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Intuit

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

According to CRA's T2 software specification, 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, 9970,

How it is 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. So as per CRA, the breakdown of this tangible capital assets has to be entered, and the software will calculate the total.

For more information about GIFI, please visit the following CRA page.

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