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.
Federal · Updated September 23, 2026
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Definition
Schedule 100 (T2SCH100) is the balance sheet of the corporation at the tax year-end, presented using CRA's GIFI Codes by Range, With the Most Used Codes code system. Every amount on the working balance sheet is mapped to a four-digit GIFI item in the 1000 to 3849 range, which covers assets, liabilities, shareholder equity, and the retained earnings breakdown.
Financial statement information has to be included when a corporation files a T2. Most corporations report it with the GIFI. Insurance corporations and certain non-resident filings have different instructions. An inactive corporation with no balance-sheet or income-statement information does not have to attach Schedules 100, 125 and 141. Otherwise, and when you file the GIFI you do not send your own financial statements with the return. If CRA needs the traditional statements, it asks for them.
Where paper filing is permitted, a corporation that does not use return preparation software and has gross revenue and assets each under one million dollars can report on Form T1178, the GIFI-Short, instead of Schedule 100 and T2 Schedule 125 (T2SCH125): Income Statement GIFI Codes. The GIFI-Short offers about 100 commonly used balance sheet and income statement items.
Key lines
The balance sheet items are grouped into bands. A fuller map of the whole system, with links to each range, is in GIFI codes by range.
| GIFI range | Section | Items a small corporation actually uses |
|---|---|---|
| 1000-1599 | Current assets | 1001 Cash, 1060 Accounts receivable, 1061 Allowance for doubtful accounts, 1120 Inventories, 1483 Taxes recoverable/refundable, 1484 Prepaid expenses, 1599 Total current assets |
| 1600-2009 | Tangible capital assets | 1600 Land, 1680 Buildings, 1740 Machinery, equipment, furniture, and fixtures, 1742 Motor vehicles, 1774 Computer equipment/software, 1787 Furniture and fixtures, each with its accumulated amortization item |
| 2010-2599 | Intangible and long-term assets, then the total | 2012 Goodwill, 2018 Incorporation costs, 2180 Due from shareholder(s)/director(s), 2589 Total long-term assets, 2599 Total assets |
| 2600-3139 | Current liabilities | 2620 Amounts payable and accrued liabilities, 2680 Taxes payable, 2770 Deferred income, 2780 Due to shareholder(s)/director(s), 2920 Current portion of long-term liability, 3139 Total current liabilities |
| 3140-3499 | Long-term liabilities | 3140 Long-term debt, 3141 Mortgages, 3143 Chartered bank loan, 3260 Due to shareholder(s)/director(s), 3450 Total long-term liabilities, 3499 Total liabilities |
| 3500-3640 | Shareholder equity | 3500 Common shares, 3520 Preferred shares, 3541 Contributed surplus, 3600 Retained earnings/deficit, 3620 Total shareholder equity |
| 3660-3849 | Retained earnings | 3660 Retained earnings/deficit, Start; 3680 Net income/loss; 3700 Dividends declared; 3720 Prior period adjustments; 3849 Retained earnings/deficit, End |
The items CRA requires. The GIFI has to balance, and CRA checks it with a short list of items you must report even when the amount is nil. On the balance sheet those are 2599 Total assets, 3499 Total liabilities, and 3620 Total shareholder equity, plus 3849 Retained earnings/deficit, End when you report the retained earnings breakdown. The rule CRA applies is total assets equals total liabilities plus total equity. Enter 0 rather than leaving a required item blank.
The two amounts that must agree with other schedules. Item 3680 Net income/loss should equal item 9999 on Schedule 125; if item 9998, total other comprehensive income, is reported, 3680 equals 9999 plus or minus 9998. Item 3849 Retained earnings/deficit, End should be the same amount as item 3600 Retained earnings/deficit inside shareholder equity.
Amounts. Report in actual dollars. Do not report cents, and do not report in thousands or millions. Mark a negative amount with brackets or a minus sign. Accumulated amortization is negative: RC4088's own worked example shows item 1681 Accumulated amortization of buildings as ($3,000).
Schedule 100 and Schedule 125: how they tie together
The two schedules meet at net income, and the retained earnings section is the hinge.
T2 Schedule 125 (T2SCH125): Income Statement GIFI Codes ends at item 9999, net income or loss after taxes and extraordinary items. Schedule 100's retained earnings section opens at item 3660 with the balance at the start of the year, adds item 3680 net income or loss, subtracts item 3700 dividends declared, applies item 3720 for any prior period adjustment, and closes at item 3849. Item 3680 should carry the same amount as item 9999, and item 3849 should equal item 3600, the retained earnings figure shown inside shareholder equity.
So there are two ties to check before filing. If 3680 and 9999 disagree, an amount reached retained earnings without passing through the income statement, or the reverse. If 3849 and 3600 disagree, the balance sheet and the retained earnings continuity do not describe the same year. The one legitimate gap between 3680 and 9999 is item 9998, total other comprehensive income, which sits outside net income.
Example
A CCPC's trial balance at December 31, 2026 maps to Schedule 100 as follows. Assets first:
| Trial balance item | Amount | GIFI | GIFI name |
|---|---|---|---|
| Chequing account | 45,000 | 1001 | Cash |
| Accounts receivable | 32,000 | 1060 | Accounts receivable |
| Allowance for doubtful accounts | (2,000) | 1061 | Allowance for doubtful accounts |
| Computer equipment | 12,000 | 1774 | Computer equipment/software |
| Accumulated amortization, computer equipment | (4,000) | 1775 | Accumulated amortization of computer equipment/software |
| Prepaid insurance | 2,000 | 1484 | Prepaid expenses |
| Total assets | 85,000 | 2599 | Total assets |
Then liabilities and equity:
| Trial balance item | Amount | GIFI | GIFI name |
|---|---|---|---|
| Accounts payable | 18,000 | 2620 | Amounts payable and accrued liabilities |
| GST/HST payable | 2,500 | 2680 | Taxes payable |
| Shareholder advance, repayable on demand | 20,000 | 2780 | Due to shareholder(s)/director(s) |
| Total liabilities | 40,500 | 3499 | Total liabilities |
| Common shares, 100 shares | 100 | 3500 | Common shares |
| Retained earnings | 44,400 | 3600 | Retained earnings/deficit |
| Total shareholder equity | 44,500 | 3620 | Total shareholder equity |
And the retained earnings continuity, which is also part of Schedule 100:
| Trial balance item | Amount | GIFI | GIFI name |
|---|---|---|---|
| Retained earnings, start of year | 20,400 | 3660 | Retained earnings/deficit, Start |
| Net income for the year | 34,000 | 3680 | Net income/loss |
| Dividends declared | (10,000) | 3700 | Dividends declared |
| Retained earnings, end of year | 44,400 | 3849 | Retained earnings/deficit, End |
Three checks pass. Total assets 85,000 equals total liabilities 40,500 plus total shareholder equity 44,500. Item 3849 at 44,400 equals item 3600 at 44,400. Item 3680 at 34,000 is the same 34,000 reported at item 9999 on Schedule 125.
Common mistakes
Filing a Schedule 100 where item 2599 does not equal item 3499 plus item 3620. That is the equation CRA validates, and total assets, total liabilities and total shareholder equity all have to be reported for it to be checked at all.
- Reporting accumulated amortization as a positive number. The accumulated amortization items (1681, 1741, 1775, 1788 and the rest) are negative amounts, written with brackets or a minus sign.
- Tying item 3640 to Schedule 125. Item 3640 is Total liabilities and shareholder equity. The item that carries net income is 3680, and it is the one that should equal item 9999.
- Mixing up the two shareholder items. Amounts the corporation owes a shareholder on demand are current, at item 2780. Amounts on long-term terms are item 3260. Money the shareholder owes the corporation is on the asset side, at item 1300 if it is current and item 2180 if it is not.
- Posting an amount straight to a computed total such as 1599, 2599 or 3849 instead of to the detail item underneath it.
- Changing GIFI item assignments year over year without a reason. Use the same item consistently so the comparative columns reconcile, and remap an account only when what it holds genuinely changes.
- Filing the GIFI-Short on Form T1178 while using return preparation software, or with gross revenue or assets of one million dollars or more. Both conditions have to hold.
Official source
CRA RC4088: GIFI codes, required totals and statement reconciliation.
Related concepts
Sources
- CRA Form T2SCH100
- CRA GIFI Guide RC4088
- Income Tax Act s.150(1)
See also
Keep the books behind these numbers current.
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