You know that shoebox your bills, receipts and bank statements call home?

It’s time to clean it out.

Although I recommend sorting through those important documents more than once each year, I realize the reality of life’s day-to-day craziness sometimes demands a little procrastination. And with thoughts of spring cleaning (and unfortunately, tax season!) running through our minds, now is the perfect time to get started.

Here’s a handy list of the financial papers you should either keep or toss, and how long you should hang onto them.

Short-term files (1 month to 3 years)

• ATM receipts and bank deposit slips—shred once accurately reflected on bank statement
• Bank statements—one to seven years, depending on whether your bank has them available online
• Credit card statements—shred once you’ve paid, but keep if they list tax-deductible expenses or charitable donations
• Utility bills—either shred once paid or keep for future reference as they may be used as proof that you pay your bills on time if you want to rent an apartment or open a new bank account
• Pay stubs—keep until you get your T5 at the end of the year, then shred
• Medical bills—keep for at least one year, in case there’s a billing error that needs to be disputed
• Papers regarding stocks or bonds—shred quarterly statements once year-end statement is received
• Receipts for items under warranty—keep until warranty expires
• Receipts for minor items or day-to-day debit/credit—shred after confirming the amount charged is correct, but be aware that depending on the type, amount and reason for the purchase, they may be necessary for insurance and tax filing

Long-term files (minimum 7 years)

• Income tax returns, including receipts and supporting documents—keep for at least seven years: tax returns can take up to three years to be audited and the Canada Revenue Agency can challenge you up to six years after if they suspect your income was under-reported
• Cancelled cheques—keep in case you need to show proof of payment or for tax purposes)
• Savings account records—shred quarterly statements when you receive the annual statement and keep annual statements until you decide to close the account
• Buy/sell trade confirmations for investments—keep for as long as you own the property and for seven years after: this allows you to track your cost basis and the taxes you owe
• Receipts for major purchases, such as jewelry, furniture, cars, computers, home improvements, etc.—keep with other purchase documentation for proof of value in case of loss or damage, as well as home insurance and warranty records
• Charitable donation receipts—keep for six to seven years for tax-filing purposes
• Receipts for tax-deductible expenses—this may include charitable donations, medical prescriptions that you haven’t been reimbursed for, receipts for rent paid, etc.
• Original brokerage agreements and trade confirmations—keep until you sell the security and report the gain/loss
• Original credit card lending agreement—keep while you are still maintaining the account
• Phone & utility bills—only IF the bills are tax-deductible because you work at home

Permanent files

• Birth certificate—keep in a safety deposit box
• Social Insurance Number (SIN) card—store with birth certificate, and avoid carrying it around unless you’re filling out necessary paperwork
• Passport—avoid using as an ID  unless there’s no other option
• College transcript
• Medical history file
• Will, Living will, Durable Power of Attorney
• Military service records (if applicable)
• Life insurance policies (including those with your employer)
• Contracts and other legal papers
• Stocks, savings bonds and securities
• Proof of payment of debt or of money owed to you
• Retirement plan documents (along with annual statements)
• Marriage, separation and divorce documents
• Real estate deeds, titles and property surveys
• Mortgage or insurance payments—keep for as long as you own your home
• Booklets and information on employee benefit plans as well as health and disability insurance
• Other insurance policies—keep until they expire, except for liability policies with “occurrence” coverage: occurrence-based policies cover you for damages that occur while the policy was in effect, even if the claim happens after the coverage expires

Check out the rest of the Your Money series, which breaks down those tricky financial terms so you can understand them.