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Record retention guidelines
How long should an individual or a business keep back-up records and tax returns?
The following summary will help us as a guide line and save valuable space:
For Individuals
| Audit reports and audited financials | Permanently |
| Cheques (cancelled, for important payments, i.e., taxes, purchases of property, special contracts, etc. | Permanently |
| Legal correspondence | Permanently |
| Deeds, mortgages and bills of sale | Permanently |
| Insurance policies, current accident reports, claims, etc. | Permanently |
| Investment account statements | Permanently |
| Property appraisals reports | Permanently |
| Property records, blueprints and plans, deeds, mortgages, remodeling / renovation records | Permanently |
| Documents such as birth, marriage and death certificates, wills, shares, bond certificates, deeds, passport etc. | Permanently |
| Advanced medical directives | Permanently |
| Shares and bond certificates (current or cancelled) | Permanently |
| Documents relating to Income tax liability | Permanently |
| Insurance policies (expired) | 10 years |
| Accident reports and claims (settled cases) | 7 years |
| Bank account statements | 7 years |
| Contracts and leases (expired) | 7 years |
| Cheques (cancelled other than mentioned above) | 7 years |
| Sales receipts for major purchases (car, appliances, furniture, etc.) after disposition of the asset | 7 years |
| Bank deposit slips | 1 year |
| Bank reconciliation statements | 1 year |
| Utility bill receipts | 1 year |
For Business
| Audit reports & audited financials | Permanently |
| Cash books | Permanently |
| Charts of accounts | Permanently |
| MOAs, by-laws, minute books | Permanently |
| Deeds, mortgages and bills of sale | Permanently |
| Fixed asset schedule | Permanently |
| Financial statements (end of year, other months optional) | Permanently |
| General and private ledgers | Permanently |
| Journals | Permanently |
| Minute books for Directors and Stockholders, including by-laws and charters | Permanently |
| Property appraisals by outside valuer | Permanently |
| Property records – including cost, depreciation reserves, end-of-year trial balances, depreciation schedules, blue prints and plans | Permanently |
| Share and bonds certificate (cancelled) | Permanently |
| Tax returns and work sheets, and other documents relating to determination of income tax liability. | Permanently |
| Trade mark registration and copy rights | Permanently |
| Insurance policy (after expiration) | 10 years |
| Capital stock and bond records, ledgers, transfer registers | 7 years |
| Contracts and leases (after expiration) | 7 years |
| Deposit slips, duplicate deposit slips | 7 years |
| Accident reports and claims (settled cases) | 7 years |
| Accounts payable ledgers and schedules | 7 years |
| Accounts receivable ledgers and schedules, deposit books and slips, credit files, authorization , collection file | 7 years |
| Expense analysis and expense distribution schedule | 7 years |
| Bank account statements | 7 years |
| Expense reports | 7 years |
| Insurance policy and current accident reports, fire inspection reports, safety reports etc.. | 7 years |
| Internal audit reports | 7 years |
| Inventories of products, materials, and supplies | 7 years |
| Invoices to customers | 7 years |
| Invoices from suppliers | 7 years |
| Notes receivable ledgers and schedules | 7 years |
| Personal records: payroll, time reports, contracts, insurance, disability and sick benefits | 7 years |
| Purchase orders | 7 years |
| Sales records and reports, customer correspondence, customer orders | 7 years |
| Scrap and salvage records (inventories, sales, etc.) | 7 years |
| Shipping reports, bills of lading, receiving reports, inspection reports | 7 years |
| Subsidiary ledgers (including A/P and A/R ledgers) | 7 years |
| Voucher registration and schedules | 7 years |
| Vouchers for payments to vendors, employees etc… | 7 years |
| Correspondence (general) | 3 years |
| Employment application of selected employees. | 3 years |
| Internal reports (miscellaneous) | 3 years |
| Petty cash vouchers | 3 years |
| Purchase orders and purchase requisitions, quotation, acknowledgments | 3 years |
| Material Received Notes | 3 years |
| Requisitions | 3 years |
| Bank reconciliation statements | 1 year |
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