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  3. ›Taxation and Employee Deductions Learning Module
  4. ›Information Returns/Recordkeeping (continued)

Information Returns/Recordkeeping (continued)

Keeping Records

In essence, you need to keep all the records that will support your income tax return. The records must allow you to determine how much tax you owe, and the amounts you have collected, withheld, deducted, and remitted. It is beyond the scope of this module to detail all the records that you must maintain.
 
You must also maintain employee records that include summaries of wages paid and remittances made to CRA, as well as copies of CRA information returns and all provincial payments, such as Workers’ Compensation.
 
For CRA purposes, all records must be kept in Canada and must be available on request. When you register for your BN, you will be asked for the address where your business records are to be kept. You must keep all your business records for six years from the end of the last tax year to which they apply. If you become embroiled in an objection or an appeal, be sure to keep all your records until the process is finished.