Key Takeaways
- In most cases, the CRA expects you to keep tax records for six years from the end of the tax year they relate to.
- Records include slips, receipts, and any papers that back up what you claimed on your return.
- Some records, like those for property or investments, should be kept much longer.
- Digital copies are fine as long as they are clear, complete, and easy to find.
- A simple filing system saves you stress if the CRA ever asks for proof.
Every spring, the same question comes up when people clean out a drawer or a closet: can I throw these old tax papers away? It’s a fair question. Nobody wants to hold on to boxes of paper forever, but tossing the wrong thing too early can cause real headaches.
Here’s a plain-language guide to how long to keep tax records in Canada, what counts as a record, and how to stay organized without the clutter.
The Six-Year Rule
For most people, the rule is simple. Keep your tax records for six years from the end of the tax year they apply to.
For example, records for your 2025 tax return should be kept until at least the end of 2031. That’s because the Canada Revenue Agency (CRA) can review or reassess your return during that period, and it may ask you to prove the amounts you claimed.
What If You Filed Late?
If you filed a return late, the six years generally start from the date you filed it, not the year it covers. So late returns mean holding on to records a little longer.
What Counts as a Tax Record?
A tax record is anything that supports the income, deductions, or credits on your return. That includes more than just the slips you received.
- Tax slips such as T4, T4A, T5, T2202, and T5007
- Receipts for medical expenses, charitable donations, childcare, and moving costs
- RRSP and FHSA contribution receipts
- Rent receipts used for Ontario benefit claims
- Notices of assessment and any letters from the CRA
- Copies of your filed returns
Records You Should Keep Longer
Some papers matter long after six years have passed. Hold on to these until you no longer need them, plus six years:
Property and Home Records
If you own a home, rental property, or cottage, keep purchase documents and receipts for major improvements. They help show what you paid if you sell one day.
Investment Records
Keep records of what you paid for stocks, mutual funds, or other investments held outside registered accounts. You’ll need them to work out any gain or loss when you sell.
Carry-Forward Amounts
If you carry forward things like unused tuition amounts or capital losses, keep the records that support them until you’ve used them up.
Paper or Digital?
You don’t need to keep everything on paper. The CRA generally accepts electronic records, as long as they are readable, complete, and can be produced when asked.
A few tips to make digital storage work for you:
- Scan or photograph receipts as soon as you get them
- Create one folder per tax year with clear file names
- Back up your files in a second place, like an external drive or secure cloud storage
- Download your notices of assessment from your CRA My Account each year
What Can You Safely Throw Away?
Once a tax year is more than six years behind you, and none of the longer-term situations above apply, you can usually get rid of those records. Shred anything with your name, address, Social Insurance Number, or banking details. Never just toss them in the recycling bin.
A Simple System That Works
Organizing your records doesn’t have to be complicated. Keep one envelope or digital folder for the current year and drop every slip and receipt into it as it arrives. When tax time comes around, everything you need is already in one place, and filing becomes much faster.
Need a Hand Getting Organized?
If you’re unsure which papers matter for your return, the team at 123Tax in Richmond Hill is happy to help. Give us a call at (905) 237-1550 or email info@123tax.ca with your questions.