• T137 - Request for Destruction of Records

Keeping records

Records are accounting and other financial documents that are kept in an organized way.

If you are carrying on a business or engaged in a commercial activity in Canada, you are required by law to keep adequate records.

Your records have to provide enough details to determine your tax obligations and entitlements. Also, your records have to be supported by original documents.

Retention period

The prescribed retention periods for certain books, records, and their related accounts and source documents are specified in section 5800 of the Income Tax Regulations. The required retention periods can be summarized as follows:

• for a corporation, two years from the date of the dissolution of the corporation (in the case of corporations that amalgamate or merge, books and records have to be retained on the basis that the new corporation is a continuation of each amalgamating corporation);
• for any non-incorporated business, six years from the end of the tax year in which the business ceased;
• for the duplicate donation receipts of a registered charity or registered Canadian amateur athletic association, other than receipts for donations of property which are to be held for a period of not less than ten years, two years from the end of the calendar year in which the donations were made;
• for other specified records of registered charities and registered Canadian amateur athletic associations, two years from the date the registration is revoked; and
• for records relating to political contributions, two years from the end of the calendar year to which they relate.

Destruction of records

Books and records may be destroyed at an earlier time than provided by section 5800 of the Income Tax Regulations if the Minister gives written permission for their disposal. To get such permission, a person can use Form T137, Request for Destruction of Records.

When the CRA gives permission to destroy books and records, this permission applies only to information required to be kept under the legislation administered by the CRA, and does not imply permission to destroy any books and records required to be kept under any other legislation, or by any other department or government agency.

Useful links:

IC05-1R1 Electronic Record Keeping
IC78-10R5 Books and Records Retention/Destruction