How to Select the GIFI Items

The CRA recommends using the following rules when selecting the GIFI items:

• Select a GIFI item that corresponds exactly to the item on the financial statement (specific item).
• If you cannot find an exact match, select the most appropriate item.
• If you cannot find an appropriate item, select the generic item.

Example:
GIFI items
GIFI code	GIFI name
8760	Business taxes, licenses, and memberships
8761	Memberships
8762	Business taxes
8763	Franchise fees
8764	Government fees
If the corporation’s income statement normally contains an account for "business charges," you could use item 8760 to report this amount.

It is possible that an amount on the financial statements consists of two or more GIFI items. In this case, determine which item represents the greater amount and select the corresponding GIFI item.

To select the items in the GIFI forms, proceed as follows:

1. From Schedule 100 (Jump Code: G100) and related schedules, locate the items that normally appear on the corporation’s balance sheet from among items 1000 to 3849 and enter the corresponding amounts.
2. Where necessary, on Schedule 101 (Jump Code: G101) and related schedules, locate the items that appear on the opening balance sheet for a new corporation from among items 1000 to 3849 and enter the corresponding amounts.
3. Select the copy of Schedule 125 (Jump Codes: G125) that you want to modify, locate the items that normally appear on the corporation’s income statement from among items 8000 to 9899 and enter the corresponding amounts.

Note: Items 9370 to 9899 apply specifically to farm revenues and expenses.

4. From the attached schedule accessible at the bottom of each copy of Schedule 125, select the items that normally appear as extraordinary items and income taxes from among items 9975 to 9999 and enter the corresponding amounts.