How Long Should a Canadian Corporation Keep Accounting and Tax Records?

Most Canadian corporations must keep their accounting and tax records for six years from the end of the last tax year to which the records relate. That is the general Canada Revenue Agency (CRA) rule. Some records must be kept longer, and some provincial or territorial rules differ. This guide explains how to calculate the period, which records are covered, and how to store them. It is written for small-business owners who operate through a corporation.

Why Record Keeping Matters for Your Corporation

Your records support every number on your T2 corporate income tax return, your GST/HST returns, and your payroll remittances. If the CRA reviews or audits your file, you must be able to prove your income, expenses, tax credits, and remittances. Without support, the CRA can deny expenses and input tax credits (ITCs), reassess your tax, and charge interest and penalties.

Failing to keep adequate books and records is also a compliance issue in itself under the <

Disclaimer: The content on this website is AI-generated for informational and educational purposes only. It does not constitute certified financial, tax, or legal advice. Because accounting standards and local tax codes vary frequently, readers should consult a qualified accountant or certified professional before making any financial decisions based on this material.