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

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