Keeping employee records | CFIB
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 Agency | Payroll Records | 6 years |
For more info: |
E-Commerce Records | 6 years | ||
Salesand Purchase Invoices (Banking info, general ledger, receipts, agreements,vouchers etc.) | 6 years | ||
Ministry of Finance | Retention and Destruction of Books | Depending on record can be between 7- 10 years |
For more info: |
Ministry of Labour | Contact information, hours worked, wage statement info, info related to leaves of employee | 3 years |
For more info: |
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
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