Definition:

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.

Examples of GIFI Codes for Current assets

Code	GIFI name
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)
1067	Interest receivable
1068	Holdbacks receivable
1120	Inventories
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)
1126	Raw materials
1180	Short-term investments (short-term marketable securities)
1181	Canadian term deposits
1182	Canadian shares
1183	Canadian bonds
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
1243	Notes receivable
1244	Mortgages 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
1483	Taxes recoverable/refundable
1484	Prepaid expenses
1599	Total current assets

 

Examples of GIFI items for Current liabilities

CodeGIFI 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.