Downsizing Your CRA Tax Files?

Happy New Year! If one of your resolutions for 2026 is to downsize, or at least sort through all that stuff you don’t need anymore, you may inevitably run across those tax files you’ve been keeping for decades. Just how long do you have to keep them? Do you need permission to destroy them? From whom? Read on to learn more. 

Tax preparation season is about to begin and getting it right means a lot more than filing an accurate tax return. 

David Russell, MBA,CFP, CIM, FCSI posted the following to the LinkedIn page of Evelyn Jacks, founder and president of Knowledge Bureau.

Barb Reimer from Calgary, Alberta recently completed Elements of Real Wealth Management and she believes the course will improve her preservation practices.

As the calendar year changed on January 1, so did the Tax Free Savings Account (TFSA) contribution room available to all adult residents of Canada. 

CRA recently published the prescribed allowable mileage rates for simplified travel deductions and determined that it was cheaper to drive in Alberta in 2014 than the previous year. 

2015 TD1, Personal Tax Credit Return and T1213, Request to Reduce Tax Deductions at Source for Year(s) ___