One of the most common questions asked by the lay taxpayer is for how long they need to keep their tax records. And while there is a legislated answer for this, one wonders whether it is ever safe to destroy records.
While the new record-keeping requirements are relatively straightforward for corporations with just a few “ownership interests” in real property, corporations with significant interests, such as those involved in property development, face a much more onerous task. It is therefore recommended that Ontario corporations begin preparing the register as soon as possible to gather the required information and to establish a common practice.
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