Hold On to Your Tax Records

The CRA doesn't want your receipts when you file your return, especially if you are joining the over 5 million Canadians who will Netfile this year. However, be prepared to send in that hard copy on a post-assessment audit which many Canadians are subject to each spring.

Your required record retention period is six years after the end of the year in which you file your return. Therefore, sorting, filing, and storing hard copy is important to keep your relationship with CRA on friendly terms.