Since we are relying on our bank statements as evidence in many of the scenarios already discussed above, they should be kept for probably five years (maybe slightly longer). If you don't get physical bank statements mailed to your home, you should take it upon yourself to print them out monthly. Canceled checks should be kept for no longer than a couple of years, unless you need them to back up tax deductions and then On tax records, many people would say just three years as that is the longest timeframe the IRS can generally go back and audit you. Three years would not be sufficient, however, as the IRS can go back much longer than this if you are suspected of substantially under reporting your income or other tax fraud. This is a tough one, but I think five to seven years is a good guideline here. Canceled checks should absolutely be shredded before being disposed of.
I hope this answer helps! feel free to ask any additional questions :)
