According to the CRA's T2 software specifications, the following GIFI codes are system-calculated only and cannot be overridden.
1599 - Total Current assets
2008 - Total tangible capital assets
2009 - Total accumulated amortization of tangible assets
2178 - Total intangible capital assets
2179 - Total accumulated amortization of intangible assets
2589 - Total long-term assets
2599 - Total Assets
3139 - Total current liabilities
3450 - Total long-term liabilities
3499 - Total liabilities
3600 - Retained earnings/deficits in the list
3620 - Total shareholder equity
3640 - Total liabilities and shareholder equity
3849 - Retained earnings/deficit - End
8089 - Total sales of goods and services
8299 - Total revenue
8300 - Opening inventory
8301 - Opening inventory - Finished goods
8302 - Opening inventory - Raw materials
8303 - Opening inventory - Goods in Process
8518 - Cost of sales
8519 - Gross profit / loss
9367 - Total operating expenses
9368 - Total expenses
9970 - Net income / loss before taxes and extraordinary items
9998 - Total - Other comprehensive income
9999 - Net income / loss after taxes and extraordinary items
Income and expenses related with farming: 9369, 9659, 9898, 9899, and 9970
How are amounts for these GIFI codes calculated?
The listed GIFI codes above are calculated based on the entry of other GIFI codes. For example, GIFI 2008 is the total tangible capital assets, represents the sum of all tangible assets reported. As per CRA, the breakdown of the tangible capital assets has to be itemized, and the software calculates the total.
Visit the following CRA Link for more information about GIFI codes.
What will happen if I import with the above GIFI codes?
Your Balance sheet will not balance on Schedule 100. The above GIFI codes, if used, will not import into the tax return. However, if GIFI code amounts adding up to the total are used, the software will calculate these amounts.
How do I fix this now that I have created the return?
It is recommended to go back into Workpapers and adjust the GIFI number to the correct GIFI number.
- Navigate to the client’s Workpapers.
- Select the correct tax year.
- Click Tax mapping.
- Identify the incorrect GIFI line item.
- Adjust the incorrect GIFI line item and click Save. If you are uncertain which GIFI code to use, refer to the GIFI guide above provided by the CRA.