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 statemen items where each item has a unique code (for example, cash is 1001). When you use the GIFI, you do not have to submit your financial statements with your return and schedules. If CRA need your traditional financial statements, they will ask for them.
You can find a complete listing of GIFI items and their codes in CRA website by clicking here.
GIFI Mapping and Export
You should be able to see the GIFI mappings on the trial balance and export a .gif file for the same so that you can upload it on the regulatory website or export to a T2 Corporate tax software when needed.
- The application will map the 'Tax Description' on the uploaded excel file with the Subcategory 1 or subcategory 2 value, to which the TB account is mapped to, in Step 3 and populate the GIFI Code value on the Trial balance screen.
- The GIFI codes will show on the Trial balance as follows:
- When the user clicks on Export GIFI mapping on the Trial balance->Actions drop down the file exported will be in .gif format.
- Row 1 of the file will be updated with details per below -
Column A - GIFI01
Column B - 1
Column C - ASCII
Column D - "-"
Column E - "L"
Column F - FirmName from application->Firm Profile screen
Column G - "Streamworks Tech"
Column H - Street 1 field from Firm Profile screen.
Column I - Concatenate State and zip code from Firm Profile screen.
Column J - Leave blank
Column K - Leave Blank
Column L - Hardcode as 1.1.0
Column M - Hardcode as 2
Column N - Can be left blank for now since we don't capture those details on firm screen (company registration number)
Column O - Company Name (Client name from the engagement)
Column P - Leave Blank
Column Q - Address 1 from company detail screen (Clients screen)
Column R - State from company detail screen (Clients screen)
Column S - Leave Blank
Column T - Zip code from company detail screen
Column U - Leave Blank
Column V - Period end date time for the engagement
Column W - Current date time at time of export ex. 20230210hhmms
Column X - Leave Blank
- From Row 2 onwards, we will display the GIFI code in column A and the corresponding amount per the mapping in column B. GIFI codes with no corresponding amount will not be included in the file. If there are multiple accounts mapped to one GIFI code, a sum total will be presented against that code.
- After All the Codes and amount a presented in the next row the following details will be displayed.
Column A - GIFI02
Column B – count of total no. of codes exported.
- The character limit for the columns is as under and any data will be truncated in the .gif file to ensure it does not cross the character limits defined.
