Canadian Online Poker Tax Thread

[SlightlyMad]

Myst,

RC4409 (Keeping Records from the CRA's website) states:

"How long do you need to keep your records?

As a general rule, you must keep all of the records and supporting documents that are required to determine your tax obligations and entitlements for a period of six years from the end of the last tax year to which they relate."

This would imply that you are allowed to destroy your records after six years. However, in the case of someone having a televised tournament win, and then claiming (for example) only $20,000 that year as income, some serious questions may be asked, even AFTER the six-year period has passed. There is no obvious statute of limitations within the penalties section of the Income Tax Act on how far back they can go if they can prove the income without your documentation.