The rental property records checklist.

1. Purchase and ownership

These establish what you paid and what you improved. You need them when you sell.

• Purchase agreement and statement of adjustments or closing statement
• Land transfer tax and legal fees
• Title and survey documents
• Invoices for improvements and renovations (not everyday repairs)
• Appraisals

2. Leases and tenants

Keep these for the tenancy and for a period after it ends, in case of a dispute.

• Signed lease and any renewals or amendments
• Rental application, kept with the tenant’s consent and only as long as you need it
• Move-in and move-out inspection reports with photos
• Notices given and received
• Deposit records

3. Money in and money out

These support the income and expenses on your return.

• A rent ledger: what was due and what was received, by month
• Receipts and invoices for every expense
• Mortgage statements showing interest paid
• Property tax bills
• Utility bills you pay
• Bank statements for the account rent is paid into

4. Insurance, maintenance and the building

• Current insurance policy and past claims
• Maintenance invoices, with the date and what was done
• Warranties for appliances, roof and mechanical systems
• Permits and inspection certificates

How long to keep them

Canada: the CRA says you generally must keep records and supporting documents for six years from the end of the last tax year they relate to. Records about the purchase and sale of long-term property must be kept indefinitely.

United States: the IRS generally says to keep records for three years, longer in some situations, and to keep records relating to property until the period of limitations expires for the year you dispose of it.

Your accountant or lawyer can confirm what applies to you. When in doubt, keep purchase and improvement records for as long as you own the property plus the retention period after you sell.

Keep it all in one place

PropertyWorksheet gives each property its own record: tenants and leases, rent and expenses, and a Property Vault for the documents above, with reminders before renewals and expiry dates. One property is free.