How to Prepare GIFI Tax Financial Statements for T2

This Do-it-yourself tutorial explains how to prepare the GIFI, or tax financial statements. Completing the GIFI is the first step in preparing a corporate tax return (T2).
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Table Of Contents
00:37 - Prepare The Income Statement
01:49 - Prepare GIFI Schedule 125
03:22 - Prepare Balance Sheet
04:11 - Prepare GIFI Schedule 100
Disclaimer:
The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.

[@chrishayes5755]

god bless you guys who like or don't mind doing this. for me this is a hellish experience 😂

[@ShadowKidV]

Can you make an updated video, using the current T2 format?

[@alicefarness3089]

Thank You Allan. I have done my own T2 Income Tax for years. Your tips really help.

[@AllanMadanCA]

Hi Alice, I'm glad it went well!

[@joefitzpatrick59]

Thanks Allan. Simple easy instructions for my simple little corp.

[@leomrodrigues]

Thanks Madan, It is a nice presentation

[@maanal-abdullah6147]

THANKS

[@samybenchouk9949]

Question please : do we need to attach bank statements to the T2 form ?

[@PhongGT]

I always come back to this every year Allan, thanks for the information. Quick question. Is it possible to carry back expenses to previous years? Say I had a large revenue in 2020, but in 2021 it dramatically went down but expenses stayed the same. Is it possible to carry back 2021 expenses to 2020 to obtain a tax refund? I know you can do this for capital losses but not sure about expenses (like Meals and Entertainment, Computer-related expenses, etc.)

[@robertkennedy1960]

Thanks for the video. You should have mentioned that CRA only wants corporations to reports values without cents on Schedules 100, 125 and T2 etc.. This obviously may cause some rounding errors when trying to balance the books. What is the best way to deal with these rounding errors?? Tips would be appreciated!

[@hstechnical8187]

What to do if my one-year-old company has no transaction or nil return?? please suggest

[@tivertontom]

thanks a lot!! (yes, I do my own taxes)

[@Notjobincome]

me too!

[@msjanicelewis9982]

Accounting should use the gifi code as the account number would that not simplify our charts and steam line the complete fiscal cycle.

[@AllanMadanCA]

That's a good question. Matching the GIFI codes with the financial account numbers makes it easier to prepare the GIFI and corporate tax return.