Why hold onto old tax records? Well, because the Canada Revenue Agency(CRA) can ask you for more supporting information going back as far as six years. For this reason, the CRA recommends that you keep your tax records for at least seven years.
But what information should you keep? Old tax returns and supporting documentation used to prepare them such as:
• expense receipts,
• T4s that record employment income
• at-source deductions
• receipts for charitable donations.
Want to know more? This article from Forbes outlines things to keep in mind while deciding what to keep and what to shred.