If you’re going through reams of documents accumulated over the past year, the Better Business Bureau says you should be careful to protect your identity too.
Sandra Crozier-McKee, president and CEO of the BBB serving southern Alberta, says a lot of consumers aren’t careful with documents cleared out during a spring cleaning.
“When it does come time to discard personal documents, it is crucial to do so properly so your information doesn't fall into the wrong hands. People don't always know where their waste material ends up, which leaves the window of opportunity for identity theft wide open," she said in a release.
Do you know how long you should keep documents for? The BBB has the following timelines to keep in mind:
- Canceled cheques – seven years: cancelled cheques that support your tax returns should be kept for at least seven years, long enough to cover the six year assessment period. Cancelled cheques and related receipts from a home purchase or sale, renovation, or other improvements to a property should be kept indefinitely
- Receipts – until verified on bank statement: all types of receipts should be kept until the transaction can be verified
- Credit card and bank statements – one/seven years: save statements with no tax or long-term significance for about a year and all others for seven years
- Documentation of investments – keep all documentation of stocks, bonds, and other investments for as long as you own them, plus seven years.
The BBB also advises that if you are no longer required to keep personal documents, you should dispose of them properly by shredding instead of simply throwing them in the garbage.
For more information and other consumer tips, visit bbb.org.
