GIFI-Short (T1178)
T1178 is a paper GIFI package with eligibility conditions; the under-$1-million tests do not exempt a corporation from mandatory electronic filing.
Federal · Updated September 23, 2026
What T1178 is for
Form T1178 is the paper GIFI-Short package. It offers about 100 commonly used items and includes an additional-information section on page 5. It does not replace the books or let a corporation report only grand totals: the information still needs to represent its financial statements.
Check the filing method before the $1 million test
CRA's GIFI-Short guidance applies to a corporation that does not use return-preparation software, has gross revenue and assets each below $1 million, and is not an insurance corporation. Reaching $1 million on either measure fails that test.
There is a separate, newer requirement: most corporations must file electronically for tax years starting after 2023. Being small does not exempt a corporation. Check CRA's mandatory electronic-filing rules first. An ordinary operating CCPC generally files through certified T2 software with GIFI information instead of mailing T1178.
Example: the thresholds alone are not enough
A BC consulting CCPC has $320,000 in revenue and $140,200 in assets. Both are below $1 million, but for a tax year beginning in 2026 it is still normally required to file electronically. The owner should not select a paper return merely because these thresholds are met.
Its financial information might include:
| Financial statement amount | Amount |
|---|---|
| Total current assets | $118,400 |
| Total assets | $140,200 |
| Total liabilities, all current in this example | $42,100 |
| Total equity | $98,100 |
| Total revenue | $320,000 |
| Operating expenses, no separate cost of sales assumed | $215,600 |
| Income before taxes | $104,400 |
The balance sheet reconciles: $42,100 plus $98,100 equals $140,200. Revenue less expenses is $104,400. The actual filing also needs the applicable detail, tax amounts and required totals, rather than just this abbreviated illustration.
If paper filing is permitted
Use the applicable CRA form and complete the financial and additional-information sections. T1178 itself asks about accountant involvement: a review or audit does not, by itself, make those disclosures impossible on the form. Keep the supporting ledger, source documents, notes and any accountant's report.
Common mistakes
- Treating the under-$1-million criteria as an exemption from electronic filing.
- Confusing GIFI-Short with the separate T2 Short Return.
- Omitting required totals or the additional-information questions.
- Reusing last year's balances without reconciling them to this year's books.
For the electronic GIFI mapping and financial-statement detail, see GIFI codes, Schedule 100, Schedule 125 and the T2 return.
Sources
- Canada Revenue Agency Guide RC4088, General Index of Financial Information (GIFI)
- Form T1178, General Index of Financial Information Short
- Canada Revenue Agency Guide T4012, T2 Corporation Income Tax Guide
See also
Related entries
GIFI Codes by Range, With the Most Used Codes
The General Index of Financial Information (GIFI) is CRA's four-digit coding system for the balance sheet and income statement a corporation files with its T2.
GIFI Asset Accounts
GIFI items 1000 to 2599 cover every asset a corporation reports on Schedule 100, from cash and receivables through capital assets and intangibles.
GIFI Liability Accounts
GIFI items 2600 to 3499 cover every current and long-term liability reported on Schedule 100, including payables, taxes payable and shareholder loans.
GIFI Income and Expense Codes, With Examples
GIFI revenue items run 8000 to 8299 and expense items run 8300 to 9368 on Schedule 125, from salaries and rent through professional fees and interest.
T2 Schedule 100 (T2SCH100): Balance Sheet GIFI Codes
Schedule 100 (T2SCH100) is the corporation's balance sheet on the T2, reported with CRA GIFI items in the 1000 to 3849 range.
T2 Schedule 125 (T2SCH125): Income Statement GIFI Codes
Schedule 125 (T2SCH125) is the corporation's income statement on the T2, reported with CRA GIFI items and ending at the book net income shown at item 9999.
T2 Corporate Return Overview
Most Canadian-resident corporations must file a T2 within six months of year-end; the usual balance deadline is two months, with a three-month deadline for qualifying CCPCs.
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