How long to keep documents for CRA et al?

[Muncher]

My little apartment is full of papers, so I bought a shredder. Does anyone know how long one should keep documents (1) for the CRA and (2) just to be "safe"?

1. bank statements for current accounts
2. credit card statements
3. investment statements (like buying gic's)
4. bills from utilities company
5. bills from other companies like Rogers, Bell

I'm looking forward to cleaning up, but am very nervous to get rid of paperwork in case I need them again. Also are scanned copies legal and valid?

[Octavius]

From what I recall, you need to keep documents for a minimum of 7 years.

Also, I doubt scanned documents are legal...as you could just photoshop them into saying whatever you want them to say.

I'd suggest getting a filing cabinet for like 50 bucks and keep your papers in there to be safe.

[grant]

Also, I doubt scanned documents are legal...as you could just photoshop them into saying whatever you want them to say.
by that logic, most receipts are not legal... since you could just buy a printer and make new ones to say whatever you want.

Still, you may be right that the CRA will not accept copies of receipts (which is what a scan basically is especially if you print it out) but an experienced accountant should know how picky they are!

[don242]

Also, I doubt scanned documents are legal...as you could just photoshop them into saying whatever you want them to say.



I hope electronic documents are legal. I don't get paper ones.

[BadDrafter]

My mentor is being audited as far back as 1992. That's all I'm going to say about the CRA.

[pitz]

If you transact in capital, then you need to keep your documentation pretty much indefinitely, including returns, brokerage statements, etc.

[Odysseus_Maximus]

I save all my documents just in case.

[grant]

Since I'm in the same situation as muncher and there's some uncertainty about the issue, i'm going to ask my BDO accountant about scanning receipts.

However unless they're material to a tax return, you can probably toss them whenever you want... e.g., non-deductible utility bills etc.

[Sunbaby]

What about current account bank statements and credit card statements? Do we need to keep these for the CRA? These have numerous transactions on them and are several pages long. What about old payslips (I guess that has tax implications)?

[UrbanPoet]

forever! not rly.. but a few years at least!
My bro's got audited for the home buyers plan they took out 3 years ago....
Its kind of a hassle. I dont think its too much trouble to keep them around... Its nothing more then a single filing folder that can be put away somewhere in a cabinet.

[zekele]

For the CRA, it's six years for most documents, they can be electronic (see the second link):

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/kpng/menu-eng.html
http://www.cra-arc.gc.ca/E/pub/tp/ic78-10r4/ic78-10r4-e.html

[TrevorK]

My little apartment is full of papers, so I bought a shredder. Does anyone know how long one should keep documents (1) for the CRA and (2) just to be "safe"?

1. bank statements for current accounts
2. credit card statements
4. bills from utilities company
5. bills from other companies like Rogers, Bell



Are you making any deductions on your income tax return relating to 1,2,4,5? If not, I wouldn't advise keeping them unless you actually have a use for them (and it sounds like you don't).

[cgtlky]

Does anyone know how long one should keep documents (1) for the CRA and (2) just to be "safe"?

1. bank statements for current accounts
2. credit card statements
3. investment statements (like buying gic's)
4. bills from utilities company
5. bills from other companies like Rogers, Bell




What does 1,2,4,5 doing in a CRA file? can you claim tax deduction for those expenses?

For those 4 after I pay them and I see it got credited to there respective account I just throw it away. I just kept the latest statement.

[potato]

I thought it was 5 years.
I shred the 6th year each time complete the next one.

[Frankie3s]

I save all my documents just in case.

Good idea. The only safe way to get rid of anything tax related would be to write a letter to the CRA and get an official letter back approving the destruction of the tax records. Wouldn't dream of doing it any other way.

[batman321123]

My mentor is being audited as far back as 1992. That's all I'm going to say about the CRA.

They'll only go back that far if they suspect fraud.

[ghostryder]

My mentor is being audited as far back as 1992. That's all I'm going to say about the CRA.



152(4) Assessment and reassessment — The Minister may at any time make an assessment, reassessment or additional assessment of tax for a taxation year, interest or penalties, if any, payable under this Part by a taxpayer or notify in writing any person by whom a return of income for a taxation year has been filed that no tax is payable for the year, except that an assessment, reassessment or additional assessment may be made after the taxpayer's normal reassessment period in respect of the year only if

(a) the taxpayer or person filing the return

(i) has made any misrepresentation that is attributable to neglect, carelessness or wilful default or has committed any fraud in filing the return or in supplying any information under this Act, or

(ii) has filed with the Minister a waiver in prescribed form within the normal reassessment period for the taxpayer in respect of the year;

[ghostryder]

For the CRA, it's six years for most documents, they can be electronic (see the second link):

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/kpng/menu-eng.html
http://www.cra-arc.gc.ca/E/pub/tp/ic78-10r4/ic78-10r4-e.html


I would add this one to the list. It is a bit less "technical" of a read for the average person:

http://www.cra-arc.gc.ca/E/pub/tg/rc4409/README.html