I can’t say often enough that being a member of the Canadian Payroll Association is imperative for any bookkeeper. The CPA is my go-to resource when I need help with any payroll matter.
In this month’s Dialogue magazine, the CPA featured a great question posted by one of its members. It was:
How long are we required to keep payroll records such as timesheets, employee files, pension remittances, T4’s etc.?
That got me thinking. How long does one have to keep those pesky files? What makes things even more complicated is that the rules regarding payroll record retention vary by jurisdiction.
Before you go hog-wild cleaning up your office space, check out what your requirements are as of August 2015.
- Alberta: 3 years from date of record made
- British Columbia: 2 years after termination of employment
- Manitoba: 3 years from date of record made
- New Brunswick: 36 months after work is performed
- Newfoundland and Labrador: 4 years from date of last entry
- Northwest Territories/Nunavut: 2 years from date of record made
- Nova Scotia: 3 years after work is performed
- Ontario: 3 years after work is performed
- Prince Edward Island: 36 months after work is performed
- Quebec: 3 years after work is performed
- Saskatchewan: 5 years after termination of employment
- Yukon: 12 months after the work is performed
It is suggested by the Canadian Payroll Association that you retain documentation related to any pensioner benefits, pension plan, pension adjustment, past service pension adjustments, or pension adjustment reversals indefinitely, as there is no specific ruling on the retention period.
So there you have it.
Remember to dispose of payroll records safely and securely.
Don’t forget to thank your payroll professional for what they do, during the week of September 14-18th, in honour of National Payroll Week!