When and What Documents can a Business Owner Destroy?

CRA requires that you retain documents for at least 6 years before destroying them. It is still recommended that you request written permission from CRA before doing so.

Note that you may have to keep supporting documents for longer than 6 years when those documents pertain to investments and equipment which the business still has on  hand at the end of a fiscal year. Consult with your accountant for more information as it would pertain to your business.

Also, it is recommended that you maintain the general ledger activity for the life of the business.