What is the mandatory retention period for files?
Rule 119.35(1) of the Rules of the Law Society of Alberta provides that certain trust ledger accounts, financial records and file contents that support the financial records must be retained for a minimum of ten full years, in a format that is retrievable on demand.
How long do schools keep records of students in Washington state?
Retain for 6 years after end of school year then Destroy. Records documenting permission for the school/district to use student images recorded during official school activities/events, by staff or students in an official capacity (e.g., school newspaper, annual staff, etc.).
What is a retention schedule for paper records?
A record retention schedule is a list of records maintained by all or part of an organization together with the period of time that each record or group of records is to be kept.
What records do I need to keep and for how long?
To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.
How long should personal information be retained?
“Should personal data be deleted every 5 years?” is a common query – with rumours of other periods also regularly heard. However, the guideline period for most types of GDPR retention policy is six years after the end of the current tax year according to HMRC.
What is the proper length of time for retention of records and why?
A good rule to thumb is to add a year to the statute of limitations period. Using this approach, taxpayers should keep most of their income tax records a minimum of four years, but it may be more prudent to retain them for seven years.
What is a retention schedule?
Retention schedules list how long each record series must be kept (the retention period), when the retention period starts (the cut-off), and the proper way to dispose of the record once retention is met (the disposition method).
How long should I keep old bank statements?
Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.