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While it sounds obvious, the three- or six-year period for maintaining supporting documentation for a tax return starts from the due date of the return, or from the date you filed the return if ...
Business owners have another set of documentation to keep: Employment tax records. If you have workers on the payroll , you should keep all related files and paperwork for four years after the tax ...
This includes supporting tax return documents, medical bills (if they are tax-related) and any other tax-related bills. Do You Need To Hold Onto These Documents Forever?
The concept of "two sets of books" refers to the practice of keeping two sets of accounting ledgers ("books").In colloquial terms, this practice may refer to fraudulent behavior, i.e. attempting to hide or disguise financial transactions from outsiders by having a falsified set of records for official use and another for internal recordkeeping.
The provincial/territorial tax forms are distributed with the federal tax forms, and the taxpayer need make only one payment—to CRA—for both types of tax. Similarly, if a taxpayer is to receive a refund, he or she receives one cheque or bank transfer for the combined federal and provincial/territorial tax refund.
After an objection is filed, the CRA is required to reassess a tax return "with all due dispatch" according to subsection 165(3) of the Income Tax Act. This may have different meanings depending on how busy the CRA is, the time of year, and other factors. Subsection 165(3) says:
The general rule is to keep your tax records for three years, but there are several important exceptions for when you might need to keep your tax records for a longer period as a taxpayer ...
The objectives of a data retention policy are to keep important information for future use or reference, to organize information so it can be searched and accessed at ...