RC4089(E) Rev. 16

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Table of contents

• Is this guide for you?
• General Index of Financial Information – GIFI Short
  • What is the GIFI – Short?
    • What about notes to financial statements?
• General information
  • Non-resident corporations
    • First year after incorporation
    • What level of detail is needed with the GIFI – Short?
    • Reporting unconsolidated financial statement information
    • Partnerships and joint ventures
    • Reporting in dollars
    • Reporting in Canadian funds
    • Reporting negative amounts
    • How do you complete the form?
    • Required items
    • Reporting an amount that combines two or more items
  • Completing the notes checklist
    • Part 1 – Information on the accountant who prepared or reported on the financial statements
    • Part 2 – Type of involvement with the financial statements
    • Part 3 – Reservations
    • Part 4 – Other information
  • Items found on the GIFI – Short
• Balance sheet information
  • Assets
  • Liabilities
  • Shareholder equity
  • Statement of retained earnings (deficit)
• Non-farming income statement
  • Revenue
  • Cost of sales
  • Operating expenses
• Farming income statement
  • Farming revenue
  • Farming expenses
• Net income/loss after taxes and extraordinary items
• Appendix – Non-profit organizations
• Online services
  • Handling business taxes online
  • Receiving your CRA mail online
  • Authorizing the withdrawal from your bank account
  • Electronic payments
• For more information
  • What if you need help?
  • Direct deposit
  • Forms and publications
  • Electronic mailing lists
  • Teletypewriter (TTY) users
  • Service complaints
  • Reprisal complaint
  • Tax information videos
  • Non-resident corporation enquiries

Is this guide for you?

This guide will help you complete Form T1178, General Index of Financial Information – Short.

You can use Form T1178 if:

• your corporation has both gross revenue and assets of less than one million dollars each;
• your corporation is not a life insurer, deposit insurer, or property and casualty insurer; and
• you do not use tax preparation software.

General Index of Financial Information GIFI – Short

What is the GIFI Short?

The GIFI – Short (Form T1178) is intended for corporations to file financial statement information in the GIFI format. If you use Form T1178, you do not have to send your financial statements with your T2 return and schedules.

What about notes to financial statements?

Send any notes to your financial statements with your GIFI – Short.

General information

Non-resident corporations

You can use the GIFI – Short when you report in unconsolidated, Canadian funds. Do not use the GIFI – Short if you are filing under section 115 only because you disposed of taxable Canadian property, or because you are a treaty-based exempt corporation.

First year after incorporation

You may be filing a T2 return for the first year after incorporation. If so, complete two balance sheets: an opening and a closing balance sheet. Please tick the appropriate box to identify your opening balance sheet. The box is located on the top right hand corner of page 1 of Form T1178.

What level of detail is needed with the GIFI – Short?

The Canada Revenue Agency (CRA) needs the same level of detail with the GIFI – Short as we needed from traditional financial statements. For example, if your corporation's financial statements include 40 items such as cash, accounts receivable, total assets, sales, cost of sales, income tax, and net income after tax, we expect that same number of GIFI codes. We need as many GIFI codes as it takes to represent your corporation's balance sheet and income statement in their entirety. Do not report only subtotals and totals.

Reporting unconsolidated financial statement information

Report your financial statement information for each legal entity (unconsolidated statement).

Partnerships and joint ventures

Use this form to report your financial statement information, but not the financial statement information of the partnerships or joint ventures you may be involved in.

Reporting in dollars

Report your financial statement amounts in dollars when completing the Form T1178. Do not report cents.

Reporting in Canadian funds

Report your financial statement information in Canadian funds even if you are a Canadian branch of a foreign corporation. You can report in a functional currency if you are an eligible corporation that has filed Form T1296, Election, or Revocation of an Election, to Report in a Functional Currency, and elected to file in a functional currency under section 261 of the Income Tax Act.

Reporting negative amounts

Report any negative amounts using a minus sign or brackets.

How do you complete the form?

1. Enter all balance sheet items relating to assets, liabilities, shareholder equity, and statement of retained earnings (deficit) on page 1 of the form.
2. Enter all income statement items relating to revenues, cost of sales and operating expenses of a non-farming operation on page 2 of the form.
3. Enter all income statement items relating to revenues and expenses of a farming operation on page 3 of the form.
   
4. Enter your extraordinary items and income tax items on page 3 of the form.
5. Complete the notes checklist on page 4 of the form. See Completing the notes checklist.

Required items

There are some line items with an asterisk (*) that always need an entry. These line items are used to verify that information was received and recorded correctly.

Reporting an amount that combines two or more items

An amount in your financial statement information may combine two or more items. To report this amount, determine which item is the greater or greatest amount and use the appropriate line item.

Completing the notes checklist

The notes checklist is a short set of questions designed to determine who prepared the financial statements, the extent of their involvement, whether any reservations were expressed, and other information relating to the financial statements. Parts 1, 2 and 3 must be completed from the perspective of the person (referred to on the form as the “accountant”) who prepared or reported on the financial statements. If you are preparing the tax return, but you are not the accountant referred to above, you must complete Parts 1, 2, 3 and 4 as applicable.

Part 1 – Information on the accountant who prepared or reported on the financial statements

Answer these two questions about the accountant who prepared or reported on the financial statements. Indicate whether the accountant has a professional designation and whether the accountant is connected to the corporation by ticking the yes box or no box for each question.

Part 2 – Type of involvement with the financial statements

Choose the option that represents the highest level of involvement of the accountant.

Part 3 – Reservations

If you selected option 1 or 2 in Part 2 – Type of involvement with the financial statements, answer question 099, “Has the accountant expressed a reservation?”

Part 4 – Other information

If you have a professional designation and are not the accountant who prepared the financial statements in Part 1, tick either option 1 or 2 of line 110.

If you answer yes to question 101, answer questions 102 to 107.

Items found on the GIFI – Short

The following is a list of the items from the balance sheet, non-farming income statement, farming income statement, extraordinary items, and income taxes areas of the form. Many items include a breakdown of the types of accounts that could be included in them.

Balance sheet information

Assets

1000 Cash and deposits

Include:

• cash;
• Canadian or foreign currency deposited in Canadian banks and institutions;
• Canadian or foreign currency deposited in foreign banks;
• credit union central deposits;
• bank drafts or notes, cheques, coins, currency, money orders, postal notes, post-dated cheques; and
• gold or silver bullion.

1060 Accounts receivable

Include:

• trade accounts receivable;
• trade accounts receivable from related parties;
• taxes, interest, holdbacks, or leases receivable;
• claims, dividends, royalties, or subsidies receivable;
• goods and services tax/harmonized sales tax, or income tax receivable; and
• accounts receivable from employees.

1061 Allowance for doubtful accounts

Include:

• allowance for doubtful trade accounts receivable;
• allowance for doubtful trade accounts receivable from related parties;
• allowance for doubtful amounts contained in leases receivable; and
• allowance for doubtful accounts receivable from employees.

1073 Amounts receivable from members of NPOs

Corporations that are non-­profit organizations can use this item to report amounts receivable from members.

1120 Inventories

Include:

• inventory of goods for sale;
• inventory parts and supplies;
• inventory of properties;
• inventory of aggregates;
• work in progress;
• raw materials; and
• inventory of securities.

1180 Short-term investments

Include:

• marketable securities;
• Canadian term deposits, guaranteed investment certificates;
• Canadian shares;
• Canadian bonds such as bond coupons, bond deposits, corporate bonds, government bonds, or debentures;
• Canadian treasury bills;
• securities purchased under resale agreements;
• short­-term investment in joint ventures or partnerships;
• other short-­term Canadian investments; and
• short-­term foreign investments.

1240 Loans and notes receivable

Include:

• demand, call, or day loans receivable; and
• other loans, notes, or mortgages receivable.

1300 Due from shareholders/directors

Include:

• advances, loans; or
• notes that show current due from individual shareholders, corporate shareholders, directors, or parent company.

1400 Due from/investment in related parties

Related parties can refer to affiliate, associated, and subsidiary corporations.

Include:

• demand notes from related parties such as demand, call, or day loans receivable;
• interest receivable, and current portion of loans or advances.

1480 Other current assets

Include:

• deferred income taxes;
• accrued investment income;
• taxes recoverable or refundable;
• security or tender deposits;
• prepaid expenses; and
• drilling advances.

1600 Land

Include land improvements and landscaping.

1620 Depletable assets

Include:

• petroleum and natural gas properties;
• mining properties;
• deferred exploration and development charges;
• cost for mine-stripping, well-drilling, or waste removal;
• quarries;
• gravel pits; and
• timber limits.

1621 Accumulated amortization of depletable assets

Include the accumulated depreciation or amortization of any of the items in 1620.

1680 Buildings

Include manufacturing and processing plants, and buildings under construction.

1681 Accumulated amortization of buildings

Include the accumulated depreciation or amortization of any of the items in 1680.

1740 Machinery and equipment

Include:

• tools and dies;
• construction and excavating equipment;
• forestry and logging equipment; fishing gear and nets;
• oil and gas distribution systems; ships and boats;
• radio and communication equipment;
• computer equipment and software;
• machinery and equipment under construction;
• motor vehicles;
• sonar equipment;
• mining equipment;
• pipelines;
• production equipment for resource industries;
• production equipment for other than resource industries;
• exploration equipment;
• shipping equipment;
• aircraft;
• signs;
• small tools;
• musical instruments;
• satellites;
• earth stations; and
• transportation equipment.

1741 Accumulated amortization of machinery and equipment

Include the accumulated depreciation or amortization of any of the items in 1740.

1787 Furniture and fixtures

1788 Accumulated amortization of furniture and fixtures

Include the accumulated depreciation or amortization of any of the items in 1787.

1900 Other tangible capital assets

Include:

• asphalt and parking areas;
• capital leases on buildings, equipment, vehicles or others;
• art, books, chinaware, cutlery, utensils, and uniforms;
• culverts;
• dams;
• golf courses;
• grain elevators;
• grandstands;
• swimming pools;
• towers;
• trailer parks;
• logging roads;
• wharves;
• docks, float walks, and marinas;
• fences;
• leasehold improvements; and
• campsites.

1901 Accumulated amortization of other tangible capital assets

Include the accumulated depreciation or amortization of any of the items in 1900.

2010 Intangible assets

Include:

• trademarks or patents;
• research and development;
• concessions, formulas, franchises, and organization costs;
• goodwill;
• quota;
• licences;
• incorporation costs;
• customer lists; and
• rights.

2011 Accumulated amortization of intangible assets

Include the accumulated amortization of any items in 2010.

2180 Due from shareholders/directors

Include advances, loans or notes that show a long term amount due from individual shareholders, corporate shareholders, directors, or a parent company.

2200 Investments in joint ventures/partnerships

Include long-term investment or equity in joint ventures, partnerships, or syndicates.

2240 Due from/investment in related parties

Related parties can refer to affiliate, associated, and subsidiary corporations.

Include:

• due from or investment in Canadian related parties;
• loans or advances to Canadian related corporations;
• investment in Canadian related corporations at cost or equity;
• due from or investment in foreign related parties;
• loans or advances to foreign related corporations;
• investment in foreign related corporations at cost or equity;
• shares in Canadian related corporations; and
• shares in foreign related corporations.

2300 Long-term investments

Include:

• Canadian, provincial, or municipal government debt;
• Canadian corporate bonds and debentures;
• bond coupons, or bond deposits;
• foreign shares;
• other types of foreign investments;
• Canadian shares;
• debt securities;
• equity securities;
• securities purchased under resale agreements;
• central credit union shares; and
• other Canadian long-term investments.

2360 Long-term loans

Include:

• mortgages;
• personal or credit card loans;
• business and government loans;
• advances or notes shown long term; and
• line of credit.

2420 Other long-term assets

Include:

• deferred income taxes;
• deferred pension charges;
• deferred unrealized exchange losses;
• other deferred items or charges;
• lease or tenant inducements;
• investment tax credits;
• stock exchange seats;
• utilities deposits;
• reserve fund; and
• cash surrender value of life insurance.

2590 Assets held in trust

Include trust fund, trust assets, or funds held in escrow.

Liabilities

2600 Bank overdraft

Include bank indebtedness.

2620 Amounts payable and accrued liabilities

Include:

• agreements, claims, rent, or utilities payable;
• holdbacks, wages, management fees, bonuses, employee deductions, withholding taxes, or interest payable; and
• trade payable; and trade payable to related parties.

2630 Amounts payable to members of NPOs

Corporations, including non-profit organizations, can use this item to report amounts payable.

2680 Taxes payable

Include:

• capital or foreign taxes, current income, logging or sales taxes, goods and services tax/harmonized sales tax; and
• tax credits payable.

2700 Short-term debt

Include:

• corporate or demand loans;
• loans from Canadian or foreign banks; gold and silver certificates;
• cheques and other items in transit;
• advances, loans, or notes shown current;
• due to joint ventures or partnerships;
• lien notes;
• liability for securities sold short; and
• liability for securities sold under repurchase agreements.

2707 Credit card loans

Include loans or purchases made on your credit card for the purpose of earning business income.

2780 Due to shareholders/directors

Include:

• advances, loans, or notes shown current due to individual shareholders, corporate shareholders, directors; or
• parent company.

2860 Due to related parties

Related parties can refer to affiliate, associated, and subsidiary corporations.
Include demand notes, interest payable, or advances due to related parties.

2920 Current portion of long term liability

2960 Other current liabilities

Include:

• reserve for guarantees;
• warranties or indemnities;
• general provisions or reserves;
• deferred income;
• unearned income;
• progress payments;
• bids, deposits received;
• dividends payable;
• deferred income taxes;
• provision for losses on loans;
• pension reserves; and
• crew shares.

3140 Long-term debt

Include:

• credit union, or caisse populaire loan;
• central, league, or federation loans;
• advances, loans or notes shown long-term;
• due to joint ventures or partnerships;
• mortgages;
• farm credit corporation loan;
• chartered bank loan;
• provincial or territorial government loan;
• supply company loan;
• private loan;
• line of credit;
• liability for securities sold short;
• liability for securities sold under repurchase agreements; and
• lien notes.

3220 Deferred income

Include:

• deferred capital or book gain;
• unearned income;
• interest or service charges; and
• the long-term portion of the unrealized foreign exchange gain.

3240 Future (deferred) income taxes

3260 Due to shareholders/directors

Include:

• advances;
• loans or notes that show long-term amount due to individual shareholders;
• corporate shareholders;
• directors; or
• parent company.

3300 Due to related parties

Related parties can refer to affiliate, associated, and subsidiary corporations.
Include amounts owing to related Canadian or foreign parties.

3320 Other long-term liabilities

Include:

• long-term obligations, commitments or capital leases;
• reserves for guarantees, warranties or indemnities;
• provision for site restoration, dismantlement, abandonment, future removal, or site restoration costs;
• contributions to qualifying environmental trust, mine reclamation, reclamation of waste disposal sites;
• general provisions or reserves, provision for losses on loans, pension reserves;
• preference shares restated;
• member allocations; and
• bonds and debentures.

3470 Amounts held in trust

Include:

• trust fund;
• trust liabilities; and
• funds held in escrow.

Shareholder equity

3500 Common shares

Include stock other than preferred stock which entitles the owner to a share of the corporation's profits and a share of the voting power in shareholder elections.

3520 Preferred shares

Include stock whose holders are guaranteed priority in the payment of dividends.

3540 Contributed and other surplus

Include:

• contributed surplus;
• capital donations, capital grants, and paid in surplus;
• appraisal surplus;
• general, inventory, mortgage, and
• security reserves.

3600 Retained earnings (deficit)

Statement of retained earnings (deficit)

3660 Retained earnings (deficit) – start

3680 Net income/loss

Any amount reported under this item should be equal to the amount reported under item 9999 – Net income/loss after taxes and extraordinary items.

3700 Dividends declared

Include:

• cash;
• patronage; or
• liquidating dividends and the premium paid on redemption of shares.

3740 Other items affecting retained earnings

Include:

• prior period adjustments;
• share redemption;
• special reserves;
• currency adjustments; and
• unusual revenue items.

3745 Interfund transfer

Corporations, including non-profit organizations, can use this item to report fund amounts transferred to or from retained earnings from or to the income statement.

3849 Retained earnings/deficit – End

If you report an amount at this line, you should report the same amount in shareholder equity at line 3600 – Retained earnings (deficit).

Non-farming income statement

Revenue

8000 Trade sales of goods and services

This line is for corporations that are not involved in the fishing industry (line 8160) but whose main source of income is the sale of a product or service.

8090 Investment revenue

Include interest from foreign sources, Canadian bonds and debentures, mortgage loans, or other Canadian sources such as finance income, guaranteed investment certificate interest, interest on overpaid taxes, and loan interest.

8095 Dividend income

Include dividends from Canadian or foreign sources.

8120 Commission revenue

Include commission income on real estate transactions.

8140 Rental revenue

Include:

• revenue from the renting or leasing of boats, machinery, equipment, films, vehicles, hotel rooms, motel rooms, real estate, apartments, commercial buildings, land, office space, residential housing, or shopping centres, and
• income from co-tenancies or co-ownerships.

8160 Fishing revenue

Include:

• fish products;
• other marine products such as flippers, herring roe, herring scales, Irish moss, kelp, seal meat, or seaweed;
• fishing grants, credits or rebates;
• fishing subsidies;
• compensation for loss of fishing income or property; and
• sharesman income.

8210 Realized gains/losses on disposal of assets

Include:

• realized gains or losses on sale of investments;
• realized gains or losses on sale of resource properties;
• book gains or losses;
• gain or loss on disposal of fixed assets; and
• recaptured depreciation.

Non-profit organizations

Corporations that are non-profit organizations can use the following five items. Use field 8220 to report NPOs' amounts received other than 8221 to 8224.

• 8220 NPO amounts received

• 8221 Membership fees

• 8222 Assessments

• 8223 Gifts

• 8224 Gross sales and revenues from organizational activities

Use field 8220 to report NPOs’ amounts received other than 8221 to 8224.

8230 Other revenue

This item is for secondary sources of income. Although there are types of income listed that are often main sources of income (for example, consulting fees), you should still use item 8000 to report the main activity income.

Include:

• gain on settlement of debt;
• increase in cash surrender value of life insurance proceeds;
• foreign exchange gains or losses;
• realized gains or losses on foreign currency;
• income or loss of other divisions;
• realization of deferred revenues;
• royalty income other than resource;
• management and administration fees;
• telecommunications revenue;
• consulting fees;
• subsidies and grants;
• sale of by-products;
• deposit, credit and card services;
• insurance, expense, or bad debt recoveries; and
• patronage dividends.

8232 Income/loss of subsidiaries/affiliates

This item is for corporations that report their investments in subsidiary corporations on the equity basis.

8234 Income/loss on joint ventures

This item is for corporations that report their investments in joint ventures on the equity basis.

8235 Income/loss of partnerships

This item is for corporations that report their investments in partnerships on the equity basis.

8237 Royalty income other than resource

Corporations, including non-profit organizations, can use this item to report royalties received.

8242 Subsidies and grants

Corporations, including non-profit organizations, can use this item to report federal, provincial, territorial, or municipal grants received.

Cost of sales

8300 Opening inventory

Include:

• opening inventory of finished goods;
• raw materials; and
• goods in process.

8320 Purchases/cost of materials

Include:

• the cost of merchandise sold, fuel and purchased power;
• manufacturing supplies used; and
• materials and merchandise purchased.

8340 Direct wages

Include:

• commissions;
• labour;
• production wages; and
• supervision.

8350 Benefits on direct wages

8360 Trades and sub-contracts

Include:

• contract labour;
• custom work;
• sub-contract labour; and
• outside labour.

8370 Production costs other than resource

8450 Other direct costs

Include:

• equipment hire and operation;
• log yard expenses such as barker, bucking, clipper, log sorting or sawing;
• forestry costs such as cutting, firefighting supplies, scaling, silviculture;
• logging road costs such as road clearing, ploughing or grating;
• royalty costs reported in cost of sales and paid to holders of copyrights, movies, patents, performing rights, or trademarks;
• stumpage costs;
• freight in and duty;
• inventory write down, inventory adjustments;
• direct cost amortization of tangible assets;
• direct cost amortization of natural resource assets; and
• overhead expenses allocated to cost of sales.

8500 Closing inventory

Include:

• closing inventory of finished goods;
• raw materials;
• goods and work in process.

Operating expenses

8520 Advertising and promotion

Include:

• advertising such as catalogues, media expenses, and publications;
• charitable or political donations;
• meals and entertainment such as tickets;
• promotion such as booths, demonstrations or presentations, displays, samples, and seminars.

8570 Amortization of intangible assets

Include:

• amortization of intangible assets such as deferred charges;
• goodwill (prior to 2002);
• patents;
• franchises;
• copyrights;
• trademarks;
• organization costs; and
• research and development costs.

8571 Goodwill impairment loss

Include the amount of impairment loss for goodwill. This applies to 2002 and subsequent tax years.

8590 Bad debt expense

Include:

• allowance for bad debts;
• allowance or provision for doubtful accounts;
• bad debt written off; and
• reserve for bad debt.

8620 Employee benefits

Include:

• association dues;
• clothing allowance, lodging, room and board, payroll deductions, levies, or taxes;
• group insurance benefits;
• medical, dental, or life insurance plans;
• employer's portion of employee benefits of Canada Pension Plan, company pension plan, Employment Insurance, Quebec Parental Insurance Plan, and Workers' Compensation; and
• contributions to deferred income plans of registered pension plan, deferred profit sharing plan, employee profit sharing plan, and registered supplementary unemployment benefit plan.

8670 Amortization of tangible assets

Include amortization of leasehold improvements and amounts referred to as depreciation.

8710 Interest and bank charges

Include:

• finance charges;
• interest on short-term debt;
• interest on bonds and debentures;
• interest on mortgages;
• amortization of mortgage discount;
• interest on long-term debt;
• bank charges;
• credit card charges; and
• collection and credit costs.

8760 Business taxes, licences, and memberships

Include:

• beverage, vehicle, or trade licences;
• business charges, memberships, dues, subscriptions, business taxes, capital tax, bridge or road tolls, health and education tax, permits, franchise fees, and government fees.

8810 Office expenses

Include:

• office stationery and supplies;
• office utilities, utility expenses related to an office such as electricity, gas, heating, hydro, and telephone; and
• data processing and word processing.

8860 Professional fees

Include:

• engineering or surveyor fees, professional services;
• legal, lawyer, or notary fees;
• accounting or bookkeeping fees;
• consulting, architect, illustration, or appraisal fees;
• laboratory, medical, veterinary, or breeding fees;
• brokerage or transfer fees;
• management and administration fees;
• refining and assay, registrar, and transfer agent fees;
• restructuring or reorganization costs;
• security commission fees;
• training expense, animal training, management training, and staff development; and
• studio and recording.

8910 Rental

Include:

• rental expenses for arena, boat, vessel, or ship;
• coal and lumber yards;
• railway sidings;
• safety deposit box or vaults;
• parking charges;
• real estate, apartment, building, land or office rentals;
• occupancy costs;
• condominium fees;
• equipment rental, rental expenses for film, computer equipment, office machines, road and construction equipment, or motor vehicles;
• moorage (boat), dock and wharf space;
• storage, rental expense for garages and warehouses; and
• quota rental.

8960 Repairs and maintenance

Include repairs and maintenance to:

• aircraft;
• buildings;
• vehicles;
• boats;
• machinery and equipment;
• premises upkeep; and
• gas and power lines.

9060 Salaries and wages

Include:

• amounts not found in cost of sales such as administrative salaries, casual labour, cost of living allowance, down time, fees to employees, minimum wage levies, payroll remuneration, severance pay, supervision and vacation pay;
• commissions;
• crew share;
• bonuses, incentive compensation;
• directors fees;
• management salaries, officers salaries;
• employee salaries, and office salaries.

9110 Sub-contracts

Include contract labour, contract work, custom work, and hired labour.

9150 Computer-related expenses

Include upgrade and Internet.

9180 Property taxes

Include municipal and realty taxes.

9270 Other expenses

Include:

• cash (over or short);
• reimbursement of parent company expense;
• selling expenses;
• shipping and warehouse expense;
• delivery, freight, and express such as courier, customs, delivery and installation;
• distribution;
• ferry charges;
• freight and cartage;
• freight and duty, and shipping and transportation;
• warranty expenses;
• guarantee costs;
• royalty expenses of residents or non-residents;
• amounts reported as non-resource royalties paid to residents or non-residents such as copyrights, movies, patents, performing rights, and trademarks;
• dumping charges;
• land fill fees;
• vehicle expenses such as automobile expenses, gas, motor vehicle fuel, tires, and vehicle washing;
• research and development;
• withholding taxes;
• general and administrative expenses such as marketing and administration, office and general expenses, selling and administrative expenses, insurance, supplies, travel expenses, and utilities.

9286 Interfund transfer

Corporations, including non-profit organizations, can use this item to report fund amounts transferred to or from the income statement from or to retained earnings.

Farming income statement

Farming revenue

9370 Grains and oil seeds

Include:

• wheat;
• oats;
• barley, mixed grains, corn, canola, flaxseed, soya beans; and
• wheat board payments.

9420 Other crop revenues

Include:

• fruit, potatoes, vegetables;
• tobacco, greenhouse and nursery products; and
• forage crops.

9470 Livestock and animal products revenue

Include:

• cattle, swine, poultry, sheep and lambs;
• pregnant mare urine (PMU), milk and cream (excluding dairy subsidies);
• eggs for consumption;
• hatching eggs;
• aquaculture (hatching and raising); and
• horses (breeding and meat).

9520 Other commodities

Include:

• maple products;
• artificial insemination;
• semen production; and
• embryo production.

9540 Program payment revenues

Include:

• dairy subsidies;
• crop insurance;
• disaster assistance program;
• AgriStability and AgriInvest benefit; and
• production insurance premium benefit.

9570 Rebates

Include:

• fuel rebates;
• interest rebates;
• property taxes rebates;
• resales; and
• other rebates.

9600 Other farm revenues/losses

Include:

• custom or contract work;
• wood sales;
• horse racing;
• insurance proceeds;
• patronage dividends;
• rental income;
• interest income;
• dividend income;
• gravel;
• trucking;
• resale of commodities purchased;
• leases (gas, oil well, surface, etc.);
• machine rentals; and
• custom feeding.

9609 Gains/losses on disposal of assets

Include:

• book gains/losses;
• gain/loss on disposal of fixed assets;
• profit/loss on sale of investments; and
• recaptured depreciation.

9615 Farming partnership income/loss

9616 Farming joint venture income/loss

9650 Non-farming income

If you are not using items 8000 to 8299, use this item to report any non-farming income of the farming corporation.

Farming expenses

9660 Crop expenses

Include:

• containers;
• twine and baling wire;
• fertilizers and lime;
• pesticides;
• seeds; and
• plants.

9710 Livestock expenses

Include:

• feed;
• supplements;
• straw, and bedding;
• livestock purchases;
• veterinary fees;
• medicine, and breeding fees; and
• minerals and salts.

9760 Machinery expenses

Include:

• machinery insurance;
• machinery licenses;
• machinery repairs;
• machinery fuel; and
• machinery lease.

9790 General farm expenses

Include:

• bad debt;
• clearing, levelling, and draining land;
• crop insurance;
• Revenue Protection Program;
• stabilization premiums;
• fence repairs and maintenance;
• heating and curing oil, insurance programs overpayment recapture;
• marketing board fees;
• selling costs;
• soil testing;
• storage/drying, licenses/permits;
• quota rental (tobacco, dairy);
• gravel;
• purchases of commodities resold;
• prepared feed;
• custom feed;
• commissions and levies.

9791 Amortization of tangible assets

Include amortization of tangible assets such as leasehold improvements and amounts referred to as depreciation.

9792 Advertising, marketing costs, and promotion

9794 Benefits related to employee salaries

Include:

• contributions to deferred income plans (DPSP/EPSP/RPP);
• employer’s part of employee benefits (CPP/EI/QPIP/WCB);
• group insurance benefits (dental/life/medical plans);
• payroll deductions; and
• lodging/room and board.

9795 Building repairs and maintenance

9798 Custom or contract work

Include:

• egg cleaning/grading/sorting/spraying;
• cheese aging; and
• contract harvesting/combining/crop dusting.

9799 Electricity

9801 Freight and trucking

Include the delivery and distribution costs and shipping.

9804 Other insurance premiums

Include:

• farm insurance;
• private crop insurance;
• livestock insurance; and
• business interruption insurance premiums.

9805 Interest and bank charges

9807 Memberships/subscription fees

9808 Office expenses

9809 Professional fees

Include amounts reported as farm-related expenses such as:

• accounting/bookkeeping fees;
• data processing costs; and
• legal fees.

9810 Property taxes

9811 Rent – Land and buildings

9812 Rent – Machinery

Include other rental expenses.

9814 Salaries and wages

Include:

• salaries and wages;
• salaries and wages other than spouse or dependants;
• salaries and wages paid to dependants; and
• salaries and wages paid to spouse.

9818 Supplies

9819 Motor vehicle expenses

Include:

• automobile expenses, gas, motor vehicle fuel, propane, tires;
• vehicle repairs and maintenance;
• vehicle washing;
• motor vehicle interest and leasing costs.

9820 Small tools

9824 Telephone

9832 Amortization of intangible assets

Include amortization of milk quota.

9834 Travel expenses

9835 Capital/business taxes

9850 Non-farming expenses

If you are not using items 8300 to 9368, use this item to report any non-farming expenses of the farming corporation.

9870 Net inventory adjustment

This item may be used to report the farm's opening inventory less closing inventory.

Net income/loss after taxes and extraordinary items

9975 Extraordinary items

Included in this item are gains or losses resulting from events that:

• are not expected to occur regularly over a period of years;
• do not typify normal business activities; and
• do not depend primarily on decisions or determinations by management.

Examples include:

• the expropriation of a corporation's land and buildings for a highway;
• the destruction of a large portion of a wheat crop by a tornado;
• an explosion in a nuclear reactor resulting in high-level radioactive emission;
• legal settlements; or
• settlements of royalties.

9990 Current income taxes

Include:

• Canadian income taxes;
• federal income tax;
• previous year adjustment to income tax; and
• provincial income taxes.

9995 Future (deferred) income tax provision

Include:

• Canadian income taxes deferred;
• provision for deferred income taxes; and
• provision for future income taxes.

Appendix – Non-profit organizations

This appendix is intended to help corporations that are non-profit organizations (NPOs) use the GIFI – Short form to report their financial statement information.

Table A shows some NPO terminology and the equivalent GIFI terminology. Tables labelled with B provide specific NPO terms and the suggested equivalent GIFI item.

Online services

Handling business taxes online

Save time using the CRA’s online services for businesses. You can:

• authorize a representative, an employee, or a group of employees, who has registered with Represent a Client,
• for online access to your business accounts;
• request or delete authorization online through Represent a Client, if you are a representative;
• register for online mail, get email notifications, and view your mail online;
• calculate a balance that includes interest calculated to a future date;
• authorize the withdrawal of a pre-determined amount from your bank account;
• transfer payments and immediately view updated balances;
• request remittance vouchers;
• enrol for direct deposit, update banking information, and view direct deposit transactions;
• request a refund;
• request copies of notices;
• change addresses;
• view answers to common enquiries, and if needed, submit account related enquiries;
• view closing balances (for example, non-capital loss balances);
• view the status of filed returns;
• view the account balance and instalment balance, including the corresponding transactions (for example, payments); and
• do much more.

To register or log in to our online services, go to:

• My Business Account if you are a business owner; or
• Represent a Client, if you are an authorized representative or employee.

For more information, go to E-services for Businesses.

Receiving your CRA mail online

You, or your representative (authorized at a level 2), can choose to receive most of your CRA mail for your business online.

When you or your representative registers for online mail, an email notification will be sent to the email address(es) provided when there is new mail available to view in My Business Account. Correspondence available through online mail will no longer be printed and mailed. To register, select the “Manage online mail” service and follow the steps.

Using our online mail service is faster and easier than managing paper correspondence.

Authorizing the withdrawal of a pre-determined amount from your bank account

Pre-authorized debit (PAD) is an online, self-service, payment option. Through this option, you agree to authorize the CRA to withdraw a pre-determined amount from your bank account to pay tax on a specific date or dates. You can set up a PAD agreement using the CRA's secure My Business Account service at E-services for Businesses. PADs are flexible and managed by you. You can view historical records, modify, cancel, or skip a payment. For more information, go to Make a payment to the Canada Revenue Agency and select “Pay by pre-authorized debit.”

Electronic payments

Make your payment using:

• your financial institution’s online or telephone banking
• services;
• the CRA’s My Payment service;

or

• pre-authorized debit at My Business Account.

For more information on all payment options, go to Make a payment to the Canada Revenue Agency.

For more information

What if you need help?

If you need more information after reading this guide, go to Corporations or call 1-800-959-5525.

For information about filing your T2 Corporation Income Tax Return, see Guide T4012, T2 Corporation – Income Tax Guide.

Direct deposit

Direct deposit is fast, convenient, reliable, and secure way to get your CRA payments directly into your account at a financial institution in Canada.

To enrol for direct deposit or to update your banking information, go to Direct deposit.

Forms and publications

To get our forms or publications, go to Forms and publications or call 1-800-959-5525.

Electronic mailing lists

We can notify you by email when new information on a subject of interest to you is available on our website. To subscribe to our electronic mailing lists, go to Canada Revenue Agency Electronic mailing lists.

Teletypewriter (TTY) users

TTY users can call 1-800-665-0354 for bilingual assistance during regular business hours.

Service complaints

You can expect to be treated fairly under clear and established rules, and get a high level of service each time you deal with the Canada Revenue Agency (CRA); see the Taxpayer Bill of Rights.

If you are not satisfied with the service you received, try to resolve the matter with the CRA employee you have been dealing with or call the telephone number provided in the CRA’s correspondence. If you do not have contact information, go to Contact information.

If you still disagree with the way your concerns were addressed, you can ask to discuss the matter with the employee’s supervisor.

If you are still not satisfied, you can file a service complaint by filling out Form RC193, Service-Related Complaint.

If the CRA has not resolved your service-related complaint, you can submit a complaint with the Office of the Taxpayers’ Ombudsman.

For more information, go to Make a service complaint.

Reprisal complaint

If you believe that you have experienced reprisal, fill out Form RC459, Reprisal Complaint.

For more information about reprisal complaints, go to Reprisal Complaints.

Tax information videos

We have a tax information video series for new small businesses that provides an introduction to topics such as registering a business, GST/HST, and payroll. To watch our videos, go to Video gallery.

Non-resident corporation enquiries

If you have a question about a non-resident corporation account, go to Businesses – International and non-resident taxes or call the International and Ottawa Tax Services Office at one of the following numbers:

• from Canada and the United States, 1-800-959-5525;
• from outside Canada and the United States, 613-940-8497. (We accept collect calls by automated response. You may hear a beep and experience a normal connection delay.)

Fax number
613-952-3845