Retention of Past Tax Returns

After filing your tax return make sure you keep your actual return in soft copy or paper copy with the supporting documents for six years. Even if you do not have to attach certain supporting documents to your return on e-file, Canada Revenue Agency still requires you to keep them in case  your return is selected for audit. Whether you are a self employed taxpayer, commissions sales persion, landlord, sold property or other events occurred in the year, CRA will request documents other than official receipts as proof of any deduction or credit you claimed, such as cancelled cheques or bank statements. Often the credit card statements as proof of payment for gas and other deductions are not adequate proof without the original gas receipts at the stations.

The above information is of a general nature only and should not be relied upon for specific situations.  Call Marlies Y Hendricks, CPA at 416-766-3941 or submit email enquiry form below to set up a consultation.