Each corporation is required to include complete financial statement information for the tax year of the return.
The General Index of Financial Information (GIFI) is used for reporting financial data.
Paper financial statements or notes to financial statements are not required if the T2 return is filed electronically.
Non-Resident Corporations
Certain non-resident corporations may have different filing requirements. Refer to Guide RC4088, General Index of Financial Information (GIFI), for more information.
GIFI Schedules
GIFI schedules include Schedule 100 (Balance Sheet Information), Schedule 125 (Income Statement Information), and, if necessary, Schedule 140 (Summary Income Statement, located at the end of Schedule 125).
Schedule 141 (General Index of Financial Information - Additional Information) consists of questions to determine the preparation of financial statements and the extent of involvement, and to identify information in the notes to financial statements.
Notes to Financial Statements and Auditor/Accountant's Report
Corporations should include any notes to the financial statements and the auditor or accountant's report if prepared.
Even when filing electronically, notes and reports can be included in the GIFI when transmitting the return.
First Return for a New Corporation
For the first return of a new corporation, attach Schedule 101 (Opening Balance Sheet Information), copies of relevant agreements, or details on shares issued for non-cash consideration.
If applicable, include the closing balance sheet of the predecessor (proprietorship, partnership, or corporation) if the new corporation acquired assets or business or assumed liabilities.
Inactive Corporations
Inactive corporations without balance sheet or income statement information are not required to attach Schedules 100, 125, and 141 to their T2 return. However, they will be accepted if filed.
GIFI Completion
GIFI schedules are completed with information from the corporation's financial statements.
Information is entered in "column A" for the appropriate GIFI code and in "column B" for the corresponding dollar amount.
Tax Preparation Software
The GIFI is included in all tax preparation software packages certified by the Canada Revenue Agency (CRA) and most accounting software.