Legal Requirements

All books and records such as paper documents, as well as those stored in an electronic medium including the software program(s) necessary to run the electronic data, must be kept in Canada or made available in Canada at CRA’s request. You can keep these documents outside Canada if you get written permission from CRA.

You must retain books and records (other than certain documents for which there are special rules) for six years after the goods are imported or exported, for six years from the end of the last taxation year to which they relate for income tax, or for six years from the end of the year to which they relate for GST/HST purposes.

If you filed your income tax return late, keep your records and supporting documents for six years from the date you filed the late return.

The minimum period for keeping books and records is usually measured from the last year you used the records, not the year the transaction occurred or the record was created. For example, let's say you bought some restaurant equipment in 2002 and sold it in 2012. In this case, even though the records relating to the purchase of the equipment were created in 2002, you need them to calculate the gain or loss on the sale in 2012. Therefore, you must keep the records until 2019.

You have to keep every book and supporting record necessary for dealing with an objection or appeal until it is resolved and the time for filing any further appeal has expired, or until the six year period mentioned above has expired, whichever is later.

CRA guidelines for record keeping can be found HERE.

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