Old Statements

[xix]

Need to know if anyone regrets not keeping their old bill statements or receipts of payment?
IS it worth keeping;
1. Visa/Mastercard Statments over a year?

{I like ot keep some in which they include big ticket items to claim against the insurance.}

2. Hydro?
3. Bell/Telephone?
4. Pay stubs?


Thanks for your inputs.

 

[Moraff]

I keep everything 7 years as that way I don't have to decide what I want to keep or throw away. Each year before tax season I go through my files and transfer last year's stuff into large envelopes which then get put into banker boxes after I remove the stuff now over 7 years old. 2 banker boxes has so far been sufficient to keep the envelopes in.

Came in handy when a cop came to investigate me as part of a murder investigation. as Bell had told him that the telephone # he had was mine at the time (4 years prior).

Because I had my phone records it was an easy matter to show him that yes it was my #, but not at the time he was interested in because I had moved about 8 months prior to that and was at my current # by the time the calls in question were made.

Yes I could have gotten it straightened out eventually without my records, but this was a lot easier than trying to get ahold of Bell while I was sitting in jail. lol

 

[Mia.Colpa]

Why are you guys keeping statements, tax info, etc.... for 7 years?

Did the Statue of Limitations not change to 2 years? Perhaps income tax info got an exemption, however fraud is indefinite I think.

 

[Moraff]

Unless you use every receipt to record and backup your personal family budget, you don't need to keep non-business related receipts unless for warranty purposes or proving the cost of valuable items or marital assets.

I 100% agree with you... I just keep 'em all because I'm too lazy to go through to find out which ones might be important.

 

[Moraff]

Why are you guys keeping statements, tax info, etc.... for 7 years?

Did the Statue of Limitations not change to 2 years?

CRA can go back 6 years in their audits. Just easier to keep everything that long. Like I said for me 7 years worth of bank, utilities, income, insurance, receipts and other sundry papers fits in two banker boxes so the best I could do would be to get it down to 1 if I winnowed out all the stuff that could go.

 

[dikfor]

Shredding Service

I've got a few boxes of "old" statements that I want to have shredded. Is there a service in the GTA (at a reasonable cost) that I can deliver this material to and get it done?

 

[Mia.Colpa]

I've got a few boxes of "old" statements that I want to have shredded. Is there a service in the GTA (at a reasonable cost) that I can deliver this material to and get it done?

Yea, the cheapest way for me was to buy a shredder and do it myself. They're quite reasonable now a days.

 

[Darkman5]

3 to 4 years is enough

 

[Radio_Shack]

Not sure why but I have all paper work for everything I ever did since I graduated from College. ahmm like 26 years worth.

 

[ang]

I keep every bill and receipt for 7 years, I am self employed and have many write offs, i keep them in tax boxes and tape them up.