Correct!
You need to keep your business records for a minimum of six years after the end of the taxation year to which they relate. So if you purchased some equipment in 2003, but didn't claim it on your return until 2005, you'd need to keep your receipt and other relevant records until 2011.
You can request to destroy your business records earlier by requesting permission in writing. (That's Form T137, for those of you who like to keep records of these things!)
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