Posted on: 17-07-09 11:54:50
Hi,
I am trying to find out as per best practices how long should one hang onto their bank statements.
I mean, if you have 3 bank accounts with different banks, over the past 4 years I have so many statements.
what does everyone do?
I heard it, it needs to be store upto 7 yrs as per rules after that you can distroyed it, but i am not sure, may someone know can put more light on this.
Quote:
Originally posted by RBO
I heard it, it needs to be store upto 7 yrs as per rules after that you can distroyed it, but i am not sure, may someone know can put more light on this.
Is this a rule in Canada? We never receive bank statements, one can print them from online banking on need.....or bank provides it for very old ones(never had a chance to ask though).
Jona
There is no such rule to preserve bank statements, what CRA asks you to keep your T4s, T5s, etc. for 6-7 years.
As far as bank statements are concerned you can print from internet banking or get by walking into a branch in case you need those past statements for some reason.
Hope this helps.
Quote:It may not be that easy.
Originally posted by desi-friend
As far as bank statements are concerned you can print from internet banking or get by walking into a branch in case you need those past statements for some reason.
Online statements are available only for past 1 year or so in most banks.
Pure web banks like PCF and ING may be different, though.
Also if you walk into a branch and ask for a 7 year old statement, they may not be able to provide it.
And in almost all cases they will charge service fees for printing out historical statements.
If having your historical statements is of concern to you, the best and safest bet is to allocate a small corner in your garage or basement to store past statements.
7 years ought to be more than enough.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Quote:
If having your historical statements is of concern to you, the best and safest bet is to allocate a small corner in your garage or basement to store past statements.
Is scanned copy considered as a valid statement (in case of ebanking .pdf)?
Quote:
Originally posted by frnd
Is scanned copy considered as a valid statement (in case of ebanking .pdf)?
Valid for what?
