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Thank you for your prompt reply, @Davidtaos.
My colleague is correct about having a year to get read-only access to your data after cancellation in QuickBooks Online (QBO). On the other hand, QuickBooks Desktop (QBDT) users will no longer be able to access their data once their subscription expires.
I understand how this can be beneficial to your business. In this, I recommend you export your data from your company file to get a copy of them. Otherwise, QuickBooks Online will delete all your company data after a year of cancelation.
Here’s how you can export them:
Moreover, you can check out this article to know what data you can export from QBO: Export reports, lists, and other data from QuickBooks Online.
Once you decided to re-subscribe to the product, you can import them back. Also, please consider the following when importing them: Import Data to QuickBooks Online.
Additionally, here's how you can export files from your QuickBooks Desktop. Perhaps you have noticed that the article is listed in the USA section. The specifics and procedures nonetheless remain relevant: Import and export data in QuickBooks Desktop.
If you have more concerns about accessing your data, please don’t hesitate to post them here. Have a good one!