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Old 06-04-2016, 09:40 AM
 
Location: Toronto
6,754 posts, read 3,779,288 times
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I am trying to finish my house renovations and know I need to purge a whole tone of stuff. I am just wondering if anyone has any feedback or suggestions regarding how long I need to keep tax stuff, bills and all that kind of stuff for. I think I have stuff from like 15 years ago just sucking up space.
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Old 06-04-2016, 09:47 AM
 
Location: Canada
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6 years
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Old 06-04-2016, 09:09 PM
 
Location: Toronto
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Default Really?

Quote:
Originally Posted by netwit View Post
6 years
For taxes or everything? I doubt I am going to fight a Rogers bill from 3 years ago? Just curious why 6 years ... seems like an odd number.
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Old 06-04-2016, 09:21 PM
 
Location: Canada
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Quote:
Originally Posted by klmrocks View Post
For taxes or everything? I doubt I am going to fight a Rogers bill from 3 years ago? Just curious why 6 years ... seems like an odd number.
For taxes. If you google you'll see Revenue Canada with that number. I tend not to keep anything non tax related longer than a month or two.
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Old 06-04-2016, 09:36 PM
 
Location: Canada
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I like to throw my bills in the garbage as quickly as possible.

Last edited by UrbanLuis; 06-04-2016 at 10:04 PM..
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Old 06-04-2016, 10:04 PM
 
Location: Canada
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I meant the recycling bin.
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Old 06-04-2016, 10:16 PM
 
Location: Canada
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Pertaining to Taxes is 7 years..and that only means one needs to have receipts of proof of whatever deductions from previous 6 years.. I actually have all Tx returns which include ALL supporting receipts and forms for the past 15 years.. I really need to declutter LOL

Debt..totally different story..It's common practice and a scam really..those corporate entities sell to "Collection Agencies" that debt ( 407 in Ontario is like a leech) which has been likely already written off..BUT it doesn't stop collectors from harassing and bugging the heck out of you!!

I have never been in that position, however it's more and more common amongst just about everyone under the age of 45 these days!!

The problem with vehicle related debts is that it gets attached to ability to licence a vehicle..It's as I said..it's never ending!! Hard times have hit just about everybody in some form or other..and I keep recalling..the saying..you can't escape death nor taxes EVER..and it will even cash in when you die!!

But I will say..Canadians have it way better than Americans..at least there are "Breaks, Grants, Credits" some get all depending on their level of taxation"> The Rich will not get such breaks, grants nor credits" unlike south of the 49th
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Old 06-04-2016, 10:45 PM
 
Location: Canada
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6 years.

How long should you keep your income tax records?
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Old 06-05-2016, 04:48 PM
 
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For taxes it is indeed 6 years.

For other paperwork, receipts, etc. it differs. I put warrantees and receipts for appliances into their own folder, so that it's easy to access if I need it for repairs to the appliances. Along with the appliance manuals. All in one easy to find location.

Medical and dental receipts, I'd keep them for a year or maybe two years if getting insurance payments are involved.

Insurance policies, hang onto them for as long as the insurance is good.

Bills like Rogers or utilities... I don't even get them in paper format anymore. No snail mail for me--online banking, online billing. The billing records usually go back one year online, at least.
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Old 06-06-2016, 11:29 AM
 
2,288 posts, read 3,932,930 times
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Quote:
Originally Posted by klmrocks View Post
I am trying to finish my house renovations and know I need to purge a whole tone of stuff. I am just wondering if anyone has any feedback or suggestions regarding how long I need to keep tax stuff, bills and all that kind of stuff for. I think I have stuff from like 15 years ago just sucking up space.
As others have said, anything tax-related is 6 years. So if you get a home reno tax credit or something that's the minimal amount of time, otherwise the CRA could (unlikely but..) eventually ask you to reimburse the credit.

But in general, I'd keep major house renovation stuff until you sell the house. First, you might have a warranty about the quality of the work. Second, providing a potential buyer with well-kept records of what you did on the house gives the impression that you took good care of the house.
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