General Index of Financial Information (GIFI)

RC4088(E) Rev. 18

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Table of contents

Is this guide for you?

All corporations – except for insurance corporations – and all partnerships can file using the General Index of Financial Information (GIFI). For more information, see Who can use the GIFI?

This guide provides general information and explains how to use the GIFI and the GIFI-Short.

What's new?

Amalgamation of guides RC4088 and RC4089

In order to simplify the process for reporting your financial information, the CRA has combined its GIFI-related guides into a single publication. Everything you need to know about the GIFI and the GIFI-Short can now be found in this updated version of the RC4088. This change does not affect the reporting process itself. Taxpayers who are eligible can still report their financial information using the GIFI-Short (see “Who can use the GIFI-Short?”).

General Index of Financial Information (GIFI)

You have to include financial statement information when you file a T2 Corporation Income Tax Return or a T5013 Partnership Information Return. The GIFI is an extensive list of financial statement items where each item has a unique code (for example, cash is 1001). When you use the GIFI, do not submit your financial statements with your return and schedules. If we need your traditional financial statements, we will ask for them.

You can find a complete listing of GIFI items and their codes in Appendix A.

When do you use the GIFI?

Use the GIFI to submit your financial statement information for both paper- and Internet-filed returns.

For more information about our Internet filing service for corporations, go to Corporation Internet Filing, and for partnerships, go to Filing Information Returns Electronically.

Can you file using My Business Account or Represent a Client?

You can file corporation returns online using the “Transmit a return” service or partnership returns using the “File a return” service in:

How do you use the GIFI?

The GIFI is available as part of the T2 tax return preparation software programs certified by the Canada Revenue Agency (CRA). It is also available as part of the T5013 partnership information return preparation software programs. The GIFI is included in some utility programs that allow you to import information from an accounting software program to a return preparation program. If you do not use return preparation software, see What is the GIFI-Short?, GIFI schedules for corporations, or GIFI schedules for partnerships. Once you choose a GIFI code for each item you report on your financial statements, only the item code and amount will be included on your return.

What level of detail is needed with the GIFI?

We need the same level of detail with the GIFI and GIFI-Short as we needed from traditional financial statements. For example, if your financial statements include 40 items such as cash, accounts receivable, total assets, sales, cost of sales, income taxes, and net income after taxes, we expect that same number of GIFI codes. We need as many GIFI codes as it takes to represent your balance sheet and income statement in their entirety. Do not report only subtotals and totals.

Note

Although you need to keep the working papers used to show the accounts or sub-accounts that make up a financial statement item, do not submit them when filing your return.

Examples

Report prepaid expenses as a current asset on line 1483 – Other current assets. If you are using the GIFI-Short, use line 1480.

Report machinery fuel and lubricant expenses on line 9281 – Other expenses. If you are using the GIFI-Short, use line 9270.

If machinery fuel and lubricant expenses are related to farming activity, report them on line 9764 – Machinery fuel, or on line 9760 – Machinery expenses.

What about notes to the financial statements?

Submit any notes to your financial statements with your GIFI or GIFI-Short information.

If you file a T2 Corporation Income Tax Return electronically, include the notes in text format with your transmission. Your software package should enable you to transfer the notes to the file you are transmitting, without rekeying.

If you file a T5013 Partnership Information Return electronically, do not send the paper copy of the notes to your tax centre. If we need the notes to your financial statements, we will ask for them.

If you file a paper T2 Corporation Income Tax Return or a T5013 Partnership Information Return, include a paper copy of your notes.

For examples on how to complete the notes checklist and the notes to the financial statements, see Example 1 – Financial statements for a corporation.

What are GIFI schedules?

Schedules T2SCH100, Balance Sheet Information, T2SCH101, Opening Balance Sheet Information, and T2SCH125, Income Statement Information, provide spaces in column format for you to write your GIFI field codes and corresponding amounts. Schedule T2SCH141, Notes Checklist, is for completing the notes checklist.

Those who are eligible to use the GIFI-Short and have chosen to do so, must use the Form T1178. See “Who can use the GIFI-Short?” on this page.

If you file a T5013 return, you should use the GIFI schedules for partnerships. Schedules T5013 SCH 100, Balance Sheet Information, and T5013 SCH 125, Income Statement Information, provide spaces in column format for you to write your GIFI field codes and corresponding amounts. Schedule T5013 SCH 141, Financial Statement Notes Checklist, is for completing the notes checklist.

Where can you get a copy of the GIFI form, guide, and schedules?

The GIFI form, guide, and schedules are available at Forms and publications.

General information for corporations

Who can use the GIFI?

All corporations (except for insurance corporations) can file using the GIFI.

Who can use the GIFI-Short?

If your corporation does not use return preparation software, and has both gross revenue and assets of less than one million dollars each, you may use the paper version of Form T1178, General Index of Financial Information – Short.

Insurance corporations are not eligible. For more information, see Using the GIFI-Short (T1178).

Insurance corporations

The GIFI and GIFI-Short do not currently meet the reporting needs of insurance corporations involved in underwriting (life insurers, deposit insurers, or property and casualty insurers). The GIFI does not include items specific to the insurance industry. You should continue to send a copy of your financial statements with your T2 return and schedules. If you file your return electronically, you can attach your financial statements when you file.

Non-resident corporations

You can use the GIFI and the GIFI-Short when you report in unconsolidated Canadian funds. Non-resident corporations cannot report in a functional currency. Do not use the GIFI or the GIFI-Short if you are filing under section 115 of the Income Tax Act only because you disposed of taxable Canadian property or because you are a treaty-based exempt corporation.

Inactive corporations

If your corporation is inactive (you answered yes at line 280 of the T2 return), but you have balance sheet or income statement information to report, you can use the GIFI to file this information.

First year after incorporation

You may be filing for the first year after incorporation. If so, complete two balance sheets: an opening and a closing. If you are not using a software package approved by us to complete this information, write "opening" in the top right-hand corner of the appropriate balance sheet.

If you are using the T1178, please tick the appropriate box to identify your opening balance sheet. The box is located on the right-hand corner of page 1 of the T1178.

If you are using the GIFI schedules, schedule T2SCH100, Balance Sheet Information, is for the closing balance sheet information and schedule T2SCH101, Opening Balance Sheet Information, is for the opening balance sheet information.

Deferred expense statements

You may be involved in exploration and development that has not yet generated significant sales revenue and you may have capitalized deferred expenditures. If so, do not use the GIFI to itemize these expenditures. You should report the aggregate deferred expenditures as balance sheet information. As well, you have to report "0" in the required fields on your income statement information (see Validity check items).

Reporting in Canadian funds

Report your financial statement information in Canadian funds even if you are a Canadian branch of a foreign corporation. You can report in a functional currency if you are an eligible corporation that has filed form T1296, Election, or Revocation of an Election, to Report in a Functional Currency, and elected to file in a functional currency under section 261 of the Income Tax Act.

Reporting negative amounts

If you are using a software package, it will show you how to mark items as negative amounts. If you do not use a software package, you should mark negative amounts using brackets or a minus sign.

Reporting in dollars

Report your financial statement amounts in actual dollars. Do not report cents. For example, report cash of $10,500.75 as 10501 under item 1001 – Cash (item 1000 for those using the GIFI-Short). Do not report amounts in thousands or millions of dollars.

Note

You can report in a functional currency if you are an eligible corporation that has filed Form T1296 and elected to file in a functional currency under section 261 of the Income Tax Act.

Reporting unconsolidated financial statement information

Report your financial statement information for each legal entity (unconsolidated). Include all unincorporated branches or divisions within that legal corporate entity.

Reporting multiple lines of business

You may have multiple lines of business. For more information on how to report this type of situation using the GIFI, see Appendix B.

GIFI schedules for corporations

If you file a T2 return without using return preparation software or Form T1178, you can use the GIFI schedules.

T2SCH100, Balance Sheet Information

Schedule 100 shows the corporation's financial position at the end of the tax year.

T2SCH101, Opening Balance Sheet Information

Schedule 101 shows the corporation's opening balance sheet information for the first return of a new corporation.

T2SCH125, Income Statement Information

Schedule 125 shows the income generated and the expenses incurred by the corporation during the tax year.

T2SCH140, Summary Statement

If you are submitting supplementary income statements, you will also need to complete and file Schedule 140. This schedule is at the bottom of page 2 of Schedule 125.

T2SCH141, Notes Checklist

Schedule 141 is a set of questions designed to determine who prepared the financial statements and the extent of their involvement, and whether they expressed any reservations. It also identifies the type of information contained in the notes to the financial statements.

Include any notes to the financial statements and the auditor or accountant's report, if they were prepared. You have to include this information even if you are filing your return using tax preparation software.

General information for partnerships

Who can use the GIFI?

All partnerships filing a T5013 Partnership Information Return can file using the GIFI.

Reporting negative amounts

You should mark negative amounts using brackets or a minus sign.

Reporting in Canadian funds

Report your financial statement information in Canadian funds even if you are a Canadian branch of a foreign partnership.

When a corporate member of the partnership has elected to report in a functional currency, the partnership has to use the same functional currency when preparing the information slip for this corporate partner.

If a partnership has one member who has elected a functional currency and another who has not, or has elected another functional currency, the partnership is required to prepare the T5013 information slips, Statement of Partnership Income, for the partners who made an election under section 261 of the Income Tax Act in their elected functional currency.

Reporting in dollars

Report your financial statement amounts in actual dollars; do not report cents. For example, report cash of $10,500.75 as 10501 under item 1001 – Cash. Do not report amounts in thousands or millions of dollars.

Reporting multiple lines of business

You may have multiple lines of business. For information on how to report for such a situation using the GIFI, see Appendix B.

Inactive partnerships

If your partnership is inactive (you answered yes at line 280 of the T5013 FIN), but you have balance sheet or income statement information to report, you can use the GIFI to file this information. An inactive (non-operating) partnership can still have income or expenses in a year. It may pay a monthly service charge to maintain a bank account or it may earn interest or dividends from income-producing assets it held. It may also have received income that was shown as receivable in the previous year.

GIFI schedules for partnerships

Each partnership should include complete financial statement information for the fiscal period of the return using the GIFI schedules for partnerships.

T5013 SCH 100, Balance Sheet Information

The T5013 Partnership Information Return should include the T5013 Schedule 100 showing the partnership's financial position at the end of the fiscal period.

T5013 SCH 125, Income Statement Information

The T5013 Partnership Information Return should include the T5013 Schedule 125 showing the income generated and expenses incurred by the partnership during the fiscal period.

T5013 SCH 140, Summary Statement

If you are submitting supplementary income statements, you will also need to complete and file the T5013 Schedule 140. This schedule is at the bottom of page 2 of the T5013 Schedule 125.

T5013 SCH 141, Financial Statement Notes Checklist

The T5013 Schedule 141 has questions designed to determine who prepared the financial statements and the extent of their involvement, and to identify the type of information contained in the notes to the financial statements.

If the notes were prepared, include them as well as the auditor or accountant’s report to the financial statements unless you are filing a T5013 Partnership Information Return electronically. If you are filing electronically, do not send the paper copy of the notes to your tax centre. If we need the notes to the financial statements, we will ask for them.

Using the GIFI

1. Select the items usually reported on your balance sheet from items in the 1000 to 3849 range.

2. Select the items usually reported on your income statement from items in the 7000 to 9970 range.

Note

Items 9370 to 9899 relate specifically to farming income and expenses.

3. Select the items usually reported in your extraordinary items and income taxes from items in the 9975 to 9999 range.

Validity check items

The GIFI information has to balance. We use the following rules to check the information you provide:

  • total assets = total liabilities + total equity (partners’ capital for partnerships)
  • total revenue − total expenses = net non-farming income
  • total farm revenue − total farm expenses = net farm income

You have to provide certain line items so that we can check the above equations. Each GIFI must include the following items:

Balance sheet

  • Item 2599 – Total assets
  • Item 3499 – Total liabilities
  • Item 3620 – Total shareholder equity (corporations only)
    or
  • Item 3575 – Total partners' capital (partnerships only)

Non-farming income and expenses

  • Item 8299 – Total revenue
  • Item 9368 – Total expenses
    and/or

Farming income and expenses

  • Item 9659 – Total farm revenue
  • Item 9898 – Total farm expenses

When reporting a breakdown of retained earnings (corporations only)

  • Item 3849 – Retained earnings/deficit – End

Extraordinary items and income taxes

  • Item 9999 – Net income/loss after taxes and extraordinary items

The amount of a required item may be nil. If so, enter "0."

Note

These codes must be included along with all the other GIFI codes needed to represent your balance sheet and income statement in their entirety.

For examples of how to use the GIFI for corporations and partnerships, see the Appendix D.

How to select GIFI items

The GIFI consists of items you find on a balance sheet and on an income statement. The balance sheet section consists of items pertaining to assets, liabilities, and equity for corporations or partners’ capital for partnerships. Items specific to retained earnings for corporations are included in this area as well. The income statement section consists of items you find under revenue, cost of sales, and expenses. Due to the specific reporting needs of the agriculture industry, we have provided a separate section for farming revenue and expenses. A section for extraordinary items and income taxes can be found after the farming section. For a complete listing of GIFI items, see Appendix A.

We have further divided the GIFI into blocks of items within these sections. The item at the start of each block is highlighted in bold. The highlighted item represents the generic term for items within the block. You may not find the item that is an exact match to the item on your financial statements. If that is the case, use the generic item.

Note

The generic item at the start of each block does not represent the total of the items in the block.

Assuming that you will prepare the GIFI from your own financial statements, use the following process when you select GIFI items:

  • Select an exact match from the GIFI items on your financial statements
  • if you cannot find an exact match, select the most appropriate item
  • if you cannot find an appropriate item, select the generic item

Example 

GIFI items
GIFI code GIFI name
8760 Business taxes, licences, and memberships
8761 Memberships
8762 Business taxes
8763 Franchise fees
8764 Government fees

If your income statement usually shows an account for "business charges," you could use item 8760 to report this amount.

Reporting an amount that combines two or more items

An amount in your financial statement information may combine two or more GIFI items. To report this amount, determine which item is the greater or greatest amount and choose the most appropriate GIFI item.

Example 1

Cash and term deposits

If cash is the greater amount, report under GIFI item 1001 – Cash.

If term deposits is the greater amount, report under GIFI item 1181 – Canadian term deposits.

Example 2

Rent, taxes, and insurance

You could report this under item 8911 – Real estate rental, under item 8762 – Business taxes, or under item 8690 – Insurance, depending on which amount is the greatest.

Completing the notes checklist

The notes checklist is included with the GIFI in all CRA-approved software packages. Complete the notes checklist when you use the GIFI to report your financial statement information. Parts 1, 2, and 3 must be completed from the perspective of the person, referred to on the form as the "accountant", who prepared, or reported on, the financial statements. If you are preparing the return, but you are not the accountant referred to above, you must still complete parts 1, 2, 3, and 4, as applicable. You can see examples of a completed Schedule 141 for a corporation and for a partnership.

Part 1 – Information on the accountant who prepared, or reported on, the financial statements

Answer these two questions about the accountant who prepared, or reported on, the financial statements. Indicate whether the accountant has a professional designation and whether the accountant is connected to the corporation or the partnership by ticking either the yes or no box for each question.

Note

If the accountant does not have a professional designation or is connected to the corporation or the partnership, you do not have to complete Part 2 – Type of Involvement with the financial statements, or Part 3 – Reservations; however, you do have to complete Part 4 – Other Information, as applicable.

Part 2 – Type of involvement with the financial statements

Choose the option that represents the highest level of involvement of the accountant.

Part 3 – Reservations

If you selected option 1 or 2 in Part 2 – Type of involvement with the financial statements, answer question 099 "Has the accountant expressed a reservation?"

Part 4 – Other information

If you have a professional designation, but are not the accountant associated with the financial statements in Part 1, tick either option 1 or 2 at line 110.

If you answer yes to question 101, answer questions 104 to 107.

If you answer yes to question 108 of The T5013 Schedule 141, answer question 109.

If you answer yes to question 200, answer questions 210 to 236, as applicable.

If you answer yes to question 265, you have to maintain a separate reconciliation.

Notes to the financial statements

You may have prepared notes to the financial statements. If so, include them with the GIFI.

  • If you file a T2 return electronically, you have to include the notes with your transmission. Your software package should enable you to transfer the notes to the file you are transmitting, without re-keying.
  • If you file your T5013 return electronically, keep your notes in case we ask for them later. If you file a paper T5013 return, include your notes.

 

Notes

You cannot include tables and graphs in the notes if you are filing a T2 return electronically. You have to convert this type of information to plain text.

Report on the GIFI breakdowns of items such as capital assets or investments shown in the notes.

Example

Your balance sheet shows fixed assets of $31,500, with a breakdown found in the notes.

Example showing the breakdown of fixed assets
Fixed assets Cost Accumulated
amortization
Net amount
Land $10,000 n/a $10,000
Buildings $20,000 $3,000 $17,000
Furniture and fixtures $5,000 $500 $4,500
Total $35,000 $3,500 $31,500

Using the GIFI, report the information from the notes as follows:

Example of how to report the information from your notes
GIFI Code Item Amount
1600 Land $10,000
1680 Buildings $20,000
1681 Accumulated amortization of buildings ($3,000)
1787 Furniture and fixtures $5,000
1788 Accumulated amortization of furniture and fixtures ($500)
2008 Total tangible capital assets $35,000
2009 Total accumulated amortization of tangible capital assets ($3,500)

Using the GIFI-Short (T1178)

What is the GIFI-Short?

The GIFI-Short is intended for corporations only. If your corporation does not use return preparation software, and has both gross revenue and assets of less than one million dollars each, use Form T1178, General Index of Financial Information – Short. You can choose from about 100 commonly used balance sheet and income statement items. A separate selection of income statement items that can be used by farming corporations is also included.

How do you complete the GIFI-Short (T1178)?

  1. Enter all balance sheet items relating to assets, liabilities, shareholder equity, and statement of retained earnings (deficit) on page 1 of Form T1178.
  2. Enter all income statement items relating to revenues, cost of sales, and operating expenses of a non-farming operation on page 3 of Form T1178.
  3. Enter all income statement items relating to revenues and expenses of a farming operation on page 4 of Form T1178.

Note

Corporations involved in both farming and non-farming activities can select items from both statements.

  1. Enter your extraordinary items and income tax items on page 4 of Form T1178.
  2. Complete the notes checklist on page 5 of Form T1178. See “Completing the notes checklist” on this page.

Required items

There are some line items with an asterisk (*) that always need an entry. These line items are used to verify that information was received and recorded correctly.

Reporting an amount that combines two or more items

An amount in your financial statement information may combine two or more items. To report this amount, determine which item is the greater or greatest amount and use the appropriate line item.

Example

Rent and property taxes

If rent is the greater amount, report it at line 8910 – Rental.

If the taxes are the greater amount, report it at line 9180 – Property taxes.

Completing the notes checklist

The notes checklist is a short set of questions designed to determine who prepared the financial statements, the extent of their involvement, whether any reservations were expressed, and other information relating to the financial statements. Parts 1, 2, and 3 must be completed from the perspective of the person (referred to on the form as the “accountant”) who prepared, or reported on, the financial statements. If you are preparing the tax return, but you are not the accountant referred to above, you must complete parts 1, 2, 3, and 4 as applicable.

Part 1 – Information on the accountant who prepared, or reported on, the financial statements

Answer these two questions about the accountant who prepared, or reported on, the financial statements. Indicate whether the accountant has a professional designation and whether the accountant is connected to the corporation by ticking the yes or no box for each question.

Note

If the accountant does not have a professional designation, or is connected with the corporation, you do not have to complete Part 2 – Type of involvement with the financial statements and Part 3 – Reservations. However, you do have to complete Part 4 – Other Information.

Part 2 – Type of involvement with the financial statements

Choose the option that represents the highest level of involvement of the accountant.

Part 3 – Reservations

If you selected option 1 or 2 in Part 2 – Type of involvement with the financial statements, answer question 099 "Has the accountant expressed a reservation?"

Part 4 – Other information

If you have a professional designation and are not the accountant who prepared the financial statements in Part 1, tick either option 1 or 2 at line 110.

If you answer yes to question 101, answer questions 104 to 107.

Items found on GIFI-Short

Consult Appendix A if you need more information about certain lines found on Form T1178.

Appendix A – Complete listing of the GIFI items

The following is a complete list of GIFI items. Some of them include more detail about the type of information you could report in the item. Some items are intended for corporations only or for partnerships only. Some items apply only to certain industry sectors or types of business.

If you are eligible and have chosen to use the GIFI-Short, pay special attention to descriptions beginning with “GIFI-Short.” If a line appearing on Form T1178 does not have a “GIFI-Short” description in this appendix, the regular GIFI definition applies.

Note

The generic items highlighted in bold at the start of each block do not represent a total of the items in the block. They are the generic items to use if the specific items in the block are not an exact match to the item on your financial statement.

Example

1001 Cash

Use this item to report bank drafts, bank notes, cheques, coins, currency, money orders, postal notes, and post-dated cheques, as well as cash.

9012 Road costs

Use this item to report snow removal as well as road costs.

Balance Sheet Information

Assets

GIFI codes for Current assets
GIFI code GIFI name
1000

Cash and deposits

GIFI-Short:
Include all amounts under items 1001 to 1007.

1001 Cash
bank drafts, bank notes, cheques, coins, currency, money orders, postal notes, and post-dated cheques
1002 Deposits in Canadian banks and institutions – Canadian currency
1003 Deposits in Canadian banks and institutions – Foreign currency
1004 Deposits in foreign banks – Canadian currency
1005 Deposits in foreign banks – Foreign currency
1006 Credit union central deposits
(credit unions only)
1007 Other cash-like instruments
gold bullion and silver bullion
1060

Accounts receivable
claims, dividends, royalties, and subsidies receivable

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 1062, 1064, 1066, 1067, 1068, 1069, and 1071, as well as claims, dividends, royalties, and subsidies receivable.

1061

Allowance for doubtful accounts

GIFI-Short:
Include all amounts under items 1063, 1065, 1070, and 1072.

1062 Trade accounts receivable
1063 Allowance for doubtful trade accounts receivable
1064 Trade accounts receivable from related parties
1065 Allowance for doubtful trade accounts receivable from related parties
1066 Taxes receivable
GST/HST, income tax refunds, and tax credits receivable
1067 Interest receivable
1068 Holdbacks receivable
1069 Leases receivable
1070 Allowance for doubtful amounts contained in leases receivable
1071 Accounts receivable from employees
1072 Allowance for doubtful accounts receivable from employees
1073 Amounts receivable from members of NPOs
This item is intended for corporations that are non-profit organizations to report amounts receivable from members.
1120

Inventories

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 1121 to 1127.

1121 Inventory of goods for sale
finished goods
1122 Inventory parts and supplies
1123 Inventory properties
This item is intended for companies whose primary activities are real estate, subdivision, or construction, and who have real estate held for sale.
1124 Inventory of aggregates
1125 Work in progress
goods in process
1126 Raw materials
includes amounts reported under inventories as raw materials usually found in the manufacturing sector
1127 Inventory of securities
This item is intended for companies such as brokers, stockbrokers, financial institutions, and investment companies that hold securities for sale.
1180

Short-term investments
short-term marketable securities

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 1181 to 1187, as well as short term investment in joint ventures or partnerships.

1181 Canadian term deposits
short-term bearer deposit notes, collateral deposits, and guaranteed investment certificates
1182 Canadian shares
1183 Canadian bonds
bond coupons, bond deposits, corporate bonds, government bonds, and debentures shown current
1184 Canadian treasury bills
1185 Securities purchased under resale agreements
includes amounts reported as securities purchased under resale agreements found in returns filed by financial institutions, investments companies and brokers
1186 Other short-term Canadian investments
1187 Short-term foreign investments
all types of foreign investment shown current
1240

Loans and notes receivable

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 1241 to 1244 as well as amounts due from joint venture or partnerships.

1241 Demand loans receivable
amounts such as call loans, day loans, and demand loans
1242 Other loans receivable
1243 Notes receivable
1244 Mortgages receivable
Items 1300 to 1303 - (corporations only)

Current amounts due from shareholders/directors, such as advances, loans, and notes

 

1300

Due from shareholder(s)/director(s)

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 1301 to 1303.

1301 Due from individual shareholder(s)
1302 Due from corporate shareholder(s)
due from parent company
1303 Due from director(s)
Items 1310 to 1314 - (partnerships only) Current advances/loans/notes between the partners and the partnership
1310 Due from member(s)/general partner(s)
1311 Due from limited partners
1312 Due from members that are partnerships
1313 Due from general partners
1314 Due from specified members who are not limited partners
1360 Investment in joint venture(s)/partnership(s)
current investment or equity in joint venture(s), partnership(s), and syndicate(s)
1380 Due from joint venture(s)/partnership(s)
current amounts due from joint venture(s)/partnership(s), or syndicate(s), such as advances, loans, and notes
Items 1400 to 1403

"Related parties" can refer to affiliate, associated, and subsidiary corporations.

Note
Current investment in a parent company should be reported under item 1400; however, item 1302 should be used for current amounts due from a parent company.

1400

Due from/investment in related parties

GIFI-Short:
A current investment in a parent company should be reported at line 1400, and a current amount due from a parent company should be reported at line 1300.

Include all amounts here that would have otherwise been reported under items 1401 to 1403.

1401 Demand notes from related parties
amounts due from related parties such as call loans, day loans, and demand loans
1402 Interest receivable from related parties
1403 Loans/advances due from related parties
1460 Customers' liability under acceptances
This item is for financial institutions – any amount reported under this item should be equal to the amount reported in Liabilities under item 2940 – Bankers' acceptances.
1480

Other current assets

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 1481 to 1486.

1481 Future (deferred) income taxes (corporations only)
income taxes applicable to future years, and reserve for income taxes, shown current
1482 Accrued investment income
1483 Taxes recoverable/refundable
1484 Prepaid expenses
1485 Drilling advances
for mining, quarrying, and oil and gas industries
1486 Security/tender deposits
1599 Total current assets

Capital assets

Items 1600 to 2179 – Capital assets
Throughout the GIFI, depreciation is referred to as amortization of tangible assets, depletion is referred to as amortization of natural resource assets, and amortization is referred to as amortization of intangible assets.

Items 1600 to 2009 – Tangible capital assets
Item 2008 – Total tangible capital assets, represents the sum of all tangible capital assets reported, and item 2009 – Total accumulated amortization of tangible capital assets, represents the sum of all the accumulated amortization of the tangible capital assets reported, within items 1600 to 1922.

When reporting this breakdown, do not show the net final amount of the tangible capital assets on the GIFI. However, if your financial statements show an amount, for example fixed assets (net), for which there is no breakdown, report it under item 2008 – Total tangible capital assets.

GIFI codes for Capital assets
GIFI code GIFI name
1600

Land

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 1601 and 1602.

1601 Land improvements
landscaping
1602 Accumulated amortization of land improvements
Items 1620 to 1633 Depletable assets are assets that will be written off in later periods as they are used up. These items generally apply only to the resource or manufacturing industries.
1620

Depletable assets
costs for mine-stripping, well drilling, and waste removal

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 1622, 1624, 1626, 1628, 1630, and 1632, as well as cost for mine-stripping, well-drilling, waste removal, and gravel pits.

1621

Accumulated amortization of depletable assets

GIFI-Short:
Include the accumulated depreciation or amortization of any of the items reported at line 1620.

1622 Petroleum and natural gas properties
1623 Accumulated amortization of petroleum and natural gas properties
1624 Mining properties
1625 Accumulated amortization of mining properties
1626 Deferred exploration and development charges
1627 Accumulated amortization of deferred exploration and development charges
1628 Quarries
1629 Accumulated amortization of quarries
1630 Gravel pits
1631 Accumulated amortization of gravel pits
1632 Timber limits
1633 Accumulated amortization of timber limits
1680

Buildings

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 1682 and 1684.

1681

Accumulated amortization of buildings

GIFI-Short:
Include the accumulated depreciation or amortization of any of the items reported at line 1680.

Items 1682 and 1683 For resource or manufacturing industries
1682 Manufacturing and processing plant
for resource or manufacturing industries
1683 Accumulated amortization of manufacturing and processing plant
for resource or manufacturing industries
1684 Buildings under construction
1740

Machinery, equipment, furniture, and fixtures

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 1742, 1744, 1746, 1748, 1750, 1752, 1754, 1756, 1758, 1760, 1762, 1764, 1766, 1768, 1770, 1772, 1774, 1776, 1778, 1780, 1782, 1783, and 1785.

1741

Accumulated amortization of machinery, equipment, furniture, and fixtures

GIFI-Short:
Include the accumulated depreciation or amortization of any of the items reported at line 1740.

1742 Motor vehicles
1743 Accumulated amortization of motor vehicles
1744 Tools and dies
1745 Accumulated amortization of tools and dies
1746 Construction and excavating equipment
1747 Accumulated amortization of construction and excavating equipment
Items 1748 and 1749 For the forestry and logging industry
1748 Forestry and logging equipment
for the forestry and logging industry
1749 Accumulated amortization of forestry and logging equipment
for the forestry and logging industry
Items 1750 and 1751 For the fishing industry
1750 Fishing gear and nets
Sonar equipment. For the fishing industry.
1751 Accumulated amortization of fishing gear and nets
For the fishing industry.
Items 1752 to 1757 For resource industries
1752 Mining equipment
for resource industries
1753 Accumulated amortization of mining equipment
for resource industries
1754 Oil and gas systems
Pipelines and distribution systems. For resource industries.
1755 Accumulated amortization of oil and gas systems
for resource industries
1756 Production equipment for resource industries
for resource industries
1757 Accumulated amortization of production equipment for resource industries
for resource industries
1758 Production equipment for other than resource industries
1759 Accumulated amortization of production equipment for other than resource industries
Items 1760 and 1761 For resource industries
1760 Exploration equipment
for resource industries
1761 Accumulated amortization of exploration equipment
for resource industries
1762 Shipping equipment
1763 Accumulated amortization of shipping equipment
1764 Ships and boats
1765 Accumulated amortization of ships and boats
1766 Aircraft
1767 Accumulated amortization of aircraft
1768 Signs
1769 Accumulated amortization of signs
1770 Small tools
1771 Accumulated amortization of small tools
1772 Radio and communication equipment
1773 Accumulated amortization of radio and communication equipment
1774 Computer equipment/software
1775 Accumulated amortization of computer equipment/software
Items 1776 and 1777 For the arts, entertainment, and recreation industry
1776 Musical instruments
1777 Accumulated amortization of musical instruments
Items 1778 to 1781 For information and cultural industry
1778 Satellites
1779 Accumulated amortization of satellites
1780 Earth stations
1781 Accumulated amortization of earth stations
1782 Machinery and equipment under construction
1783 Transportation equipment
1784 Accumulated amortization of transportation equipment
1785 Other machinery and equipment
1786 Accumulated amortization of other machinery and equipment
1787 Furniture and fixtures
1788

Accumulated amortization of furniture and fixtures

GIFI-Short:
Include the accumulated depreciation or amortization of any of the items on line 1787.

1900

Other tangible capital assets
art, books, chinaware, cutlery, utensils, uniforms, culverts, dams, golf courses, grain elevators, grandstands, swimming pools, towers, and trailer parks

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 1902, 1904, 1906, 1908, 1910, 1912, 1914, 1916, 1918, 1920, and 1921.

1901

Accumulated amortization of other tangible capital assets

GIFI-Short:
Include the accumulated depreciation or amortization of any of the items on line 1900.

Note
Do not reduce amounts on lines 1900 and 1901 by government grants and investment tax credits. Report the net amount on line 3320.

Items 1902 and 1903 For the forestry and logging industry
1902 Logging roads
1903 Accumulated amortization of logging roads
1904 Asphalt and parking areas
1905 Accumulated amortization of asphalt and parking areas
1906 Wharves
docks, float walks, and marinas
1907 Accumulated amortization of wharves
1908 Fences
1909 Accumulated amortization of fences
1910 Capital leases – Buildings
1911 Accumulated amortization of capital leases – Buildings
1912 Capital leases – Equipment
1913 Accumulated amortization of capital leases – Equipment
1914 Capital leases – Vehicles
1915 Accumulated amortization of capital leases – Vehicles
1916 Capital leases – Others
rented signs
1917 Accumulated amortization of capital leases – Others
1918 Leasehold improvements
1919 Accumulated amortization of leasehold improvements
1920 Other capital assets under construction
1921 Campsites
1922 Accumulated amortization of campsites
2008 Total tangible capital assets
2009 Total accumulated amortization of tangible capital assets
Items 2010 to 2179 - Intangible capital assets Item 2178 - Total intangible capital assets, represents the sum of all intangible capital assets reported, and item 2179 – Total accumulated amortization of intangible capital assets, represents the sum of all the accumulated amortization of the intangible capital assets reported, within items  2010 to 2077. When reporting this breakdown, the net final amount of the intangible capital assets is not to be shown anywhere on the GIFI. However, if your financial statements show an amount for “intangibles” for which there is no breakdown, this item could be reported under Item 2178 – Total intangible capital assets.
2010

Intangible assets
concessions, formulas, franchises, and organization costs

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 2012, 2014, 2016, 2018, 2020, 2022, 2024 and 2026, as well as concessions, formulas, franchises, and organization costs.

2011

Accumulated amortization of intangible assets

GIFI-Short:
Include the accumulated amortization of any items reported at line 2010.

2012 Goodwill
2013 Accumulated amortization of goodwill
applies to tax years before 2002
2014 Quota
2015 Accumulated amortization of quota
2016 Licences
2017 Accumulated amortization of licences
2018 Incorporation costs (corporations only)
2019 Accumulated amortization of incorporation costs (corporations only)
2020 Trademarks/patents
2021 Accumulated amortization of trademarks/patents
2022 Customer lists
2023 Accumulated amortization of customer lists
2024 Rights
2025 Accumulated amortization of rights
2026 Research and development
2027 Accumulated amortization of research and development
Items 2070 to 2077 For resource industries
2070 Resource rights
2071 Accumulated amortization of resource rights
2072 Timber rights
2073 Accumulated amortization of timber rights
2074 Mining rights
2075 Accumulated amortization of mining rights
2076 Oil and gas rights
2077 Accumulated amortization of oil and gas rights
2178 Total intangible capital assets
2179 Total accumulated amortization of intangible capital assets
GIFI codes for Long-term assets
GIFI code GIFI name
Items 2180 to 2183 - (corporations only) long-term amounts due from shareholder(s)/director(s), such as advances, loans, and notes
2180

Due from shareholder(s)/director(s)

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 2181 to 2183.

2181 Due from individual shareholder(s)
2182 Due from corporate shareholder(s)
due from parent company
2183 Due from director(s)
2190 Due from members
advances, loans, and notes to members of co-operatives or credit unions. For cooperatives and credit unions.
2200 Investment in joint venture(s)/partnership(s)
long-term investment or equity in joint venture(s), partnership(s), and syndicate(s)
Items 2210 to 2214 - (partnerships only) long-term advances/loans/notes between the partners and the partnership
2210 Due from member(s)/general partner(s)
2211 Due from limited partners
2212 Due from members that are partnerships
2213 Due from general partners
2214 Due from specified members who are not limited partners
2220 Due from joint venture(s)/partnership(s)
long-term amounts due from joint venture(s)/partnership(s), or syndicate(s), such as advances, loans, and notes
Items 2240 to 2250

“Related parties” can refer to affiliate, associated, and subsidiary corporations.

Note
Long-term investment in a parent company must be reported under the appropriate item in this block; however, item 2182 – Due from corporate shareholder(s), must be used for long-term amounts due from a parent company.

2240

Due from/investment in related parties

GIFI-Short:
Related parties can refer to affiliate, associated, and subsidiary corporations.

Note
Long term investment in a parent company must be reported on line 2240, and long term amount due from a parent company must be reported on line 2180.

Include all amounts here that would have otherwise been reported under items 2241 to 2250.

2241 Due from/investment in Canadian related parties
2242 Shares in Canadian related corporations
2243 Loans/advances to Canadian related corporations
2244 Investment in Canadian related corporations at cost
2245 Investment in Canadian related corporations at equity
2246 Due from/investment in foreign related parties
2247 Shares in foreign related corporations
2248 Loans/advances to foreign related corporations
2249 Investment in foreign related corporations at cost
2250 Investment in foreign related corporations at equity
2280 Investment in co-tenancy
investment in co-ownerships
2300

Long-term investments

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 2301 to 2311.

2301 Foreign shares
2302 Other types of foreign investments
foreign investments in joint ventures, partnerships, bonds, and debentures
2303 Canadian shares
2304 Government of Canada debt
Government of Canada long-term bonds and debentures
2305 Canadian, provincial, and municipal government debt
2306 Canadian corporate bonds and debentures
long-term bond coupons and bond deposits
Items 2307 to 2310 For finance and insurance or management of companies industries
2307 Debt securities
2308 Equity securities
2309 Securities purchased under resale agreements
2310 Central credit union shares
2311 Other Canadian long-term investments
Items 2360 to 2364 For businesses that provide long-term loans such as those in the finance and insurance industries
2360

Long-term loans
advances and notes shown long-term.

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 2361 to 2364.

2361 Mortgages
2362 Personal and credit card loans
2363 Business and government loans
2364 Line of credit
2420

Other long-term assets
investment tax credits, stock exchange seats, and utilities deposits

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 2421 to 2427.

2421 Future (deferred) income taxes (corporations only)
income taxes applicable to future years, and reserve for income taxes, shown long-term
2422 Deferred pension charges
2423 Deferred unrealized exchange losses
2424 Other deferred items/charges
debt discount and expense, deferred development costs, deferred finance charges, deferred organization expense, lease inducements, tenant inducements, and cost on incomplete contracts
2425 Accumulated amortization of deferred charges
2426 Reserve fund
2427 Cash surrender value of life insurance
2589 Total long-term assets
2590 Assets held in trust
trust fund, trust assets, or funds held in escrow – Corporations such as collection agencies, funeral homes, insurance agencies, real estate agencies, travel agencies, and travel wholesalers must use this item. An amount reported under this item must have a balancing amount reported under item 3470 – Amounts held in trust, in the liabilities section.
2599 Total assets
This item represents the total of all current, capital, long term assets, and assets held in trust and must be reported (see Validity check items).

Liabilities

GIFI codes for Current liabilities
GIFI code GIFI name
2600 Bank overdraft
bank indebtedness
2620

Amounts payable and accrued liabilities
accrued liabilities, agreements payable, claims payable, rent payable, and utilities payable

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 2621 to 2629, as well as agreements, claims, rent, and utilities payable.

2621 Trade payables
2622 Trade payables to related parties
2623 Holdbacks payable
2624 Wages payable
2625 Management fees payable
2626 Bonuses payable
2627 Employee deductions payable
payroll deductions for employee benefits such as employment insurance, Canada Pension Plan, Quebec Parental Insurance Plan, group insurance, and pension plans
2628 Withholding taxes payable
2629 Interest payable
accrued interest payable
2630 Amounts payable to members of NPOs
This item is for corporations that are non-profit organizations to report amounts payable to members.
2680 Taxes payable
capital taxes, foreign taxes, GST/HST, current income taxes, logging taxes, sales taxes, and tax credits payable
2700

Short-term debt
corporate loans, demand loans, loans from foreign banks, and notes payable shown short-term

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 2701 to 2706, 2840, as well as corporate or demand loans, and loans from Canadian or foreign banks.

2701 Loans from Canadian banks
Items 2702 to 2704 For finance and insurance or management of companies industries
2702 Liability for securities sold short
2703 Liability for securities sold under repurchase agreements
2704 Gold and silver certificates
2705 Cheques and other items in transit
2706 Lien notes
2707

Credit card loans

Include purchases made on your credit card for the purpose of earning business income.

2770 Deferred income
deferred capital or book gain, unearned income, unearned interest, unearned service charges, and unrealized foreign exchange gain shown current
Items 2780 to 2783 - (corporations only) Current amounts due to shareholder(s)/director(s), such as advances, loans, and notes
2780  Footnote

Due to shareholder(s)/director(s)

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 2781 to 2789.

2781 Due to individual shareholder(s)
2782

Due to corporate shareholder(s)
due to parent company

2783 Due to director(s)
Items 2790 to 2794 - (partnerships only) current advances/loans/notes between the partnership and the partners
2790  Footnote Due to member(s)/general partner(s)
2791 Due to limited partners
2792 Due to members that are partnerships
2793 Due to general partners
2794 Due to specified members who are not limited partners
2840 Due to joint venture(s)/partnership(s)
current amounts due to joint venture(s)/partnership(s), and syndicate(s) such as advances, loans, and notes
Items 2860 to 2863 “Related parties” can refer to affiliate, associated, and subsidiary corporations.
2860  Footnote

Due to related parties

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 2861 to 2863.

2861 Demand notes due to related parties
2862 Interest payable to related parties
2863 Advances due to related parties
2920 Current portion of long-term liability
2940 Bankers' acceptances
for financial institutions – any amount reported under this item should be equal to the amount reported in Assets under item 1460 – Customers' liability under acceptances. For investment, finance, insurance, real estate, and management of companies industries.
2960

Other current liabilities
progress payments shown current

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 2961 to 2966, as well as deferred income and unearned income shown current.

2961 Deposits received
bids, contract deposits, rental deposits, tenders, and security deposits
2962 Dividends payable
2963 Future (deferred) income taxes (corporations only)
income taxes applicable to future years and reserve for income taxes shown current
2964 Reserves for guarantees, warranties, or indemnities
2965 General provisions/reserves
contingent liabilities, provision for losses on loans, and pension reserves shown current
2966 Crew shares
amounts reported as crew shares in the fishing industry
3139 Total current liabilities
GIFI codes for Long-term liabilities
GIFI code GIFI name
3140

Long-term debt

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 3141 to 3149, as well as advances; loans or notes shown long term, due to joint ventures or partnerships; liability for securities sold short, liability for securities sold under repurchase agreements, and lien notes.

3141 Mortgages
3142 Farm Credit Corporation loan
3143 Chartered bank loan
3144 Credit Union/Caisse Populaire loan
3145 Provincial or territorial government loan
3146 Supply company loan
3147 Private loan
3148 Central, league, and federation loans
for finance and insurance industries
3149 Line of credit
Items 3150 and 3151 For investment, finance, insurance, real estate and management of companies industries.
3150 Liability for securities sold short
3151 Liability for securities sold under repurchase agreements
3152 Lien notes
3200 Deposit liabilities of financial institutions
This item applies to financial institutions and represents deposits made by customers. For investment, finance, insurance, real estate and management of companies industries.
3210 Bonds and debentures
3220 Deferred income
deferred capital or book gain, unearned income, unearned interest, unearned service charges, and unrealized foreign exchange gain shown long-term
3240 Future (deferred) income taxes (corporations only)
income taxes applicable to future years and reserve for income taxes shown long-term
Items 3260 to 3263 - (corporations only) long-term amounts due to shareholder(s)/director(s), such as advances, loans, and notes
3260  Footnote

Due to shareholder(s)/director(s)

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 3261 to 3263.

3261 Due to individual shareholder(s)
3262 Due to corporate shareholder(s)
due to parent company
3263 Due to director(s)
3270 Due to members
advances, loans, and notes from members of co-operatives or credit unions
3280 Due to joint venture(s)/partnership(s)
long-term amounts due to joint venture(s)/partnership(s), and syndicate(s) such as advances, loans, and notes
Items 3291 to 3295 - (partnerships only) long-term advances/loans/notes between the partnership and the partners
3291 Footnote Due to member(s)/general partner(s)
3292 Due to limited partners
3293 Due to members that are partnerships
3294 Due to general partners
3295 Due to specified members who are not limited partners
Items 3300 to 3302 “Related parties” can refer to affiliate, associated, and subsidiary corporations.
3300  Footnote

Due to related parties

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 3301 and 3302.

3301 Amounts owing to related Canadian parties
3302 Amounts owing to related foreign parties
3320

Other long-term liabilities
minority shareholder interest and other deferred credits shown long-term

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 3321 to 3328.

3321 Long-term obligations/commitments/capital leases
3322 Reserves for guarantees, warranties, or indemnities
3323 Provision for site restoration
dismantlement and abandonment costs, future removal, and site restoration costs. For resource industries.
3324 Contributions to qualifying environmental trust
environmental trust, mine reclamation, and reclamation of waste disposal sites. For resource industries.
3325 General provisions/reserves
contingent liabilities, provision for losses on loans, and pension reserves shown long-term
3326 Preference shares restated (corporations only)
This item applies to preferred shares that have been restated as a liability and reported as a long – term liability.
3327 Member allocations (corporations only)
allocation to members of credit unions and co-operatives
3328 Deferred revenue from incomplete contracts
intended for contractors using the completion method of reporting revenue to report deferred revenue from incomplete contracts
3450 Total long-term liabilities
3460 Subordinated debt
3470 Amounts held in trust
trust fund, trust liabilities, or funds held in escrow – Corporations such as collection agencies, funeral homes, insurance agencies, real estate agencies, travel agencies, and travel wholesalers would use this item. An amount reported under this item should have a balancing amount reported in item 2590 – Assets held in trust, in the assets section.
3499 Total liabilities
This item represents the total of all current and long-term liabilities and must be reported (see Validity check items).

Equity – (corporations only)

GIFI codes for Equity
GIFI code GIFI name
3500

Common shares

GIFI-Short:
Include stock other than preferred stock which entitles the owner to a share of the corporation’s profits and a share of the voting power in shareholder elections.

3520

Preferred shares

GIFI-Short:
Include stock whose holders are guaranteed priority in the payment of dividends.

3540

Contributed and other surplus

GIFI-Short:
Include all amounts here that would have otherwise appeared under items 3541 to 3543.

3541 Contributed surplus
capital donations, capital grants, and paid-in surplus
3542 Appraisal surplus
excess of appraisal value over cost, revaluation account, and revaluation surplus
3543 General reserve
general reserves, inventory reserves, mortgage reserves, and security reserves
3570 Head office account
home office account and head office investment
3580 Accumulated other comprehensive income
For corporations and partnerships using either the pre-changeover accounting standards (Part V of the CICA Accounting Handbook) or the International Financial Reporting Standard (IFRS) (Part I of the CICA Accounting Handbook) when preparing their financial statements. Report the accumulated balance of all components of other comprehensive income. This includes revenues, expenses, gains, and losses that are recognized in comprehensive income, but are not included in net income.
3600 Retained earnings/deficit
3620 Total shareholder equity
This item represents the sum of all shareholder equity amounts and must be reported (see Validity check items).
3640 Total liabilities and shareholder equity

Partners' Capital – (partnerships only)

GIFI codes for Capital
GIFI code GIFI name
3540 Contributed and other surplus
3541 Contributed surplus
capital donations, capital grants, and paid-in surplus
3542 Appraisal surplus
excess of appraisal value over cost, revaluation account, and revaluation surplus
3543 General reserve
general reserves, inventory reserves, mortgage reserves, and security reserves
3570 Head office account
home office account and head office investment
3580 Accumulated other comprehensive income
This item is intended for use by corporations and partnerships using either the pre–changeover accounting standards (Part V of the CICA Accounting Handbook) or International Financial Reporting Standards (IFRS) (Part I of the CICA Accounting Handbook) when preparing their financial statements. Report the accumulated balance of all components of other comprehensive income. This includes revenues, expenses, gains, and losses that are recognized in comprehensive income, but are not included in net income.
3545 Net income/loss
Any amount reported under this item should be equal to the amount reported under item 9999 – Net income/loss after extraordinary items. Exception: If there is an amount reported under item 9998, item 3545 should be equal to item 9999 plus or minus 9998.
3546 Prior period adjustments
3547 Currency adjustments
3548 Unusual revenue items
3550 Total net income/loss
3551 General partners’ capital beginning balance
3552 General partners’ net income (loss)
3553 General partners’ drawings
3554 General partners’ contributions during the fiscal period
3560 General partners’ capital ending balance
3561 Limited partners’ capital beginning balance
3562 Limited partners’ net income (loss)
3563 Limited partners’ drawings
3564 Limited partners’ contribution during the fiscal period
3571 Limited partners’ capital ending balance
3575 Total partners’ capital
This item is the sum of all partner capital amounts and must be reported (see Validity check items).
3585 Total liabilities and partners’ capital

Retained Earnings Information (corporations only)

Retained earnings/deficit – Codes 3660 to 3849

GIFI codes for Retained earnings/deficits
GIFI code GIFI name
3660 Retained earnings/deficit – Start
3680 Net income/loss
Any amount reported under this item should be equal to the amount reported under item 9999 – Net income/loss after taxes and extraordinary items. Exception: If there is an amount reported under item 9998, item 3680 should be equal to item 9999 plus or minus item 9998.
3700

Dividends declared
liquidating dividends, premium paid on redemption of shares, and stock dividends declared on shares

GIFI-Short:
Also include all amounts here that would have otherwise been reported under items 3701 and 3702.

3701 Cash dividends
3702 Patronage dividends
3720 Prior period adjustments
3740

Other items affecting retained earnings
dividends credited to investment account – If you choose to report dividends received in retained earnings rather than on the income statement, add the dividend back on Schedule 1, Net income (loss) for income tax purposes.

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 3741 to 3744 as well as prior period adjustments.

3741 Share redemptions
3742 Special reserves (corporations and co-ops only)
3743 Currency adjustments
3744 Unusual revenue items
3745 Interfund transfer
This item is intended for corporations that are non-profit organizations to report fund amounts transferred to/from retained earnings from/to the income statement.
3849 Retained earnings/deficit – End
This item represents the sum of all retained earnings amounts and must be reported if you are reporting retained earnings (see Validity check items). An amount reported under this item should be the same amount reported under item 3600 – Retained earnings/deficit.

Income Statement Information

0001 – Operating name
Complete this section if the operating name is different from the corporation's or partnership's name (for example, 111111 Ontario Ltd., operating as Maggie's Muffins).
0002 – Description of the operation
Complete the description of the operation when reporting more than one income statement, and the activity is different from the major business activity. See Appendix B of this guide for more information on reporting multiple lines of business.
0003 – Sequence number
For more than one income statement, use sequence numbers for each statement : number 01 for the income statement relating to the main activity, with supplementary income statements numbered consecutively from 02.

Other comprehensive income

Items 7000 to 7020
For corporations and partnerships using the International Financial Reporting Standards (IFRS). Other comprehensive income includes revenues, expenses, gains, and losses that are recognized in comprehensive income, but not included in net income. Line 9998 – "Total other comprehensive income" is the sum of the following items:

GIFI codes for Other comprehensive income
GIFI code GIFI name
7000 Revaluation surplus
change in carrying amount surplus as a result of revaluation of property, plant, and equipment, and intangible assets
7002 Defined benefit gains/losses
actuarial gains and losses on defined benefit plans recognized in the period in which they occur
7004 Foreign operation translation gains/losses
gains and losses arising from translating the financial statements of a foreign operation
7006 Equity instruments gains/losses
subsequent changes in the fair market value of an investment in an equity instrument that is not held for trading
7008 Cash flow hedge effective portion gains/losses
effective portion of gains and losses on hedging instruments in a cash flow hedge
7010 Income tax relating to components of other comprehensive income (corporations only)
tax relating to each component of other comprehensive income if reported before tax
7020 Miscellaneous other comprehensive income
gains and losses relating to other comprehensive income not included in lines 7000 to 7008

Revenue

GIFI codes for Revenue
GIFI code GIFI name
8000 Trade sales of goods and services
For corporations or partnerships who are not involved in the resource industry (items 8040 to 8053) or the fishing industry (items 8160 to 8166), but whose main source of income is the sale of a product or service. Amounts may be reported net of discounts allowed on sales, sales rebates, volume discounts, returns, and allowances.
8020 Sales of goods and services to related parties
See the explanation for item 8000 above.
8030 Interdivisional sales
Items 8040 to 8053 For resource industries
8040 Sales from resource properties
8041 Petroleum and natural gas sales
8042 Petroleum and natural gas sales to related parties
8043 Gas marketing
8044 Processing revenue
8045 Pipeline revenue
8046 Seismic sales
8047 Mining revenue
8048 Coal revenue
8049 Oil sands revenue
8050 Royalty income
8051 Oil and gas partnership/joint venture income/loss
8052 Mining partnership/joint venture income/loss
8053 Other production revenue
well operating fees and sulphur revenue.
8089 Total sales of goods and services
8090

Investment revenue

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 8091 to 8094.

8091 Interest from foreign sources
This item may be reported as gross of withholding taxes – withholding taxes would then be reported under item 9283 – Withholding taxes.
8092 Interest from Canadian bonds and debentures
8093 Interest from Canadian mortgage loans
8094 Interest from other Canadian sources
finance income, guaranteed investment certificates interest, interest on overpaid taxes, and loan interest
8095

Dividend income

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 8096 and 8097.

8096 Dividends from Canadian sources
8097 Dividends from foreign sources
may be reported gross of withholding taxes; withholding taxes would then be reported under item 9283 – Withholding taxes.
Items 8100 to 8103 For finance and insurance industries
8100 Interest income (financial institutions)
8101 Loan interest
8102 Securities interest
8103 Deposits with banks' interest
8120

Commission revenue
commissions earned on the sale of products or services by businesses such as advertising agencies, brokers, insurance agents, lottery ticket sales, sales representatives, and travel agencies. Some corporations or partnerships may present sales and cost of sale on their income statement, with commission earned being the net amount. Report only the commission on the GIFI. Compensation could also be reported under this item (for example, compensation for collecting sales tax).

Example of commision revenue
Description Amount
Lottery ticket sales $40,000
Cost of lottery tickets   25,000
Commission $15,000
This would be reported as:
Item 8120 – Commission revenue

  15,000

GIFI-Short:
Also include all amounts under item 8121.

8121 Commission income on real estate transactions
8140

Rental revenue
revenue from the rental of boats, hotel or motel rooms, machinery or equipment, and storage lockers

GIFI-Short:
Also include all amounts here that would have otherwise been reported under items 8141 to 8150.

8141 Real estate rental revenue
amounts received as income from renting or leasing apartments, commercial buildings, land, office space, residential housing, and shopping centres. This item may also be used to report income from investments in co-tenancies and co-ownerships.
8142 Film rental revenue
8150 Vehicle leasing - for the automotive equipment rental and leasing sector – long-term vehicle leasing and short-term vehicle leasing.  
Items 8060 to 8166 For the fishing industry
8160

Fishing revenue

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 8161 to 8166.

 
8161 Fish products
8162 Other marine products
Amounts received from the sale of flippers, herring roe, herring scales, Irish moss, kelp, seal meat, and seaweed.
8163 Fishing grants, credits, and rebates
8164 Fishing subsidies
8165 Compensation for loss of fishing income or property
Amounts received from The Atlantic Groundfish Strategy (TAGS) or insurance proceeds.
8166 Sharesperson income
Items 8210 to 8212  

Realized gains/losses on disposal of assets.

These items represent the net amount of proceeds over net book value on the disposal or sale of an asset.

Note
Losses on disposal/sale of assets shown as an expense should be reported under these items as a negative.

8210Footnote

Realized gains/losses on disposal of assets
gain/loss or profit/loss on disposal/sale of capital assets

GIFI-Short:
Also include amounts under items 8211 and 8212, as well as book gains or losses, gain or loss on disposal of fixed assets, and recaptured depreciation.

8211 Realized gains/losses on sale of investments
profit/loss on disposal of investments or marketable securities
8212 Realized gains/losses on sale of resource properties
Items 8220 to 8224 For non-profit organizations
8220 NPO amounts received
8221 Membership fees
8222 Assessments
8223 Gifts
8224 Gross sales and revenues from organizational activities

GIFI-Short:
Use field 8220 to report NPOs’ amounts received other than 8221 to 8224.
Items 8230 to 8250

Other revenue

This block of items is for secondary sources of income. Although there are items in this block that are often main sources of income, item 8000 – Trade sales of goods and services, should still be used to report the main income.

Example

A corporation or partnership whose main source of revenue is consulting fees would choose item 8000 – Trade sales of goods and services, to report this income; however, if the corporation's or partnership's main source of income is from architectural design, but there is secondary income from consulting, the architectural income would be reported under item 8000 and the consulting income under item 8241 – Consulting fees.

8230Footnote

Other revenue
gains on settlement of a debt and miscellaneous revenue

GIFI-Short:
Also include all amounts here that would have otherwise been reported under items 8231, 8233, 8236, 8238 to 8241, and 8243 to 8250.

8231 Foreign exchange gains/losses
amortization of deferred exchange gains and losses and realized gains and losses on foreign currency
8232 Income/loss of subsidiaries/affiliates
for corporations or partnerships that report investment in subsidiary corporations on the equity basis
8233 Income/loss of other divisions
8234 Income/loss of joint ventures
for corporations or partnerships that report investments in joint ventures on the equity basis
8235

Income/loss of partnerships
for corporations or partnerships that report investments in partnerships on the equity basis

Note

A loss on foreign exchange, subsidiaries/affiliates, other divisions, joint ventures, or partnerships shown as an expense should be reported under the appropriate item (items 8231 to 8235) as a negative.

8236 Realization of deferred revenues
realization of interest income, realization of instalment payments, and realization of service charges
*8237

Royalty income other than resource
royalty income or royalty fees from computer programs, copyrights, motion pictures, and patents

* Corporations, including non-profit organizations, can use this item to report royalties received.

8238 Alberta royalty tax credits
8239 Management and administration fees
8240 Telecommunications revenue
8241 Consulting fees
*8242

Subsidies and grants
government assistance and subsidy payments (for non-fishing corporations), federal, provincial, territorial, or municipal grants received

* Corporations, including non-profit organizations, can use this item to report federal, provincial, territorial, or municipal grants received.

8243 Sale of by-products
secondary income earned by a garage selling discarded oil or tires to be used for other than the intended use, or a restaurant selling discarded food as pig feed
Items 8244 to 8246 For finance and insurance industries.
8244 Deposit services
8245 Credit services
8246 Card services
8247 Patronage dividends
8248 Insurance recoveries
life insurance proceeds on the death of insured executives
8249 Expense recoveries
8250 Bad debt recoveries
8299 Total revenue
This item represents the sum of all revenue amounts and must be reported if there is no farming revenue (see Validity check items).

Cost of sales

GIFI codes for Cost of sales
GIFI code GIFI name
8300

Opening inventory

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 8301 to 8303.

8301 Opening inventory – Finished goods
8302 Opening inventory – Raw materials
8303 Opening inventory – Goods in process
opening inventory – work in progress
8320 Purchases/cost of materials
cost of merchandise sold, fuel and purchased power, manufacturing supplies used, materials, and merchandise purchased. The amounts related to this item may be reported net of discounts earned on purchases.
8340 Direct wages
commissions, labour, production wages, and supervision when shown in cost of sales
8350 Benefits on direct wages
8360 Trades and sub-contracts
contract labour, custom work, sub-contract labour, and outside labour
8370 Production costs other than resource
Items 8400 to 8441 For resources industries
8400 Resource production costs
gas processing, oil and gas operating expenses, oil and gas production, milling, smelting, and refining.
8401 Pipeline operations
8402 Drilling
8403 Site restoration costs
future removal costs.
8404 Gross overriding royalty
8405 Freehold royalties
8406 Other producing properties rental
freehold lease rentals and freehold delay rentals.
8407 Prospect/geological
digital processing, geochemical work, geophysical work, gravity meters, magnetic playbacks, seismographs, staking, and velocity surveys.
8408 Well operating, fuel, and equipment
8409 Well abandonment and dry holes
8410 Other lease rentals
8411 Exploration expenses
aerial surveys
8412 Development expenses
stripping costs
8435 Crown charges
8436 Crown royalties
8437 Crown lease rentals
8438 Freehold mineral tax
8439 Mining taxes
8440 Oil sand leases
8441 Saskatchewan resource surcharge
8450

Other direct costs

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 8451 to 8461.

8451 Equipment hire and operation
Items 8452 to 8455 For the forestry and logging industry
8452 Log yard
barker, bucking, clipper, log sorting, and sawing.
8453 Forestry costs
cutting, firefighting supplies, scaling, and silviculture.
8454 Logging road costs
road clearing, ploughing, and grating.
8455 Stumpage costs
8456 Royalty costs
royalties paid to holders of copyrights, movies, patents, performing rights, and trademarks, found in cost of sales
8457 Freight-in and duty
customs and excise duty
8458 Inventory write-down
revaluation of inventory and inventory adjustments
8459 Direct cost amortization of tangible assets
amortization of leasehold improvements and amounts referred to as depreciation shown in cost of sales
8460 Direct cost amortization of natural resource assets
amounts referred to as depletion shown in cost of sales
8461 Overhead expenses allocated to cost of sales
amounts reported under cost of sales that are normally considered operating expenses
8500

Closing inventory

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 8501 to 8503.

8501 Closing inventory – Finished goods
8502 Closing inventory – Raw materials
8503 Closing inventory – Goods in process
closing inventory – work in progress
8518 Cost of sales
This item represents the sum of all cost of sales amounts.
8519 Gross profit/loss
This item represents the net amount of item 8089 – Total sales of goods and services, less item 8518 – Cost of sales. It may also be referred to as gross margin.

Operating expenses

GIFI codes for Operating expenses
GIFI code GIFI name
8520

Advertising and promotion

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 8521 to 8524.

8521 Advertising
catalogues, media expenses, and publications
8522 Donations
charitable donations, donations to the Crown, and political donations
8523 Meals and entertainment
tickets (such as theatre, concert, and athletic events.)
8524 Promotion
booths, demonstrations/presentations, displays, prospectus, samples, and seminars (given)
8570 Amortization of intangible assets
amortization of intangible assets such as deferred charges, goodwill (before 2002), patents, franchises, copyrights, trademarks, organization costs, and research and development costs
8571 Goodwill impairment loss
applies to 2002 and later tax years
8590 Bad debt expense
allowance for bad debts, allowance/provision for doubtful accounts, bad debt, bad debt written-off, provision for bad debts, and reserve for bad debt
8610 Loan losses
for loans, mortgages, and other loan-type amounts written off
8611 Provision for loan losses
provision/allowance for loan, mortgage, or credit losses
8620

Employee benefits
association dues, clothing allowance, lodging, payroll deductions/levies/taxes, and room and board

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 8621 to 8623.

8621 Group insurance benefits
medical, dental, and life insurance plans
8622 Employer's portion of employee benefits
Canada Pension Plan, company pension plan, employment insurance, Quebec Parental Insurance Plan, and Workers' Compensation
8623 Contributions to deferred income plans
contributions to a registered pension plan, a deferred profit sharing plan, an employee profit sharing plan, and a registered supplementary unemployment benefit plan
8650 Amortization of natural resource assets
amounts referred to as depletion
8670 Amortization of tangible assets
amortization of leasehold improvements and amounts referred to as depreciation
8690 Insurance
bonding, fire insurance, liability insurance, premium expenses, property insurance, and vehicle insurance
8691 Life insurance on executives
insurance policies where the beneficiary is the corporation rather than the estate of the executive
8710

Interest and bank charges
finance charges, bank charges, and interest payments on capital leases

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 8711 to 8717.

8711 Interest on short-term debt
8712 Interest on bonds and debentures
amortization of bond discounts
8713 Interest on mortgages
amortization of mortgage discount or expense
8714 Interest on long-term debt
8715 Bank charges
8716 Credit card charges
interest on credit cards
8717 Collection and credit costs
Items 8740 to 8742 For finance and insurance industries.
8740 Interest paid (financial institutions)
8741 Interest paid on deposits
8742 Interest paid on bonds and debentures
8760

Business taxes, licences, and memberships
municipal taxes and land transfer taxes, beverage licences, business charges, motor vehicle licences, motor vehicle registration permits, and trade licences

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 8761 to 8764.

8761 Memberships
dues and subscriptions
8762 Business taxes
business tax, provincial capital tax (excluding Nova Scotia tax on large corporations), bridge tolls, gross receipt tax, health and education tax, hospital tax, permits, road tolls, and taxes on leases
8763 Franchise fees
8764 Government fees
8790 Nova Scotia tax on large corporations
8810

Office expenses

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 8811 to 8813.

8811 Office stationery and supplies
8812 Office utilities
utility expenses related to an office such as electricity, gas, heating, hydro, and telephone
8813 Data processing
word processing
8860

Professional fees
engineering fees, professional services, and surveyor fees

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 8861 to 8877.

8861 Legal fees
lawyer and notary fees
8862 Accounting fees
bookkeeping
8863 Consulting fees
8864 Architect fees
architectural design and illustration fees and landscape architect fees
8865 Appraisal fees
real estate and jewellery appraisal, and financial valuation services
8866 Laboratory fees
8867 Medical fees
8868 Veterinary fees
breeding fees
8869 Brokerage fees
8870 Transfer fees
land and property transfer fees
8871 Management and administration fees
8872 Refining and assay
8873 Registrar and transfer agent fees
8874 Restructuring costs
reorganization costs
8875 Security commission fees
8876 Training expense
animal training, management training, and staff development
8877 Studio and recording
8910

Rental
rental expenses for arena, boat/vessel/ship, coal and lumberyards, railway sidings, safety deposit box/vaults, and parking charges

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 8911 to 8918.

8911 Real estate rental
apartment, building, land, and office rentals
8912 Occupancy costs
8913 Condominium fees
8914 Equipment rental
rental expenses for computer equipment, film, office machines, and road and construction equipment
8915 Motor vehicle rentals
8916 Moorage (boat)
dock and wharf space
8917 Storage
rental expense for garages and warehouses
8918 Quota rental
forestry and logging quota rental expenses
8960

Repairs and maintenance
aircraft repairs and maintenance

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 8961 to 8964.

8961 Repairs and maintenance – Buildings
premises upkeep
8962 Repairs and maintenance – Vehicles
8963 Repairs and maintenance – Boats
8964 Repairs and maintenance – Machinery and equipment
gas and power line repairs and maintenance
9010 Other repairs and maintenance
janitorial services, landscaping, and yard maintenance
9011 Machine shop expense
9012 Road costs
snow removal costs
9013 Security - alarm system and surveillance equipment repairs and maintenance
9014 Garbage removal
9060

Salaries and wages
amounts not found in cost of sales such as administrative salaries, casual labour, cost of living allowance, down time, fees to employees, minimum wage levies, payroll remuneration, severance pay, supervision, and vacation pay

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 9061 to 9066.

9061 Commissions
9062 Crew share
for the fishing industry
9063 Bonuses
incentive compensation
9064 Directors fees
9065 Management salaries
officers' salaries
9066 Employee salaries
office salaries
9110 Sub-contracts
contract labour, contract work, custom work, and hired labour
9130 Supplies
medical supplies, veterinary drugs and supplies, wrapping and packing supplies
9131 Small tools
9132 Shop expense
9133 Uniforms
9134 Laundry
dry-cleaning
9135 Food and catering
9136 Fishing gear
9137 Nets and traps
9138 Salt, bait, and ice
9139 Camp supplies
9150

Computer-related expenses

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 9151 and 9152.

9151 Upgrade
updates to computer software
9152 Internet
9180 Property taxes
municipal and realty taxes
9200 Travel expenses
airfare, hotel rooms, travel allowance, travel, and accommodations
9201 Meetings and conventions
seminars attended
9220 Utilities
9221 Electricity
hydro
9222 Water
9223 Heat
9224 Fuel costs
coal, diesel, fuel, natural gas, oil, and propane for heating and cooking
9225 Telephone and telecommunications
cellular telephone, fax machine, and pager
9270

Other expenses

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 9200 to 9285.

9271 Cash over/short
9272 Reimbursement of parent company expense (corporations only)
portion of expenses owing to parent
9273 Selling expenses
9274 Shipping and warehouse expense
9275 Delivery, freight, and express
courier, customs, delivery and installation, distribution, ferry charges, freight and cartage, freight and duty, shipping and transportation
9276 Warranty expenses
guarantee costs
9277 Royalty expenses – Resident
amounts reported as non-resource royalties paid to Canadian residents such as copyrights, movies, patents, performing rights, and trademarks
9278 Royalty expenses – Non-resident
amounts reported as non-resource royalties paid to non-residents such as copyrights, movies, patents, performing rights, and trademarks
9279 Dumping charges
9280 Land fill fees
9281 Vehicle expenses
automobile expenses, gas, motor vehicle fuel, tires, and vehicle washing
9282 Research and development
9283 Withholding taxes
9284 General and administrative expenses
marketing and administration, office and general expenses, selling and administrative expenses
9285 Interdivisional expenses
9286 Interfund transfer
This item is for corporations or partnerships including non-profit organizations to report fund amounts transferred to or from the income statement, from or to retained earnings.
9367 Total operating expenses
This item represents the sum of all operating expense amounts.
9368 Total expenses
This item must be reported if there are no farming expenses (see Validity check items). Any amount reported under this item should be equal to the amount reported under item 8518 – Cost of sales, plus the amount reported under item 9367 – Total operating expenses.
9369 Net non-farming income
The amount reported should be equal to the amount reported under item 8299 – Total revenue, minus the amount reported under item 9368 – Total expenses.

Farming Income Statement Information

Cash vs. Accrual
As a farming corporation or partnership, you may choose to report your income using the cash method rather than the accrual method. If you are involved in more than one business activity, only your farming business can use the cash method.

0001 – Operating name
Complete this section if your operating name is different from the corporation's name (for example, 111111 Ontario Ltd., operating as Maggie's Muffins).
0002 – Description of the operation
You must complete the description of the operation when you are reporting more than one income statement, and the activity is different than the major business activity. For more information on reporting multiple lines of business, see Appendix B.
0003 – Sequence number
For more than one income statement, use sequence numbers for each statement – number 01 for the income statement relating to the main activity with supplementary income statements numbered consecutively from 02.

Farming revenue

GIFI codes for Farming revenue
GIFI code GIFI name
9370

Grains and oilseeds
mustard seed, rye, and sunflower seeds

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 9371 to 9379.

9371 Wheat
durum
9372 Oats
9373 Barley
9374 Mixed grains
9375 Corn
9376 Canola
9377 Flaxseed
9378 Soya beans
9379 Wheat Board payments
9420

Other crop revenues
herbs, hops, and sugar beets

GIFI-Short:
Also include all amounts from items 9421 to 9426.

9421 Fruit
9422 Potatoes
9423 Vegetables
9424 Tobacco
9425 Greenhouse and nursery products
greenhouse or nursery products such as flowers, greenhouse vegetables, horticultural products, ornamental plants, rooted cuttings, seeds and bulbs, shrubs, sod and turf, and trees
9426 Forage crops
alfalfa, alsike, clover, clover seeds, fescue, grass seed, hay, and timothy
9470

Livestock and animal products revenue
revenue received from animal pelts, apiary operation, bison, chinchilla, deer, dog, elk, fox, goats, honey products, mink, market livestock income, rabbit, and wool

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 9471 to 9480.

9471 Cattle
revenue received from the sale of bulls, calves, and cows
9472 Swine
revenue received from the sale of hogs and pigs
9473 Poultry
revenue received from the sale of chicken, ducks, geese, and turkeys
9474 Sheep and lambs
9475 Pregnant mare urine (PMU)
9476 Milk and cream (excluding dairy subsidies)
9477 Eggs for consumption
9478 Hatching eggs
9479 Aquaculture (hatching and raising)
9480 Horses (breeding and meat)
revenue received from the sale of ponies, and other equine animals
9520

Other commodities
revenue received from ginseng, mushrooms, ostriches, and stud services

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 9521 to 9524.

9521 Maple products
9522 Artificial insemination
9523 Semen production
9524 Embryo production
revenue received from embryo transplants
9540

Program payment revenues
Animal Contagious Diseases Act payments, farm subsidy, farm-support payments, grants, and stabilization subsidy

GIFI-Short:
Also include amounts under items 9541 to 9546.

9541 Dairy subsidies
9542 Crop insurance
insurance proceeds from federal or provincial programs for loss of crops
9544 Disaster Assistance Program payments
9545 AgriStability and AgriInvest benefit
9546 Production insurance premium benefit
9570

Rebates

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 9571 to 9573, as well as resales and other rebates.

9571 Rebates – Fuel
9572 Rebates – Interest
9573 Rebates – Property taxes
9600

Other farm revenues/losses
sale of land, soil or stone, payment in kind, personal consumption benefit, and quality bonus

GIFI-Short:
Include amounts under items 9601 to 9608, 9610 to 9614, and 9617.

9601 Custom or contract work
seed cleaning/drying/packing/treating, crop dusting or spraying, custom combining/harvesting, custom seeding, custom spraying, and custom trucking/hauling
9602 Wood sales
amounts reported as income from a farmer's woodlot such as Christmas trees, firewood, logs, lumber, and poles
9603 Horse racing
9604 Insurance proceeds
insurance proceeds for the loss of a building to fire or the loss of livestock to disease
9605 Patronage dividends
certificate of indebtedness
9606 Rental income
building, land, machine, and pasture rental
9607 Interest income
9608 Dividend income
9609

Gains/losses on disposal of assets
book gains/losses, gain/loss on disposal of fixed assets, profit/loss on disposal of fixed assets, profit/loss on sale of investments, and recaptured depreciation

Note

Losses on disposal/sale of assets shown as a farm expense should be reported under this item as a negative.

9610 Gravel
9611 Trucking
9612 Resale of commodities purchased
9613 Leases (such as gas, oil, well and surface)
9614 Machine rentals
9615 Farming partnership income/loss
9616 Farming joint venture income/loss
9617 Custom feeding
9650 Non-farming income
If you are not using items 8000 to 8299, use this item to report any non-farming income of a farming corporation.
9659 Total farm revenue
This item represents the sum of all farm revenue amounts plus any amount under item 9650 and must be reported if there are no amounts under any of items 8000 to 8299 (see Validity check items).

Farming expenses

Cost of Sales
The farming income and expense section of the GIFI does not include an item for cost of sales. If a farming corporation has cost of sales with no breakdown, this should be reported under the most appropriate farm expense item.

Example

A cost of sales that consists mainly of hog purchases would be reported under item 9712 – Livestock purchases.

GIFI codes for Farming expenses
GIFI code GIFI name
9660

Crop expenses
water purchases or water rights for irrigation, seed cleaning, and crop supplies

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 9661 to 9664.

9661 Containers, twine, and baling wire
9662 Fertilizers and lime
chemicals
9663 Pesticides
fungicides, herbicides, and insecticides
9664 Seeds and plants
9710

Livestock expenses
Dairy Herd Improvement Association animal grading, dairy, or livestock supplies

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 9711 to 9714.

9711 Feed, supplements, straw, and bedding
purchased dairy rations and forage
9712 Livestock purchases
9713 Veterinary fees, medicine, and breeding fees
artificial insemination, disease testing, embryo transplants, neutering, semen, spaying, and stud service
9714 Minerals and salts
9760

Machinery expenses

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 9761 to 9765.

9761 Machinery insurance
9762 Machinery licences
9763 Machinery repairs
9764 Machinery fuel
lubricants
9765 Machinery lease
9790 General farm expenses

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 9793, 9796, 9797, 9800, 9802, 9803, 9806, 9817, 9821, 9822, 9823, 9825, 9826, 9827, 9830, 9831, and 9836.
9791 Amortization of tangible assets
amortization of leasehold improvements and amounts referred to as depreciation
9792 Advertising, marketing costs, and promotion
9793 Bad debt
allowance for bad debts, allowance/provision for doubtful accounts, bad debt, bad debt written-off, provision for bad debts, and reserve for bad debt
9794 Benefits related to employee salaries
contributions to deferred income plans (DPSP/EPSP/RPP), employer's portion of employee benefits (CPP/EI/QPIP/WCB), group insurance benefits (dental/life/medical plans), payroll deductions, and lodging/room and board
9795 Building repairs and maintenance
9796 Clearing, levelling, and draining land
expenses from building a road, digging/drilling a water well, installing land drainage, ploughing land, and bringing public utilities to the farm
9797 Crop insurance, Revenue Protection Program, and stabilization premiums
9798 Custom or contract work
egg cleaning/grading/sorting/spraying, cheese aging, and contract harvesting/combining/crop dusting
9799 Electricity
9800 Fence repairs and maintenance
9801 Freight and trucking
delivery and distribution costs and shipping
9802 Heating fuel and curing fuel
coal, oil, natural gas, and fuel for curing tobacco/crop drying/greenhouses
9803 Insurance program overpayment recapture
9804 Other insurance premiums
farm insurance, private crop insurance, livestock insurance, and business interruption insurance premiums
9805 Interest and bank charges
finance charges, interest on a farm loan, interest on long-term debt, and interest on a mortgage
9806 Marketing board fees
9807 Memberships/subscription fees
association fees
9808 Office expenses
farm-related office expenses such as accounting/receipt books, invoices, and stationery
9809 Professional fees
amounts reported as farm-related expenses such as accounting/bookkeeping fees, data processing costs, and legal fees
9810 Property taxes
land, municipal, and realty taxes
9811 Rent – Land and buildings
9812

Rent – Machinery

GIFI-Short:
Include all amounts under item 9813.

9813 Other rental expenses
9814

Salaries and wages

GIFI-Short:
Include all amounts here that would have otherwise been reported under items 9815 and 9816, as well as salaries and wages paid to spouse.

9815 Salaries and wages other than for spouse or dependants
salaries for farmhand and self
9816 Salaries and wages paid to dependants
9817 Selling costs
9818 Supplies
9819 Motor vehicle expenses
automobile expenses, gas, motor vehicle fuel, propane, tires, vehicle repairs and maintenance, and vehicle washing
9820 Small tools
9821 Soil testing
9822 Storage/drying
9823 Licences/permits
9824 Telephone
9825 Quota rental (tobacco, dairy)
9826 Gravel
9827 Purchases of commodities resold
9828 Salaries and wages paid to spouse
9829 Motor vehicle interest and leasing costs
9830 Prepared feed
9831 Custom feed
9832

Amortization of intangible assets

GIFI-Short:
Include all amounts under item 9833.

9833 Amortization of milk quota
9834 Travel expenses
9835 Capital/business taxes
9836 Commissions and levies
9850 Non-farming expenses
If you are not using items 8300 to 9368, use this item to report any non-farming expenses of a farming corporation.
9870

Net inventory adjustment
This item may be used to report the farm's opening inventory less its closing inventory.

Note

If the closing inventory is greater than the opening inventory, this item should be reported as a negative.

9898 Total farm expenses
This item represents the sum of all farm expense amounts including any amount under item 9850 and must be reported if there are no amounts under any of items 8300 to 9368 (see Validity check items).
9899 Net farm income
The amount reported should be equal to the amount reported under item 9659 – Total farm revenue, minus the amount reported under item 9898 – Total farm expenses.
9970 Net income/loss before taxes and extraordinary items
This item represents the sum of item 9369 – Net non-farming income, and item 9899 – Net farm income.
For partnerships this item is called Net income/loss before extraordinary items.

 Extraordinary items and income taxes

GIFI codes for Extraordinary items and taxes
GIFI code GIFI name
9975 Extraordinary item(s)
This item includes gains/losses resulting from events that:
  • are not expected to occur regularly over a period of years
  • do not typify normal business activities
  • do not depend primarily on decisions or determinations by management

Examples include the expropriation of a corporation's or partnership’s land and buildings for a highway, the destruction of a large portion of a wheat crop by a tornado, and an explosion in a nuclear reactor resulting in high-level radioactive emission.

9976 Legal settlements
settlement of royalties
9980 Unrealized gains/losses
unrealized gains/losses resulting from the adjustment of book values on the revaluation of assets
9985 Unusual items
asset valuation adjustments such as write-downs and write-offs to net realizable values, items to be scrapped, and gains/losses from discontinued operations or wind-up of subsidiaries/affiliates. This item represents unusual and non-recurring items that do not meet the criteria set out for extraordinary gains/losses
9990 Current income taxes (corporations only)
Canadian income taxes, federal income/large corporation tax, previous year adjustment to federal income/large corporation tax, and provincial and territorial income taxes
9995 Future (deferred) income tax provision (corporations only)
Canadian income taxes deferred, provision for deferred income taxes, and provision for future income taxes
9998 Total-other comprehensive income
This item is intended for use by corporations and partnerships using either the pre-changeover accounting standards (Part V of the CICA Accounting Handbook) or the International Financial Reporting Standards (IFRS) (Part I of the CICA Accounting Handbook) when preparing their financial statements. It represents the sum of:
  • Item 7000 – Revaluation surplus
  • Item 7002 – Defined benefit gains/losses
  • Item 7004 – Foreign operation translation gains/losses
  • Item 7006 – Equity instruments gains/losses
  • Item 7008 – Cash flow hedge effective portion gains/losses
  • Item 7010 – Income tax relating to components of other comprehensive income
  • Item 7020 – Miscellaneous other comprehensive income
9999 Net income/loss after taxes and extraordinary items
For partnerships this item is called Net income/loss after extraordinary items.
This item represents the net amount of the following items:
  • Item 9970 – Net income/loss before taxes and extraordinary items
  • Item 9975 – Extraordinary item(s)
  • Item 9976 – Legal settlements
  • Item 9980 – Unrealized gains/losses
  • Item 9985 – Unusual items
  • Item 9990 – Current income taxes
  • Item 9995 – Future (deferred) income tax provision
  • Item 9998 – Total of other comprehensive income
  • Item 9999 must be reported (see Validity check items)

Appendix B – Reporting multiple lines of business

Some corporations and partnerships, such as those involved in a business that receives income from different sources, choose to file a supplementary income statement for each operation. You can use the GIFI to report the information from the supplementary statements.

You may receive rental income from several properties and may choose to complete a supplementary income statement for each of the properties; or, as a manufacturer, you may also have a retail outlet and choose to submit a supplementary income statement for the retail activity.

Another situation in which you may choose to submit a supplementary income statement is to report amounts broken down in the notes, such as rental loss.

Completing the main and supplementary income statements

You have to provide an operating name for each statement, except the summary statement (see the last paragraph of this section), unless it is the same as the corporation's or partnership's legal name.

You have to provide a description of the operation if it is different from the main activity.

Each statement needs a sequence number. The income statement relating to the main activity must have sequence number 01. The supplementary income statements would be numbered consecutively from 02.

A GIFI item can be reported on more than one statement. See Using the same GIFI item on different statements.

Each statement should report items up to item 9970 – Net income/loss before taxes and extraordinary items. Do not report any extraordinary items or income taxes (items 9975 to 9999) on the main or supplementary income statements.

Note

The main income statement (Sequence 01) should not include the net amounts for the information that you have included on the supplementary statements. As a result, some total lines and perhaps gross profit will be different from what is shown on the financial statements.

You have to provide a summary statement that reports the following: the sum of all amounts under item 9970 on each income statement, any amounts reported under items 9975 to 9998 (representing the extraordinary items and income taxes), and the amount under item 9999 (representing net income/loss after taxes and extraordinary items).

Using the same GIFI item on different statements

You can report the same GIFI items, which appear for the main activity, on your supplementary income statements. However, any amount you report on a supplementary income statement should not be included in the amount you report on the main income statement for the same item.

Example

A corporation that prepares multiple income statements may choose to report item 8622 – Employer's portion of employee benefits, on each of its statements. The example following this section shows an amount for item 8622 on each of the statements. Note that the amount reported under item 8622 on Sequence 01 (main activity), does not include the amounts reported under item 8622 on the supplementary income statements.

Example – Multiple lines of business

The following example represents the statements of a corporation whose main activity is manufacturing but is also involved in retail and equipment rental.

Part 1 shows the corporation's main income statement, which includes the net amounts for each of the supplementary income statements.

Part 2 shows how to report this type of information using the GIFI and how to balance your financial information. Note that the CRA would only receive the name, description of operations, and sequence number with the GIFI code and amount.

Example

Multiple lines of business – Part 1

Main Income Statement
Revenue Amount
Sales 1,500,000
Other revenue 1,500
Foreign exchange 4,200
Investment 5,630
Buy it Here (net) 152,850
Rent a Thing (net)    311,630
Sub totalSub-Total 1,975,810
Cost of sales    725,000
TotalTotal 1,250,810
 
Expenses Amount
Advertising 2,000
CPP 7,100
Depreciation 128,000
Insurance 30,000
Interest on mortgages 140,900
Bank charges 12,700
Capital taxes 6,600
Office 5,800
Legal fees 5,900
Consulting 4,100
Management fees 2,600
Parking 230
Repairs and maintenance 44,000
Janitorial services 3,000
Salaries and wages 282,000
Supplies 14,500
Property taxes 42,000
Telephone 4,500
Utilities 54,000
Automobile expenses 11,700
Miscellaneous expenses   30,100
Sub totalTotal expenses 831,730
Net income before taxes 419,080
Unrealized gain (loss) 51,930
Income taxes 9,000
Net income after taxes 462,010
Supplementary statement – Buy It Here
Revenue Amount
Sales 275,000
Cost of sales   95,500
Gross profit 179,500
 
Operating expenses Amount
Advertising 750
Medical plan 400
CPP 1,200
Repairs and maintenance 300
Salaries and wages 21,000
Supplies 1,800
Utilities   1,200
Total Operating expensesTotal 26,650
Net income Gross profit − Total Operating expenses 152,850
Supplementary Statement – Rent-a-Thing
Revenue Amount
Equipment rental 350,000
Expenses Amount
Medical plan 570
CPP 1,500
Repairs and maintenance 800
Salaries and wages 30,000
Supplies   5,500
Sub totalTotal 38,370
Net income 311,630

Part 2

  • 0001 Operating Name: Manufacture-It-Now
  • 0002 Description of the operation: manufacturing
  • 0003 Sequence number: 01
Revenue
GIFI code GIFI name Amount
8000 Trade sales of goods and services 1,500,000
8230 Other revenue 1,500
8231 Foreign exchange gains/losses 4,200
8090 Investment revenue 5,630
8299 Total revenue 1,511,330
8518 Cost of sales 725,000
8519Footnote 1c Gross profit/loss 775,000
Operating expenses
GIFI code GIFI name Amount
8521 Advertising 2,000
8622 Employer's portion of employee benefits 7,100
8670 Amortization of tangible assets 128,000
8690 Insurance 30,000
8713 Interest on mortgages 140,900
8715 Bank charges 12,700
8762 Business taxes 6,600
8810 Office expenses 5,800
8861 Legal fees 5,900
8863 Consulting fees 4,100
8871 Management and administration fees 2,600
8910 Rental 230
8960 Repairs and maintenance 44,000
9010 Other repairs and maintenance 3,000
9060 Salaries and wages 282,000
9130 Supplies 14,500
9180 Property taxes 42,000
9225 Telephone and telecommunications 4,500
9220 Utilities 54,000
9281 Vehicle expenses 11,700
9270 Other expenses 30,100
9367 Total operating expenses 831,730
9368Footnote 2c Total expenses 1,556,730
9369Footnote 3c Net non-farming income (45,400)
9970 Net income/loss before taxes and extraordinary items (45,400)
  • 0001 Operating Name: Buy-It-Here
  • 0002 Description of the operation: retail
  • 0003 Sequence number: 02
Revenue
GIFI code GIFI name Amount
8000 Trade sales of goods and services 275,000
8299 Total revenue 275,000
8515 Cost of sales 95,500
8519Footnote 4c Gross profit/loss 179,500
Operating expenses
GIFI code GIFI name Amount
8521 Advertising 750
8621 Group insurance benefits 400
8622 Employer's portion of employee benefits 1,200
8960 Repairs and maintenance 300
9060 Salaries and wages 21,000
9130 Supplies 1,800
9180 Property taxes 42,000
9220 Utilities 1,200
9367 Total operating expenses 26,650
9368 Footnote 5c Total expenses 122,150
9369 Footnote 6c Net non-farming income 152,850
9970 Net income/loss before taxes and extraordinary items 152,850
  • 0001 Operating Name: Rent-A-Thing
  • 0002 Description of the operation: equipment rental
  • 0003 Sequence number: 03
Revenue
GIFI code GIFI name Amount
8140 Rental revenue 350,000
8299 Total revenue 350,000
Operating expenses
GIFI code GIFI name Amount
8621 Group insurance benefits 570
8622 Employer’s portion of employee benefits 1,500
8960 Repairs and maintenance 800
9060 Salaries and wages 30,000
9130 Supplies 5,500
9367 Total operating expenses 38,370
9368 Total expenses 38,370
9369Footnote 7c Net non-farming income 311,630
9970 Net income/loss before taxes and extraordinary items 311,630
Summary Statement – Revenue
GIFI code GIFI name Amount
9970 Net income/loss before taxes and extraordinary items – All operations 419,080
9980 Unrealized gains/losses 51,930
9990 Current income taxes 9,000
9999Footnote 8c Net income/loss after taxes and extraordinary items 462,010

Appendix C – Non-profit organizations

This appendix is intended to help corporations that are non-profit organizations (NPOs) use the GIFI to report their financial statement information.

Example 1 - GIFI

Table A shows some NPO terminology and the equivalent GIFI terminology. Table B provides specific NPO terms and the suggested equivalent GIFI item.

Table A
NPO terminology Equivalent GIFI terminology
Members' equity Shareholder equity
Owners' equity  
Fund balances
Net assets  
Reserves  
Balance at end of year/General surplus Retained earnings/deficit
Operating fund  
General fund  
Statement of revenue and expenditures Income statement
Statement of income and surplus  
Statement of receipts and disbursements
Statement of operations  
Excess of revenues over expenses
(expenses over revenues)
Net non-farming income
Table B – Assets and liabilities
NPO term GIFI code Equivalent GIFI item
Cash 1000 Cash and deposits
Amounts receivable from other than members 1060 Accounts receivable
Amounts receivable from members 1073 Amounts receivable from members of NPOs
Inventory 1120 Inventories
Short-term investments 1180 Short-term investments
Prepaid expenses 1484 Prepaid expenses
Fixed assets 2008 Total tangible capital assets
Long-term investments 2300 Long-term investments
Total assets 2599 Total assets
Amounts owing to other than members 2620 Amounts payable and accrued liabilities
Amounts owing to members 2630 Amounts payable to members of NPOs
Total liabilities 3499 Total liabilities
Table B – Amounts received
NPO term GIFI code Equivalent GIFI item
Interest received 8090 Investment revenue
Dividends received 8095 Dividend income
Rentals received 8140 Rental revenue
Proceeds of disposition of capital property 8210 Realized gains/losses on disposal of assets
Membership dues or fees 8221 Membership fees
Assessments received 8222 Assessments
Gifts 8223 Gifts
Gross sales and revenues from organizational activities 8224 Gross sales and revenues from organizational activities
Royalties received 8237 Royalty income other than resource
Federal, provincial, or municipal grants received 8242 Subsidies and grants
Total receipts 8299 Total revenue
Table B – Transfer(s) to/from fund(s)
NPO term GIFI code Equivalent GIFI item
Shown in retained earnings 3745 Interfund transfer
Shown on income statement 9286 Interfund transfer

Example 2 - GIFI-Short

Table A shows some NPO terminology and the equivalent GIFI terminology. Table B provides specific NPO terms and the suggested equivalent GIFI item.

Table A
NPO terminology Equivalent GIFI terminology
Members' equity Shareholder equity
Owners' equity  
Fund balances  
Net assets  
Reserves  
Balance at end of year/General surplus Retained earnings/deficit
Operating fund  
General fund  
Statement of revenue and expenditures Income statement
Statement of income and surplus  
Statement of receipts and disbursements  
Statement of operations  
Excess of revenues over expenses
(expenses over revenues)
Net non-farming income
Table B – Assets and liabilities
NPO term GIFI code Equivalent GIFI item
Cash 1000 Cash and deposits
Amounts receivable from other than members 1060 Accounts receivable
Amounts receivable from members 1073 Amounts receivable from members of NPOs
Inventory 1120 Inventories
Short-term investments 1180 Short-term investments
Prepaid expenses 1480 Other current assets
Fixed assets 2008 Total tangible capital assets
Long-term investments 2300 Long-term investments
Total assets 2599 Total assets
Amounts owing to other than members 2620 Amounts payable and accrued liabilities
Amounts owing to members 2630 Amounts payable to members of NPOs
Total liabilities 3499 Total liabilities
Table B – Amounts received
NPO term GIFI code Equivalent GIFI item
Interest received 8090 Investment revenue
Dividends received 8095 Dividend income
Rentals received 8140 Rental revenue
Proceeds of disposition of capital property 8210 Realized gains/losses on disposal of assets
Membership dues or fees 8221 Membership fees
Assessments received 8222 Assessments
Gifts 8223 Gifts
Gross sales and revenues from organizational activities 8224 Gross sales and revenues from organizational activities
Royalties received 8237 Royalty income other than resource
Federal, provincial, or municipal grants received 8242 Subsidies and grants
Total receipts 8299 Total revenue
Table B – Transfer(s) to/from fund(s)
NPO term GIFI code Equivalent GIFI item
Shown in retained earnings 3745 Interfund transfer
Shown on income statement 9286 Interfund transfer

Appendix D – Examples of using the GIFI

The following examples represent a typical set of financial statements for a corporation and for a partnership. The first two columns show the item and the amount reported on the financial statement; the third and fourth columns show the corresponding GIFI code and name.

Note

These examples are only a guideline. They are not meant to dictate what to put on your statements or how to file.

Example 1 – Financial statements for a corporation

Balance Sheet
Assets
Item description ($) Amount GIFI code GIFI name
Cash 2,540 1001 Cash
Accounts receivable (net of allowance for doubtful accounts of $25)

331Footnote 1a

356

(25)

1060

1061

Accounts receivable

Allowance for doubtful accounts

Inventory 8,947 1120 Inventories
Prepaid expenses 1,813 1484 Prepaid expenses
13,631 1599 Total current assets
Fixed assets (note 2) 49,803Footnote 1a
Office furniture and equipment 9,793 1787 Furniture and fixtures
Accumulated amortization of
office furniture and equipment
(4,010) 1788 Accumulated amortization of furniture, and fixtures
Computer equipment 3,174 1774 Computer equipment/software
Accumulated amortization of computer equipment

(1,852)

1775 Accumulated amortization of computer equipment/software
Computer software 3,665 1774 Computer equipment/software
Accumulated equipment of
computer software
(3,665) 1775 Accumulated amortization of computer equipment/software
Machinery and equipment 37,981 1740 Machinery, equipment, furniture and fixtures
Accumulated amortization of machinery and equipment (16,072) 1741 Accumulated amortization of machinery, equipment, furniture, and fixtures
Leasehold improvements 41,577 1918 Leasehold improvements
Accumulated amortization of leasehold improvements (20,788) 1919 Accumulated amortization of leasehold improvements
Total cost 96,190 2008 Total tangible capital  assets
Total accumulated amortization (46,387) 2009 Total accumulated amortization of tangible capital assets
Investment (note 3) 1,000 2242 Shares in Canadian related corporations
64,434 2599 Total assets
Liabilities
Item description ($) Amount GIFI code GIFI name
Bank indebtedness 5,000 2600 Bank overdraft
Accounts payable 6,797 2621 Trade payables
Current portion of bank loan liability  5,104 2920 Current portion of long-term liability
16,901 3139 Total current liabilities
Bank loan 64,634 3143 Chartered bank loan
Due to shareholders, unsecured with no fixed terms 29,900 3260 Due to shareholder(s)/director(s)
94,534 3450 Total long-term liabilities
111,435 3499 Total liabilities
Equity
Item description ($) Amount GIFI code GIFI name
1500 common shares 1,500 3500 Common shares
Deficit (48,501) 3600 Retained earnings/deficit
(47,001) 3620 Total shareholder equity
Statement of Income and Retained Earnings
Revenue
Item description ($) Amount GIFI code GIFI name
Professional services 191,396 8000 Trade sales of goods and services
  8299 Total revenue
Expenses
Item description ($) Amount GIFI code GIFI name
Advertising 675 8521 Advertising
Amortization 15,708 8670 Amortization of tangible assets
Association dues 1,575 8761 Memberships
Bank charges and interest 8,564 8710 Interest and bank charges
Business taxes 5,789 8762 Business taxes
Insurance and licences 3,988 8690 InsuranceFootnote 4a
Office 3,137 8810 Office expenses
Professional fees 975 8860 Professional fees
Rent 45,703 8911 Real estate rental
Repairs and maintenance 1,255 8960 Repairs and maintenance
Supplies 37,591 9130 Supplies
Telephone and utilities 5,512 9225 Telephone and telecommunicationsFootnote 4a
Travel and education 360 9200 Travel expenses Footnote 4a
Wages and benefits   55,118 9060 Salaries and wages Footnote 4a
185,950 9368 Total expenses
Net income before taxes 5,446 9369 Net non-farming income
Income taxes 1,400 9990 Current income taxes
Net income (loss) 4,046 9999 Net income/loss after taxes and extraordinary items
Retained earnings
Item description ($) Amount GIFI code GIFI name
Net income (loss) 4,046 3680 Net income/loss
Deficit, beginning of year (52,547) 3660 Retained earnings/deficit – Start
Deficit, end of year (48,501) 3849 Retained earnings/deficit – End
Notes to financial statements

Note 1. Basis of presentation

The financial statements have been prepared by management in accordance with accounting principles generally accepted
in Canada and using historic cost as the basis of presentation.

Note 2. Fixed assets

  Cost Accumulated amortization Net
Office furniture and equipment 9,793 4,010 5,783
Computer equipment 3,174 1,852 1,322
Computer software 3,665 3,665  
Machinery and equipment 37,981 16,072 21,909
Leasehold improvements 41,577 20,788 20,789
Total 96,190 46,387 49,803

Note 3. The investment is stated at cost and consists of shares in a Canadian affiliated corporation.

Example 2 - Financial statements for a partnership

Balance Sheet
Assets
Item description ($) Amount GIFI code GIFI name
Cash 2,540 1001 Cash
Accounts receivable 331 1060 Accounts receivable
Inventory 8,947 1120 Inventories
Prepaid expenses 1,813 1484 Prepaid expenses
13,631 1599 Total current assets
Fixed assets (note 2) 49,803Return to footnote 1b
Office furniture and equipment 9,793 1787 Furniture and fixtures
Accumulated amortization of office furniture and equipment (4,010) 1788 Accumulated amortization of furniture and fixtures
Computer equipment 3,174 1774 Computer equipment/software
Accumulated amortization of computer equipment (1,852) 1775 Accumulated amortization of computer equipment/software
Computer software 3,665

1774

Computer equipment/software
Accumulated amortization of computer software (3,665) 1775 Accumulated amortization of computer equipment/software
Machinery and equipment 37,981 1740 Machinery, equipment, furniture and fixtures
Accumulated amortization of machinery and equipment (16,072) 1741 Accumulated amortization of machinery, equipment, furniture and fixtures
Leasehold improvements 41,577 1918 Leasehold improvements
Accumulated amortization of leasehold improvements (20,788) 1919 Accumulated amortization of leasehold improvements
Total cost 96,190 2008 Total tangible capital assets
Total accumulated amortization (46,387) 2009 Total accumulated amortization of tangible capital assets
Investment 1,000 2300 Long-term investments
64,434 2599 Total assets
Liabilities
Item description ($) Amount GIFI code GIFI name
Bank indebtedness 5,000 2600 Bank overdraft
Accounts payable 3,000 2621 Trade payables
Current portion of bank loan liability 1,900 2920 Current portion of long-term liability
9,900 3139 Total current liabilities
Bank loan 4,634 3143 Chartered bank loan
Due to members with no fixed terms 29,900 3291 Due to member(s)/general partner(s)
34,534 3450 Total long-term liabilities
44,434 3499 Total liabilities
Partners' Capital
Item description ($) Amount GIFI code GIFI name
General partners’ capital 20,000 3560 General partners’ capital ending balance
Total partners’ capital 20,000 3575 Total partners’ capital
Total liabilities and partners' capital 64,434 3585 Total liabilities and partners’ capital
Statement of Income
Revenue ($) Amount GIFI code GIFI name
Professional services 191,396 8000 Trade sales of goods and services
8299 Total revenue
Operating Expenses ($) Amount GIFI code GIFI name
Advertising 675 8521 Advertising
Amortization 15,708 8670 Amortization of tangible assets
Association dues 1,575 8761 Memberships
Bank charges and interest 8,564 8710 Interest and bank charges
Business taxes 5,789 8762 Business taxes
Insurance and licences 3,988 8690 Insurance
Office 3,137 8810 Office expenses
Professional fees 975 8860 Professional fees
Rent 45,703 8911 Real estate rental
Repairs and maintenance 1,255 8960 Repairs and maintenance
Supplies 37,591 9130 Supplies
Telephone and utilities 5,512 9225 Telephone and telecommunications
Travel and education 360 9200 Travel expenses
Wages and benefits 55,118 9060 Salaries and wages
185,950 9368 Total expenses
Net income (loss) 5,446 9999 Net income/loss after extraordinary items
Notes to financial statements

Note 1. Basis of presentation

The financial statements have been prepared by management in accordance with accounting principles generally accepted
in Canada and using historic cost as the basis of presentation.

Note 2. Fixed assets

  Cost Accumulated amortization Net
Office furniture and equipment 9,793 4,010 5,783
Computer equipment 3,174 1,852 1,322
Computer software 3,665 3,665  
Machinery and equipment 37,981 16,072 21,909
Leasehold improvements 41,577 20,788 20,789
Total 96,190 46,387 49,803

Example 3 – Completed notes checklist for a corporation

Part 1 – Information on the accountant who prepared, or reported on, the financial statements
Information on the accountant Line
number
Yes/No
Does the accountant have a professional designation? 095 Yes
Is the accountant connected* with the corporation?
097 No

Note

If the accountant does not have a professional designation or is connected to the corporation, you do not have to complete Parts 2 and 3 of this schedule. However, you do have to complete Part 4, as applicable.

* A person connected with a corporation can be: (i) a shareholder of the corporation who owns more than 10% of the common shares; (ii) a director, an officer, or an employee of the corporation; or (iii) a person not dealing at arm's length with the corporation. 

Part 2 – Type of involvement with the financial statements
Choose the option that represent the highest level of involvement of the accountant: Line 198 Yes/No
Completed an auditor's report Option option 1 No
Completed a review engagement report Option option 2 No
Conducted a compilation engagement  Option option 3 Yes
Part 3 – Reservations
Reservations Line
number
Yes/No
If you selected option (1) or (2) under Part 2 above, answer the following question: Has the accountant expressed a reservation? Option 099 Yes/No
Part 4 – Other information
If you have a professional designation and are not the accountant associated with the financial statements in Part 1 above, choose one of the following options: Line
n
umber
Yes/No
Prepared the tax return (financial statements prepared by client) Option 110 No
Prepared the tax return and the financial information contained therein (financial statements have not been prepared) Option 110 Yes

Were notes to the financial statements prepared?

If yes, complete lines 104 to 107 below:

101 Yes
  • Are subsequent events mentioned in the notes?
104 No
  • Is re-evaluation of asset information mentioned in the notes?
105 No
  • Is contingent liability information mentioned in the notes?
106 No
  • Is information regarding commitments mentioned in the notes?
107 No

Does the corporation have investments in joint venture(s) or partnership(s)?

108 No

Impairment and fair value changes
In any of the following assets, was an amount recognized in net income or other comprehensive income (OCI) as a result of an impairment loss in the tax year, a reversal of an impairment loss recognized in a previous tax year, or a change in fair value during the tax year?

200 No
Part 4 – Impairment and fair value changes if line 200 is "yes"
If yes, enter the amount recognized: Line
number
In net income
Increase
(decrease)
Line
number
In OCI
Increase
(decrease)
Property, plant, and equipment 210 ________________ 211 ________________
Intangible assets 215 ________________ 216 ________________
Investment property 220 ________________ n/a  n/a
Biological assets 225 ________________ n/a  n/a
Financial instruments 230 ________________
231 ________________
Other 235 ________________ 236 ________________
Part 4 – Financial instruments
Financial instruments Line
number
Yes/No
Did the corporation derecognize any financial instrument(s) during the tax year? (other than trade receivables)? 250 No
Did the corporation apply hedge accounting during the tax year? 255 No
Did the corporation discontinue hedge accounting during the tax year? 260 No
Part 4 – Adjustments to opening equity
Adjustments to opening equity Line
number
Yes/No

Was an amount included in the opening balance of retained earnings or equity, in order to correct an error, to recognize a change in accounting policy, or to adopt a new accounting standard in the current year?

If yes, you have to maintain a separate reconciliation.

265 No

Example 4 – Completed Financial statement notes checklist for a partnership

Part 1 – Information on the accountant who prepared or reported on the financial statements
Information on the accountant Line
number
Yes/No
Does the accountant have a professional designation? 095 Yes
Is the accountant connected with the partnership?*
097 No

Note

If the accountant does not have a professional designation or is connected with the partnership, you do not have to complete Parts 2 and 3 below.

* A person connected with a partnership can be: (i) a member of the partnership who owns more than 10% of the partnership units; (ii) an employee of the partnership; or (iii) a person not dealing at arm's length with the partnership. 

Part 2 – Type of involvement with the financial statements
Choose the option that represents the accountant's highest level of involvement: Line 198 Yes/No

Completed an auditor's report

Option option 1 No

Completed a review engagement report

Option option 2 Yes

Conducted a compilation engagement

Option option 3 No
Part 3 – Reservations
Reservations Line
number
Yes/No
If you selected option 1 or 2 in Part 2 above, answer the following question: Has the accountant expressed a reservation? 099 No
Part 4 – Other information
If you have a professional designation and are not the accountant associated with the financial statements in Part 1 above, choose one of the following options: Line
number
Yes/No
Prepared the information return (financial statements prepared by client) Option 110 Yes
Prepared the information return and the financial information contained therein (financial statements have not been prepared) Option 110 Yes/Non/a

Were notes to the financial statements prepared?

If yes, complete the following four questions:

101 Yes
  • Are subsequent events mentioned in the notes?
104 No
  • Is re-evaluation of asset information mentioned in the notes?
105 No
  • Is contingent liability information mentioned in the notes?
106 No
  • Is information regarding commitments mentioned in the notes?
107 Yes

Does the partnership have investments in joint venture(s)?

If yes, complete line 109 below:

108 No
  • Are you filing joint venture(s) financial statements?
109 Yes/Non/a
Impairment and fair value changes
In any of the following assets, was an amount recognized in net income or other comprehensive income as a result of an impairment loss in the fiscal period, a reversal of an impairment loss recognized in a previous fiscal period, or a change in fair value during the fiscal period?
200 No
Part 4 – Impairment and fair value changes if line 200 is "yes"
If yes, enter the amount recognized: Line
number
In net income
Increase
(decrease)
Line
number
In OCI
Increase
(decrease)
Property, plant, and equipment 210 ________________ 211 ________________
Intangible assets 215 ________________ 216 ________________
Investment property 220 ________________ n/a  n/a
Biological assets 225 ________________ n/a  n/a
Financial Instruments 230 ________________ 231 ________________
Other 235 ________________ 236 ________________
Part 4 – Financial instruments
Financial instruments Line
number
Yes/No
Did the partnership derecognize any financial instrument(s) during the fiscal period? 250 No
Did the partnership apply hedge accounting during the fiscal period? 255 No
Did the partnership discontinue hedge accounting during the fiscal period? 260 No
Part 4 – Adjustments to opening equity
Adjustments to opening partners' capital Line
number
Yes/No

Was an amount included in the opening balance of partners' capital, in order to correct an error, to recognize a change in accounting policy, or to adopt a new accounting standard in the current fiscal period?

If yes, you have to maintain a separate reconciliation.

265

No

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Handling business taxes online

Save time using the CRA's online services for businesses throughout the year to:

  • make payments to the CRA by setting up pre-authorized debit agreements in My Business Account or by using My Payment service
  • file a return, view the status of filed returns and amend returns online
  • submit documents to the CRA
  • authorize a representative for online access to your business accounts
  • register for online mail to get mail from the CRA directly in My Business Account
  • change addresses
  • manage direct deposit information
  • view account balance and transactions
  • calculate a future balance
  • transfer payments and immediately view updated balances
  • view closing balances (for example, non-capital loss balances)
  • submit account related enquiries and view answers to common enquiries
  • submit an enquiry about your audit
  • do much more

To log in to or register for the CRA's online services, go to:

For more information, go to E-services for Businesses.

Sign-up for online mail

Sign up for the CRA's online mail service to get most of your CRA mail, like your notice of assessment, online.

For more information, go to Online mail.

Authorizing the withdrawal of a pre-determined amount from your bank account

Pre-authorized debit (PAD) is a flexible online payment option managed by you. Through this option, you agree to authorize the CRA to withdraw a pre-determined amount from your bank account to pay tax on a specific date or dates. You can set up a PAD agreement using the CRA's secure My Business Account. You can view historical records, modify, cancel, or skip a payment. For more information, go to Make a payment and select “Pay by pre-authorized debit.”

Electronic payments

Make your payment using:

  • your financial institution’s online or telephone banking services
  • the CRA’s My Payment service at My Payment
  • pre-authorized debit at My Business Account

For more information on all payment options, go to Make a payment.

For more information

What if you need help?

If you need more information after reading this guide, visit Canada Revenue Agency or call 1-800-959-5525.

For more information about filing your T2 Corporation Income Tax Return, see Guide T4012, T2 Corporation – Income Tax Guide. For corporation internet filing, go to Corporation Internet Filing.

For information about filing your T5013 Partnership Information Return, see Guide T4068, Guide for the Partnership Information Return (T5013 Forms).

Direct deposit

Direct deposit is a faster, more convenient, reliable, and secure way to get your income tax refund directly into your account at a financial institution in Canada.

To enrol for direct deposit or to update your banking information, go to Direct deposit.

Forms and publications

To get our forms or publications, go to Forms and publications or call 1-800-959-5525.

Electronic mailing lists

We can notify you by email when new information on a subject of interest to you is available on our website. To subscribe to our electronic mailing lists, go to Electronic mailing lists.

Teletypewriter (TTY) users

TTY users can call 1-800-665-0354 for bilingual assistance during regular business hours.

Service complaints

You can expect to be treated fairly under clear and established rules, and get a high level of service each time you deal with the Canada Revenue Agency (CRA); see the Taxpayer Bill of Rights.

If you are not satisfied with the service you received, try to resolve the matter with the CRA employee you have been dealing with or call the telephone number provided in the CRA’s correspondence. If you do not have contact information, go to Contact information.

If you still disagree with the way your concerns were addressed, you can ask to discuss the matter with the employee’s supervisor.

If you are still not satisfied, you can file a service complaint by filling out form RC193, Service Related Complaint.

If the CRA has not resolved your service-related complaint, you can submit a complaint with the Office of the Taxpayers’ Ombudsman.

For more information, go to Service Complaints or see booklet RC4420, Information on CRA – Service Complaints.

Reprisal complaint

If you believe that you have experienced reprisal, fill out form RC459, Reprisal Complaint.

For more information about reprisal complaints, go to Reprisal Complaints.

Non-resident corporations

If you have a question about a non-resident corporation account, go to Businesses – International and non-resident taxes or call one of the following numbers:

  • Within Canada and continental United States, 1-800-959-5525;

    Monday to Friday (except holidays)
    9 a.m. to 6 p.m. (local time)
     
  • From outside Canada and continental United States, 613-940-8497.

    Monday to Friday (except holidays)
    9 a.m. to 6 p.m. (Eastern time)

    We accept collect calls by automated response. You may hear a beep and experience a normal connection delay.

Mailing address

You may write to:

Sudbury Tax Centre
Post Office Box 2000, Station A
Sudbury ON  P3A 5C1
Canada

Fax number
 
705-671-0490

 

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