Pay WAY Less Tax! by Barrett Dale

Author:Barrett, Dale
Language: eng
Format: epub
Publisher: Barrett Publishing
Published: 2021-02-05T16:00:00+00:00

While taxpayers are only typically audited up to 3 or 4 years in the past, as a general rule, keep your records for six to seven years. According to the ITA, the six-year retention period begins at the end of the tax year to which the records relate. For corporations, the tax year relates to the fiscal period, and for individual taxpayers such as sole proprietors, the tax year relates to calendar years.

I suggest keeping records for a year or two longer than required even though the “CRA” may only reassess personal/corporate tax returns for up to three years and GST/HST returns for up to four years. And the reason for my recommendation is that if the auditor suspects fraud or gross negligence on the part of the taxpayer, they can open up and reassess years beyond the normal reassessment period. So, it is best to be ready in case.

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