Often asked: How Long To Keep Utility Bills Canada?

How many years of utility bills should I keep?

Utility Bills How long to keep: One year. Keep for one year and then discard — unless you’re claiming a home office tax deduction, in which case you must keep them for three years.

Is there any reason to keep old utility bills?

Monthly utility /cable/phone bills: Once you know the bill is correct, toss it. But if you deduct some of these costs on your tax return, you’ll want to save them with your return (more on that in a moment). Credit card statements: If you know all the charges are correct, you probably don’t need to keep this.

How long should I keep bills and bank statements?

Pay stubs and bank statements ( keep for one year) Credit card bills (shred after 45 days, unless you need it for tax or business purposes, or for proof of purchase) Home purchase, sale or improvement documents ( keep for at least six years after you sell)

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How long do you have to keep financial records in Canada?

Generally, you must keep all required records and supporting documents for a period of six years from the end of the last tax year they relate to.

What papers should I keep and for how long?

To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.

How long should you keep car insurance statements?

How long to keep insurance records. If you are wondering how long to keep car insurance records, the answer is usually one year or less, or for as long as they are valid. If you still have the documents, for example, for a car you no longer own, these can be safely discarded.

Is it safe to throw away old bank statements?

You may be ready to throw them out, but you’re not sure how. Is it safe to throw away old bank statements, or do you need to shred them first? According to the Federal Trade Commission, you should shred documents containing sensitive information, including bank statements, to protect yourself from identity theft.

What papers to save and what to throw away?

Important papers to save forever include:

  • Birth certificates.
  • Social Security cards.
  • Marriage certificates.
  • Adoption papers.
  • Death certificates.
  • Passports.
  • Wills and living wills.
  • Powers of attorney.

How long should you keep bills before shredding?

Utility bills: How long should you keep bills before shredding? If you’re claiming a home office deduction, you should keep utility bills for three years. Otherwise, keep them for one year, then shred them.

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How many years of bank statements should you keep?

Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.

What documents should you keep after someone dies?

Copies of the following bills will be needed:

  • Utility bills.
  • Cell phone bills.
  • Credit card bills.
  • Mortgages and personal loans (including lines of credit)
  • Real estate tax bills.
  • Storage unit bills.
  • Medical bills.
  • Funeral bill.

Can I throw away old insurance policies?

Once you sign and pay for a new policy, the old one ceases to be valid, so unless you are interested in comparing the rates/coverages over time, [copies of old insurance policies ] will provide very little value.” While you can toss old insurance policies, you’ll want to keep these financial documents forever.

When can I destroy tax records Canada?

The rule for retaining tax returns and documents supporting the return is six years from the end of the tax year to which they apply. For example, a 2015 return and its supporting documents, are safe to destroy at the end of 2021.

Can CRA go back 10 years?

Essentially, you need to go 10 years without any CRA collection action in order for the CRA Statute of Limitations to apply. Acknowledging the debt (such as filing an objection or an appeal) can also extend or restart the time limit.

Does CRA accept photos of receipts?

Generally, you must keep originals of your paper documents. However, you can produce electronic images of these documents, known as imaging. The images can be kept in electronic files, on microfiche or on microfilm.

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