Tax Records
The tax tips presented, and the rates provided, are only applicable to the dates the tax tips are presented and updated and they may change at any time. Please use the tips for general information only and obtain professional advice and updates from Storoszko & Associates at 647 367-3477 or your professional tax advisor.
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Tax Tips - How Long Should I Keep My Tax Records
How long you keep records is a combination of judgment and federal and provincial statutes of limitation.
Federal income tax returns can usually be audited for up to three years after filing and up to six years if the Canada Revenue Agency suspects unreported income. Therefore, it is wise to keep tax records at least seven years after a return is filed.
Generally, for most individuals, you may follow these recommended periods for your tax record document retention:
Record
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Retention Period
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Tax returns (uncomplicated)
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7 years
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Tax returns (all others)
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Permanent
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Cancelled cheques supporting tax deductions
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7 years
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Bank statements and Bank deposit slips
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7 years
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Charitable contribution documentation and Credit card statements
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7 years
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Receipts, diaries, logs pertaining to tax return
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7 years
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Investment purchase and sales slips and Dividend reinvestment records
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Ownership period + 7 years
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Year-end brokerage statements and Mutual fund annual statements
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Ownership period + 7 years
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Investment property purchase documents
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Ownership period + 7 years
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Home purchase documents, home improvements receipts and cancelled cheques
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Ownership period + 7 years
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Home repair receipts and cancelled cheques
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Warranty period for item
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Retirement plan annual reports
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Permanent
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Insurance policies
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Life of policy + 3 years (Check with your agent. Liability for prior years can vary.)
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Divorce documents
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Permanent
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Loans
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Term of loan + 7 years
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Estate planning documents
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Permanent
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As always, there are special circumstances to consider with any of the above. Contact your accountant or tax preparer when planning for your particular situation.
The tax tips presented, and the rates provided, are only applicable to the dates the tax tips are presented and updated and they may change at any time. Please use the tips for general information only and obtain professional advice and updates from Storoszko & Associates at 647 367-3477 or your professional tax advisor.
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