What are the GIFI codes?

The General Index of Financial Information (GIFI) is a standard list of codes that you use to prepare your financial statements. All corporations (except for insurance corporations) should prepare their financial statement information using the GIFI codes and file it with their T2 returns.

What is the GIFI code for dividends paid?

2962
Using the GIFI Used

Code	GIFI name
2962	Dividends payable
2963	Future (deferred) income taxes (corporations only) ( income taxes applicable to future years and reserve for income taxes shown current)
2964	Reserves for guarantees, warranties, or indemnities

What is the GIFI code for Cews?

Report the amounts of CEWS you received for the tax year on both Schedule 1 of your T2 Corporation Income Tax Return (T2SCH1) and the General Index of Financial Information (GIFI). On the GIFI, include the CEWS you received at line 8242.

What is a Gifi schedule?

The GIFI codes identify items that are usually found on a corporation’s financial statement (balance sheets, income statements, and statements of retained earnings). Each item is assigned its own unique code. any notes to your financial statement. Schedule 141, Notes Checklist.

Who can use the GIFI short?

What is the GIFI -Short? The GIFI -Short is intended for corporations only. If your corporation does not use return preparation software, and has both gross revenue and assets of less than one million dollars each, use Form T1178, General Index of Financial Information – Short.

What is GIFI import?

You can import GIFI data from accounting or spreadsheet programs into a return. Type of imported files. The imported file must be in a specific GIFI format, as required by the CRA. The GIFI format (*.

How do I enter dividends on TurboTax?

To report your dividends on your tax return and pay the applicable taxes, you include the appropriate amounts on Form 1040 and fill out the related line items on Schedule B if required. TurboTax can fill out the proper forms for you by asking questions about dividends you receive throughout the tax year.

What is a Schedule 100?

Schedule 100 is a summary of the company’s balance sheet. Enter the total assets, total liabilities, and equity on this schedule. Make sure that you are recording the proper GIFI number with its matching account. If you have cash on hand account its GIFI number would be 1001.

What is T5013?

A T5013 Partnership Information Return is a form of information about your partnership. The form doesn’t help you calculate tax liability. Rather, it simply shows the Canada Revenue Agency some basic financial details about your company.

Who can file T2 short?

All corporations with annual gross revenue of more than $1 million have to file their T2 return electronically, except for insurance corporations, non resident corporations, corporations reporting in functional currency and corporations that are exempt from tax payable under section 149 of the Income Tax Act.

How do I import a GIFI to my ProFile?

In ProFile Select the “Import” option from the “File” drop-down menu in the top toolbar. On a T2 return, go to the File menu and choose Import. All GIFI information imports into the Corporate return.