How long must we keep old tax related documents? (The storage space conundrum)
Tax time. We all hate it, but it is part of the requirements placed on us to be functioning members of society. Once your write-offs are calculated, and tax return filed, you probably have piles and piles of papers and documents. Different countries have different expectations for how long tax related documents must be kept. In Canada, the Canadian Revenue agency expects that you keep income tax records for at least six years.
Keeping these documents might seem simple, but it can lead to problems, especially when considering small or large businesses. The sheer number of boxes and files can really add up, and over the years this can create large, storage issues. These documents must be stored somewhere dry, where they will remain safe and accessible if the need to access them ever arises.
What are my options for storage?
Your tax documents should be organized and placed into banker’s boxes. This can help further protect them, as well as allow them to be sorted and stacked. If you do not have a suitable storage area at your own business (and with the price and lack of availability of real estate in Vancouver, who would?), then a self storage locker is an excellent option.
Why self storage?
Self storage lockers are an excellent option for document storage. These lockers are fairly reasonably prices, as well as dry and secure. Old tax documents are not something that will be accessed often, so placing them in a storage locker allows you to place them out of sight and out of mind, but with reassurance that they will be there if needed.
Free up valuable space in your office by moving those pesky tax documents to self storage.