Once again, we advise that you hang onto items like insurance documents, warranties and miscellaneous records, so that when you’re going to really be ready to claim all the tax deductions, and other benefits made available to you by the CRA. In this post, we’re going to show you some of the documents you need to keep and the time span you need to keep them for.
For Insurance and Warranties, you need to keep the following:
Receipts from home repairs – for the duration of the warranty
Service contracts and warranties – for the entire warranty period
Household possession inventories – never get rid of these
Homeowners insurance policies – for the period until you get the next year’s policy
For Miscellaneous Records, you need to keep the following:
Property trusts and wills – for a very long time, until they are updated
Divorce decree with home sale clause – for the period you and your spouse own your home, plus 3 years
Date-of-death home value record – for the period you and your spouse own your home, plus 3 years
Purchase documents from original home owners, for a home which was given to you as a gift – for the period you and your spouse own your home, plus 3 years
Live-in help employee records – for 4 years after you have made payroll tax payments
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