CRA - where does the 7 year rule come from?
As per: https://www.canada.ca/en/revenue-agency ... early.html
So what this means (I have confirmed this), is that the 2012 tax year records for us Canadians, can be destroyed on December 31st, 2018. I find this odd because I have been told that record keeping should be 7 years. For example, if I wanted the oldest records from my financial institution, I would be able to get tax records on December (this month) of 2011. This basically means that while personal tax record/receipts and such for the 2012 tax year can be destroyed on Dec 31, 2018, financial institutions would still have information for the entire 2012 tax year.
This discrepancy is really odd to me. Anyone know why there is this disconnect of 1 year? If I can destroy my 2012 tax year receipts/records on Dec 31, 2018, why are financial institutions forced to keep all information for CY2012 then?