Canada how long to keep pay stubs

If your desk and drawers are looking like they appeared in an episode of Hoarders, it may be time to spring clean your paperwork. Trash receipts, bills, etc.

Keep them if you think that you are going to return something or until you have cross-referenced the figures with your bank account yes that is really a thing — otherwise, toss them. Review your investment statements. Organize old and new tax returns. Canada Revenue Agency tells taxpayers to keep their financial records and supporting documentation for six years.

Store all of your tax information — bills, invoices, receipts for charitable donations, etc. Safely store your original and important documents. Wills and power of attorneys, property deeds and trusts, life-insurance policies, pension plan documents, etc. Store the documents in a safe or a safety deposit box — or at the very least, in an accordion file or a plastic container.

Uniforms and special clothing. Forms and resources. Specific industries. Make a complaint. Contact information. Last updated: April 1, Employers must keep a record of the hours worked by each employee each day and provide a pay statement every payday. On this page: Wage statements Employers must keep records What you can do Wage statements Employers need to give each of their employees a written or electronic wage statement pay stub on every payday.

Employers also need to keep: Agreements and records about reimbursing employees for cleaning and maintaining special clothing for 4 years Agreements about substituting another day for a statutory holiday for 4 years Averaging agreements for 4 years after the latest expiry date in the agreement Specific employers Farm labour contractors, employment agencies and talent agencies need to keep other records in addition to the records listed above.

Expand All Collapse All. Farm labour contractors must keep a daily log at each work site that includes: The name of the producer and work site location to which workers are supplied The names of the workers who work at that work site on that day The names of each worker and the dates worked The site where each worker works on each day The fruit, vegetable, berry or flower crop picked on each day by each worker The volume or weight picked each day by each worker Farm labour contractors need to keep these records in English at their principal place of business in B.

Employment agencies must keep a record of: Each employer they provide service to Each person they direct to an employer for the purpose of being hired Each person they provide employment information to Employment agencies need to keep these records in English at their principal place of business in B. Talent agencies must keep a record of: The amount of money received on behalf of the client from the employer The amount the talent agency claimed as its fee The amount paid to the actor, performer, extra or technical creative film person The name and address for each employer for whom the talent agency provides a service The name and address of each client employed as an actor, performer, extra or technical creative film person through of the efforts of the talent agency, or who is provided with information about employers seeking actors, performers, extras or technical creative film persons Talent agencies need to keep these records in English at their principal place of business in B.

References from the Employment Standards Act and Regulation. Retention of vacation time records. Employers are required to keep records of the vacation time earned since the date of hire but not taken before the start of the vacation entitlement year , the vacation time earned during the vacation entitlement year or stub period , vacation time taken if any during the vacation entitlement year or stub period and the amount of vacation time earned since the date of hire but not taken as of the end of the vacation entitlement year or stub period.

The records must be retained for three years after they are made. Retention of vacation pay records. The employer must also keep records of the vacation pay paid to the employee during the vacation entitlement year or stub period, if any and how that vacation pay was calculated. These records must be made no later than seven days after the start of the next vacation entitlement year or first vacation entitlement year if the records relate to a stub period or the first payday after the next vacation entitlement year ends or first vacation entitlement year if the records relate to a stub period , whichever is later.

This must be kept for three years after the information was given to the employee. If you are a business, keeping tax records for six or more years can take up space and costs may add up.

Avoid surging document storage costs — work with Blue-Pencil today and consider off-site storage. Canada Revenue Agency CRA states that when it comes to income tax records, you should keep all supporting documents for six years.

Even if you do not need to attach certain records to your tax returns, it is still important to keep them on file in case of a review.

According to the CRA, during a review, they may even ask for unofficial documents such as canceled cheques or bank statements to serve as proof for any of any deduction or credit you have claimed.

Because it is so important to have all supporting documents on hand, many suggest you keep your pay stubs and other financial documents for seven years, just to be safe. The six-year period begins at the end of tax season and is based on your file date. If you file your tax return late , the six-year period also begins late! Knowing how long to store documents and employee records is very important in the workplace. Good organization is helpful for everyone and is also important when complying with government rules and regulations.

Holding onto documents either too long or not long enough can actually end up costing businesses quite a lot. Here is what you need to know about keeping pay stubs and other important documents. After the six or seven year period is over, it should be safe to utilize a secure shredding solution to ensure confidentiality.