Preparing the GIFI

The first step to take is to complete the GIFI schedules. These schedules are the balance sheet (Schedule 100), the income statement (Schedule 125), the income statement summary (Schedule 140) and the notes checklist (Schedule 141). In the case of a newly formed corporation, you must also complete the opening balance sheet (Schedule 101).

Entering the GIFI data can be made easier by importing the data from a GIFI file provided by the accounting program used by the corporation. For more information on data import, consult the "Import GIFI Data from an Accounting Program" help topic.

If you cannot import data from an accounting program or a spreadsheet, identify, for each one of the GIFI schedules to be completed, the GIFI items to be reported. For more information on for the rules to follow when selecting the items, consult the "How to Select the GIFI Items" help topic .

GIFI diagnostics are issued to warn you that important information may be missing or that there may be errors. This step is critical, as it will help you ensure that you are correctly filing your GIFI information.

To perform this step, consult the diagnostics.

If Corporate Taxprep displays any GIFI diagnostics, you should review the identified areas and make the requested corrections where necessary. After having corrected the problems detected by Corporate Taxprep, we suggest that you again check the diagnostics to ensure that the GIFI information is correct.

Once the GIFI for the corporation has been completed, you can proceed to the next step, which is to transfer the data in the different GIFI schedules to the applicable return and schedules.

To transfer the GIFI data to the return, proceed as follows:

1. Display Form Identification, Identification - Corporate Identification and Other Information (Jump Code: ID).
2. In the "Transfer GIFI data" section, answer Yes to the question Do you want to transfer GIFI amounts to the applicable return and schedules?

Note: If GIFI data transfer is not selected, the cells in the return and schedules with amounts that are usually from the GIFI schedules will be input cells: it will not be possible to override these cells.

The GIFI information must be filed with the CRA by way of bar codes.

The GIFI schedules will be printed along with the T2 return, the traditional forms and the bar codes.

Note: The GIFI schedules printed in the traditional format must not be attached to the corporate tax return; they are printed for reference purposes (for the client). However, if a paper copy of the GIFI is requested by the CRA, you have to print the appropriate forms. Consult the "Taxprep forms used for printing a paper copy of the GIFI" section below.

Taxprep forms used for printing a paper copy of the GIFI

Forms Print GIFI 100-101 (Jump Code: PRINT GIFI 100-101) and Print GIFI 125-140 (Jump Code: PRINT GIFI 125-140 allow you to send the paper copy of the GIFI data to the federal government. Only GIFI lines containing data will be carried forward to these forms.

Each time a corporation is required to send a copy of the GIFI by a means other than the T2 - Bar codes return or electronic filing, it must enclose these forms instead of the traditional GIFI schedules.

Here is the list of the traditional GIFI schedules that should no longer be paper filed:

• Schedule 100 (Jump Code: G100);
• Schedule 101 (Jump Code: G101);
• Schedule 125 (Jump Code: G125);
• Schedule 140 (Jump Code: G140).

Furthermore, the following sub-schedules should no longer be paper filed: 1599, 2008/2009, 2178/2179, 2589, 3139, 3450, 3620, 3849, 1599-1, 2008-1, 2009-1, 2178-1, 2179-1, 2589-1, 3139-1, 3450-1, 3620-1, 3849-1, 8299, 8518, 9367, 9659, 9898 and 9998.

The Print GIFI 100-101 and Print GIFI 125-140 forms are both found in the predefined “Client,” “Office” and “GOVT Federal forms hard copy – Formulaires fédéraux copie papier” print formats. You can also print them using the File/Print Form command in each of these forms.