How do I change from the words "loan from canadian banks" to "loan from owner" in liability section on schedule 101 (GIFI) for new corporation?



You cannot change the description but you can select any of the following (on schedule S101) based on the best fit:

1.  GIFI Code 3260 - Due to shareholder(s) / director(s)
2.  GIFI Code 3261 - Due to individual shareholder(s)
3.  GIFI Code 3262 - Due to corporate shareholder(s)
4.  GIFI Code 3263 - Due to director(s)

Hope the above helps.
Was this answer helpful? Yes No
1 additional answer

No answers have been posted

More Actions

People come to ProFile for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach: