Why can't amounts be entered with some of the GIFI codes?

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.

1. Navigate to the client’s Workpapers.
2. Select the correct tax year.
3. Click Tax mapping.
4. Identify the incorrect GIFI line item.
5. 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.