  GIFI |
The general index of financial information (GIFI) is an extensive list of financial statement items where each has a unique code (e.g. cash is "1001"). Use the keyword GIFI to indicate the GIFI source.
See the DT Max document General Index of Financial Information (GIFI) to find out how to enter GIFI information in DT Max.
The following options are applicable for the keyword GIFI.
DT Max - manual entry
Import
Use the keyword GIFI-File to indicate the file name of the GIFI data to be imported.
Use this keyword to indicate whether or not DT Max should automatically update the NETINCOME and TAXONCAPITAL groups with the information from the GIFI.
The following options are applicable for the keyword Synchronize..
Use the keyword IFRS-Prep to indicate whether or not the corporation used the International Financial Reporting Standards (IFRS) when it prepared its financial statements. This information is needed for purposes of the federal return.
If this keyword is not used, DT Max will default to "No".
The following options are applicable for the keyword IFRS-Prep.
 See the Taxnet Pro™ T2 Line-by-Line Guide (subscription required):
Line 270 - IFRS financial statement preparation
 See the CRA's general income tax guide:
Line 270 - Did the corporation use the International Financial Reporting Standards (IFRS) when it prepared its financial statements?
Use the keyword GIFI-Form to select the GIFI form that will be completed.
The following options are applicable for the keyword GIFI-Form.
100 Balance sheet
101 Opening balance sheet
125 Income statement
125 Supplementary income statements
140 Summary of income statements
141 Notes checklist
Use the keyword Name-Op to enter the operating name of the operation reported on the supplementary income statement.
Use the keyword Descr-Op to enter the description of the operations reported on the supplementary income statement.
Use the keyword Sequence to enter the sequence number of the supplementary income statement.
Use the keyword GIFI-Field to enter the field and amount pertaining to the GIFI form chosen with the keyword GIFI-Form.
For information on the DT Max GIFI editor, click here.
Use the keyword ID-Person-FinInfo to indicate whether or not you can identify the person primarily involved with financial information.
A person primarily involved with the financial information is a person who has more than a 50% involvement in preparing the financial information that the T2 return is based on. For example, if three persons prepared the financial information by doing respectively 30%, 30%, and 40% of the work, answer no at line 111. If they did respectively 10%, 20%, and 70% of the work, answer yes at line 111 and complete Part 1 by referring only to the third person.
The following options are applicable for the keyword ID-Person-FinInfo.
Use the keyword Accountant to indicate the type of accounting practitioner that is involved in the preparation of the corporation's financial statements, and whether they are connected with the corporation.
To be connected with the corporation, a person must be (i) a shareholder of the corporation who owns more than 10% of the common shares; (ii) a director, an officer, or an employee of the corporation; or (iii) a person not dealing at arm's length with the corporation.
The following options are applicable for the keyword Accountant.
Professional designation - connected
Professional designation - not connected
No professional designation - connected
No professional designation - not connected
A notes checklist is a short set of questions designed to determine who prepared the financial statements and the extent of their involvement.
Use the keyword Checklist to indicate the level of involvement of the accounting practitioner.
In addition, all notes to the financial statements must be submitted with the GIFI data.
The following options are applicable for the keyword Checklist.
Auditor's report without reservation
Auditor's report with reservation
Review engagement report without reservation
Review engagement report with reservation
Compilation engagement
Provided accounting services
Provided bookkeeping services
Other (specify)
Use the keyword GIFI-Other to select all GIFI checklist items that apply to the corporation.
The following options are applicable for the keyword GIFI-Other.
101 Notes to financial statements
104 Corporation had subsequent events
105 Corporation re-evaluated assets during tax year
106 Corporation had contingent liabilities during tax year
107 Corporation had commitments during tax year
108 Corporation has investments in JV or partnership
250 Derecognized financial instruments
255 Hedge accounting applied
260 Hedge accounting discontinued
265 Adjustments to opening equity
310 Prof. design. who prepared return & financial info. Choose this option if you are the accountant with a professional designation and has prepared the tax return and the financial information.
311 Prof. design. who prepared return (client provided F/S) Choose this option if you are the accountant with a professional designation and has prepared the tax return (financial statements prepared by client).
312 Prof. design. who prepared return (client provided TB)
313 Prof. design. who prepared return (client provided G/L)
314 Prof. design. who prepared return - other (specify)
Use the keyword Impair&FVChange to indicate that there is an amount recognized in net income or other comprehensive income (OCI) as a result of an impairment loss in the year, a reversal of an impairment loss recognized in a previous year, or a change in fair value during the year for assets.
The following options are applicable for the keyword Impair&FVChange.
Use the keyword In-NetIncome to enter the amount recognized in net income for the specific asset as a result of an impairment loss in the year, a reversal of an impairment loss recognized in a previous year, or a change in fair value during the year.
Enter an increase using a positive amount and a decrease using a negative amount.
The following options are applicable for the keyword In-NetIncome.
Use the keyword In-OCI to enter the amount recognized in other comprehensive income for the specific asset as a result of an impairment loss in the year, a reversal of an impairment loss recognized in a previous year, or a change in fair value during the year.
Enter an increase using a positive amount and a decrease using a negative amount.
The following options are applicable for the keyword In-OCI.
Use the keyword GIFI-Notes to enter any notes to the financial statements. These notes will be automatically submitted when you are electronically filing the Federal and Quebec returns.
| 
GIFI-File 
GIFI-Form 
Name-Op