What is GIFI
GIFI stands for General Index of Financial Information.
The GIFI is a system that assigns a unique code to a list of items commonly found on income statements, balance sheets, and statements of earnings.
The purpose of the GIFI is to allow the CRA (Canada Revenue Agency) to collect and process financial information more efficiently. For instance, the GIFI lets the CRA validate tax table information electronically rather than manually.
What does the GIFI mean to our customers?
If you file a T2 tax return (the tax returns for corporations), then you need to use the GIFI, choosing the GIFI code that best matches your report. When creating an account, you must enter the GIFI code for a detail account only. Using the GIFI lets you electronically file your T2 tax return, which results in faster processing of the return.
Where you find the GIFI codes?
The complete GIFI index is contained in the CRA's Guide to the General Index of Financial Information (GIFI) for Corporations, Canada Revenue Agency - General Index of Financial Information).