What are the mandatory deadlines for keeping accounting documents and invoices in Quebec?

It's hard to converse with archives overflowing with illegible invoices and old accounting documents from your company.
There are documents that are important to the Quebec tax authorities and that must be carefully preserved. But how long should they be kept, and why?

Accounting documents must be kept for at least 6 years?
For many years, Canadian companies have been required to keep certain accounting documents for a period of at least 6 years. The Income Tax Act authorizes the retention of these documents in paper or electronic form. You can use tax and accounting software for this purpose.
Here are some examples of accounting documents you should keep:
- Daily income statements with invoices and cash register tapes.
- Daily expense statements with cancelled or cancelled cheques and expense receipts.
- A record of travel and company vehicle expenses, with supporting documents.
- Company credit card invoices.
- Records of employees' names, salaries and deductions.
All these documents must be kept for a period of 6 years. The calculation of this period begins at the end of the fiscal year to which the documents relate. For example, tax returns for the year 2022 must be kept until 2028 inclusive.
Why keep accounting documents for six years?
During this period, companies must be able to provide all the information and documents requested by the Canada Revenue Agency (CRA) for the federal portion, or by Revenu Québec for the provincial portion. In the event of an audit of your corporate tax return, these tax authorities may require supporting documents.
It is also mandatory to keep all supporting documents that can be used to verify the information contained in your records, such as business invoices (income and expenses).

Are there any accounting documents that companies should keep indefinitely?
Although the usual retention period for business documents, whether accounting or tax-related, is 6 years, it is advisable to keep certain other documents for the entire life of the company.
Here are a few examples of business documents that you should keep indefinitely:
- Notarial deeds.

- Minutes of Board meetings.

- Share certificates and share transfer certificates.

- Any other document justifying an entry in the general ledger.
Finally, if your company is to be dissolved, it is essential to keep the originals of these documents for at least two years after dissolution.

Are there any documents that must be retained at the request of government bodies?
There are exceptional situations where the Canada Revenue Agency (CRA) or Revenu Québec may advise you to retain certain business documents beyond the legal 6-year period.
If this applies to you, a representative of the tax authorities will contact you directly or send you a letter by registered mail to inform you of this requirement. During this communication, the nature of the business document and the requested retention period will be specified.

How do you find an accountant to help you manage your accounting records?
Keeping business records is a major concern for Quebec companies seeking to comply with administrative requirements.
In general, it is recommended that business records be kept for at least 6 years, but there are exceptions that require them to be kept longer, or even indefinitely.
Knowing your tax obligations enables you to meet the record-keeping needs of the Canada Revenue Agency (CRA) and Revenu Québec. However, it may be a good idea to enlist the help of accountants to help you better understand all your business obligations.
If you have any questions about tax laws and regulations in Quebec and Canada, please do not hesitate to contact us if you would like to find an accountant adapted to your entrepreneurial reality to help you in this process. https://www.bankeo.ca/