[Ricardo]

Originally Posted by reddit

i would say in canada for a personal return 1 year is long enough after your return.

I disagree with that. I've heard you can be asked for money from returns filed seven years ago, and my tax consultant advises keeping paperwork for ten years.

There's another thread on this issue here in another area.

[Gilipsie]

I don't know about the ten years, but you definitely need to keep more than one year.

[sacback1]

Wouldn't it be ok to scan a year at a time and burn a cd of it? Sometimes all the paperwork just seems to be coming out of the woodwork.

[Cyd]

This comprehensive retension list was on-line:

Audit Reports: Forever
Bank Deposit Slips: 3 Years
Bank Statements: 3 Years
Cancelled Checks: 3 Years [special items]
Current Contracts and Leases: Life of Contract, plus 3 Years
Housing Records: As long as you own the home, plus 3 Years. (Includes home improvements, additions, expenses involved in selling/buying home)
Insurance Records: Life of policy + 3 years
Investment Records: 6 Years after sale of investment. [discard monthly statements once you receive annual summary of year’s activity]
Pension Contributions: Forever
Legal Correspondence: Forever: Marriage Certificates, Death Certificates, Divorce Papers
Real Estate Records: Forever
Receipts for Appliances, Computer Equipment, etc: Life of Asset, plus 3 Years
Tax Returns and Supporting Documentation: 7 years
Warranties/Guaranties: Life of the Product

Suggestion: As you file ea. write the discard date @ upper rt. corner

[Cyd]

Salaried Canadians have very few deductions and only a couple that require receipts on request. It is very difficult to cheat the taxman as there is verification from other sources and they are cross checked.

[dave]

I think most of the countries has computerized their system and keeping the records, however I personally store the scan copy of tax return doc for last three years that is mostly required. The old paper is already stored in folder file.