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Corporate Retention Policy

Corporate Retention Policy Template for Canada

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Key Requirements PROMPT example:

Corporate Retention Policy

Need a Corporate Retention Policy for our Canadian technology startup that handles customer data across North America and Europe, with specific focus on electronic records management and cloud storage compliance by January 2025.

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Document background
The Corporate Retention Policy serves as a crucial governance document that enables organizations to effectively manage their records while maintaining compliance with Canadian legal requirements. This document is essential for establishing standardized practices for retaining, protecting, and disposing of various types of corporate records, from financial documents and employee records to electronic communications and contractual agreements. The policy must align with multiple Canadian legislative requirements, including the Canada Business Corporations Act, Income Tax Act, and PIPEDA, while also accommodating industry-specific regulations and organizational needs. It should be implemented when an organization needs to establish or update its records management practices, particularly in response to regulatory changes, organizational growth, or risk management initiatives.
Suggested Sections

1. Purpose and Scope: Defines the objective of the policy and its application across the organization, including all affected departments and types of records

2. Definitions: Clear definitions of key terms used throughout the policy, including 'record', 'retention period', 'disposition', 'legal hold', etc.

3. Roles and Responsibilities: Outlines who is responsible for records management, including specific duties of employees, managers, IT department, and legal team

4. Record Classification: Establishes how records are categorized and classified within the organization

5. Retention Requirements: General principles and requirements for record retention, including minimum retention periods and basis for determining retention periods

6. Storage and Protection: Requirements for secure storage, including physical and electronic storage requirements

7. Disposition Procedures: Procedures for proper destruction or deletion of records after retention period expires

8. Legal Holds: Process for implementing and managing legal holds that suspend normal retention and disposition procedures

9. Compliance and Audit: Procedures for ensuring compliance with the policy and conducting regular audits

Optional Sections

1. Electronic Records Management: Detailed procedures specific to electronic records management, including backup procedures and electronic storage requirements. Include if organization heavily relies on electronic records.

2. International Operations: Special considerations for records maintained in different jurisdictions. Include if organization operates internationally.

3. Industry-Specific Requirements: Additional retention requirements specific to certain industries (e.g., healthcare, financial services). Include based on organization's industry.

4. Privacy and Data Protection: Detailed procedures for protecting personal and sensitive information. Include if organization handles significant amounts of personal data.

5. Emergency Procedures: Procedures for protecting and recovering records in case of disasters. Include if organization has specific disaster recovery requirements.

Suggested Schedules

1. Schedule A - Retention Periods by Record Type: Detailed matrix of record types and their specific retention periods, organized by department or function

2. Schedule B - Record Classification Guide: Detailed guide for classifying different types of records within the organization's classification system

3. Schedule C - Disposition Procedures: Detailed procedures for different methods of record disposition based on record type and sensitivity

4. Appendix 1 - Forms: Standard forms used in records management, including disposition approval forms and legal hold notification forms

5. Appendix 2 - Compliance Checklist: Checklist for regular audits and compliance reviews of records management practices

6. Appendix 3 - Legislative Requirements: Summary of relevant legislative requirements affecting retention periods by jurisdiction

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Active Record
Archival Record
Authorized Custodian
Business Record
Confidential Information
Corporate Records
Data Controller
Data Processor
Disposition
Document Owner
Electronic Record
Essential Record
Financial Record
Inactive Record
Legal Hold
Official Record
Personal Information
Record
Record Class
Record Series
Records Custodian
Records Lifecycle
Records Management
Records Manager
Retention Period
Retention Schedule
Secure Destruction
Semi-Active Record
Structured Data
Transitory Record
Unstructured Data
Vital Record
Clauses
Purpose and Scope
Policy Statement
Authority and Responsibility
Record Classification
Retention Requirements
Storage and Security
Privacy and Confidentiality
Legal Compliance
Electronic Records Management
Disposition and Destruction
Legal Holds
Audit and Monitoring
Policy Exceptions
Compliance Review
Training Requirements
Enforcement
Emergency Procedures
International Operations
Record Access
Documentation Requirements
Breach Reporting
Policy Review and Updates
Regulatory Compliance
Risk Management
Business Continuity
Relevant Industries

Financial Services

Healthcare

Manufacturing

Retail

Technology

Professional Services

Education

Government

Non-Profit

Energy

Transportation

Construction

Mining

Real Estate

Telecommunications

Relevant Teams

Legal

Compliance

Information Technology

Human Resources

Finance

Operations

Risk Management

Internal Audit

Records Management

Information Security

Corporate Governance

Administrative Services

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Legal Officer

Chief Compliance Officer

Records Manager

Information Management Director

Corporate Secretary

Legal Counsel

Compliance Manager

IT Director

Privacy Officer

Department Managers

Human Resources Director

Risk Manager

Audit Manager

Operations Manager

Industries
Canada Business Corporations Act: Requires corporations to maintain certain corporate records, including articles of incorporation, bylaws, minutes of meetings, and shareholder registers. These must be kept at the registered office or another designated location.
Income Tax Act: Requires businesses to retain tax records and supporting documents for a minimum of six years from the end of the last tax year they relate to.
Canada Labour Code: Mandates retention of employment records for at least 36 months after work is performed or when information was recorded. This includes records of wages, hours of work, vacation, and other employment information.
Personal Information Protection and Electronic Documents Act (PIPEDA): Governs the collection, use, and disclosure of personal information, requiring organizations to retain personal information only as long as necessary to fulfill the purposes for which it was collected.
Employment Insurance Act: Requires employers to maintain records related to employment insurance for 6 years after the year they relate to.
Canada Pension Plan Act: Mandates retention of records related to pension plan contributions and payments for 6 years after the year they relate to.
Electronic Commerce Act: Provides framework for electronic records and their admissibility, requiring proper retention methods for electronic documents to ensure their integrity and accessibility.
Goods and Services Tax (GST)/Harmonized Sales Tax (HST) Legislation: Requires businesses to maintain GST/HST records and supporting documents for 6 years from the end of the year they relate to.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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