The General Index of Financial Information (GIFI)

You can also use the "edit-in place" feature to edit T2 GIFI data. In order to show GIFI totals in the editor, ensure that the box Show automatically calculated GIFI totals in the editor is checked in the option User interface of the Preferences menu.

Entering your financial statement data directly into DT Max

If you choose that option, follow the steps below:

1. Use the keyword SYNCHRONIZE and select the option Update NETINCOME and TAXONCAPITAL from GIFI to update the information from these keyword groups.

2. Use the keyword GIFI-Form to select the financial statement for which you want to enter data.

   Each financial statement may only be chosen once, except for the Supplementary income statements, which may be used as often as necessary.

3. For each financial statement selected, use the keyword GIFI-Field to enter or choose the relevant codes and amounts. Press [Enter] or double-click the field to open the GIFI code selector dialogue box. In this box, choose the option which corresponds to the financial information that you wish to record, then enter the applicable amount. DT Max will automatically total the amounts entered and place the result in the appropriate field.

   However, if you chose to enter data for Supplementary income statements, be sure to

   1. indicate the operating name of the operation with NAME-OP
   2. enter a description of the operation with DESCR-OP
   3. enter the sequence number for the operation with SEQUENCE

   before you begin to enter the relevant field codes and amounts.

4. To submit notes to your financial statements with the GIFI, use the keyword GIFI-Notes and enter the notes in text format.

5. Use the keyword Checklist, available under the option Notes checklist in the subgroup GIFI-Form, to select the option which best identifies who prepared the financial statements and the extent of their involvement.

   Under GIFI-Other, in the GIFI-Form subgroup, you may answer YES to other questions about the preparation of the financial statements by selecting the relevant option. Note that if you fail to select an option, DT Max will default to the answer NO.

   The CRA requires the notes checklist to be submitted with the GIFI data whether the T2 return is filed on paper (T2RSI) or electronically (EDI).

To import a file generated by accounting or audit software, simply go to the keyword GIFI and select Import in the data entry screen, or select Import GIFI from the File menu after opening the target corporation from the client list.

1. Begin by entering the full path and filename of the GIFI file to be imported, or click Browse to navigate and locate the proper file on your system.

2. Select the GIFI sections you wish to import: balance sheet, income statement and/or notes to financial statements. Generally, all these boxes should be ticked in order to import the complete GIFI file.

   Note that any existing data in the selected GIFI-Form options will be overwritten by the imported data.

3. You may also tick the box labeled Update NETINCOME and TAXONCAPITAL group data from GIFI. The information for these keyword groups will be updated from the GIFI data.

   Note that it is possible to update this keyword information without importing by unticking all items in the section Select sections of the GIFI file to import and only ticking the box labeled Update NETINCOME and TAXONCAPITAL group data from GIFI.

4. To proceed to the next step in the import process, click OK or Cancel to end the procedure.

Click OK if this is the correct GIFI information and you want it imported into the current client, or click Cancel.