How long do you keep your financial records?

[T_Totler]

There's a lot of debate on this in terms of what the Statute Of Limitations is with CCRA with respect to how far back they can go and audit your records.

I'm sure most here keep their tax returns going back 7 years, but how far back do you keep your other records (i.e. cancelled cheques, bank statements, credit card statements etc.)

[Frogy]

All are part of the return that you file so I keep mine for the 7 as I do the returns.


Just shreaded some old ones and that felt good. ;)

[Mouse]

Seven years here, some even longer.

[T_Totler]

I keep my credit card and other banking statements for 5 years, tax returns for 7 years.

[T_Totler]

I kept my first tax return for posterity. Filed in 1974 :)

[phoenen]

I keep all of my mastercard bills and bank statements.

For my tax returns, I am keeping them for 7 years.

phoenen

[Bogie]

Don't know the "carved in stone" rules, but CCRA recently requested information from me for 1994-95. That is over 7 years! My accountant sort of went, "Say what?!".


There's a lot of debate on this in terms of what the Statute Of Limitations is with CCRA with respect to how far back they can go and audit your records.

I'm sure most here keep their tax returns going back 7 years, but how far back do you keep your other records (i.e. cancelled cheques, bank statements, credit card statements etc.)

[Taz]

Tax returns I have them all from the start, bank records etc. I shred annually

[Mouse]

Bogie, maybe they are "looking into" someone else's returns. ;)

[lbjgh]

T, funny you should ask. My wife is an accountant and she was in the process of purging a pile of old records over the last few days. I'll find out if there is a statute of limitation on the tax stuff... I don't think you need the full return, just the receipts for your right-offs.

I'm sure CC statements can be disposed of as soon as the accounts are reconciled.

[Mouse]

You last sentence is probably true, but I trust no one but myself. ;)

[lbjgh]

I'm too trusting. :)


You last sentence is probably true, but I trust no one but myself. ;)

[debbie]

I'm sure CC statements can be disposed of as soon as the accounts are reconciled.I hold on to mine for a little while longer than that. I've had purchases mysteriously show up a second time a few months down the line.

In one case, much later down the road, I read that this reputable chain had been sold, so I'm thinking they purposefully ran their CC charges a second time to bolster the company sales/receivables. If it had happened within days of each other it could have been an innocent error. But not when the timeline is months apart.

I agree with MM here...... you can only trust yourself with your finances.