The General Index of Financial Information (GIFI) is a standardized system of codes used to convert a company's financial statements into a format acceptable by the Canada Revenue Agency (CRA).
GIFI codes identify items typically found on a corporation's financial statements, such as balance sheets, income statements, and statements of retained earnings. Each item is assigned a unique code, enabling the CRA to collect financial data in a standardized format. For example, "Cash" is assigned code 1001, and "Office expenses" is assigned code 8810.
When filing a T2 Corporation Income Tax Return, corporations must also submit their financial statements (income statement and balance sheet) coded according to the GIFI. The GIFI structure includes schedules G100 and G125, which represent the balance sheet and income statement information, respectively.
To learn more, please visit CRA.
Posted on 18 September 2024