How long do you legally have to keep accounting documents and invoices in Quebec?

It's tough to deal with archives overflowing with unreadable invoices and old company accounting documents.
But some documents are super important for Quebec's tax authorities and need to be kept carefully. So, how long do you need to keep them, and why?

Which accounting documents should be kept for at least 6 years?
For many years, Canadian businesses have been required to retain certain accounting records for a minimum of six years. Tax law permits these records to be kept in paper or electronic format. You can use tax and accounting software for this purpose.
Here are some examples of accounting documents that you should keep:
• Daily revenue statements with invoices and cash register tapes.
• Daily expense statements with cancelled or canceled cheques, as well as expense receipts.
• A log of company vehicle travel and expenses, with supporting documents.
• Corporate credit card invoices.
• Records containing the names of employees, their salaries and deductions made from their salaries.
It is therefore necessary to keep all these documents for a period of 6 years. This period is calculated from the end of the tax year to which the documents relate. For example, income tax returns for 2022 must be kept until 2028 inclusive.
Why keep your accounting documents for six years?
During this period, businesses must be able to provide all information and documents requested by the Revenue Agency. Canada (CRA) for the federal portion or by Revenu Québec for the provincial portion. In the event of an audit of your business or personal income tax return, these tax authorities may require supporting documentation.
It is also mandatory to keep all supporting documents to verify the information contained in your records, such as company invoices (income and expenses).

Are there any accounting documents businesses need to keep forever?
Even though you usually only need to keep business documents, like accounting or tax records, for 6 years, it's a good idea to hold onto some other documents for as long as your business exists.
Here are a few examples of business documents you should keep indefinitely:
• Notarized deeds.

• Minutes from board meetings.

• Share certificates and records of share transfers.

• Any other document that backs up an entry in your general ledger.
Lastly, if your business ever closes down, it's super important to keep the original copies of these documents for at least two years after it's dissolved.

Are there any documents that must be kept at the request of public authorities?
There are exceptional situations where the Revenue Agency of Canada (CRA) or Revenu Québec may advise you to keep certain business documents beyond the legal period of 6 years.
If this applies to your situation, a representative from the tax authorities will contact you directly or send you a registered letter to inform you of this requirement. This communication will specify the type of business document and the required retention period.

How to find an accountant to assist you in managing your accounting documents?
The preservation of company documents is a major concern for Quebec companies seeking to comply with administrative requirements.
In general, it is recommended to keep company documents for at least 6 years, but there are exceptions that require them to be kept for longer, or even indefinitely.
Understanding your tax obligations allows you to meet the needs of the Revenue Agency. Canada (CRA) and Revenu Québec in terms of records. However, it may be wise to seek guidance from accountants to help you better understand all of your business obligations.
If you have questions regarding tax laws and regulations in Quebec and the Canada So, don't hesitate to contact us if you'd like to find an accountant suited to your entrepreneurial needs to help you with this process. https://www.bankeo.fr/