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    patv's Avatar
    patv Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 3, 2007, 05:07 AM
    Financial Records
    Hello. I have been trying to find answers to the following questions for quite some time. My husband had an electrical contracting business from 1986 to 1989 in Ontario. He eventually sold the business, and the new owner filed for bankruptcy within the year. My husband owed money to Revenue Canada and Workers' Compensation which he never paid.

    My questions are: If something happens to my husband, would I be responsible for any previous debts owing to Revenue Canada or WSIB? How long do I have to keep his old business records? Can I destroy them and free up some much-needed filing cabinet space? Thank you for any help you can give.

    Sincerely,
    patv
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
    Expert
    		  
    #2

    Jul 3, 2007, 05:49 AM
    Business records, any household records must be kept for six years. I don't think you will be responsible for his business debts if you are not named as an officer of his company.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Jul 3, 2007, 08:13 AM
    Not sure about Canadian tax law, but what Tickle says makes sense.

    In the U.S. the IRS would have resolved your case within ten years.
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