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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.

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.

The longer you wait to file your taxes, the more penalties you will owe, and the likelihood of the CRA seeing your avoidance as tax evasion increases. If you haven't filed in years and the CRA has not yet contacted you about your late taxes, apply to the Voluntary Disclosure Program as soon as possible.

A complete and signed court order, decree, or separation agreement; the document must explain the type of custody arrangement you have (for example, shared custody) and clearly show the living arrangements for the child.

Generally, CRA can only audit someone up to four years after a tax return has been filed, although, in some cases, such as cases of suspected fraud or misrepresentation, CRA can go farther back and there is no time-limit for the re-assessment.

Attaching your T4 with your tax return If you file by mail, attach your T4 information slips to your return to substantiate your income claims. If you file electronically, you do not need to submit these forms, however, you must keep them for your records and submit only if CRA requests you do so.