Words and Phrases - "summary"

Regarding whether the term “summary” in Reg. 5800(1)(a)(iv) refers only to the summary items posted to the general ledger (GL) or requires more details, such as the names of the parties and the dates of the transactions, CRA stated:

[T]he term "summary" refers to the summary, with respect to each of the transactions considered individually, posted from the journals to the general ledgers. … [Thus it] refers to an abbreviated version of the entries for each transaction rather than to the consolidation of transactions over a given period.

Regarding whether only the GL needed to be retained until two years after dissolution, CRA stated:

Generally, the summary of each transaction recorded in the journals, considered individually, is transferred to the general ledger. However, in some cases, the general ledger may present only a total for several transactions otherwise presented individually in another book of final entry, such as a subsidiary ledger. In such a case, it would be necessary to refer to the subsidiary ledger in order to obtain a summary of each of the transactions considered individually, and we are therefore of the view that both such a subsidiary ledger and the general ledger will be subject to subparagraph 5800(1)(a)(iv) … .

Regarding the retention period for accounts and vouchers relating to information presented in the general ledger, CRA stated:

Notwithstanding the wording of subsection 230(4) of the Act … the vouchers and accounts required to verify the information contained in the general ledger or any other book of final entries are generally covered by the retention period provided for in paragraph 230(4)(b) … and must therefore be retained for six years following the end of the last taxation year to which they relate.