tsc3This is just a quick reminder, with the beginning of the new year, that the Canada Revenue Agency Books and Retention Policy requires, in most cases, that you keep all records and supporting documents related to determining your tax obligations and credits for a period no less than six years following the end of the last tax year.

This is relevant right now because often online/electronic records provided by banks and other companies have a deadline for retrieval. For example, bank statements can only be retrieved for the past 18 months for many institutions, so if you miss the deadline you may be short if the CRA requests your documentation.

You can find a detailed list of which records/documents to keep on the CRA website here: http://www.cra-arc.gc.ca/tx/bsnss/tpcs/kprc/whkp-eng.html.

To learn more about your responsibilities and requirements with regard to keeping records, please visit http://www.cra-arc.gc.ca/tx/bsnss/tpcs/kprc/rqrmnts-eng.html.

If you have not been keeping your records, are missing information which could be deemed important, or are facing a CRA audit or enforcement action in relation to bookkeeping.

Tax Solutions Canada can help. Call us today at 1-888-868-1400.

 

 

 

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