Records storage. You have to keep personal and business records for the Canada Revenue Agency. It’s a bit confusing, but their website http://www.cra-arc.gc.ca/tx/bsnss/tpcs/kprc/rtntnl-eng.html#kp_yr_rcrds does lay out how long you have to keep your paper for.
The fast answer is 6 years. But then you have to make sure you get the time period right because it’s six years from the end of the last tax year they relate to. For a corporation, this is the fiscal period, for an individual it’s the calendar year. Then, there’s all kinds of exceptions, so make sure you read the whole website.
Either way, you have to keep your records. And even if you have a really small business, those records take up boxes, which take up room. When you’re done using those boxes as a table for more paper, and you need some space back, we have the answer for you: an 8’x8’ unit or an 8’x20’ unit with sturdy shelving (ask us about this!). The best part about our 8’x8’ and 8’x20’ units is that they are high, and you can get shelves delivered to your storage unit, fill them with boxes and use the entire space.
If we can offer some tips on records storage, here they are:
- Label Everything: You will end up throwing things into boxes and in a year or two, you will regret not knowing there things are (roughly).
- Date Everything: Don’t store things longer than you need to, so dating is really important.
- Control Access: The records you are storing are sensitive and confidential. Make sure you do not tell anyone your unit number, leave your key out, and don’t mention what’s stored.
We always welcome people coming by for a tour and to check out our different unit sizes – we have three, a small (8’x8’), medium (8’x20’) and large (8’x40’). Our website www.storagesolutionsontario.com has a lot of information and we are available by phone at 905-854-1008 or email at firstname.lastname@example.org. Our facility is at 9200 Twiss Rd., Milton, Ontario L0P 1B0. Hope to see you soon!
Your friend in self-storage,