XXXX
C. Tremblay
(613) 957-2139 XXXX
NOV 18 1987
Dear Sirs:
Re: Destruction of Books and Records
This is in reply to your letter of September 21, 1987, in which you ask whether permission and/or forms are required before a corporation may destroy its books and records.
Generally, all records must be retained for 6 years from the end of the last taxation year to which they relate, however the following information must be kept two years after the day a corporation is dissolved: the general ledger; records from the minutes of the shareholder and directors' meetings; records concerning share ownership; final entry summaries; and special contracts or agreements necessary to the understanding of the general ledger and final entry summaries. Refer to paragraph 3 of Information Circular 78-10R and Regulation 5800 of the Income Tax Regulations for a further explanation of the requirements of paragraph 230(4)(a) of the Income Tax Act.
The 6 year retention period for books and records referred to in paragraph 230(4)(b) of the Income Tax Act may be shortened with written permission from the Minister. Such request, in your area, may be made to the Director of the Montreal District Taxation Office in accordance with the requirements set out in Information Circular 78-10R, paragraph 14(b). Form T137 - Destruction of books and records - should be used for such purposes.
Revenue Canada Taxation can only grant permission to destroy records for income tax purposes. Permission may also be required from various authorities which could include other federal departments, and provincial or municipal governments.
Yours truly,
ORIGINAL SIGNED BY Wm. R. McColm
for Director Small Business and General Division Specialty Rulings Directorate Legislative and Intergovernmental Affairs Branch