Schedule 100 (balance sheet information)
Schedule 100 is the schedule on a corporation’s T2 return that shows its financial position at the end of the tax year, reported by GIFI code. A buyer can compare it with the balance sheet the seller provides.
Where Schedule 125 covers a period, Schedule 100 is a snapshot: the corporation’s assets, liabilities and equity at one date. A buyer meets it when comparing the seller’s own balance sheet with what was filed. The what if the financials do not match the tax returns answer covers a mismatch.
What the CRA says
The CRA’s GIFI guide says Schedule 100 shows the corporation’s financial position at the end of the tax year, and the T2 guide lists it among the GIFI schedules. The CRA’s form page says the paper schedule is for corporations that do not use tax preparation software and do not meet the criteria for the GIFI short form. This entry covers the corporate T2 return only.
What to check or ask
- Does the seller’s balance sheet carry the same date as the tax year end on the schedule?
- Do the loans, equipment and other balances match the seller’s ledgers, and who can explain any gap?
- Which items on the schedule do the notes to the financial statements break down? See notes to financial statements.
Sources
This definition is checked against primary sources. Links were last confirmed on the dates shown.
- 01Canada Revenue AgencyGovernmentRC4088 General Index of Financial Information (GIFI)
- 02Canada Revenue AgencyGovernmentT2 Corporation – Income Tax Guide – Chapter 2: Page 2 of the T2 return
- 03Canada Revenue AgencyGovernmentT2SCH100 Balance Sheet Information
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