How long do businesses have to keep records in Canada?

How long do businesses have to keep records in Canada?

six years
According to the Canada Revenue Agency, “if you file your return on time, keep your business tax records for a minimum of six years after the end of the taxation year to which they relate.”

How many years can CRA go back to audit?

four years
The CRA audit time limit states that the agency has four years from the date on your Notice of Assessment to go back and conduct an audit. This means if you file your 2017 tax return in April 2018 and receive your assessment in June 2018, the CRA can audit this return until June 2022.

How long must a records be kept?

How long to keep records for. In general, you need to keep most records for five years. Starting from when you prepared or obtained the records, or completed the transactions (or acts they relate to).

What do you need to know about records retention in Canada?

Records retention laws in Canada require that you keep all information that will assist in fulfilling tax obligations and aid in calculating your entitlements. You must also keep and present other documents including :

What are the terms of record keeping in Canada?

These terms and conditions which are identical to records maintained in Canada and which apply to electronic records, specify that records stored outside of Canada are to be made available to officials of the CRA for audit purposes at all reasonable times in accordance with the provision of the Act and this Information Circular.

Are there any records that are not in Canada?

Records kept outside Canada and accessed electronically from Canada are not considered to be records in Canada.

How long do research records have to stay in Health Canada?

*A 25-year retention period is required by Health Canada. If your sponsor/funder requires a longer retention period, use the number they specify. NOTES: If an employee leaves the study team, ensure a copy of his/her training records remain with the study files.