Chad, this may not apply to your organization, but does apply to some and I have not 
seen mention of it as yet. That is, a factor in determining the retention requirement is 
relationship to debt and equity management. 

Where funds are borrowed to procure an asset and then equity in that asset is used 
as a basis for additional asset procurement, it is the history of the initial asset that is 
relevant for each and every asset in the chain.

Small biz example (from the successfully challenged tax audit of one of my business 
interests): equity accrued after property acquisition A is used as surety for property 
acquisition B, and so on. To defend the tax position for the tax year 2009, it was 
necessary to pull evidence of expenditure from the year 1989. As we still hold the 
initial asset and other properties will remain mortgaged to maintain our tax position, 
there is no foreseeable end to our need to retain records related to capital--and non-
capital (maintenance) expenses because the proof being sought was to relate all 
loans to legitimate deductions. Our retention period, then, is life of the latest asset in 
the chain (i.e. starting from the initial loan for relevance to the latest leveraging of 
asset value) plus 6yrs from the year to which the records apply. 

Not sure I've expressed that well--but very pleased to say that Canada Revenue 
Agency messed with a records manager and ended up returning 100% with 
compliments!

John James O'Brien, MA, CRM
RIM & IC Advisor
irmstrategies.com

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