LIFE Tip- How to Avoid Fraud

How do you avoid fraud? By shredding documents that you no longer need. The question is, until when should we keep our records? 
Wondering what to shred? Here are some guidelines for retention of common records. Better  ask accountant, financial advisor or lawyer for advice on retention of other documents. And please consider off-site, secure storage for records that you are retaining for more than one year but don't need to access regularly.
  • ATM slips & debit/credit card receipts for purchases. Keep until the transaction show on your monthly account statement. 
  • Utility bills & monthly bank/credit card statements. Keep for one year unless you need them for tax purposes. 
  • Pay stubs. Keep until you can reconcile them with your T4 slip. 
  • Monthly mortgage statements & investment reports. Keep until you can reconcile them with the annual statement. 
  • Annual mortgage statements & income tax returns (& all supporting receipts and documents). Keep for six years. 
  • Warranties & auto/home/insurance policies. Keep for the term of the policy. 
  • Birth/death certificate, marriage license, divorce & custody agreements, Will & Power of Attorney documents. Keep indefinitely.


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