How Long Should You Keep e-Transfer Records in Canada?

Canadian businesses generally need to keep required records and supporting documents for six years from the end of the last tax year they relate to. For an e-Transfer, keep more than the notification: preserve the bank evidence, invoice or receipt, payment register, and any document that explains the business purpose.

Six years is the general CRA rule, not a universal deletion date. Late-filed returns, long-term property records, objections or appeals, a CRA retention request, and some business closures can change the period. Electronic records must also remain readable and usable for the full retention period.

If the CRA has already asked for a specific set of records, use the separate e-Transfer records workflow for a CRA audit or review. Retention answers what to preserve over time; a records response also requires a defined scope, reconciliation, exception log, and secure delivery package.

When Does the Six-Year Period Start?

The CRA's current retention guidance says the general period is six years from the end of the last tax year to which the records relate.

• For an individual or sole proprietor, the tax year is normally the calendar year.
• For a corporation, it is the corporation's fiscal period.

Use the last year the record affects, not automatically the year on the email.

If an income tax return is filed late, the CRA says the supporting records must be kept for six years from the filing date. If a required GST/HST return has not been filed, the obligation to file and retain support does not disappear because the original reporting period is more than six years old.

Which e-Transfer Records Should You Keep?

An Interac notification is one piece of the audit trail. A complete business payment file normally connects four types of records:

• Notification record: sender or recipient details, amount, date, status, message, and reference when available.
• Bank evidence: the account, deposit or withdrawal date, amount, and completed movement of funds.
• Source document: the invoice, receipt, contract, lease entry, wage statement, expense claim, loan agreement, or other record that explains why the payment occurred.
• Payment register: the row that links those records and shows the category, reporting period, tax treatment, and any remaining balance.

The CRA's business-record guidance requires records of transactions that support income and expense claims. It specifically identifies documents such as invoices, receipts, bank deposit slips, fee statements, contracts, and bank statements.

Keep sent and received transfers when they affect the books. Also keep failed or replacement events when they explain why a notification did not become a completed payment or why a second transfer was sent.

Is the e-Transfer Email Enough for the CRA?

Usually not by itself. The message may identify a payment event, but it may not show:

• What goods, services, rent period, or invoice the payment covered
• Whether the funds actually reached or left the bank account
• GST/HST charged or included
• A partial payment or remaining balance
• Why a refund, reimbursement, loan, owner transfer, or personal payment was classified differently
• Whether several notifications refer to one transfer

The notification, bank record, and source document answer different questions. Keep them linked rather than expecting one item to prove the whole transaction.

For incoming customer funds, use the guide to classifying e-Transfers as business income. For outgoing supplier payments, follow the business-expense e-Transfer workflow.

How Do You Preserve e-Transfer Records for Taxes?

1. Define the reporting period

Choose the month, quarter, fiscal year, or calendar year. Identify every inbox and bank account used for business transfers during that period, including accounts that were closed or replaced.

2. Build one transaction register

Create one row per actual transfer. Record the direction, other party, amount, relevant dates, status, Interac reference when available, invoice or other internal reference, category, and notes.

Do not count each email as a separate payment. A sent notice, reminder, deposit confirmation, cancellation, and expiry can describe stages of one transfer. Match messages by reference, amount, people, and timing.

3. Match the source document

Link the transaction to the document that explains it. Keep an unknown payment in an unmatched list rather than assigning it to sales or an expense without evidence.

When one payment covers several invoices, save the allocation. When several transfers pay one invoice, preserve every payment row and the changing balance. When dates cross a period end, keep the invoice, notification, deposit, and reporting dates instead of overwriting them with one date.

4. Reconcile with the bank account

Confirm that completed incoming and outgoing records agree with deposits and withdrawals. Investigate a missing bank entry, duplicate payment, amount difference, changed status, refund, fee, or personal transfer mixed into a business account.

If notification history is incomplete, follow the workflow for finding old Interac e-Transfer records. Rebuild it from bank, invoice, and correspondence evidence.

5. Export the reconciled period

Save a commonly readable copy such as CSV or PDF, with filenames that identify the period and export date. Keep the export with the source documents; it is a working register, not a substitute for them.

6. Test the archive

Open a sample of the files and confirm that the register, attachments, and backups can still be read. Document where the archive is stored and who can retrieve it. Repeat the check when changing software, accountants, email providers, or storage systems.

Do Electronic Records Have Special Requirements?

Yes. CRA Information Circular IC05-1 says business records kept electronically must remain in an electronically readable format for the required period, even when a hard copy exists. The data must be restorable to an accessible and usable form.

Using a bookkeeper, accountant, inbox tool, cloud provider, or other third party does not transfer the retention responsibility. Keep an export you control and make sure a software change, cancelled subscription, closed inbox, or provider failure will not remove the only readable copy.

CRA location rules can also apply to servers outside Canada. Review the current guidance before assuming online access from Canada is enough.

When Should Records Be Kept Longer?

The CRA lists several exceptions to the general six-year period:

• Records about long-term property acquisitions and disposals, share registries, and historical information affecting a sale, liquidation, or wind-up may need to be kept indefinitely.
• A CRA official can require records to be kept longer.
• Records connected to an objection or appeal must be kept until the matter and further appeal period are resolved, if that is later than the normal deadline.
• A late-filed return starts a different six-year period from the filing date.
• A non-incorporated business that ends generally keeps records for six years from the end of the tax year in which it ended.
• A dissolved or amalgamated corporation follows specific rules that should be checked before records are destroyed.

Other federal, provincial, territorial, municipal, professional, employment, tenancy, insurance, or contract rules may require a different period. The CRA can only authorize early destruction for records required under legislation it administers.

Can You Delete Records Early?

Not simply because the files were scanned, exported, or moved into accounting software. The CRA says written permission is required to destroy records before the retention period ends. A taxpayer or authorized representative can submit Form T137 or write to the relevant tax services office.

Before deleting any e-Transfer record, confirm:

1. The final tax year to which it relates.
2. Whether the return was filed late.
3. Whether it supports property, GST/HST, payroll, an objection, or an appeal.
4. Whether the CRA or another law requires longer retention.
5. Whether the remaining electronic copy is complete, readable, backed up, and under your control.

Which Retention Edge Cases Need Extra Care?

• Closed email account: export notifications and attachments before access ends.
• Closed bank account: download statements and transaction history while the institution still makes them available.
• Mixed personal and business transfers: keep context for both included and excluded items without treating every deposit as income.
• Missing notification: use bank evidence, invoices, correspondence, and the financial institution's records; document the reconstruction.
• Duplicate or replacement transfer: preserve both events and show which one completed or was refunded.
• Long-term asset payment: keep the payment with the asset records for as long as those records remain relevant.
• Third-party storage change: verify the export after changing software or providers.
• Disaster or data loss: follow current CRA guidance and rebuild from the most reliable surviving sources.

How TransferLog Helps With Record Retention

TransferLog organizes supported Interac e-Transfer notification records from connected Gmail, Outlook, and iCloud inboxes. You can search and filter transactions, add categories, and export CSV or PDF on the Pro plan to start the reconciliation and retention workflow.

TransferLog does not replace the original inbox, bank statement, invoice, receipt, accounting ledger, backup system, or professional advice. It does not decide the required retention period. Export the relevant period, reconcile it with the source records, and preserve the complete file in a system you control.

Official Sources

• CRA: Where to keep records, how long to keep them, and early-destruction permission
• CRA: Electronic Record Keeping
• CRA: Business records
• CRA: Keeping records
• CRA: How long to keep personal income-tax records
• Interac e-Transfer Help: reference numbers and transfer records

Organize supported e-Transfer notifications for your retention workflow. Start free, then reconcile and preserve the complete records.