Section 244.7 — Income Tax Act: Record keeping

Every reporting entity that is required to file an information return under this Part shall keep such records as will enable the Minister to determine whether the entity has complied with its duties and obligations under this Part. A record that is required to be kept under this Part may be kept in machine-readable or electronic form if a paper copy can be readily produced from it. A reporting entity that is required to keep records under this Part in respect of an electronic funds transfer shall retain those records for a period of at least five years from the day of the transfer.