how long do i have to keep my personal tax returns?
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“The only way to legally dispose of tax returns prior to the six-year rule is with the written permission of the CRA,” says Heidi Mettler, certified financial planner and consultant with Investors Group in London, Ontario.
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For most individuals, corporations, partnerships and trusts, the Income Tax Act (ITA) states that records (including cheques, vouchers, receipts, accounting records, etc.) must be retained for six years from the end of the last taxation year to which the records and books of account relate.
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The general rule of thumb is to keep business receipts for as long as the IRS can audit your records. Usually, the IRS audits three years worth of records. Keep your business receipts for at least three years in case you need to show proof of purchases or sales.
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Generally speaking, hang onto bills and bank statements for at least two years, and insurance documents as long as they are valid. When it comes to tax-related paperwork like pay slips, P45s and so on, HMRC suggests keeping them for at least 22 months from the end of the tax year they relate to.
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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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Retention Guide Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.
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Generally speaking, for three years The IRS says you need to keep your records “as long as needed to prove the income or deductions on a tax return.” In general, this means you need to keep your tax records for three years from the date the return was filed, or from the due date of the tax return (whichever is later).
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Period of Limitations that apply to income tax returns Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
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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. is the calendar year for individuals.
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Revenu Québec strongly suggests that you keep your income tax papers for six years. These papers may consist of slips, statements, invoices, schedules or cheques. Even if you're not required to enclose some of these documents with your tax return if you file electronically, you should keep them anyway.
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The CRA recommends keeping your tax records for at least six years.
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To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.
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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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With that said, it's obviously a good idea to hold onto all tax-related documents for a minimum of five years — by law, this is how long you are required to keep business records from the date a tax return was lodged.
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Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
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How long to keep your records. 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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Well, here's the answer, straight from the source. 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.”