GIFI Schedules

In the Form Manager, under Schedule 100 (Jump Code: G100), there are many schedules in which the GIFI items are grouped according to the different sections that appear in the balance sheet: current assets, capital assets, intangible assets, etc. For example, Schedule 1599 (Jump Code: G1599) contains GIFI items 1000 to 1599 that may be included in the balance sheet's current assets.

The majority of the cells in Schedule 100 provide access to the supporting schedules using the Expand command on the Forms menu. However, there are certain cells that do not expand to another form. As a result, we suggest that you begin entering your data on Schedule 100 and then access the supporting schedules wherever necessary.

If you are preparing the return for a newly formed corporation, you must complete an opening balance sheet.

Schedule 101 allows you to compile this information by providing access to the same GIFI items and the same schedules as Schedule 100 (Balance sheet).

Note: If you are completing an opening balance sheet, be sure to enter that data into Schedule 101 and not Schedule 100. However, do not forget to also enter the data for the year-end balance sheet in Schedule 100.

Schedule 125 (Jump Code: G125) is a multiple copy form. The first copy of Schedule 125 relates to the principal business activity of the corporation while the remaining copies allow you to produce supplementary copies of Schedule 125 for situations where the corporation has more than one line of business.

Note: If the corporation carries on a single line of business, you must always use the first copy of Schedule 125 available in the Form Manager to enter the income statement information.

Each copy of Schedule 125 contains the various GIFI items grouped according to the various sections that appear in an income statement: revenues, cost of sales, operating expenses, etc. For example, Schedule 8299 (Jump Code: G8299) contains GIFI items 8000 to 8299 that may appear in the revenue of the income statement for the corporation.

The majority of the cells in Schedule 125 provide access to the supporting schedules using the Expand command.

At the end of each copy of Schedule 125, there is a link that provides access to items 9975 to 9999, the GIFI items for extraordinary items and income tax for all of the income statements. Double-click on the cell to access the schedule and enter the data.

Schedule 140 (Jump Code: G140) includes items 9970 (net income/loss before income tax and extraordinary items) for each income statement completed, items 9975 to 9998 (which represent the extraordinary items, the income tax for the corporation and the other comprehensive income) and item 9999 (which represents the net income /loss after income tax and extraordinary items).

If the corporation has only one line of business, the amounts relating to extraordinary items and income tax will be printed at the end of the single Schedule 125. If a corporation has more than one income statement, the information will be printed separately on the Income Statement Summary (Schedule 140).

The Notes Checklist (Jump Code: G141) provides the CRA with information concerning the individuals that prepared the corporation’s financial statements. They also indicate if there are notes to the financial statements and the kind of information that they contain.

If there are notes to the financial statements, you must attach them to the corporate tax return.

The CRA requires that a Notes Checklist be completed and filed along with the GIFI.

The form Notes to the financial statements (Jump Code: NOTES) allows you to create notes to the financial statements.

The GIFI schedules have three columns for entering data.

• Account Column

For each GIFI item entered, you can use this column to record the corresponding account number used in the accounting software program. The account number is the number used to identify this item in the financial statements produced by the accounting program.

This column allows you to establish the relationship between the accounting system being used and Corporate Taxprep.

The information in this column cannot be imported. However, the information will be carried forward when the client file is rolled forward.

The information in the Account column is optional and is not required by the CRA.

• Current year Column

Enter the amount of each selected GIFI item in the Current year column.

The items marked as "mandatory field" to the right of their description are mandatory items that are required by the CRA to verify the accounting equation. An amount must appear in the Current year column for all of these items. By default, if no amount is entered, Corporate Taxprep will print a zero in these cells when the GIFI bar codes are printed.

When the client file is rolled forward, the amounts entered in the Current year column will be transferred to the Prior year column.

• Prior year Column

The amounts in this column result from rolling forward a corporation's return or have been entered by you. These amounts are indicated for reference purposes and are also used to calculate the paid-up capital on Forms CO-1136.CS, Paid-Up Capital for Purposes of Calculating the Income Tax of Certain Corporations, and CO-1140.A, Paid-Up Capital to Be Used for Purposes Other Than the Calculation of the Tax on Capital.

The information in the Prior year column is optional and is not required by the CRA.

Note: The Prior year column does not appear in the opening balance sheet (Schedule 101) as this schedule is only produced when the business is first incorporated.