Now that you have sent in all of your paperwork to us, you may be wondering how long you need to keep previous year's tax records. What can we discard now?

For a full list of records you should keep in different situations, visit the records section of the CRA website. This section of the website also lists what exactly constitutes records and supporting documents. 

Generally, you must keep all records and supporting documents for a period of six years from the end of the last tax year they relate to.

The CRA indicates that rules for the record retention period are similar under the following legislations:

• the Income Tax Act
• the Excise Tax Act (includes the GST/HST)
• the Employment Insurance Act
• the Canada Pension Plan
• the Excise Act, 2001
• the Air Travellers Security Charge Act.

However, in some situations, you must retain your records for a different period of time. For example:

• Sometimes the CRA will ask you to keep your records for a longer period of time. In this case, a CRA official will notify you.
• If your records concern long-term acquisitions and disposal of property, the share registry, or other historical information that would have an effect on the sale, liquidation or wind-up of the business, you have to keep them indefinitely.
• If you file an income tax return or GST/HST return late, you must keep your records for six years from the date you file that return.
• If you filed an objection or an appeal, keep all records until the date the objection or appeal is resolved; the date for filing any further appeal has passed; or the six-year record keeping period has passed.
• When a non-incorporated business or other organization ends, keep its records for six years from the end of the tax year in which the business or organization ended.
• When you are the legal representative of a deceased taxpayer or trust, you can destroy the records after receiving a clearance certificate to distribute property under your control.

For other situations, please refer to the CRA's website.