Section 267 — Income Tax Act: Record keeping

Every reporting Canadian financial institution shall keep, at the institution’s place of business or at such other place as may be designated by the Minister, records that the institution obtains or creates for the purpose of complying with this Part, including self-certifications and records of documentary evidence. Every reporting Canadian financial institution required by this Part to keep records that does so electronically shall retain them in an electronically readable format for the retention period referred to in subsection (3). Every reporting Canadian financial institution that is required to keep, obtain, or create records under this Part shall retain those records for a period of at least six years following in the case of a self-certification, the last day on which a related financial account is open;

and in any other case, the end of the last calendar year in respect of which the record is relevant.