How long should you keep your tax files?

Large stack of paperwork and files with calculator. An assortment of files and booklets and paper in an in tray on a desk. There is also an adding machine calculator. There are no people. Stress, overwork and finance concept.

Clients often ask us how long do they have to keep old files and documents.  Generally, CRA is able to reassess during a 4 year period after they issue a Notice of Assessment.  CRA’s guidelines however recommend that documents be kept for 7 years. In spite of this, a recent Tax Court of Canada ...

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SR&ED Tax Credits – We Can Help!


For many years Canadian companies lagged behind other members in the G7 in their proportional spending on research and development.  The Canadian governments have committed to increasing the amount of research and development performed in Canada as a means of stimulating Canada’s economic ...

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Off the Books with Roman Belenky: The Accounting Kid Grows Up


When did you join Sloan Group?   I joined the team six years ago when Sloan Group acquired the firm I had worked for since 2007.  I was impressed with how entrepreneurial the firm is and how it promotes thinking outside the box.  I also enjoy the fact that it gives me a lot of freedom...

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Client Spotlight: Weston Tile Celebrating 75 Years in the Tile Business


Spend any time at all talking to Howard Macklin, President and Owner of Weston Tile, and you can quickly see how passionate he is about his business and its nearly 75 year history.  Founded in 1942 by Howard’s father, Charles, today the Toronto-based company is one of the leading suppliers of ...

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Successful Morison KSi North American conference held in Boston


This June, the city of Boston welcomed 55 delegates, including Managing Partner Allen Sloan, and 12 colleagues for the annual Morison KSi North American conference. Prior to the conference, the North American member firms met for the annual North American members meeting. This meeting welcomed ...

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Beware the net worth assessment


The CRA has a powerful tool at their disposal, and it’s called the “net worth” assessment. The net worth assessment is used when calculating the tax owed by people who fail to file a tax return or misrepresent their income in filings. One-third of the 27.5 million tax returns Canadians submit ...

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