How long do I need to keep my records?
The Canada Revenue Agency (CRA) recommends that you keep your tax records, including original tax slips, for seven (7) years, including the year of the filing. For example, records of your 2022 tax return (filed in 2023) should not be destroyed before 2029.
However, some documents need to be kept for longer periods to support the purchase cost of certain assets. These would include purchase documents for real estate, stocks/securities and other investments. This information is required to calculate capital gains and other income when assets are sold.