how many years do i have to keep tax records in canada?
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Generally, you must keep all required records and supporting documents for a period of six years from the end of the last tax year they relate to. The tax year: is the fiscal period for corporations.
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Good record keeping You are legally required to keep records for a period of at least five years after they are prepared, obtained or the transactions completed (whichever occurs last).
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The records of the information you use to complete your tax return need to be kept for five years, starting from when you prepared or obtained the records, or completed the transactions or acts those records relate to, whichever is later.
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How long to keep your records. Generally, you must keep your written evidence for five years from the date you lodge your tax return.
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Generally, you need to keep your records for five years from the date you lodge your tax return. See also: Keeping your tax records.
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2.4 Keeping records Generally, you must keep all your business records for VAT purposes for at least 6 years. Records that you use for other tax purposes may need to be kept for longer periods.
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In the US, the IRS requires companies to keep their business tax returns for at least 3 years from the time of tax filing. But don't crank up the paper shredder on Year 3.
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You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs ( HMRC ) may check your records to make sure you're paying the right amount of tax.
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You must keep records for 6 years from the end of the last company financial year they relate to, or longer if: they show a transaction that covers more than one of the company's accounting periods. the company has bought something that it expects to last more than 6 years, like equipment or machinery.
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You should keep your records for at least 15 months after you sent the tax return.
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When it comes to tax-related paperwork like payslips, P45s and so on, HM Revenue and Customs (HMRC) suggests keeping them for at least 22 months from the end of the tax year they relate to. So, as the tax year finishes on April 5, you'll want to keep your relevant paperwork until at least January 31 two years later.
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You are required by law to keep records of all employees Tax and National Insurance contributions. You must keep them for three years from the end of the tax year they relate to. HM Revenue & Customs (HMRC) has the right to check your records.
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You should keep your records for at least 22 months after the end of the tax year the tax return is for.
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You are required by law to keep records of all employees Tax and National Insurance contributions. You must keep them for three years from the end of the tax year they relate to.
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Requires you to keep records for five years after the records are created. For example - a document used in the 2016 financial year must be kept until the end of the 2021 financial year. If your business owns assets, Capital gains tax may apply.
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Depending on the item for which the record pertains, the IRS recommends keeping the records for 2 - 7 years. You can find a more complete table here. The IRS also requires corporations to keep tax documents for anything claimed as depreciation.
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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.”