Spring Cleaning: How Long Do You Need To Keep Business Records in Alberta (CFIB)
Posted On: 12/04/17 - 0
Keeping reliable, accurate and complete records about your business is essential. Knowing when it is okay to destroy documents helps reduce storage clutter. Save space by regularly purging older records according to the rules. Details for each government agency are available in the hyperlinks:
Canada Revenue Agency (CRA): For GST/HST, income taxes, source deductions (EI, CPP), business income and expenses, property and motor vehicle use, you must keep all records and supporting documents 6 years from the end of the last tax year they relate to.
Alberta Treasury Board & Finance: In general, all records and books, including all supporting documentation, must be kept for at least six years from the end of the taxation year to which they relate. Electronic records and the software required to read them must be kept in an electronically readable format for the same retention period of six years. If a return is filed late, the records and books must be kept for six years from the date the return is filed. Permanent records such as general ledgers, minutes of directors’ and shareholders’ meetings, share registers, and special contracts must be kept for a period of two years after a corporation is dissolved.