How Far Back Does CRA Keep Records?

Can CRA go back 10 years?

Fact: Each tax debt has a 6 or 10 year collections limitation period.

The limitation period can be restarted or extended when certain events occur.

When these events occur, the total amount of time that the CRA has to collect the debt will be longer than 6 or 10 years..

How many years can you do back taxes?

If you are due a refund for withholding or estimated taxes, you must file your return to claim it within 3 years of the return due date. The same rule applies to a right to claim tax credits such as the Earned Income Credit.

Can CRA see your bank account?

Bank accounts and investments To spot undeclared, taxable interest, dividend and capital gains income, the CRA has access to info from all Canadian financial institutions. They can also determine if you’ve exceeded your TFSA and RRSP contributions and penalize you accordingly.

When can I destroy tax records Canada?

six yearsThe Canada Revenue Agency (CRA) states that “if you file your return on time, keep your records for a minimum of six years after the end of the taxation year to which they relate.” However, the six years is from the end of the period for which the tax return was filed.

How many years can the CRA go back?

three yearsHowever, there are limits to how far back the CRA can reassess a tax return (commonly known as the CRA statute of limitations). In general, the agency can go back and reassess a return for three years after the date on the initial Notice of Assessment.