How long to keep tax papers

[Andit]

I know to keep my income tax forms (& paperwork, receipts, etc) for 7 yrs. That's for personal, but what about business?

How long should I keep other papers?

I used to have a business name - where I worked, they insisted on hiring me as a contractor, so had to have a business. It worked well for both of us, they didn't have to give me extras as an employee & I got to write some stuff off for the business that I needed for work (like my computer at the time). I haven't used the business name in over 10 yrs - can I now get rid of the shoebox of receipts I have for my 1998 taxes (some of which are so faded they're not even legible)? I'm going through old boxes & trying to clear some stuff out of my tiny apt.

Also, with bills, how far back do most people go in hanging onto statements? I used to keep credit card statements for 5 yrs, but I'm thinking 1 yr is more than enough. If an error hasn't shown up in 1 yr, then there's no reason to hold onto extra paperwork. & am I the only one that still goes to the bank & updates her bankbook?

Any thoughts?

[daisybear]

I would guess that your safe to shred the business stuff.
I keep my bills for only one year. I never keep phone bills I can see the details online.

[lekate]

you can probably get rid of the stuff from 10 yrs ago, but I believe you should hold onto *everything* for 7 yrsm at least that's what my mom has beaten into my brain. Also, make sure you are shredding and properly disposing of these papers! sorry I'm not of much help!

[travelgeek]

http://www.cra-arc.gc.ca/tx/bsnss/tp.../menu-eng.html

Retention and destruction <!-- InstanceEndEditable --> <!-- CONTENT TITLE ENDS | FIN DU TITRE DU CONTENU -->

<!-- InstanceBeginEditable name="Main Content" --> You have to keep all of the records and supporting documents that are required to determine your tax obligations and entitlements for a period of six years.
This six-year period starts at the end of the tax year to which the records relate. The tax year is the fiscal period for corporations and the calendar year for all other taxpayers.
Records and supporting documents concerning long-term acquisitions and disposal of property, the share registry, and other historical information that would have an impact upon sale or liquidation or wind-up of the business must be kept indefinitely.
Note
We may require you to keep records for an additional period of time. If this is the case, you will receive details by registered letter or by a demand served personally by one of our representatives.

[Andit]

Thanks so much, everyone! I'm a huge pack rat when it comes to papers, but I'm finally admitting that that's really not an option in a tiny downtown condo. 7 yrs is doable, all too happy to get rid of the 10+ yr old stuff.

Thanks again!