BR14. Does the six-year retention period mean that we can destroy all of our financial information every six years?
Short answerLong answer
No! The six-year retention requirement means that you can destroy only that information that you have kept six years from the end of the taxation year to which the records relate.More…
Each year you can destroy the records that reach six years of shelf life. This year you can destroy the records that are six years old. Next year you can destroy another batch of six-year-old records.
Of course, this only refers to certain records, for example,
- books and records, together with the accounts and vouchers, containing the summaries of the year-to-year transactions of the charity
- financial statements
- invoices and vouchers
- completed T3010 forms
The Canada Revenue Agency’s complete table of retention requirements