Over the years we accumulate an impressive amount of paperwork, a lot of administrative and personal documents that end up taking up a lot of space. Be careful, on the day of the big cleanup, be sure to do some smart sorting!
Depending on the type of documents, some need to be kept longer than others. In order not to make a mistake and feel regrets later, it is better to learn to order it by identifying which papers to keep precious. Discover the list of documents to keep and for how long, depending on your personal situation.
Invoice Storage – Source: spm
What documents to keep and for how long?
Today, although most transactions are carried out through online banking (with easily accessible proof of payment in history), the problem of storing invoices and other documents is still relevant. To avoid getting stuck or making mistakes, it’s important to know which papers to keep or which to throw away. Do you need to know what is the retention period of each document? Here are some clues.
Also read: You are increasing the electricity bill due to this common mistake that it is good to stop
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Retention period for gas, electricity and telephone bills
As a precaution, it would be wiser to keep invoices and payment receipts in your personal records (unless you use online banking). They can help you if you need to file a rectification after an unjustified charge or provide proof of payment if requested. The retention period can be up to 5 years. After this period, claims expire.
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Deadline for submission of tax documents
The documents that serve as the basis for the payment of taxes must be kept for a minimum of 5 years. In some cases, this period is even extended. This is the case in particular when an advance payment agreement has been concluded with the tax authorities. The extension of the filing period must also be taken into account when criminal tax or enforcement proceedings are initiated. The period can be further extended due to special rules: for example, entrepreneurs who benefit from public aid, granted on the basis of the law on special economic zones, must keep their documents longer.
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Should purchase receipts and warranty cards be kept?
Purchase receipts for products (shoes, clothing, furniture, electronic equipment, etc.) must be kept for two years. Because, during this period, they are covered by the warranty. Therefore, in case of any defect, you can file a claim with the seller. It should be noted that this period for the claim can be extended if the goods are covered by a greater guarantee. Therefore, it is best to keep these documents while the warranty is still valid. In the case of food products, claims can be filed within three days of opening the container and before the expiration date.
How long are bank statements kept?
How long bank and credit card statements are kept depends on how you receive them.
- If you don’t have an online bank account and you still receive bank statements in the mail, please keep them for 5 years.
- If you have an online bank account and do not receive paper statements, you will be able to view or print your statements for several years if necessary. Please note that banks keep these documents accessible to customers for more than one year (and up to 3 years depending on the banking organization). However, if you need a longer period, you can contact the main number of the online bank and request the desired period. The bank should email or post it to you within a few days.
NB: For all practical purposes, it’s always wise to review your statements at least once a month to ensure there are no nasty surprises.
What personal papers should we keep for 10 years?
In general, it is recommended to keep the repayment certificate of a loan for at least 10 years. Contracts for the sale of real estate, donations or separation of assets must be kept for life.
These are the documents you should keep for at least ten years:
All documents related to legal matters, such as court orders, settlement agreements, lease contracts and agreements, incident reports, disclaimers, or other legal documents must be retained for 10 years.
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insurance documents
Records related to insurance policies, claims, and litigation must also be kept for a full decade.
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Registration documents for other payment services
Certain situations may require the maintenance of payment records for wire transfers, payment services, or any other documents related to payment services. They must also be stored for 10 years.
Destruction of documents – Source: spm
What business documents must be destroyed?
Protecting the privacy of all the sensitive data your business absorbs is paramount. Although it is common for companies to use electronic storage systems (especially the cloud today), some documents still need to be printed. When you want to get rid of some sensitive documents in your office, the safest option is to destroy them safely and away from prying eyes.
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credit card information
Whether the card belongs to your company or to your customers, for the financial security of either party, it is essential to destroy all such confidential information. Once the card expires, shredding of all easily decipherable content takes precedence.
While record keeping is important, past tax returns detail highly sensitive information. Most returns are now paperless and completed online, but many companies still keep old copies on file (due to the requirement to keep written evidence for five years from the filing date). Therefore, the safest option for keeping these financial records confidential is to scan them and save them to a digital file, then use a corporate document shredding service to destroy the remaining documents.
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Since payslips contain very sensitive information about the individual, about their rights, their taxes and their bank details, it is imperative to handle them with the utmost care. To ensure the confidentiality of this personal information, all hard copies of pay stubs should be shredded just when they are no longer needed.
Also read: Why do we have to tear up confidential and personal documents? They can cause you a lot of trouble
