GIFI Asset Accounts
GIFI codes 1000 to 1999 cover every asset a corporation reports on Schedule 100, from cash and receivables through capital assets and intangibles.
Definition
The 1000 to 1999 GIFI range captures every economic resource a corporation controls at its year end. On Schedule 100 these codes are organized into current assets, capital assets, and other assets, each followed by a computed subtotal. The same four-digit codes are used whether the corporation reports under ASPE or IFRS; the accounting policy affects measurement but not the GIFI mapping.
Key rules
- Current assets (1000 to 1599): items expected to convert to cash within twelve months, including bank balances, receivables, inventory, and prepaid expenses.
- Capital assets (1600 to 1899): land, buildings, equipment, vehicles, and related accumulated amortization. Each major category has its own detail code and a matching contra code for accumulated amortization.
- Other assets (1900 to 1999): intangibles, goodwill, long-term investments, and amounts due from shareholders or related parties that are not classified as current.
- Accumulated amortization codes are entered as positive numbers. CRA's Schedule 100 template subtracts them automatically; do not use negative signs.
- A shareholder loan receivable sits in assets when the corporation is the creditor. If the shareholder owes the corporation at year end, use GIFI 1469 or 1480 depending on the term.
Example
Common asset GIFI codes used by a typical small Canadian-controlled private corporation:
The GIFI balances are book values from the accounting records. The tax UCC by CCA class lives on and will usually differ from the book carrying amounts.
Common mistakes
- Reporting receivables net of allowance on a single code. CRA expects the gross receivable on 1060 and the allowance on 1067.
- Treating prepaid expenses (1484) as current-period deductions. The prepaid asset is recorded when paid and expensed as the benefit is consumed.
- Combining owner vehicles and company vehicles under 1740 or 1743. A personally owned vehicle is not a corporate asset; only the mileage reimbursement flows through expenses.
- Posting accumulated amortization as a negative number, which causes Schedule 100 to double-count the contra.
- Leaving the opening balance sheet blank in the corporation's first full year. Prior-year comparatives are required even when they are all zero.
Related concepts
Assets flow into and the . Their tax treatment on disposal is governed by . For the liability side of the balance sheet see , and for the full coding system see .
Authority
- Canada Revenue Agency Guide RC4088, General Index of Financial Information (GIFI)
- Canada Revenue Agency Guide T4012, T2 Corporation Income Tax Guide
See also
Related entries
GIFI Overview
The General Index of Financial Information (GIFI) is CRA's standardized four-digit coding system that maps every balance sheet and income statement account to a T2 return line.
GIFI-Short (T1178)
GIFI-Short, filed on Form T1178, is an abbreviated GIFI package available to corporations whose revenue and assets are both under $1 million.
GIFI Liability Accounts
GIFI codes 2000 to 2999 cover every current and long-term liability reported on Schedule 100, including payables, tax payable, and shareholder loans.
GIFI Equity Accounts
GIFI codes 3000 to 3999 capture the residual interest in a corporation: share capital, contributed surplus, retained earnings, and dividends.
Schedule 100. Balance Sheet Information
Schedule 100 (T2SCH100) reports balance sheet items using CRA's General Index of Financial Information (GIFI) codes, mapping the corporation's trial balance accounts to standardized CRA categories.
Balance Sheet
The Balance Sheet (Statement of Financial Position) reports a corporation's assets, liabilities, and equity at a single point in time.
Capital Cost Allowance Overview
Capital Cost Allowance (CCA) is the tax version of depreciation: a declining-balance (or occasionally straight-line) deduction that spreads the cost of a capital asset across multiple tax years.
This entry is for general reference. It does not constitute professional tax advice. Consult a qualified Canadian accountant for your specific situation.