If you run your own business, you are required to retain books and records that relate to a specific taxation year for a minimum of six years after the end of that year. If a particular year is under appeal, books and records for that year should further be kept until the appeal is disposed of, and the time for any further appeal has expired. If a return has been filed late, the records must be kept for six years from the actual filing date.
Records include permanent records such as minutes of meetings, accounting records, and source documents such as invoices, receipts, cheques, bank statements, etc.
As records over six years old may contain information that is still relevant for tax purposes, you may wish to consult a Chartered Accountant or the Canada Revenue Agency (CRA) prior to destroying your records. As well, you may need permission from other government departments before you may destroy records related to those departments' activities.
For more information, refer to the CRA Information Circular 78-10R4, which you can find on the CRA website.
Information for Tax Tips is provided as a public service by the Chartered Accountants of British Columbia.