Financial Services

Financial Services

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Records Retention Requirements

The University is obliged to comply with federal and provincial statutory requirements relating to the retention of records.

Records relating to the previous year are stored in Financial Services while those relating to years prior to that are stored at an off campus University owned location.

Each year the Administrative Manager, Financial Services seeks written permission from the Department of National Revenue Taxation to destroy certain records. Once permission has been granted the Administrative Manager, Financial Services supervises the destruction of those records.

The following is a schedule of records and their retention period:

  • Cash receipt registers
  • General cheque vouchers
  • Accounts payable invoices
  • Payroll registers
  • Canceled cheques
7 years
  • Cash receipt records
  • Payroll notices
3 years
  • Tuition fee receipts
  • Trial balances and statements of account
1 year

As the originals of those records required to be are held centrally there is no legal requirement for departments to retain copies also. However departments may choose to retain copies for short periods of time, for reference and analysis, after which they may be destroyed.