Guide to the General Index of Financial Information ... - New Learner

General InformationWho can use the GIFI?All corporations—except for insurance corporations—canfile using the GIFI.Insurance corporationsThe GIFI does not currently meet the reporting needs ofinsurance corporations involved in underwriting(life insurers, deposit insurers, or property and casualtyinsurers). The GIFI does not include items specific to theinsurance industry. You should continue to submit a papercopy of your financial statements along with your T2 returnand schedules.Non-resident corporationsYou can use the GIFI when you report in unconsolidatedCanadian funds. Do not use the GIFI if you are filing undersection 115 of the Income Tax Act only because you disposedof taxable Canadian property or because you are atreaty-based exempt corporation.Partnerships or joint ventures (alsoco-ownerships, co-tenancies)Use the GIFI to report your own financial statementinformation, but not the financial statement information ofpartnerships or joint ventures you may be involved in.For paper-filed returns, send financial statement informationfor a partnership or joint venture, with your return.For returns filed using the Corporation Internet Filingservice, send the financial statement information for apartnership or joint venture to your tax centre. Include acover letter with your name, Business Number, and yourtaxation year-end. Identify the financial statements attachedas those of partnerships or joint ventures in which you havean investment. Request these statements be included in thefile of your corporation.Inactive corporationsUse the GIFI to file your balance sheet information. Youmay have an income statement to file. If so, use the GIFI tofile this information.First year after incorporationYou may be filing for the first year after incorporation. If so,complete two balance sheets: an opening and a closing. Ifyou are not using a software package approved by us tocomplete this information, and you are using the GIFI-Shortform, write “opening” in the top right-hand corner of theappropriate balance sheet. If you are using the GIFIschedules, the T2SCH100, Balance Sheet Information, is forthe closing balance sheet information and the T2SCH101,Opening Balance Sheet Information, is for the opening balancesheet information.Deferred expense statementsYou may be involved in exploration and development thathas not yet generated significant sales revenue, and youmay have capitalized deferred expenditures. If so, do notuse the GIFI to itemize these expenditures. You shouldreport the aggregate deferred expenditures as balance sheetinformation. As well, you have to report “0” in the requiredfields on your income statement information (see “Validitycheck items” on this page).Reporting in Canadian fundsReport your financial statement information in Canadianfunds even if you are a Canadian branch of a foreigncorporation.Reporting negative amountsIf you are using a software package, it will show you howto mark items as negative amounts. If you do not use asoftware package, you should mark negative amountsusing brackets ( ) or a minus sign “–”.Reporting in dollarsReport your financial statement amounts in actual dollars;do not report cents (for example, report cash of $10,500.75as 10501 at line 1001 – Cash). Do not report amounts inthousands (000) or millions of dollars.Reporting unconsolidated financialstatement informationReport your financial statement information for each legalentity (unconsolidated). Include all unincorporatedbranches or divisions within that legal corporate entity.Reporting multiple lines of businessYou may have multiple lines of business. For moreinformation on how to report this type of situation usingthe GIFI, see Appendix B on page 26.Using the GIFI1. Select the items usually reported on your balance sheetfrom items in the 1000 to 3849 range.2. Select the items usually reported on your incomestatement from items in the 8000 to 9970 range.NoteItems 9370 to 9899 relate specifically to farming incomeand expenses.3. Select the items usually reported on your extraordinaryitems and income taxes from items in the 9975 to 9999range.Validity check itemsThe GIFI information has to balance. We use the followingrules to verify the information you provide.www.cra.gc.ca 5

■ total assets = total liabilities + total shareholder equity■ total revenue – total expenses = net non-farming income■ total farm revenue – total farm expenses = net farmincomeYou have to provide certain line items so that we can verifythe above equations. Each GIFI must include:Balance sheetItem 2599 – Total assetsItem 3499 – Total liabilitiesItem 3620 – Total shareholder equityNon-farming income and expensesItem 8299 – Total revenueItem 9368 – Total expensesand/orFarming income and expensesItem 9659 – Total farm revenueItem 9898 – Total farm expensesWhen reporting a breakdown of retained earningsItem 3849 – Retained earnings/deficit endExtraordinary items and income taxesItem 9999 – Net income/loss after taxesand extraordinary itemsThe amount of a required item may be NIL. If so, enter “0”.NoteThese required fields do not represent the minimumnumber of items that need to be GIFI-coded and filedwith the CRA. These are codes that must be included,along with all the other GIFI codes needed to represent acorporation’s financial statements.For an example of how to use the GIFI, see page 8How to select GIFI itemsThe GIFI consists of items you find on a balance sheet andincome statement. The balance sheet section consists ofitems pertaining to assets, liabilities, and shareholderequity. Items specific to retained earnings are included inthis area as well. The income statement section consists ofitems you find under revenue, cost of sales, and expenses.Due to the specific reporting needs of the agricultureindustry, we have provided a separate section for farmingrevenue and expenses. A section for extraordinary items andincome taxes is listed after the farming section. For acomplete listing of GIFI items, see Appendix A on page 12.We have further divided the GIFI into blocks of itemswithin these sections. The item at the start of each block ishighlighted. This item represents the generic term for itemswithin the block. You may not find the item that is an exact,or close match to the item on your financial statements. Ifso, use the generic item.NoteThe generic item at the start of each block does notrepresent the total of the items in the block.Assuming that you will prepare the GIFI from your ownfinancial statements, use the following process when youselect GIFI items:■ try to select an exact match from the GIFI items on yourfinancial statements;■ if you cannot find an exact match, select the mostappropriate item; or■ if you cannot find an appropriate item, select the genericitem.Example8760 Business taxes, licences, and memberships8761 Memberships8762 Business taxes8763 Franchise fees8764 Government feesIf your income statement usually shows an account for“business charges”, you could use item 8760 to report thisamount.Reporting an amount that combinestwo or more itemsAn amount in your financial statement information maycombine two or more GIFI items. To report this amount,determine which item is the greater or greatest amount andchoose the most appropriate GIFI item.ExampleCash and term depositsIf cash is the greater amount, report in GIFI item 1001 – Cash.If term deposits is the greater amount, report in GIFIitem 1181 – Canadian term deposits.ExampleRent, taxes, and insuranceYou could report this in 8911 – Real estate rental, 8762 –Business taxes, or 8690 – Insurance, depending on whichamount is the greatest.Completing the notes checklistThe notes checklist is included with the GIFI in all CRAapproved software packages. Complete the notes checklistwhen you use the GIFI to report your financial statementinformation. It should be completed from the perspective ofthe person who prepared or reported on the financialstatements. A copy of the notes checklist is on the nextpage.Part 1 – Accounting practitioner informationAnswer these two questions concerning the accountingpractitioner who reported on, or prepared the financialstatements of the corporation. Indicate whether theaccounting practitioner has a professional designation andwhether the practitioner is connected to the corporation byticking either the Yes or No box for each question.6www.cra.gc.ca

Notes to the financial statementsYou may have prepared notes to the financial statements. Ifso, include them with the GIFI. If you file electronically,you must include the notes with your transmission. Yoursoftware package should enable you to transfer the notes tothe file you are transmitting, without re-keying.NotesYou cannot include tables and graphs in the notes if youare filing electronically. You must convert this type ofinformation to plain text.You may choose to report on the GIFI breakdowns ofitems such as capital assets or investments shown in thenotes.ExampleYour balance sheet shows fixed assets of $31,500, with a breakdown found in the notes.Cost Accumulated amortization NetLand $ 10,000 $ 10,000Buildings $ 20,000 $ 3,000 $ 17,000Furniture and fixtures $ 5,000 $ 500 $ 4,500Total $ 35,000 $ 3,500 $ 31,500Using the GIFI, you could report the information from the notes as follows:GIFI Code Item Amount1600 Land 10,0001680 Buildings 20,0001681 Accumulated amortization of buildings (3,000)1787 Furniture and fixtures 5,0001788 Accumulated amortization of furniture and fixtures (500)2008 Total tangible capital assets 35,0002009 Total accumulated amortization of tangible capital assets (3,500)Example – Using the GIFIThe following example represents a typical set of financialstatements.■ Part 1 shows the item and amount reported on thefinancial statement, and the corresponding GIFI code andname.■ Part 2 shows just the GIFI codes and amountsrepresenting what the CRA receives either electronicallyor on paper if you use a software package to report yourfinancial statement information.NoteThis example is only a guideline. It is not meant todictate what to put on your statements or how to file.Example 1Part 1Item description $ Amount GIFI code and nameBalance SheetAssetsCash 2,540 1001 CashAccounts receivable(net of allowance for 1060 Accounts receivable*doubtful accounts of $25) 331 or1060 Accounts receivable1061 Allowance for doubtful accountsInventory 8,947 1120 InventoriesPrepaid expenses 1,813 1484 Prepaid expenses13,631 1599 Total current assetsFixed assets (note 2) 49,803 2008 Total tangible capital assetsInvestment (note 3) 1,000 2242 Shares in Canadian related corporations64,434 2599 Total assets* You could choose to show the net amount of accounts receivable or accounts receivable and allowance for doubtfulaccounts.8www.cra.gc.ca

Item description $ Amount GIFI code and nameLiabilitiesBank indebtedness 5,000 2600 Bank overdraftAccounts payable 6,797 2621 Trade payablesCurrent portion of bank loan liability 5,104 2920 Current portion of long term liability16,901 3139 Total current liabilitiesBank loan 64,634 3143 Chartered bank loanDue to shareholders, unsecuredwith no fixed terms 29,900 3260 Due to shareholder(s)/director(s)94,534 3450 Total long term liabilities111,435 3499 Total liabilitiesShareholder Equity1500 common shares 1,500 3500 Common sharesDeficit (48,501) 3600 Retained earnings/deficit(47,001) 3620 Total shareholder equityStatement of Income and Retained EarningsRevenueProfessional services 191,396 8000 Trade sales of goods and services8299 Total revenueExpensesAdvertising 675 8521 AdvertisingAmortization 15,708 8670 Amortization of tangible assetsAssociation dues 1,575 8761 MembershipsBank charges and interest 8,564 8710 Interest and bank chargesBusiness taxes 5,789 8762 Business taxesInsurance and licences 3,988 8690 Insurance*Office 3,137 8810 Office expensesProfessional fees 975 8860 Professional feesRent 45,703 8911 Real estate rentalRepairs and maintenance 1,255 8960 Repairs and maintenanceSupplies 37,591 9130 SuppliesTelephone and utilities 5,512 9225 Telephone and telecommunications*Travel and education 360 9200 Travel expenses*Wages and benefits 55,118 9060 Salaries and wages*185,950 9368 Total expensesNet income before taxes 5,446 9369 Net non-farming incomeIncome taxes 1,400 9990 Current income taxesNet income (loss) 4,046 9999 Net income/loss after taxes and extraordinary itemsRetained EarningsNet income (loss) 4,046 3680 Net income/lossDeficit, beginning of year (52,547) 3660 Retained earnings/deficit – startDeficit, end of year (48,501) 3849 Retained earnings/deficit – end* First item in two-item amount is greater (see “Reporting an amount that combines two or more items” on page 6).Notes to financial statementsNote 1. Basis of PresentationThe financial statements have been prepared by management in accordance with accounting principles generally acceptedin Canada and using historic cost as the basis of presentation.www.cra.gc.ca 9

Part 2 – GIFI code and amount sent to the CRAGIFI code Amount GIFI code Amount1001 2540 3680 40461060 331 3660 (52547)or 3849 (48501)1060 356 8000 1913961061 25 8299 1913968521 6751120 8947 8670 157081484 1813 8761 15751599 13631 8710 85648762 57892008 49803 8690 39882242 1000 8810 31372599 64434 8860 9752600 5000 8911 457032621 6797 8960 12552920 5104 9130 375913139 16901 9225 55123143 64634 9200 3603260 29900 9060 551183450 94534 9368 1859503499 111435 9369 54463500 1500 9990 14003600 (48501) 9999 40463620 (47001)Bolded amounts show items for which we need to verify accounting equations (see “Validity check items” on page 5).Notes checklistGIFI codeValue095 1097 2198 3099 No value is needed for question 99, since the answer to question 198 is “3.”101 1102 2103 2104 2105 2106 2107 2108 2109 No value is needed for question 109, as the answer to question 108 is “No.”In this example, all Parts of the Notes Checklist need to be completed because the accounting practitioner who prepared thefinancial statements has a professional designation and is not connected to the corporation.Notes to the financial statementsIf you file a paper return, attach the notes to the financial statements to this GIFI listing. If you file electronically, includethem in the transmission.www.cra.gc.ca 11

Appendix A – Complete Listing of the GIFIThe following is a complete list of the GIFI items. Someof the items include more detail as to the type ofinformation you could report in the item.Example1001 CashYou can use this item to report bank drafts, bank notes,cheques, coins, currency, money orders, postal notes, andpost-dated cheques, as well as cash.9012 Road costsYou could use this item to report snow removal as well asroad costs.Balance Sheet InformationAssetsCurrent assets1000 Cash and deposits1001 Cashbank drafts, bank notes, cheques, coins, currency, moneyorders, postal notes, and post-dated cheques1002 Deposits in Canadian banks and institutions –Canadian currency1003 Deposits in Canadian banks and institutions –foreign currency1004 Deposits in foreign banks – Canadian currency1005 Deposits in foreign banks – foreign currency1006 Credit union central deposits1007 Other cash like instrumentsgold bullion and silver bullion1060 Accounts receivableclaims, dividends, royalties, and subsidies receivable1061 Allowance for doubtful accounts1062 Trade accounts receivable1063 Allowance for doubtful trade accounts receivable1064 Trade accounts receivable from related parties1065 Allowance for doubtful trade accounts receivablefrom related parties1066 Taxes receivableGST/HST, income tax refunds, and tax creditsreceivable1067 Interest receivable1068 Holdbacks receivable1069 Leases receivable1070 Allowance for doubtful amounts contained inleases receivable1071 Accounts receivable from employees1072 Allowance for doubtful accounts receivable fromemployees1073 Amounts receivable from members of NPOsthis item is intended for corporations that are non-profitorganizations – to report amounts receivable frommembers1120 Inventories1121 Inventory of goods for salefinished goods1122 Inventory parts and supplies1123 Inventory propertiesthis item is intended for companies whose primaryactivities are real estate, subdividing, or construction,and who have real estate held for sale1124 Inventory of aggregates1125 Work in progressgoods in process1126 Raw materials1127 Inventory of securitiesthis item is intended for companies such as brokers,stockbrokers, financial institutions, or investmentcompanies that hold securities for sale1180 Short-term investmentsshort-term marketable securities1181 Canadian term depositsshort-term bearer deposit notes, collateral deposits, andguaranteed investment certificates1182 Canadian shares1183 Canadian bondsbond coupons, bond deposits, corporate bonds,government bonds, and debentures shown current1184 Canadian treasury bills1185 Securities purchased under resale agreements1186 Other short-term Canadian investments1187 Short-term foreign investmentsall types of foreign investment shown current1240 Loans and notes receivable1241 Demand loans receivableamounts such as call loans, day loans, or demand loans1242 Other loans receivable1243 Notes receivable1244 Mortgages receivableItems 1300 to 1303 – current amounts due fromshareholders/directors, such as advances, loans, or notes1300 Due from shareholder(s)/director(s)1301 Due from individual shareholder(s)1302 Due from corporate shareholder(s)due from parent company1303 Due from director(s)1360 Investment in joint venture(s)/partnership(s)current investment or equity in joint venture(s),partnership(s), and syndicate(s)1380 Due from joint venture(s)/partnership(s)current amounts due from jointventure(s)/partnership(s), or syndicate(s), such asadvances, loans, or notes12www.cra.gc.ca

Items 1400 to 1403 – Related parties can refer to affiliate,associated, and subsidiary corporations.NoteCurrent investment in a parent company should bereported at item 1400. However, item 1302 should beused for current due from a parent company.1400 Due from/investment in related parties1401 Demand notes from related partiesamounts due from related parties such as call loans, dayloans, or demand loans1402 Interest receivable from related parties1403 Loans/advances due from related parties1460 Customers’ liability under acceptancesthis item is for financial institutions – any amountreported in this item should be equal to the amountreported in the Liabilities section as “acceptances”(i.e., Item 2940 – Bankers’ acceptances)1480 Other current assets1481 Future (deferred) income taxesincome taxes applicable to future years, and reserve forincome taxes, shown current1482 Accrued investment income1483 Taxes recoverable/refundable1484 Prepaid expenses1485 Drilling advances1486 Security/tender deposits1599 Total current assetsCapital assetsItems 1600 to 2179 – capital assets – Throughout the GIFI,depreciation is referred to as amortization of tangible assets,depletion is referred to as amortization of natural resource assets,and amortization is referred to as amortization of intangibleassets.Items 1600 to 2009 – tangible capital assets – Item 2008 –Total tangible capital assets, represents the sum of all tangiblecapital assets reported, and item 2009 – Total accumulatedamortization of tangible capital assets, represents the sum of allthe accumulated amortization of the tangible capital assetsreported, within items 1600 to 1922.When reporting this breakdown, the net final amount of thetangible capital assets is not to be shown anywhere on the GIFI.However, if your financial statements show an amount for “fixedassets (net)” for which there is no breakdown, this could bereported in Item 2008 – Total tangible capital assets.1600 Land1601 Land improvementslandscaping1602 Accumulated amortization of land improvements1620 Depletable assetscosts for mine-stripping, well drilling, or waste removal1621 Accumulated amortization of depletable assets1622 Petroleum and natural gas properties1623 Accumulated amortization of petroleum andnatural gas properties1624 Mining properties1625 Accumulated amortization of mining properties1626 Deferred exploration and development charges1627 Accumulated amortization of deferred explorationand development charges1628 Quarries1629 Accumulated amortization of quarries1630 Gravel pits1631 Accumulated amortization of gravel pits1632 Timber limits1633 Accumulated amortization of timber limits1680 Buildings1681 Accumulated amortization of buildings1682 Manufacturing and processing plant1683 Accumulated amortization of manufacturing andprocessing plant1684 Buildings under construction1740 Machinery, equipment, furniture, and fixtures1741 Accumulated amortization of machinery,equipment, furniture, and fixtures1742 Motor vehicles1743 Accumulated amortization of motor vehicles1744 Tools and dies1745 Accumulated amortization of tools and dies1746 Construction and excavating equipment1747 Accumulated amortization of construction andexcavating equipment1748 Forestry and logging equipment1749 Accumulated amortization of forestry and loggingequipment1750 Fishing gear and netssonar equipment1751 Accumulated amortization of fishing gear and nets1752 Mining equipment1753 Accumulated amortization of mining equipment1754 Oil and gas systemspipelines and distribution systems1755 Accumulated amortization of oil and gas systems1756 Production equipment for resource industries1757 Accumulated amortization of productionequipment for resource industries1758 Production equipment for other than resourceindustries1759 Accumulated amortization of productionequipment for other than resource industries1760 Exploration equipment1761 Accumulated amortization of explorationequipment1762 Shipping equipment1763 Accumulated amortization of shipping equipment1764 Ships and boats1765 Accumulated amortization of ships and boats1766 Aircraft1767 Accumulated amortization of aircraft1768 Signs1769 Accumulated amortization of signs1770 Small tools1771 Accumulated amortization of small tools1772 Radio and communication equipment1773 Accumulated amortization of radio andcommunication equipmentwww.cra.gc.ca 13

2220 Due from joint venture(s)/partnership(s)long-term amounts due from jointventure(s)/partnership(s), or syndicate(s), such asadvances, loans, or notesItems 2240 to 2250 – Related parties can refer to affiliate,associated, and subsidiary corporations.NoteLong-term investment in a parent company should bereported in the appropriate item in this block. However,item 2182 – Due from corporate shareholders, should beused for long-term amounts due from a parent company.2240 Due from/investment in related parties2241 Due from/investment in Canadian related parties2242 Shares in Canadian related corporations2243 Loans/advances to Canadian related corporations2244 Investment in Canadian related corporations atcost2245 Investment in Canadian related corporations atequity2246 Due from/investment in foreign related parties2247 Shares in foreign related corporations2248 Loans/advances to foreign related corporations2249 Investment in foreign related corporations at cost2250 Investment in foreign related corporations atequity2280 Investment in co-tenancyinvestment in co-ownerships2300 Long term investments2301 Foreign shares2302 Other types of foreign investmentsforeign investments in joint ventures, partnerships,bonds, and debentures2303 Canadian shares2304 Government of Canada debtgovernment of Canada long-term bonds and debentures2305 Canadian, provincial, and municipal governmentdebt2306 Canadian corporate bonds and debentureslong-term bond coupons and bond deposits2307 Debt securities2308 Equity securities2309 Securities purchased under resale agreements2310 Central credit union shares2311 Other Canadian long-term investments2360 Long-term loansadvances and notes shown long-term2361 Mortgages2362 Personal and credit card loans2363 Business and government loans2364 Line of credit2420 Other long-term assetsinvestment tax credits, stock exchange seats, andutilities deposits2421 Future (deferred) income taxesincome taxes applicable to future years, and reserve forincome taxes, shown long term2422 Deferred pension charges2423 Deferred unrealized exchange losses2424 Other deferred items/chargesdebt discount and expense, deferred development costs,deferred finance charges, deferred organization expense,lease inducements, tenant inducements, and cost onincomplete contracts2425 Accumulated amortization of deferred charges2426 Reserve fund2427 Cash surrender value of life insurance2589 Total long-term assets2590 Assets held in trusttrust fund, trust assets, or funds held in escrowcorporations such as collection agencies, funeral homes,insurance agencies, real estate agencies, travel agencies,and travel wholesalers would use this item – an amountreported in this item should have a balancing amountreported in Item 3470 – Amounts held in trust, in theliabilities section2599 Total assetsthis item represents the total of all current, capital,long-term assets, and assets held in trust and must bereported (see “Validity check items” on page 5)LiabilitiesCurrent liabilities2600 Bank overdraftbank indebtedness2620 Amounts payable and accrued liabilitiesaccrued liabilities, agreements payable, claims payable,rent payable, and utilities payable2621 Trade payables2622 Trade payables to related parties2623 Holdbacks payable2624 Wages payable2625 Management fees payable2626 Bonuses payable2627 Employee deductions payablepayroll deductions for employee benefits such asEmployment Insurance, Canada Pension Plan, QuebecParental Insurance Plan, group insurance, and pensionplans2628 Withholding taxes payable2629 Interest payableaccrued interest payable2630 Amounts payable to members of NPOsfor corporations that are non-profit organizations toreport amounts payable to members2680 Taxes payablecapital taxes, foreign taxes, GST/HST, current incometaxes, logging taxes, sales taxes, and tax credits payable2700 Short term debtcorporate loans, demand loans, loans from foreignbanks, and notes payable shown short term2701 Loans from Canadian banks2702 Liability for securities sold short2703 Liability for securities sold under repurchaseagreementswww.cra.gc.ca 15

2704 Gold and silver certificates2705 Cheques and other items in transit2706 Lien notes2707 Credit card loans2770 Deferred incomedeferred capital or book gain, unearned income,unearned interest, unearned service charges, andunrealized foreign exchange gain shown currentItems 2780 to 2783 – current amounts due toshareholder(s)/director(s), such as advances, loans, or notes2780 Due to shareholder(s)/director(s)2781 Due to individual shareholder(s)2782 Due to corporate shareholder(s)due to parent company2783 Due to director(s)2840 Due to joint venture(s)/partnership(s)current amounts due to joint venture(s)/partnership(s),and syndicate(s) such as advances, loans, or notesItems 2860 to 2863 – Related parties can refer to affiliate,associated, and subsidiary corporations.2860 Due to related parties2861 Demand notes due to related parties2862 Interest payable to related parties2863 Advances due to related parties2920 Current portion of long-term liability2940 Bankers’ acceptancesfor financial institutions – any amount reported in thisitem should be equal to the amount reported in Assets asItem 1460 – Customers’ liability under acceptances2960 Other current liabilitiesprogress payments shown current2961 Deposits receivedbids, contract deposits, rental deposits, tenders, andsecurity deposits2962 Dividends payable2963 Future (deferred) income taxesincome taxes applicable to future years and reserve forincome taxes shown current2964 Reserves for guarantees, warranties, or indemnities2965 General provisions/reservescontingent liabilities, provision for losses on loans, andpension reserves shown current2966 Crew shares3139 Total current liabilitiesLong-term liabilities3140 Long-term debt3141 Mortgages3142 Farm credit corporation loan3143 Chartered bank loan3144 Credit Union/Caisse Populaire loan3145 Provincial or territorial government loan3146 Supply company loan3147 Private loan3148 Central, league, and federation loans3149 Line of credit3150 Liability for securities sold short3151 Liability for securities sold under repurchaseagreements3152 Lien notes3200 Deposit liabilities of financial institutionsapplies to financial institutions and represents depositsmade by customers3210 Bonds and debentures3220 Deferred incomedeferred capital or book gain, unearned income,unearned interest, unearned service charges, andunrealized foreign exchange gain shown long term3240 Future (deferred) income taxesincome taxes applicable to future years and reserve forincome taxes shown long termItems 3260 to 3263 – long-term amounts due toshareholder(s)/director(s), such as advances, loans, or notes3260 Due to shareholder(s)/director(s)3261 Due to individual shareholder(s)3262 Due to corporate shareholder(s)due to parent company3263 Due to director(s)3270 Due to membersadvances, loans, or notes from members of co-operativesor credit unions3280 Due to joint venture(s)/partnership(s)long-term amounts due to jointventure(s)/partnership(s), and syndicate(s) such asadvances, loans, or notesItems 3300 to 3302 – Related parties can refer to affiliate,associated, and subsidiary corporations.3300 Due to related parties3301 Amounts owing to related Canadian parties3302 Amounts owing to related foreign parties3320 Other long-term liabilitiesminority shareholder interest and other deferred creditsshown long term3321 Long-term obligations/commitments/capitalleases3322 Reserves for guarantees, warranties, or indemnities3323 Provision for site restorationdismantlement and abandonment costs, future removal,and site restoration costs3324 Contributions to qualifying environmental trustenvironmental trust, mine reclamation, and reclamationof waste disposal sites3325 General provisions/reservescontingent liabilities, provision for losses on loans, andpension reserves shown long term3326 Preference shares restatedapplies to preferred shares that have been restated as aliability and reported as a long-term liability16www.cra.gc.ca

3327 Member allocationsallocation to members of credit unions and co-operatives3328 Deferred revenue from incomplete contractsintended for contractors using the completion method ofreporting revenue to report deferred revenue fromincomplete contracts3450 Total long-term liabilities3460 Subordinated debt3470 Amounts held in trusttrust fund, trust liabilities, or funds held in escrow,corporations such as collection agencies, funeral homes,insurance agencies, real estate agencies, travel agencies,and travel wholesalers would use this item – an amountreported in this item should have a balancing amountreported in Item 2590 – Assets held in trust, in theassets section3499 Total liabilitiesthis item represents the total of all current andlong-term liabilities and must be reported (see “Validitycheck items” on page 5)Shareholder equity3500 Common shares3520 Preferred shares3540 Contributed and other surplus3541 Contributed surpluscapital donations, capital grants, and paid-in surplus3542 Appraisal surplusexcess of appraisal value over cost, revaluation account,and revaluation surplus3543 General reservegeneral reserves, inventory reserves, mortgage reserves,and security reserves3570 Head office accounthome office account and head office investment3600 Retained earnings/deficit3620 Total shareholder equitythis item represents the sum of all shareholder equityamounts and must be reported (see “Validity checkitems” on page 5)3640 Total liabilities and shareholder equityRetained Earnings InformationRetained earnings/deficit3660 Retained earnings/deficit – start3680 Net income/lossany amount reported in this item should be equal to theamount reported at Item 9999 – Net income/loss aftertaxes and extraordinary items3720 Prior period adjustments3740 Other items affecting retained earningsdividends credited to investment account –if you choose to report dividends received in retainedearnings rather than on the income statement add thedividend back on Schedule 1 – Net income (loss) forincome tax purposes3741 Share redemptions3742 Special reserves3743 Currency adjustments3744 Unusual revenue items3745 Interfund transferintended for corporations that are non-profitorganizations to report fund amounts transferredto/from retained earning from/to the income statement3849 Retained earnings/deficit – endthis item represents the sum of all retained earningsamounts and must be reported if you are reportingretained earnings (see “Validity check items” on page 5)– an amount reported in this item should be the sameamount reported in Item 3600 – Retainedearnings/deficit, in the shareholder equity sectionIncome Statement Information0001 Operating namecomplete this section if the operating name is differentfrom the corporation name (e.g., 111111 Ontario Ltd.,operating as Maggie’s Muffins)0002 Description of the operationcomplete the description of the operation when reportingmore than one income statement, and the activity isdifferent from the major business activity – refer toAppendix B of this guide for more information onreporting multiple lines of business0003 Sequence Numberfor more than one income statement, use sequencenumbers for each statement – number 01 for the incomestatement relating to the main activity withsupplementary income statements numberedconsecutively from 02Revenue8000 Trade sales of goods and servicesthis item is for corporations who are not involved in theresource industry (Items 8040 to 8053) or the fishingindustry (Items 8160 to 8166), but whose main sourceof income is the sale of a product or service – amounts inmay be reported net of discounts allowed on sales, salesrebates, volume discounts, returns, and allowances8020 Sales of goods and services to related partiessee explanation for item 8000 above8030 Interdivisional sales3700 Dividends declaredliquidating dividends, premium paid on redemption ofshares, and stock dividends declared on shares3701 Cash dividends3702 Patronage dividendswww.cra.gc.ca 17

8040 Sales from resource properties8041 Petroleum and natural gas sales8042 Petroleum and natural gas sales to related parties8043 Gas marketing8044 Processing revenue8045 Pipeline revenue8046 Seismic sales8047 Mining revenue8048 Coal revenue8049 Oil sands revenue8050 Royalty income8051 Oil and gas partnership/joint venture income/loss8052 Mining partnership/joint venture income/loss8053 Other production revenuewell operating fees and sulphur revenue8089 Total sales of goods and services8090 Investment revenue8091 Interest from foreign sourcesmay be reported as gross of withholding taxes –withholding taxes would then be reported inItem 9283 – Withholding taxes8092 Interest from Canadian bonds and debentures8093 Interest from Canadian mortgage loans8094 Interest from other Canadian sourcesfinance income, guaranteed investment certificatesinterest, interest on overpaid taxes, and loan interest8095 Dividend income8096 Dividends from Canadian sources8097 Dividends from foreign sourcesmay be reported gross of withholding taxes –withholding taxes would then be reported inItem 9283 – Withholding taxes8100 Interest income (financial institutions)8101 Loan interest8102 Securities interest8103 Deposits with banks interest8120 Commission revenuecommissions earned on the sale of products or servicesby businesses such as advertising agencies, brokers,insurance agents, lottery ticket sales, salesrepresentatives, or travel agenciessome corporations may present sales and cost of sales ontheir income statement, with commission earned beingthe net amount – report only the commission on theGIFIExampleLottery ticket sales $40,000Cost of lottery tickets $25,000Commission $15,000This would be reported as:Item 8120 – Commission revenue 150008140 Rental revenuerevenue from the renting of boats, hotel or motel rooms,machinery or equipment, and storage lockers8141 Real estate rental revenueamounts received as income from renting or leasing ofapartments, commercial buildings, land, office space,residential housing, and shopping centresmay also use to report income from investments inco-tenancies and co-ownerships8142 Film rental revenue8150 Vehicle leasinglong-term vehicle leasing and short term vehicle leasing8160 Fishing revenue8161 Fish products8162 Other marine productsamounts received from the sale of flippers, herring roe,herring scales, Irish moss, kelp, seal meat, and seaweed8163 Fishing grants, credits, and rebates8164 Fishing subsidies8165 Compensation for loss of fishing income orpropertyamounts received from The Atlantic GroundfishStrategy (TAGS) or insurance proceeds8166 Sharesman incomeItems 8210 to 8212 – realized gains/losses on disposal ofassets – These items represent the net amount of proceeds overnet book value on the disposal or sale of an asset.NoteLosses on disposal/sale of assets shown as an expenseshould be reported in these items as a negative.8210 Realized gains/losses on disposal of assetsgain/loss or profit/loss on disposal/sale of capital assets8211 Realized gains/losses on sale of investmentsprofit/loss on disposal of investments or marketablesecurities8212 Realized gains/losses on sale of resourceproperties8220 NPO amounts received8221 Membership fees8222 Assessments8223 Gifts8224 Gross sales and revenues from organizationalactivitiesItems 8230 to 8250 – other revenue – This block of items is forsecondary sources of income. Although there are items in thisblock that are often main sources of income, Item 8000 – Tradesales of goods and services, should still be used to report the mainincome.compensation could also be reported in this item (forexample, compensation for collecting sales tax)8121 Commission income on real estate transactions18www.cra.gc.ca

ExampleA corporation, whose main source of revenue is consultingfees, would choose Item 8000 – Trade sales of goods andservices, to report this income.However, if the corporation’s main source of income isfrom architectural design, but there is secondary incomefrom consulting, the architectural income would bereported in Item 8000 and the consulting income inItem 8241 – Consulting fees.8230 Other revenuegains on settlement of a debt and miscellaneous revenue8231 Foreign exchange gains/lossesamortization of deferred exchange gains and losses andrealized gains and losses on foreign currency8232 Income/loss of subsidiaries/affiliatesfor corporations that report investment in subsidiarycorporations on the equity basis8233 Income/loss of other divisions8234 Income/loss of joint venturesfor corporations that report investments in jointventures on the equity basis8235 Income/loss of partnershipsfor corporations that report investments in partnershipson the equity basisNoteA loss on foreign exchange, subsidiaries/affiliates, otherdivisions, joint ventures or partnerships shown as anexpense should be reported in the appropriate item(Items 8231 to 8235) as a negative.8236 Realization of deferred revenuesrealization of interest income, realization of instalmentpayments, and realization of service charges8237 Royalty income other than resourceroyalty income or royalty fees from computer programs,copyrights, motion pictures, or patents8238 Alberta royalty tax credits8239 Management and administration fees8240 Telecommunications revenue8241 Consulting fees8242 Subsidies and grantsgovernment assistance and subvention payments (fornon-fishing corporations), federal, provincial, territorial,or municipal grants received by corporations that arenon-profit organizations8243 Sale of by-productssecondary income earned by a garage selling discardedoil or tires to be used for other than the intended use, ora restaurant selling discarded food as pig feed8244 Deposit services8245 Credit services8246 Card services8247 Patronage dividends8248 Insurance recoverieslife insurance proceeds on the death of insuredexecutives8249 Expense recoveries8250 Bad debt recoveries8299 Total revenuerepresents the sum of all revenue amounts and must bereported if there is no farming revenue (see “Validitycheck items” on page 5)Cost of sales8300 Opening inventory8301 Opening inventory – finished goods8302 Opening inventory – raw materials8303 Opening inventory – goods in processopening inventory – work in progress8320 Purchases/cost of materialscost of merchandise sold, fuel and purchased power,manufacturing supplies used, materials, andmerchandise purchasedmay be reported net of discounts earned on purchases8340 Direct wagescommissions, labour, production wages, and supervisionwhen shown in cost of sales8350 Benefits on direct wages8360 Trades and sub-contractscontract labour, custom work, sub-contract labour, andoutside labour8370 Production costs other than resource8400 Resource production costsgas processing, oil and gas operating expenses, oil andgas production, milling, smelting, and refining8401 Pipeline operations8402 Drilling8403 Site restoration costsfuture removal costs8404 Gross overriding royalty8405 Freehold royalties8406 Other producing properties rentalfreehold lease rentals and freehold delay rentals8407 Prospect/geologicaldigital processing, geochemical work, geophysical work,gravity meters, magnetic playbacks, seismographs,staking, and velocity surveys8408 Well operating, fuel and equipment8409 Well abandonment and dry holes8410 Other lease rentals8411 Exploration expensesaerial surveys8412 Development expensesstripping costs8435 Crown charges8436 Crown royalties8437 Crown lease rentals8438 Freehold mineral tax8439 Mining taxes8440 Oil sand leases8441 Saskatchewan resource surcharge8450 Other direct costs8451 Equipment hire and operationwww.cra.gc.ca 19

8452 Log yardbarker, bucking, clipper, log sorting, and sawing8453 Forestry costscutting, firefighting supplies, scaling, and silviculture8454 Logging road costsroad clearing, ploughing, and grating8455 Stumpage costs8456 Royalty costsroyalties paid to holders of copyrights, movies, patents,performing rights, and trademarks, found in cost ofsales8457 Freight in and dutycustoms and excise duty8458 Inventory write downrevaluation of inventory and inventory adjustments8459 Direct cost amortization of tangible assetsamortization of leasehold improvements and amountsreferred to as depreciation shown in cost of sales8460 Direct cost amortization of natural resource assetsamounts referred to as depletion shown in cost of sales8461 Overhead expenses allocated to cost of salesamounts reported under cost of sales that are normallyconsidered operating expenses8500 Closing inventory8501 Closing inventory – finished goods8502 Closing inventory – raw materials8503 Closing inventory – goods in processclosing inventory – work in progress8518 Cost of salesrepresents the sum of all cost of sales amounts8519 Gross profit/lossrepresents the net amount of Item 8089 – Total sales ofgoods and services, less Item 8518 – Cost of sales – mayalso be referred to as gross marginOperating expenses8520 Advertising and promotion8521 Advertisingcatalogues, media expenses, and publications8522 Donationscharitable donations, donations to the crown, andpolitical donations8523 Meals and entertainmenttickets (theatre, concert, athletic event, etc.)8524 Promotionbooths, demonstrations/presentations, displays,prospectus, samples, and seminars (given)8570 Amortization of intangible assetsamortization of intangible assets such as deferredcharges, goodwill (prior to 2002), patents, franchises,copyrights, trademarks, organization costs, and researchand development costs8571 Goodwill impairment lossapplies to 2002 and subsequent tax years8590 Bad debt expenseallowance for bad debts, allowance/provision fordoubtful accounts, bad debt, bad debt written-off,provision for bad debts, and reserve for bad debt8610 Loan lossesfor loans, mortgages, and other loan-type amountswritten off8611 Provision for loan lossesprovision/allowance for loan, mortgage, or credit losses8620 Employee benefitsassociation dues, clothing allowance, lodging, payrolldeductions/levies/taxes, and room and board8621 Group insurance benefitsmedical, dental, and life insurance plans8622 Employer’s portion of employee benefitsCanada Pension Plan, company pension plan,Employment Insurance, Quebec Parental InsurancePlan, and Workers’ Compensation8623 Contributions to deferred income planscontributions to a registered pension plan, deferredprofit sharing plan, employee profit sharing plan, andregistered supplementary unemployment benefit plan8650 Amortization of natural resource assetsamounts referred to as depletion8670 Amortization of tangible assetsamortization of leasehold improvements and amountsreferred to as depreciation8690 Insurancebonding, fire insurance, liability insurance, premiumexpenses, property insurance, and vehicle insurance8691 Life insurance on executivesinsurance policies where the beneficiary is thecorporation rather than the estate of the executive8710 Interest and bank chargesfinance charges, bank charges, and interest payments oncapital leases8711 Interest on short-term debt8712 Interest on bonds and debenturesamortization of bond discounts8713 Interest on mortgagesamortization of mortgage discount or expense8714 Interest on long-term debt8715 Bank charges8716 Credit card chargesinterest on credit cards8717 Collection and credit costs8740 Interest paid (financial institutions)8741 Interest paid on deposits8742 Interest paid on bonds and debentures8760 Business taxes, licences, and membershipsbeverage licences, business charges, motor vehiclelicences and/or registration permits, and trade licences8761 Membershipsdues and subscriptions8762 Business taxesbusiness tax, provincial capital tax (excludingNova Scotia and New Brunswick taxes on largecorporations), bridge tolls, gross receipt tax, health andeducation tax, hospital tax, permits, road tolls, and taxeson leases8763 Franchise fees8764 Government fees20www.cra.gc.ca

8780 New Brunswick tax on large corporations8790 Nova Scotia tax on large corporations8810 Office expenses8811 Office stationery and supplies8812 Office utilitiesutility expenses related to an office such as electricity,gas, heating, hydro, and telephone8813 Data processingword processing8860 Professional feesengineering fees, professional services, and surveyor fees8861 Legal feeslawyer and notary fees8862 Accounting feesbookkeeping8863 Consulting fees8864 Architect feesarchitectural design and illustration fees and landscapearchitect fees8865 Appraisal feesreal estate and jewellery appraisal, and financialvaluation services8866 Laboratory fees8867 Medical fees8868 Veterinary feesbreeding fees8869 Brokerage fees8870 Transfer feesland and property transfer fees8871 Management and administration fees8872 Refining and assay8873 Registrar and transfer agent fees8874 Restructuring costsreorganization costs8875 Security commission fees8876 Training expenseanimal training, management training, and staffdevelopment8877 Studio and recording8910 Rentalrental expenses for arena, boat/vessel/ship, coal andlumberyards, railway sidings, safety deposit box/vaults,and parking charges8911 Real estate rentalapartment, building, land, and office rentals8912 Occupancy costs8913 Condominium fees8914 Equipment rentalrental expenses for computer equipment, film, officemachines, and road and construction equipment8915 Motor vehicle rentals8916 Moorage (boat)dock and wharf space8917 Storagerental expense for garages and warehouses8918 Quota rentalforestry and logging quota rental expenses8960 Repairs and maintenanceaircraft repairs and maintenance8961 Repairs and maintenance – buildingspremises upkeep8962 Repairs and maintenance – vehicles8963 Repairs and maintenance – boats8964 Repairs and maintenance – machinery andequipmentgas and power line repairs and maintenance9010 Other repairs and maintenancejanitorial services, landscaping, and yard maintenance9011 Machine shop expense9012 Road costssnow removal costs9013 Securityalarm system and surveillance equipment repairs andmaintenance9014 Garbage removal9060 Salaries and wagesamounts not found in cost of sales such asadministrative salaries, casual labour, cost of livingallowance, down time, fees to employees, minimumwage levies, payroll remuneration, severance pay,supervision, and vacation pay9061 Commissions9062 Crew share9063 Bonusesincentive compensation9064 Directors fees9065 Management salariesofficers’ salaries9066 Employee salariesoffice salaries9110 Sub-contractscontract labour, contract work, custom work, and hiredlabour9130 Suppliesmedical supplies, veterinary drugs and supplies,wrapping and packing supplies9131 Small tools9132 Shop expense9133 Uniforms9134 Laundrydry-cleaning9135 Food and catering9136 Fishing gear9137 Nets and traps9138 Salt, bait, and ice9139 Camp supplies9150 Computer-related expenses9151 Upgradeupdates to computer software9152 Internet9180 Property taxesmunicipal and realty taxes9200 Travel expensesairfare, hotel rooms, travel allowance, travel, andaccommodationswww.cra.gc.ca 21

9711 Feed, supplements, straw, and beddingpurchased dairy rations and forage9712 Livestock purchases9713 Veterinary fees, medicine, and breeding feesartificial insemination, disease testing, embryotransplants, neutering, semen, spaying, and studservice9714 Minerals and salts9760 Machinery expenses9761 Machinery insurance9762 Machinery licences9763 Machinery repairs9764 Machinery fuellubricants9765 Machinery lease9790 General farm expensesmilk testing, negative farm support payments, andsilage preservation9791 Amortization of tangible assetsamortization of leasehold improvements and amountsreferred to as depreciation9792 Advertising, marketing costs, and promotion9793 Bad debtallowance for bad debts, allowance/provision fordoubtful accounts, bad debt, bad debt written-off,provision for bad debts, and reserve for bad debt9794 Benefits related to employee salariescontributions to deferred income plans(DPSP/EPSP/RPP), employer’s portion of employeebenefits (CPP/EI/QPIP/WCB), group insurance benefits(dental/life/medical plans), payroll deductions, andlodging/room and board9795 Building repairs and maintenance9796 Clearing, levelling, and draining landexpenses from building a road, digging/drilling a waterwell, installing land drainage, ploughing land, andbringing public utilities to the farm9797 Crop insurance, Revenue Protection Program, andstabilization premiums9798 Custom or contract workegg cleaning/grading/sorting/spraying, cheese aging,and contract harvesting/combining/crop dusting9799 Electricity9800 Fence repairs and maintenance9801 Freight and truckingdelivery and distribution costs and shipping9802 Heating fuel and curing fuelcoal, oil, natural gas, and fuel for curing tobacco/cropdrying/greenhouses9803 Insurance program overpayment recapture9804 Other insurance premiumsfarm insurance, private crop insurance, livestockinsurance, and business interruption insurancepremiums9805 Interest and bank chargesfinance charges, interest on a farm loan, interest onlong-term debt, and interest on a mortgage9806 Marketing board fees9807 Memberships/subscription feesassociation fees9808 Office expensesfarm-related office expenses such as accounting/receiptbooks, invoices, and stationery9809 Professional feesamounts reported as farm-related expenses such asaccounting/bookkeeping fees, data processing costs, andlegal fees9810 Property taxesland, municipal, and realty taxes9811 Rent – land and buildings9812 Rent – machinery9813 Other rental expenses9814 Salaries and wages9815 Salaries and wages other than spouse ordependantssalaries for farmhand and self9816 Salaries and wages paid to dependants9817 Selling costs9818 Supplies9819 Motor vehicle expensesautomobile expenses, gas, motor vehicle fuel, propane,tires, vehicle repairs and maintenance, and vehiclewashing9820 Small tools9821 Soil testing9822 Storage/drying9823 Licences/permits9824 Telephone9825 Quota rental (tobacco, dairy)9826 Gravel9827 Purchases of commodities resold9828 Salaries and wages paid to spouse9829 Motor vehicle interest and leasing costs9830 Prepared feed9831 Custom feed9832 Amortization of intangible assets9833 Amortization of milk quota9834 Travel expenses9835 Capital/business taxes9836 Commissions and levies9850 Non-farming expensesif you are not using items 8300 to 9368, use this item toreport any non-farming expenses of a farmingcorporation9870 Net inventory adjustmentmay be used to report the farm’s opening inventory lessclosing inventoryNoteIf the closing inventory is greater than the openinginventory, this item should be reported as a negative.9898 Total farm expensesrepresents the sum of all farm expense amountsincluding any amount in item 9850 and must bereported if there are no amounts in any of items 8300 to9368 (see “Validity check items” on page 5)24www.cra.gc.ca

ExampleMultiple lines of business – Part 1Main Income StatementRevenueSales 1,500,000Other revenue 1,500Foreign exchange 4,200Investment 5,630Buy it Here (net) 152,850Rent-a-Thing (net) 311,6301,975,810Cost of sales 725,0001,250,810ExpensesAdvertising 2,000CPP 7,100Depreciation 128,000Insurance 30,000Interest on mortgages 140,900Bank charges 12,700Capital taxes 6,600Office 5,800Legal fees 5,900Consulting 4,100Management fees 2,600Parking 230Repairs and maintenance 44,000Janitorial services 3,000Salaries and wages 282,000Supplies 14,500Property taxes 42,000Telephone 4,500Utilities 54,000Automobile expenses 11,700Miscellaneous expenses 30,100831,730Supplementary statement – Buy It HereRevenueSales 275,000Cost of sales 95,500Gross profit 179,500Operating expensesAdvertising 750Medical plan 400CPP 1,200Repairs and maintenance 300Salaries and wages 21,000Supplies 1,800Utilities 1,20026,650Net income 152,850Supplementary Statement – Rent-a-ThingRevenueEquipment rental 350,000ExpensesMedical plan 570CPP 1,500Repairs and maintenance 800Salaries and wages 30,000Supplies 5,50038,370Net income 311,630Net income before taxes 419,080Unrealized gain (loss) 51,930Income taxes 9,000Net income after taxes 462,010www.cra.gc.ca 27

Part 21001 Operating Name: Manufacture-it-now0002 Description of the operation: manufacturing0003 Sequence number: 01RevenueAmount8000 Trade sales of goods and services 15000008230 Other revenue 15008231 Foreign exchange gains/losses 42008090 Investment revenue 56308299 Total revenue 15113308518 Cost of sales 7250008519* Gross profit/loss 775000Operating expenses8521 Advertising 20008622 Employer’s portion of employee benefits 71008670 Amortization of tangible assets 1280008690 Insurance 300008713 Interest on mortgages 1409008715 Bank charges 127008762 Business taxes 66008810 Office expenses 58008861 Legal fees 59008863 Consulting fees 41008871 Management and administration fees 26008910 Rental 2308960 Repairs and maintenance 440009010 Other repairs and maintenance 30009060 Salaries and wages 2820009130 Supplies 145009180 Property taxes 420009225 Telephone and telecommunications 45009220 Utilities 540009281 Vehicle expenses 117009270 Other expenses 301009367 Total operating expenses 8317309368** Total expenses 15567309369*** Net non-farming income (45400)9970 Net income/loss before taxes andextraordinary items (45400)* 8519 = 8000 – 8518** 9368 = 8518 + 9367*** 9369 = 8299 – 93680001 Operating Name: Buy-it-here0002 Description of the operation: retail0003 Sequence number: 02Revenue Amount8000 Trade sales of goods and services 2750008299 Total revenue 2750008518 Cost of sales 955008519* Gross profit/loss 179500Operating expenses8521 Advertising 7508621 Group insurance benefits 4008622 Employer’s portion of employee benefits 12008960 Repairs and maintenance 3009060 Salaries and wages 210009130 Supplies 18009220 Utilities 12009367 Total operating expenses 266509368** Total expenses 1221509369*** Net non-farming income 1528509970 Net income/loss before taxes andextraordinary items 152850* 8519 = 8000 – 8518** 9368 = 8518 + 9367*** 9369 = 8299 – 93680001 Operating Name: Rent-a-thing0002 Description of the operation: equipment rental0003 Sequence number: 03RevenueAmount8140 Rental revenue 3500008299 Total revenue 350000Operating expenses8621 Group insurance benefits 5708622 Employer’s portion of employee benefits 15008960 Repairs and maintenance 8009060 Salaries and wages 300009130 Supplies 55009367 Total operating expenses 383709368 Total expenses 383709369* Net non-farming income 3116309970 Net income/loss before taxes andextraordinary items 311630* 9369 = 8299 – 9368Summary StatementRevenue Amount9970 Net income/loss before taxes and419080extraordinary items – all operations9980 Unrealized gains/losses 519309990 Current income taxes 90009999* Net income/loss after taxes andextraordinary items 462010* 9999 = 9970 + 9980 – 999028www.cra.gc.ca

Appendix C – Non-Profit OrganizationsThis Appendix is intended to help corporations that are non-profit organizations (NPOs) to use the GIFI to report theirfinancial statement information.Table A shows some NPO terminology and the equivalent GIFI terminology. Table B provides specific NPO terms and thesuggested equivalent GIFI item.Table ANPO terminologyMembers’ equityOwners’ equityFund balancesNet assetsReservesBalance at end of year – General SurplusOperating fundGeneral fundStatement of revenue and expendituresStatement of income and surplusStatement of receipts and disbursementsStatement of operationsExcess of revenues over expenses(expenses over revenues)Equivalent GIFI terminologyShareholder equityRetained earningsIncome statementNet non-farming incomeTable BNPO termEquivalent GIFI itemAssets and liabilitiesCash 1001 CashAmounts receivable from other than members 1060 Accounts receivableAmounts receivable from members 1073 Amounts receivable from members of NPOsInventory 1120 InventoriesShort-term investments 1180 Short-term investmentsPrepaid expenses 1484 Prepaid expensesFixed assets 2008 Total tangible capital assetsLong-term investments 2300 Long-term investmentsTotal assets 2599 Total assetsAmounts owing to other than members 2620 Amounts payable and accrued liabilitiesAmounts owing to members 2630 Amounts payable to members of NPOsTotal liabilities 3499 Total liabilitiesAmounts receivedInterest received 8090 Investment revenueDividends received 8095 Dividend incomeRentals received 8140 Rental revenueProceeds of disposition of capital property 8210 Realized gains/losses on disposal of assetsMembership dues or fees 8221 Membership feesAssessments received 8222 AssessmentsGifts 8223 GiftsGross sales and revenues from organizational activities 8224 Gross sales and revenues from organizational activitiesRoyalties received 8237 Royalty income other than resourceFederal, provincial, or municipal grants received 8242 Subsidies and grantsTotal receipts 8299 Total revenueTransfer(s) to/from fund(s)Shown in retained earnings 3745 Interfund transferShown on income statement 9286 Interfund transferwww.cra.gc.ca 29