Hi Michel,
Try to look at this from credit history point of view, and tax return purposes - 6/7 years
In know from many people in Ontario that they by themselves, or their children, who know everything better then their parents, had problem with Revenue Canada, when they paid their students loans and forgot about documents, but not the Revenue Canada.
It is important not only for the person who took and return the loan, but for financial institution who gives and received back.
Money given -audit, money paid back - audit, interest -audit
Try to check the tax return and credit history related issues.
Some articles may be helpful
http://74.125.47.132/search?q=cache:2p3vUa71nk0J:www.osler.com/resources.aspx%3Fid%3D8290+loan+and+retention+period&cd=1&hl=en&ct=clnk&gl=ca
http://74.125.47.132/search?q=cache:FtA3mV8LNiIJ:www.fintrac-canafe.gc.ca/publications/guide/Guide6/6H-eng.asp+loan+and+%22retention+period%22+and+newfoundland&cd=10&hl=en&ct=clnk&gl=ca
Regards,
Alex Babin
--- On Fri, 2/5/10, Michel Okemi <[log in to unmask]> wrote:
From: Michel Okemi <[log in to unmask]>
Subject: [RM] Question on Retention Period (Active Records & Semi-Active)
To: [log in to unmask]
Received: Friday, February 5, 2010, 8:21 AM
Hello Folks,
Happy New Year for all of you. Hope this new year 2010 will bring us some good records thoughts.
Right now, I am working as records consultant with a company in St. John's (Newfoundland & labrador, Canada).
I am doing a retention schedule. I have a question regarding a client loan file; I did some legal research for Newfoundland regarding the legislation assigned for client file loan but I did not find anything.
This is idea: a client file loan remain "Active Records" (in the office) in accordance with the terms of loan (e.g. 5, 10, 15 years)
After that when the loan is paid in full, How long to keep it as "Semi-Active"(in off-site) before the final disposal?
What will be a standard best practices approach for this question regarding a client file loan?
I believe the same concern about a loan will also work for a contract/agreements?
Is anyone want to share same experiences with me? I would appreciate that.
Thank you in advance for all your inputs.
Have a nice week end.
Michelk
Records Consultant
St. John's, NF
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