Description

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
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 link.

Get in touch with other Accountants

Follow us on Twitter and Like us on Facebook