FINA 385 Lecture Notes - Lecture 2: Cash Flow Statement, Liquid Oxygen, Savings Account
28 Jun 2016
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The answer to this question differs for various documents. Such records as birth certificates and wills should be kept permanently. Records on property and investments should be kept as long as you own these items. Federal tax laws dictate the length of time you should keep tax-related information. Copies of tax returns and supporting data should be saved for six years. Normally, an audit will go back only three years. However, under certain circumstances, the canada revenue agency may request information from six years back. Financial experts recommend keeping documents related to the purchase and sale of real estate indefinitely. Liquid assets cash and items of value that can easily be converted to cash. Assets: liquidity, real estate, personal possessions (they are difficult to turn into cash), investment assets. When you list your possession at current value = fair market value. Current liabilities: are debts you must pay within a short time, usually less than a year.
