PART XV.1 — Reporting of Electronic Funds Transfer

Record keeping

Not yet annotated · Text current to 2026-06-21 · section last amended 2014-06-19

Current text

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.

Form of records

(2)

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.

Retention of records

(3)

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.

Source: Justice Laws Website. Not an official version.

Historic text

This section has not been amended since it was enacted (2014, c. 20, s. 29), so there is no earlier version.

Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 244.7 links to the one before it.

Enacting and amending legislation

2014, c. 20, s. 29

Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.

Cross-references

No other section of the Act refers to this section, and it refers to no other section.

References are generated from the statutory text and list other sections of the Act only.

Citation

Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 244.7.