What is GIFI and why does it matter?
The General Index of Financial Information (GIFI) is a standardized coding system created by the Canada Revenue Agency (CRA) to classify financial statement data on T2 corporate income tax returns. Every line item on your client's balance sheet and income statement must be mapped to a GIFI code.
GIFI codes are used in two key schedules:
- Schedule 100 — Balance Sheet Information (Assets, Liabilities, Equity)
- Schedule 125 — Income Statement Information (Revenue, Expenses)
Getting GIFI mapping right matters because:
Incorrect mapping can trigger CRA reviews, especially large amounts in "Other" categories.
Some codes affect tax calculations directly (e.g., meals at 50% deductibility).
CRA uses GIFI data for industry benchmarking and anomaly detection.
Missing or incorrect GIFI codes can cause e-filing rejections.
GIFI code ranges explained
GIFI codes are organized into logical ranges. Understanding these ranges makes mapping intuitive:
| Code Range | Category | Schedule | Examples |
|---|---|---|---|
| 1000-1999 | Assets | Schedule 100 | Cash, AR, Inventory, Equipment |
| 2000-2999 | Liabilities | Schedule 100 | AP, Loans, Deferred Tax |
| 3000-3999 | Equity | Schedule 100 | Common Shares, Retained Earnings |
| 8000-8299 | Revenue | Schedule 125 | Sales, Interest, Dividends |
| 8300-8519 | Cost of Sales | Schedule 125 | COGS, Opening/Closing Inventory |
| 8520-9369 | Operating Expenses | Schedule 125 | Rent, Salaries, Utilities, Amortization |
The mapping process
Here's a systematic approach to mapping GL accounts to GIFI codes:
Export the trial balance
Get a complete list of GL accounts with year-end balances from the client's accounting software.
Categorize by financial statement section
Separate accounts into Assets, Liabilities, Equity, Revenue, and Expenses. This determines the GIFI range.
Match to specific GIFI codes
Use the most specific code available. Avoid "Other" categories (like 9367) unless truly necessary.
Verify totals match
Total Assets must equal Total Liabilities + Equity. Net Income on Schedule 125 must match the income statement.
Save mapping for next year
Once mapped, save the GL-to-GIFI mapping. Most accounts won't change year to year.
7 common mapping mistakes
These mistakes can lead to CRA reviews or incorrect tax calculations:
8520 is for pure advertising costs only (media buys, ad placement).
8521 "Advertising and promotion" is more general and includes marketing materials, promotional items, and sponsorships.
Use 8521 for most marketing expenses unless the cost is specifically for ad placement.
Several GIFI codes must be entered as negative values:
- 1062 — Allowance for doubtful accounts (contra asset)
- 1786 — Accumulated amortization (contra asset)
- 8370 — Closing inventory (reduces COGS)
Entering these as positive values will throw off your balance sheet or overstate expenses.
The CRA may flag returns with large amounts in "Other" categories. These codes are meant for truly miscellaneous items, not as a catch-all.
Best practice: If an expense exceeds 5% of total expenses, find a more specific code. Review the full GIFI list—there are over 150 expense codes.
Report the full amount of meals and entertainment on Schedule 125 under code 9220.
The 50% limitation is applied on Schedule 1 as an add-back to taxable income, not on the income statement.
Common error: Recording only 50% of meals in GIFI, which understates expenses and misrepresents the financial statements.
8860 (Professional fees) is for external professionals: lawyers, CPAs, consultants hired on contract.
8960 (Salaries and wages) is for employee compensation, including internal accountants or lawyers on payroll.
Mixing these up can affect payroll ratio analysis and may raise questions during review.
8760 (Maintenance and repairs) is for costs that maintain an asset in its current condition.
Improvements that extend useful life or increase value should be capitalized as assets (1600s range), not expensed.
Example: Fixing a broken HVAC = repair (8760). Installing a new, more efficient HVAC = capital (1680 or 1740).
If a vehicle has any personal use, you need a kilometre log to support the business-use percentage.
The personal-use portion is added back on Schedule 1. Without documentation, CRA can deny the entire vehicle expense claim.
Pro tip: Use apps like MileIQ or Driversnote to make logging easier for clients.
Codes that require negative values
These GIFI codes must be entered as negative numbers because they reduce other amounts:
| Code | Description | Why negative? |
|---|---|---|
| 1062 | Allowance for doubtful accounts | Contra asset — reduces total AR |
| 1786 | Accumulated amortization | Contra asset — reduces capital assets |
| 8370 | Closing inventory | Reduces COGS calculation |
Balance sheet must balance
If your balance sheet doesn't balance, check that accumulated amortization (1786) is entered as negative. This is the #1 cause of Schedule 100 errors.
Tricky edge cases
Shareholder loans: Debit or credit?
Code 2700 (Shareholder loans) is for amounts the corporation owes to shareholders (a liability). If the shareholder owes money to the corporation, use 1009 (Loans receivable) or a similar receivables code.
GST/HST: Where does it go?
GST/HST is typically netted out and doesn't appear in GIFI. However, if you're tracking it:
- GST receivable (ITC owed to you) → 1060 area (Accounts receivable)
- GST payable (owing to CRA) → 2130 area (Accounts payable)
Intercompany transactions
Use the "due to/from related parties" codes carefully:
- 1070 — Amounts due from related parties (asset)
- 2140 — Amounts due to related parties (liability)
Test your knowledge
Test your GIFI mapping skills with this quick quiz:
1. A client paid $5,000 for a lawyer to review a contract. Which GIFI code?
2. Where should accumulated depreciation be reported?
3. Client meals costing $2,000. What do you report in GIFI 9220?
4. A shareholder lent $50,000 to the corporation. Which code?
Your Score: 0/4
Automate GIFI mapping
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