Form T1178 – Short

RC4089(E) Rev. 14

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Table of contents

• What's new?
• Is this guide for you?
• General Index of Financial Information – GIFI-Short Form
  • What is the GIFI-Short form?
    • Non-resident corporations
• Completing the GIFI-Short form
  • General information
    • 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?
    • Notes to financial statements
    • 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
  • First year after incorporation
  • Items found on the GIFI-Short form
• Balance sheet information
  • Assets
  • Liabilities
  • Shareholder equity
• Non-farming income statement information
  • Revenue
  • Cost of sales
  • Operating expenses
• Farming income statement information
  • Farming revenue
  • Farming expenses
• Net income/loss after taxes and extraordinary items
• Appendix – Non-profit organizations
• Online services
  • Handling business taxes online
    • Authorizing online access for employees and representatives
    • Representatives – Request or delete authorizations online
    • Receive your CRA mail online
    • View direct deposit transactions
  • Electronic payments
• For more information
  • What if you need help?
  • Direct deposit
  • Forms and publications
  • Electronic mailing lists
  • Teletypewriter (TTY) users
  • Our service complaint process
  • Reprisal complaint
  • Tax information videos
  • Non-resident corporation enquiries
  • Your opinion counts

Is this guide for you?

You can use this guide 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 general (casualty and property) insurer; and
• you do not use tax preparation software.

General Index of Financial Information – GIFI-Short Form

What is the GIFI-Short form?

The T1178, General Index of Financial Information – Short, allows corporations to file financial statement information in the GIFI format. If you use Form T1178, you do not have to submit your financial statements with your T2 return and schedules.

Non-resident corporations

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

Completing the GIFI-Short form

General information

The Canada Revenue Agency (CRA) needs the same level of detail with the GIFI as it 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 taxes, and net income after taxes, we expect that same number of GIFI codes. There is no minimum number of GIFI codes needed for your return to be accepted. We need as many GIFI codes as it takes to represent your corporation's balance sheet and income statement in their entirety.

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 own 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 attached form. 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 and made an election to file in a functional currency under section 261 of the Income Tax Act.

Reporting negative amounts

Report any negative amounts using brackets or a minus sign.

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.
    

    

   Note

   Corporations involved in both farming and non-farming activities can select items from both statements.

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.

Notes to financial statements

Any notes to the financial statements have to be attached to this form.

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 number.

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 concerning the accountant who reported on, or prepared the financial statements of the corporation. 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 associated with 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.

First year after incorporation

You may be filing a T2 return for the first year after incorporation. If so, complete an opening balance sheet and a closing balance sheet. Write “opening” on the top right hand corner of the appropriate balance sheet.

Items found on the GIFI-Short form

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

If you need more help completing your GIFI-Short form, contact your tax services office.

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 shareholder(s)/director(s)

Include:

• advances, loans; or
• notes that show current due from individual shareholder(s), corporate shareholder(s), director(s), 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.

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 shareholder(s)/director(s)

Include advances, loans or notes that show a long term amount due from individual shareholder(s), corporateshareholder(s), director(s), or a parent company.

2200  Investments in joint venture(s)/partnerships

Include long-term investment or equity in joint venture(s), partnership(s), or syndicate(s).

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;
• 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 shareholder(s)/director(s)

Include:

• advances, loans, or notes shown current due to individual shareholder(s), corporate shareholder(s), director(s); 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.

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.

3260  Due to shareholder(s)/director(s)

Include:

• advances;
• loans or notes that show long-term amount due to individual shareholder(s);
• corporate shareholder(s);
• director(s); 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

3540  Contributed and other surplus

Include:

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

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 information

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;
• 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 and credit services;
• insurance, expense, or bad debt recoveries;
• card services; 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.

8360  Trades and sub-contracts

Include:

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

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;
• and goods 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:

• 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, office machines 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 information

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;
• 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:

• rebates – fuel;
• rebates – interest;
• rebates – property taxes;
• resales;
• 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.

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.

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.

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.

9832  Amortization of intangible assets

Include amortization of milk quota.

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 item(s)

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 specificNPO terms and the suggested equivalent GIFI item.

Table A

NPO terminology	Equivalent GIFI terminology
Members' equity	Shareholder equity
Owners' equity	Shareholder equity
Fund balances	Shareholder equity
Net assets	Shareholder equity
Reserves	Shareholder equity
Balance at end of year – General Surplus	Retained earnings
Operating fund	Retained earnings
General fund	Retained earnings
Statement of revenue and expenditures	Income statement
Statement of income and surplus	Income statement
Statement of receipts and disbursements	Income statement
Statement of operations	Income statement
Excess of revenues over expenses (expenses over revenues)	Net non-farming income

Table B – Assets and liabilities

NPO term	Line	Equivalent GIFI item
Cash	1000	Cash
Amounts receivable from other than members	1060	Accounts receivable
Amounts receivable from members	1073	Amounts receivable from members of NPOs
Inventory	1120	Inventories
Short-term investments	1180	Short-term investments
Prepaid expenses	1480	Other current assets
Fixed assets	2008	Total tangible capital assets
Long-term investments	2300	Long-term investments
Total assets	2599	Total assets
Amounts owing to other than members	2620	Amounts payable and accrued liabilities
Amounts owing to members	2630	Amounts payable to members of NPOs
Total liabilities	3499	Total liabilities

Table B – Amounts received

NPO term	Line	Equivalent GIFI item
Interest received	8090	Investment revenue
Dividends received	8095	Dividend income
Rentals received	8140	Rental revenue
Proceeds of disposition of capital property	8210	Realized gains/losses on disposal of assets
Membership dues or fees	8221	Membership fees
Assessments received	8222	Assessments
Gifts	8223	Gifts
Gross sales and revenues from organizational activities	8224	Gross sales and revenues from organizational activities
Royalties received	8237	Royalty income other than resource
Federal, provincial, or municipal grants received	8242	Subsidies and grants
Total receipts	8299	Total revenue

Table B – Transfer(s) to/from fund(s)

NPO term	Line	Equivalent GIFI item
Shown in retained earnings	3745	Interfund transfer
Shown on income statement	9286	Interfund transfer

Online services

Handling business taxes online

Save time using the CRA’s online services for businesses. You can do many things online, including:

Authorize

• a representative for online access to your business accounts; and
• the CRA to send you an email to let you know that your notice of assessment is available online, instead of getting it in the mail.

Change

• mailing and physical addresses, as well as the address where you keep your books and records.

View

• closing balances (for example, general rate income pool balances);
• the status of filed returns;
• direct deposit transactions;
• the account balance and instalment balance, including the corresponding transactions (for example, payments);
• mail (for example, a notice of assessment); and
• answers to common enquiries using the “Enquiries service.”

Transfer

• payments and immediately view updated balances, without having to calculate interest.

Request

• a refund.

Submit

• account related enquiries and get the responses online within 10 business days.

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

Authorizing online access for employees and representatives

You can authorize your employees and representatives to have online access to your business accounts. First, they have to register at Represent a Client and give you their representative identifier (RepID) or their business number.

Then, to give them online access to your business accounts, you can:

• use the “Authorize or manage representatives” service at My Business Account, which may give instant access; or
• fill out Form RC59, Business Consent, and send it to us.

You can do one authorization for a group of employees. For more information, go to Represent a Client.

Representatives – Request or delete authorizations online

Representatives can use online services to:

• submit an authorization request on behalf of a business; and
• delete authorizations.

What are the benefits of using these services?

By using the online services, you can get access to your clients’ business accounts sooner.
You can also easily delete authorizations for clients that you no longer represent.

Are there any situations when I cannot use these services?

Yes. You cannot cancel an authorization for a specific program account online when more than one program account has been authorized. In this situation, you need to fill out Form RC59, Business Consent, and send it to us.

How do I access these services?

Log in at Represent a Client and select the following options:

• Review and update;
• Manage clients; and
• Authorization request or delete an authorization.

For an authorization request, use the “Submit documents” service to submit the certification page.

What if there has been a change of owners or directors?

We will not process an authorization request if the name of the authorized person of the business does not match our records. Ask your business client if there has been a change in owners, partners, directors, officers, or trustees; and, if so, if the official documentation of the change was sent to the tax centre.

How will I know when the authorization has been given?

You will see your clients’ name when you view your client list.

Receive your CRA mail online

You can choose to receive some of your CRA mail online.

When you register for this service, we will no longer mail you some correspondence items. Instead, we will send you an email to notify you when there is new mail in your secure online account

To register, select the “Manage online mail” service and the accounts for which you would like to receive online mail.

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

View direct deposit transactions

To help you reconcile your direct deposits with the information related to your CRA program accounts, you can now select the “View direct deposit transactions” service and a time period, and see the following information:

• the deposit date;
• the program account number;
• the filing period end date; and
• the CRA refund amount.

It can take up to 24 hours for refunds to display.

For more information, or to sign up for direct deposit, go to Direct deposit.

Electronic payments

Make your payment online using your financial institution’s telephone or Internet banking services, or the CRA’s My Payment service at My Payment. For more information on electronic payments and other payment methods, go to Make a payment or contact your financial institution.

For more information

What if you need help?

If you need more information after reading this publication, visit 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. For corporation internet filing, go to Corporation Internet Filing.

Direct deposit

Did you know that the Government of Canada is switching to direct deposit for payments that it issues?

Direct deposit is a faster, more convenient, reliable, and secure way to get your refund 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 Electronic mailing lists.

Teletypewriter (TTY) users

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

Our service complaint process

If you are not satisfied with the service that you have received, contact the CRA employee you have been dealing with or call the telephone number that you were given. If you are not pleased with the way your concerns are addressed, you can ask to discuss the matter with the employee’s supervisor.

If the matter is not settled, you can then file a service complaint by completing Form RC193, Service-Related Complaint. If you are still not satisfied, you can file a complaint with the Office of the Taxpayers’ Ombudsman.

For more information, go to Service Complaints or see Booklet RC4420, Information on CRA – Service Complaints.

Reprisal complaint

If you believe that you have been subject to reprisal, complete Form RC459, Reprisal Complaint. For more information about reprisal complaints, go to Reprisal Complaints.

Tax information videos

We have a number of tax information videos for small businesses on topics such as business income and expenses, 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

Your opinion counts

If you have comments or suggestions that could help us improve our publications, send them to:

Taxpayer Services Directorate
Canada Revenue Agency
395 Terminal Avenue
Ottawa ON K1A 0L5