Another, very important set of records you will have to keep in order to safeguard yourself from the trouble with the CRA, is the Annual Tax Deductions. You’ll need them to show that you’re eligible for a tax credit or a tax deduction. We’re going to show you some of the annual tax deduction documents you need to keep and here’s how long you need to hold onto them for. Check them out.
For Annual Tax Deductions, you need to keep the following:
Property tax payment (like your tax bill and canceled check or bank statement) – for a period of 3 year after the return’s date.
Year-end mortgage statements – for a period of 3 years after the due date of the return.
Private Mortgage Insurance payment (which includes monthly bills and canceled check or bank statements that show the check was cashed) – for a period of 3 years after the return’s due date.
Residential energy tax credit receipts – for about 3 years after the due date of the return that you claim the credit on.
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