We are not aware of any specific record retention requirement that would apply to those documents. Whether you retain them and the duration of their retention are business decisions. As an example of a best practice, based on the IBA Record Retention Manual, we would recommend that you retain information collected in relation to a business loan for 25 months after the loan has been repaid.
We collect financial statements and copies of income taxes from our agricultural loan customers. Are we required to maintain copies of those documents, and if so, for how long?
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