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
Retention Period
Tax returns (uncomplicated)
7 years
Tax returns (all others)
Permanent
Cancelled cheques supporting tax deductions
7 years
Bank statements and Bank deposit slips
7 years
Charitable contribution documentation and Credit card statements
7 years
Receipts, diaries, logs pertaining to tax return
7 years
Investment purchase and sales slips and Dividend reinvestment records
Ownership period + 7 years
Year-end brokerage statements and Mutual fund annual statements
Ownership period + 7 years
Investment property purchase documents
Ownership period + 7 years
Home purchase documents, home improvements receipts and cancelled cheques
Ownership period + 7 years
Home repair receipts and cancelled cheques
Warranty period for item
Retirement plan annual reports
Permanent
Insurance policies
Life of policy + 3 years (Check with your agent.   Liability for prior years can vary.)
Divorce documents
Permanent
Loans
Term of loan + 7 years
Estate planning documents
Permanent

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.