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 four year period after they issue a Notice of Assessment.  CRA’s guidelines, however, recommend that documents be kept for seven years. In spite of this, a recent Tax Court ...

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Off the Books with Tax Expert Michael Fromstein


Sloan Partners’ Director of Taxation, Michael Fromstein has been a senior tax and accounting expert since 1982. In addition to being Sloan Partners’ resident “tax man”, Michael conducts professional development courses for the Ontario School of Chartered Accountants. No tax matter is too big or ...

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Client Spotlight: Police Auctions Kingpin


When Steve Wagman founded Sterling Bailiffs in 1994, he had no idea it would spawn such a successful enterprise of other related businesses. Its brother company, Platinum Liquidations Inc. is a prominent auction centre and storage facility in the Greater Toronto Area, which services the likes ...

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Finances and the Federal Election


In this short overview of the policies of the three parties in contention to lead Canada for the next 5 years, I’d like to first mention the cost of the election process. It is estimated by the Canadian a Taxpayers a Federation that the three parties will spend a total of about $500 ...

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The Shareholder Agreement: What is it and is it Necessary?


Going into business with other people, no matter who these other people might be (i.e. your best friends, your siblings, your parents, or anyone else) is always a risky venture. When most people choose to go into business with one another, they cannot imagine a breakdown of their relationship ...

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Off the Books with Allen Sloan: Empowering Accountants to Be Their Own Boss


If there’s one thing most working professionals dream of, it’s the opportunity to be their own boss. Managing Partner Allen Sloan discusses the advantages of the Sloan Partners Associate Program, who excels at it, and how to get started.

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Off the Books with Rick Gold


As Chief Operating Officer, Richard (Rick) Gold manages some of the Sloan Group’s vital functions, including administration, human resources, information technologies and the firm’s financial accounting. Rick also manages all aspects of their tenancy for Sloan Group’s portfolio of tenants in ...

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Sloan Partners Celebrates 30 Years of Accounting Excellence

This year marks the 30th anniversary of the founding of Sloan Partners LLP. Back in 1985, Chartered Professional Accountants Allen Sloan and Stan Swartz came together to form a full-service accounting firm focused on trusted financial and business advice. When the firm launched, Back to the ...

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