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Generally, the IRS can include returns filed within the last three years in an audit. If we identify a substantial error, we may add additional years. We usually don't go back more than the last six years.

Section 286 of the Corporations Act requires financial records to be kept for at least seven years after the transactions covered by the records are complete.

You must be able to produce receipts, invoices, canceled checks or bank records that support all expense items. You should also keep sales slips, invoices or bank records to support all income items. These records should be retained for at least 10 years after they have expired.

Keeping business documents such as tax records, pay stubs, and other supporting documents is important. Business owners should hold on to most documents for a period of 6-7 years in compliance with the Canada Revenue Agency (CRA) standards.

A notice of assessment is what you receive once your taxes are filed. In order to file your taxes you need a T4 from your job as well as the proper documentation from things like your EI payments, RRSPs and any other income you may have earned throughout the year.

What Is The 183-Day Rule For Residency In Canada? If you have 'sojourned' in Canada for more than 183 days in the course of a year, you're considered a Canadian resident for tax purposes. In total, 183 days is the equivalent to 6 months.

Normally, a CRA waudit the two or three most recent tax years. If the CRA finds significant discrepancies in their tax audits they have the authority to go further back and audit previous years. If the CRA sees fraud or serious issues with your tax returns, there are no limits as to how far they can audit.