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Keeping reliable, accurate and complete records about your business is essential. Knowing when it is okay to destroy documents helps reduce storage clutter.
What are the record-keeping timeframes in Manitoba?
For GST/HST, income taxes, source deductions (EI, CPP), business income and expenses, property and motor vehicle use, you must keep all records and supporting documents 6 years from the end of the last tax year they relate to.
Keep all documents for the current fiscal year plus the preceding 6 years. Records may not be destroyed for tax years where the taxes are outstanding, in dispute, or the province has provided written request for those records. General ledgers must be kept indefinitely.
WCB does not have clear standards on record retention, but CFIB is pushing for the Board to set specific timelines.
Detailed employee records must be stored at least 3 years after the records are made. Keep records of the employee’s address, date of birth and wage changes for 3 years after employment ends.
In workplaces under the jurisdiction of federal labour standards, payroll and employment records must be stored for at least 3 years.
Looking for tips to improve your record retention?