When the tax season comes around, it’s important that you have all the necessary documents you need to ensure that you can accurately file your taxes to the CRA. In this article, we want to show you some of the tax and financial records you need to safely keep, in order to do just that. We’re going to show you all the items you need to keep and how long you need to keep them for. Check them out.
For home sale records, you need to keep the following:
Home sale closing documents – for as long as you own the property, plus three years.
The house deed for as long as you own the property.
The builder’s warranty or the service contract – for the new home for the duration of the warranty period.
CC&Rs (Community/condo association covenants, codes and restrictions) – for as long as you own the property.
Capital improvement receipts – for as long as you own the property, plus three years.
Section 1031 sales records for your properties (whether old or new) – for as long as you own the property, plus three years.
Mortgage payoff statements (including a certificate or satisfaction or lien release) – as long as possible.
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