I am using Intuit TurboTax Business Incorporated 2016 (Canada CCPC T2). The question is about corporately-owned life insurance (premiums are not tax deductible). In QB, I mapped the expense to GIFI 8691 - "Life Insurance on Executives". When I brought in my income statement from QB to TurboTax, the software did not put the amount from GIFI 8691 as a "Non-deductible life insurance premium" (line 123) on Schedule 1 - Net Income/Loss for Tax Purposes. So this is a multi-part question. Question 1, is GIFI 8691 the correct mapping, and 2. If so why didn't TurboTax show that amount on line 123 of Schedule 1. 3. If 8691 is incorrect then what is the correct GIFI account? Thank you.
The transfer of GIFI code 8691 to line 123 of the S1 is as designed due being insurance on executives. That being said there are a few different life insurance GIFI's available at your disposal some examples are 8621, 2427, 8248 etc... I will not be able to tell you which one specifically to take due to not having all the information and not being a fiscal expert on the subject. If you are still looking for further guidance I would recommend contacting the CRA tax tip line at 1-800-267-6999.