7 years – hold on to those tax documents
“The tax return is filed, I no longer need my tax stuff right?” Unfortunately, no.
The Canada Revenue Agency requires tax documents to be retained for a minimum of six years. The wording however, is a little tricky since the “six-year rule” refers to six years from the end of the tax year for which the return and its supporting documentation applies. For example, for a December 31 year-end, a receipt from January 1, 2015 would need to be kept until December 31, 2021. As such, many individuals and businesses use seven years as a guideline.
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