How Long Should You Keep Tax Records in Canada?
Wondering how long you really need to keep your tax documents? You're not alone. One of the most frequently asked questions about taxes in Canada is how long to store financial records—and the CRA has clear rules about this.
Here’s a simplified guide to how long you should hang on to your tax records depending on your circumstances.
General Rule: Keep Records for 6 Years
For most individuals, businesses, and organizations, the CRA requires you to keep your tax-related records for six years from the end of the last tax year they relate to.
Individuals: The tax year is the calendar year (Jan 1 – Dec 31)
Corporations: The tax year is based on your fiscal year-end
Closed businesses: Records must be kept for six years after the final tax year of operation
Example: Filed your 2023 return? You’ll need to keep those documents until at least December 31, 2029.
Situations That Require Keeping Records Longer
Sometimes six years isn’t enough. These special cases require extended retention:
Dissolved corporations: Retain records for two years after dissolution. If merged, the new entity must keep all prior records.
Charities or amateur athletic associations: Donation receipts must be kept for two years, or ten years for property donations.
Political contributions: Keep for at least two years from the end of the contribution year.
Late-filed returns: Records must be kept for six years from the date of filing, not the tax year.
Objections or appeals: Retain all relevant documents until the dispute is resolved, even if it takes longer than six years.
Capital property, investments, real estate: Hold onto all purchase/sale records for six years after the year of sale or disposal.
What Counts as a Tax Record?
These are the types of documents you’ll want to keep:
Copies of filed tax returns and CRA notices
Receipts, invoices, and bank statements
T4 slips, payroll summaries, and loan documents
Property and investment transaction records
Digital files—as long as they are readable and complete
Can You Destroy Records Early?
Yes, but only if the CRA gives you written permission. You’ll need to submit Form T137 or write a letter explaining your request.
Important: Even if the CRA allows early destruction, you may still be required to keep certain records for other government departments or provincial tax laws.
Final Word
Keeping your tax records organized isn’t just a formality—it’s your first line of defense in case of a CRA review, audit, or dispute. Stick to the six-year rule (or longer if needed), and you’ll stay compliant and protected.
Need help with tax organization or unsure what applies to you? A CPA can help clarify your obligations and make sure you're covered.
Tax Preparation Services Near You (Not Limited to These Areas):
I regularly work with clients in the locations below, but my services are available to many more regions as well.
