How long do I have to retain books and records for income tax purposes?
The general rule is that books and records have to be kept for a minimum of six years from the end of the last tax year to which they relate. The tax year is the fiscal period for corporations and the calendar year for all other taxpayers. Some exceptions are: ¢ For corporations, records have to be kept for two years from the date of dissolution (in the case of amalgamations or mergers the books and records have to be retained on the basis that the new corporation is a continuation of each amalgamating corporation) and ¢ Books and records may be destroyed at an earlier time than outlined above if you request and receive written permission from the minister.
