Chapter 2 - Page 2 of the T2 return

Chapter 2 - Page 2 of the T2 return

Attachments

Schedules can be organized into two categories:

• information schedules, including general information schedules and those relating to transactions with non-residents

• calculation schedules, including schedules used to calculate net income, taxable income, deductions, taxes, and credits

You will find a complete list of the schedules at the end of this guide. The schedules are available at canada.ca/cra-forms-publications. You can also get them by calling 1-800-959-5525. To file the schedules the CRA does not publish, such as Schedule 92, gather the requested information and label it with the schedule number in the top right-hand corner of each page.

On pages 2 and 3 of the return, you will find a list of the most common schedules you may have to attach to your return. If you respond yes to any of the questions on these pages, attach to your T2 return the schedule that applies, unless otherwise instructed.

Financial statements or General Index of Financial Information (GIFI)

Each corporation should include complete financial statement information for the tax year of the return using the General Index of Financial Information.

You do NOT have to file paper financial statements or notes to financial statements if you file that year's T2 return electronically.

GIFI schedules include:

• Schedule 100, Balance Sheet Information

• Schedule 125, Income Statement Information, and, if necessary, Schedule 140, Summary Income Statement (You will find Schedule 140 at the end of Schedule 125.)

• Schedule 141, General Index of Financial Information (GIFI) - Additional Information. Schedule 141 is a set of questions designed to determine who prepared the financial statements and the extent of their involvement, and to identify the type of information contained in the notes to the financial statements

Include any notes to the financial statements and the auditor or accountant's report, if they were prepared. You should include this information even if you are filing your return using tax preparation software. You can include any notes to the financial statements and auditor or accountant's report on the GIFI when transmitting your return electronically. For more information, see "Using tax preparation software" on page 11.

When preparing the first return for a new corporation, attach all of the following documents:

• Schedule 101, Opening Balance Sheet Information

• copies of all relevant agreements or the full details on shares issued for anything other than cash consideration, if they apply

• if it applies, the closing balance sheet of the proprietorship, partnership, or corporation if the new corporation acquired the assets or business, or assumed the liabilities of a former proprietorship, partnership, or corporation

Corporations that are inactive throughout the tax year and that do not have balance sheet or income statement information to report do not have to attach schedules 100, 125, and 141 to their T2 return. However, they will be accepted if filed.

The GIFI schedules are to be completed with information from the corporation's financial statements. These schedules are laid out with a "column A" where the appropriate GIFI code is entered, and a "column B" where the corresponding dollar amount is entered.

The GIFI is included in all tax preparation software packages certified by the CRA and in most accounting software.

For more information on the GIFI, see Guide RC4088, General Index of Financial Information (GIFI).

Information schedules and forms

The following section describes the various general information schedules and forms you may have to complete.

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