Schedule 141 (notes checklist)
Schedule 141, the GIFI additional information schedule filed with a T2 return, is a set of questions on who was primarily involved with the financial information, how far, and whether they expressed any reservations. It also asks whether notes to the statements were prepared.
The CRA’s guide RC4088 says a corporation using the GIFI includes Schedule 141 with its T2 return. It does not contain the financial statements. It records who was involved in preparing them and how, which a buyer can compare with the statements the seller provides.
What it records
According to the CRA, Part 2 asks for one or more types of involvement: an auditor’s report, a review engagement report, a compilation engagement, accounting services, bookkeeping services or other. Part 3 asks whether the person primarily involved expressed a reservation, when an auditor’s or review engagement report was chosen. Part 4 asks whether notes to the financial statements were prepared. Part 5 covers the person who prepared the T2 return. The CRA says notes and the accountant’s report are to be included if prepared.
What to check or ask
- Does the selected involvement match the reports the seller actually shows you?
- Were any reservations expressed, and what did they concern?
- Do the filed figures agree with the statements you were given?
See how do I verify a seller’s financial statements and review engagement report.
Sources
This definition is checked against primary sources. Links were last confirmed on the dates shown.
- 01Canada Revenue AgencyGovernmentWhat is Schedule 141, General Index of Financial Information (GIFI) - Additional Information
- 02Canada Revenue AgencyGovernmentRC4088 General Index of Financial Information (GIFI)
- 03Canada Revenue AgencyGovernmentGeneral Index of Financial Information (GIFI)
Deavo is an advertising and listings platform, not a brokerage, law firm or valuation firm. This page is general information, not legal, tax, accounting or valuation advice, and rules differ by province. Confirm anything you rely on with a qualified professional before you act on it.