# destroying records from old tax years



## the-royal-mail (Dec 11, 2009)

My understanding is that CRA can generally go only as far back as 7 years in case of audit. I believe it used to be 11. I recently shredded all the paperwork for 2003 and 04, so 05 is now my oldest folder of tax records. Is this consistent with what everybody else does?


----------



## fraser (May 15, 2010)

My understanding is that they can go back three years-from date of assessment or re-assessment. In our case we refilled a number of our tax years so we had to keep the records available. The exception being if they find fraud/deception. I keep mine for 6 from the date of assessment. Sometimes I need the records for proof of ACB on stock. 

I have two boxes of records to take to the auto club shredding event in a few weeks.


----------



## heyjude (May 16, 2009)

I voted 2005 because that's what I have kept but my understanding is that 7 years is enough, so it's time to fire up the shredder for 2005 and 2006.


----------



## kcowan (Jul 1, 2010)

I have purged everything from 2006 and older. I just noticed that I have the electronic versions from 2006.


----------



## brad (May 22, 2009)

Straight from the horse's mouth:

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/kpng/menu-eng.html


----------



## Eclectic12 (Oct 20, 2010)

I seem to recall an article by a tax expert saying seven years and then write a letter requesting permission to destroy the records. 

The general rule where CRA thinks the tax payer is being honest was listed as seven. Where CRA has decided the tax payer is deliberately cheating - CRA was listed as being able to go back as far as they desired.


Cheers


----------



## mind_business (Sep 24, 2011)

Refer to CRA rules. The 7 year rule is NOT from CRA. Brad posted the link for individuals, but I'll repost it with the link for Businesses.

Individuals: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/kpng/menu-eng.html

Businesses: http://www.cra-arc.gc.ca/tx/bsnss/tpcs/kprc/hw/rtntn-eng.html


----------



## fraser (May 15, 2010)

Keep in mind that the timeline is from date of assessment, or re-assessment as the case may be. 

In 2006, we both re-filed for most years back to the 1999 tax year-so we kept those source documents until now.

They are going to the shredder next weekend.


----------



## martinv (Apr 30, 2009)

This may simplify it for some of us. I found it helpful. m


http://www.thebluntbeancounter.com/2011/02/how-long-do-i-have-to-keep-my-income.html


----------

