General Index of Financial Information (GIFI)
The General Index of Financial Information (GIFI) is the CRA’s standard list of codes for preparing financial statements. The CRA says all corporations except insurance corporations should prepare their financial statement information using GIFI codes and file it with their T2 returns.
If a buyer asks for a target’s T2 filings, the CRA says the financial statement information filed with them should be prepared using GIFI codes, unless the corporation is an insurance corporation. A buyer can compare that filed information with the statements a seller supplies. The answer on financials that do not match the tax returns shows how that check goes.
The companion schedule
The CRA also has Schedule 141, General Index of Financial Information (GIFI) - Additional Information. It is a set of questions designed to determine who is primarily involved with the financial information and the extent of their involvement, and whether they expressed any reservations. The CRA adds that non-resident corporations can use the GIFI codes when reporting in unconsolidated Canadian funds.
What to ask
- Ask for the GIFI financial statement information filed with each T2 and compare it with the statements you were given
- Ask who was primarily involved with the financial information, since Schedule 141 asks about that involvement
- Ask whether any reservations were expressed about the statements
Sources
This definition is checked against primary sources. Links were last confirmed on the dates shown.
- 01Canada Revenue AgencyGovernmentGeneral Index of Financial Information (GIFI)
- 02Canada Revenue AgencyGovernmentWhat is Schedule 141, General Index of Financial Information (GIFI) - Additional Information
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