Once T4A slips are filed and sent out, the natural next question is:
“Can we delete all this and free up some space?”
Not so fast. The CRA expects you to keep supporting records for a certain period in case of review or audit. Let’s unpack what “keeping records” really means in practice.
What counts as “records”?
For T4A purposes, records usually include:
• Copies of T4A slips and related summaries
• Invoices from contractors and service providers
• Contracts, engagement letters, or agreements
• Payment records (bank statements, e-transfer logs, cheque stubs)
• Internal summaries used to calculate amounts on slips
If the CRA asks, these documents help show how you arrived at the numbers you reported.
General retention expectations
Tax record retention periods can vary, and CRA guidance can change, but a common rule of thumb is:
• Keep business records for several years after the end of the tax year they relate to.
Certain events—such as objections, appeals, or late filings—can extend the required retention period. That’s why it’s wise to confirm the exact retention requirements with your accountant or directly from current CRA guidance.
A practical way to manage retention
Instead of trying to remember a specific destruction date for each individual document, many organizations use a simpler approach:
• Group records by year (for example, “T4A – 2025”)
• Apply a consistent retention period to the full set for that year
• Periodically review older years to see what can be safely destroyed
The key is consistency and a clear policy, rather than ad-hoc decisions.
Digital vs paper records
You don’t need walls of filing cabinets. In many cases, digital records are acceptable if they’re:
• Legible
• Complete
• Accessible on request
That often means:
• Scanning paper invoices or contracts and storing them as PDFs
• Exporting payment details from your banking or accounting system
• Saving T4A slips and summaries as PDFs in structured folders
Make sure your backup processes protect these records from accidental loss, theft, or hardware failure. Cloud backups can help.
What happens if you don’t keep records?
If the CRA reviews your T4A filings and you can’t show how you calculated amounts:
• It’s harder to defend your numbers
• The CRA may disallow deductions or reassess based on their estimates
• You may face additional interest or penalties if they adjust balances
Having organized, retrievable records makes any review much less painful and shows that you take compliance seriously.
Simple record-keeping setup
A straightforward system might look like this:
• For each tax year, create a main folder: “T4A – 2025”
• Inside it, create subfolders such as:
– “Slips and summaries”
– “Invoices and contracts”
– “Payment reports and bank exports”
– “Notes and accountant correspondence”
If you use T4ASlip, you can also export or archive reports from the software into the same folder so that everything lives in one place.
How T4ASlip helps with record-keeping
When your T4A process runs through T4ASlip, much of the relevant data—names, amounts, and summaries—lives in one place. That makes it easier to:
• Recreate how amounts were calculated
• Provide a clear audit trail if CRA has questions
• Store and back up a compact set of digital files each year
Combined with your accounting and banking records, this gives you a strong documentation package with less effort.
Bottom line
You don’t need a perfect archival system, but you do need a reliable one. If you:
• Keep year-by-year T4A folders
• Store slips, invoices, and payment records together
• Follow a clear retention policy
…you’ll be in a strong position if the CRA ever comes knocking with questions about your T4A filings.