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Keeping employee records

Congrats you’ve been operating your business for more than three years. By now your file cabinet is full of paperwork, from payroll records to invoices or even payments receipts. How long do you have to keep these documents? To assist you with this question, we have put together the following chart. The chart below is in compliance with the Canada Revenue Agency, Ministry of Finance, and Ministry of Labour.

Record keeping Chart

Canada Revenue AgencyPayroll Records6 years

For more info:

CRA: Keeping Income tax records

CRA: Keeping Records

E-Commerce Records6 years
Salesand Purchase Invoices (Banking info, general ledger, receipts, agreements,vouchers etc.)6 years
Ministry of FinanceRetention and Destruction of BooksDepending on record can be between 7- 10 years

For more info:

Ministryof Finance

Ministry of LabourContact information, hours worked, wage statement info, info related to leaves of employee3 years

For more info:

MOL:Record Keeping

MOL: Specific Rules

 

Please keep in mind there is no legislation for disposing of customer information. However the recommendations from the Office of the Privacy Commissioner of Canada contain in the following link are good practice: Secure Disposal Procedures – best practice fact sheet