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Managing a business also means managing a mountain of accounting documents. But how long should you keep them? Too short, and you may run into trouble if checked. Too long, and you're drowning in archives.
We help you to see more clearly.
How long to keep accounting documents: deadlines and shelf life?
In Canada, businesses must keep accounting records for six years starting at the end of the fiscal year to which they relate. It is the Canada Revenue Agency (CRA) who requires it.
For example, if your fiscal year ends on December 31, 2024, you will have to keep the documents until December 31, 2030.
HELLO!! Some situations extend this period, such as tax audits or ongoing disputes.
What are the mandatory accounting documents: what exactly should I keep?
Here are the main documents to keep for at least 6 years:
- Invoices (issued and received)
- Bank and credit card statements
- Tax reports (GST/TVQ)
- Payrolls and employee records
- The contracts
- Accounting books (general ledger, journal)
- The financial statements
- Tax returns and their appendices
Practical tip: the retention period starts at the end of the fiscal year, not at the date of the document.
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