization ends
👉🏻6 years from the end of the tax year the business ended
✅If a corporation is dissolved
👉🏻2 years after the date of dissolution
✅If a new corporation is created
👉🏻6 years from the end of the taxation year the corporation was competed
If you want to destroy your books of account and records earlier than 6 years you first must get written permission from the CRA.
To get this permission, you or your authorized representatives can do either of the following:
✅complete 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.