General Index of Financial Information (GIFI)
A Necessity for Filing Corporate Tax in Canada
GIFI stands for General Index of Financial Information.
Created by the Canada Revenue Agency (CRA) in 1999, the GIFI is a system which assigns a unique code to a list of items commonly found on business's income statements, balance sheets, and statements of retained earnings.
What Is the GIFI Used For?
The purpose of the GIFI is to allow the CRA to collect and process financial information more efficiently; for instance, the GIFI lets the CRA validate tax information electronically rather than manually.
Information from financial statements is categorized under the appropriate GIFI code and entered on corporate income tax returns. If you file a T2 income tax return (the tax return for corporations), then you need to use the GIFI, choosing the GIFI codes that best matches the items that you report.
|1000||Cash and deposits|
|1001||Cash - bank drafts, bank notes, cheques, coins, currency, money orders, postal notes, and post-dated cheques|
|1002||Deposits in Canadian banks and institutions – Canadian currency|
|1003||Deposits in Canadian banks and institutions – Foreign currency|
|1006||Credit union central deposits (credit unions only)|
|1060||Accounts receivable (claims, dividends, royalties, and subsidies receivable)|
|1061||Allowance for doubtful accounts|
|1066||Taxes receivable (GST/HST, income tax refunds, and tax credits receivable)|
|1121||Inventory of goods for sale (finished goods)|
|1122||Inventory parts and supplies|
|1123||Inventory properties (companies involved in real estate, development, or construction)|
|1124||Inventory of aggregates|
|1125||Work in progress (goods in process)|
|1180||Short-term investments (short-term marketable securities)|
|1181||Canadian term deposits|
|1184||Canadian treasury bills|
|1186||Other short-term Canadian investments|
|1240||Loans and notes receivable|
|1241||Demand loans receivable (amounts such as call loans, day loans, and demand loans)|
|1242||Other loans receivable|
|1300||Due from shareholder(s)/director(s) (corporations only)|
|1301||Due from individual shareholder(s) (corporations only)|
|1302||Due from corporate shareholder(s) (corporations only) (due from parent company)|
|1303||Due from director(s) (corporations only)|
|1310||Due from member(s)/general partner(s) (partnerships only)|
|1311||Due from limited partners (partnerships only)|
|1312||Due from members that are partnerships (partnerships only)|
|1313||Due from general partners (partnerships only)|
|1314||Due from specified members who are not limited partners (partnerships only)|
|1360||Investment in joint venture(s)/partnership(s) current investment or equity in joint venture(s), partnership(s), and syndicate(s)|
|1380||Due from joint venture(s)/partnership(s) (current amounts due from joint venture(s)/partnership(s), or syndicate(s), such as advances, loans, and notes)|
|1400||Due from/investment in related parties|
|1402||Interest receivable from related parties|
|1403||Loans/advances due from related parties|
|1480||Other current assets|
|1481||Future (deferred) income taxes (corporations only) (income taxes applicable to future years)|
|1482||Accrued investment income|
|1599||Total current assets|
Examples of GIFI items for Current liabilitiesCodeGIFI name 2600 Bank overdraft 2620 Amounts payable and accrued liabilities ( accrued liabilities, agreements payable, claims payable, rent payable, and utilities payable)2621Trade payables2622Trade payables to related parties2623Holdbacks payable2624Wages payable2625Management fees payable2626Bonuses payable2627Employee deductions payable ( payroll deductions for employee benefits such as employment insurance, Canada Pension Plan, Quebec Parental Insurance Plan, group insurance, and pension plans)2628Withholding taxes payable2629Interest payable ( accrued interest payable) 2680 Taxes payable ( capital taxes, foreign taxes, GST/HST, current income taxes, sales taxes, etc) 2700 Short-term debt ( corporate loans, demand loans, etc.)2701Loans from Canadian banks2705Cheques and other items in transit2706Lien notes2707Credit card loans 2770 Deferred income 2780 Due to shareholder(s)/director(s) (corporations only)2781Due to individual shareholder(s) (corporations only)2782Due to corporate shareholder(s) (corporations only) ( due to parent company)2783Due to director(s) (corporations only) 2790 Due to member(s)/general partner(s) (partnerships only)2791Due to limited partners (partnerships only)2792Due to members that are partnerships (partnerships only)2793Due to general partners (partnerships only)2794Due to specified members who are not limited partners (partnerships only) 2840 Due to joint venture(s)/partnership(s) 2860 Due to related parties2861Demand notes due to related parties2862Interest payable to related parties2863Advances due to related parties 2920 Current portion of long-term liability 2960 Other current liabilities 2961Deposits received ( bids, contract deposits, rental deposits, tenders, and security deposits)2962Dividends payable2963Future (deferred) income taxes (corporations only) ( income taxes applicable to future years and reserve for income taxes shown current)2964Reserves for guarantees, warranties, or indemnities2965General provisions/reserves ( contingent liabilities, provision for losses on loans, and pension reserves shown current) 3139 Total current liabilities
The complete GIFI index is contained in the CRA's Guide to the General Index of Financial Information (GIFI) for Corporations which you can get in different formats, such as printed versions, if you like.
Using the GIFI lets you electronically file your T2 income tax return, and in turn means faster processing of your return.
Tax processing and accounting software programs designed for use by Canadian corporations include the GIFI.
If your corporation has both gross revenue and assets of less than one million dollars each, is not a life insurer, deposit insurer, or general (casualty and property) insurer, and you do not use tax preparation software, you will be able to use the GIFI Short Form.
For more information on corporate taxes, see my Corporate Tax Canada Guide.
Also Known As: General Index of Financial Information.
Examples: The GIFI code for cash is 1001, while the GIFI code for Inventories is 1120.