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New Member

Since I do my business myself, how can I report on GIFI check list?(accountant info) while I am not an accountant. Any idea? Thanks

 
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New Member

Since I do my business myself, how can I report on GIFI check list?(accountant info) while I am not an accountant. Any idea? Thanks

This is a list of the GIFI account numbers.  Basically if you have a good understanding of how your balance sheet and income statement work, you can input the appropriate balances in the T2 return.  If you do not have a good accounting program and an accurate set of books, you will find it difficult to get things in the right place and balanced.

http://saundersandassociates.ca/wp-content/uploads/2012/08/GIFI-Code-Chart-of-Accounts.pdf


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New Member

Since I do my business myself, how can I report on GIFI check list?(accountant info) while I am not an accountant. Any idea? Thanks

This is a list of the GIFI account numbers.  Basically if you have a good understanding of how your balance sheet and income statement work, you can input the appropriate balances in the T2 return.  If you do not have a good accounting program and an accurate set of books, you will find it difficult to get things in the right place and balanced.

http://saundersandassociates.ca/wp-content/uploads/2012/08/GIFI-Code-Chart-of-Accounts.pdf


View solution in original post

New Member

Since I do my business myself, how can I report on GIFI check list?(accountant info) while I am not an accountant. Any idea? Thanks

Thanks for the chart of Accounts list. I don't have designation but I do have some accounting knowledge enough to go through B/S and Income Statement. My guess is the S141 details just to assure that the Tax file would not done by somebody with so little accounting knowledge which could end up in a mess.
New Member

Since I do my business myself, how can I report on GIFI check list?(accountant info) while I am not an accountant. Any idea? Thanks

I expect that CRA is quite accustomed to messes. 🙂
You would fill out S141 as no designation and connected to the company.  No Notes, and pretty much no to everything else.  You should be fine as long as your assets equal liabilities + shareholder equity.  Holler if you run into any issues.