A guide to storing your important documents

Going through your paperwork and not sure what you actually need to keep? You’re not alone! Whether it’s for legal reasons, to settle a dispute or just a way to keep your life organized, staying on top of your financial documents is definitely worth doing. It might seem like a headache, but it’s really not that bad. This guide walks you through what to keep, how long to keep it and how to store your paperwork.

Keeping and organizing important papers makes it easy for you to get your hands on what you need, when you need it. It might take a bit of discipline, but it can pay off when you need that one particular document to: 

• Dispute a bill: Bills and receipts can come in handy if you’re ever overcharged or disagree with a service provider. 
• Get a refund: Proof of purchase can help you get your money back, claim a warranty or file a claim with an insurer. 
• Meet your tax obligations: If you’re ever audited by the Canada Revenue Agency (CRA) or Revenu Québec, you’ll have to provide documents like:
  • Individuals 
    • Bank statements
    • Supporting documents (donation receipts, medical bills, investment statements, etc.) 
  • Business owners
    • Accounting records
    • Receipts
    • Employer contributions

Staying on top of your documents isn’t just an administrative chore: it’s a simple task you can do today that future you might thank you for.

You’ve likely got a ton of documents, but they’re not all equally important. And they don’t all need to be kept for the same amount of time. Here’s a quick look at which documents are worth holding on to, why they matter and how long you should keep them.

Bills and receipts are your proof of purchase. You can use to show that you’ve actually paid for something, so it’s a good idea to hang on to them for at least 3 years. This is especially true for electric, phone and internet bills, and health care receipts.

Bank statements show what transactions you’ve made, so you might want to keep them on hand for at least 6 years. If you’re ever audited, involved in settling an estate or faced with a dispute, they show exactly what money has moved in and out of your accounts, which can help protect you if anything is called into question.

You should keep your tax returns, any accounting records you might have and supporting documents like receipts and invoices for at least 6 years after the tax year they relate to.¹ This applies to both paper and digital files. If you’re ever audited, these records will show your income, deductions and tax credits.

Don’t ever get rid of wills, notarized documents, death certificates or marriage certificates. You’ll need them if you have to settle an estate, prove you own something or make a financial claim. They can also help prevent conflicts when it comes to settling the estate. 

How long to keep documents

1. Source: Government of Canada, Where to keep your records, for how long and how to request the permission to destroy them early 
2. Source: Government of Quebec, Retention period 
3. Source: Protecteur du citoyen, How long must I keep my documents?

If a loved one dies, it’s important to hold on to the documents you’ll need to handle the administrative and legal tasks that follow. These documents include:  

• Death certificate and birth certificate: You’ll need them to confirm the death and settle the estate.
• Legal will and any notarized documents: These have lifelong legal value.
• Insurance policies and benefit statements: Useful for making claims or finding out what you’re entitled to.
• Tax documents and bank statements: Important if you’re involved in a lawsuit or are audited.  

These documents are key to avoiding delays and extra costs. Keeping them organized helps protect you and your family’s rights and can make the whole process much easier.

Still have questions? Feel free to dig deeper using reliable sources like the Government of Quebec or Government of Canada websites. And depending on your situation, you may also want to speak with an accountant or lawyer.

Follow these 5 document management tips to stay organized:

To prevent clutter, make it a habit to get rid of physical files you don’t need. But don’t toss them straight into the recycling bin! Instead, shred your papers to help reduce the risk of identity theft and prevent your personal information from winding up in the wrong hands.

Just going through your files every so often is enough to keep everything up to date, especially if you’ve got a good filing system. Start by filing your documents in reverse chronological order (newest to oldest). From there, you can sort your documents into categories and subcategories like:

• Investments
  • RRSP
  • RESP 
  • TFSA
  • Pension 
    • 2025 
    • 2024 
    • 2023 
    • … 
• Insurance
  • Home 
  • Auto 
  • Mortgage 
  • Life
    • 2025 
    • 2024 
    • 2023 
    • … 

If you opt for electronic records, you can easily download and store your bills. You can also scan paper documents to create digital copies. That makes them easier to store for the long term. Plus, there are plenty of apps you can use to do it securely.

Using strong passwords and backing up your files regularly is a good way to avoid losing or being locked out of your documents because of something like a virus, theft or even a fire. That’s why backup solutions like an encrypted hard drive or a secure cloud storage service are a good idea.

If you’d rather stick with paper copies, just make sure they’re locked up someplace safe. And to avoid any damage from leaks or spills, it’s best to keep them up off the floor.

To keep your good habits going, set aside an hour or so to go through your documents so you can kick off the new year on the right foot. You can also take the opportunity to ditch old files you don’t need anymore, like a tax return that’s past its "keep by" date.

While you’re at it, don’t forget to empty your computer’s recycle bin. And when the time comes to get rid of your computer altogether, make sure you’ve wiped the hard drive.

When your financial records are well organized, it’s also a lot easier to get a detailed picture of where you stand money-wise. It helps you spot changes or rising costs, and it gives you a better sense of what’s coming in and what’s going out. When everything is in order, it’s a lot easier to look ahead and plan for the future—whether that means a trip, a renovation or even retirement.

There’s no time like the present. Once you sort through your documents, it’s easier to find what you need, when you need it. And it will make things easier if you ever have a legal or tax situation you need to sort out. And since we’re talking about building good habits here, why not do yourself a favour and use AccèsD and Mobile Services? They’re easy to use, always available and can save you time and energy every day.

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