September 22, 2019

A primer on keeping your tax records

Just because you’ve filed your tax return doesn’t mean you’re over and done with the process. Everyone who pays taxes in Canada has a legal obligation to retain records relating to their tax return for six years. This means that the 2018 tax year records should be kept until the end of 2024. For business and individuals, all your records and receipts related to your taxes should be filed and maintained for that length of time, so that they’re available in case the Canada Revenue Agency requests any additional information. Don’t get caught off guard; keep those records and stay prepared.

“After you’ve filed your tax return, the story isn’t quite over because you have obligations to keep tax records for some time – although many people don’t.”

Read more:

Ask Our Experts

Quadrant is dedicated to your financial success. Get expert advice and insights to grow your business and plan for your future.

Request a Consultation