Do small corporations have to use GIFI codes?

Corporations filing a T2 generally report their financial statements using GIFI, mainly on Schedules 100 and 125. Your accountant or tax software usually handles the final mapping. Confirm current filing requirements on canada.ca.

What is the difference between Schedule 100 and Schedule 125?

Schedule 100 is the balance sheet: assets, liabilities and equity at year-end. Schedule 125 is the income statement: revenue and expenses for the year. Net income from Schedule 125 then feeds into Schedule 1 for tax adjustments.

Where do I record money I take out of my corporation?

If it isn't salary run through payroll or a declared dividend, it usually goes to 2780 Due to shareholder(s)/director(s). The tax result depends on your situation. An accountant should review it before year-end, especially if you end up owing the company money.

Can I just put unclear expenses in 9270 Other expenses?

You can use it for small, genuinely miscellaneous items. A large 9270 balance usually means transactions belong elsewhere or include non-deductible or personal items. It is better to sort them into specific codes or flag them for your accountant.

Guide

GIFI Codes List for Small Corporations: A Practical Guide

Updated October 29, 2026

A small Canadian corporation reports its financial statements to CRA using GIFI codes (General Index of Financial Information). Each line of your balance sheet and income statement gets a four-digit code. The balance sheet goes on Schedule 100, and the income statement goes on Schedule 125. Both are filed with your T2 return.

The full GIFI list has hundreds of codes, but a typical one-to-ten-person corporation uses only a few dozen. This guide groups the common ones by what they cover and flags the mix-ups that most often cause trouble at year-end.

Key points

Schedule 100 is the balance sheet and Schedule 125 is the income statement, and both use GIFI codes.
Most small corporations need only a few dozen codes, grouped into assets, liabilities, equity, revenue and expenses.
Loans, tax refunds, credit card payments and owner transfers are not income or expenses, so they belong on the balance sheet.
Some expenses, like meals, fines and club dues, are recorded in full but then adjusted on Schedule 1.
Use specific codes rather than catch-alls like 9270, and ask an accountant about anything unusual.

How GIFI codes fit into your T2

Think of GIFI as a translation layer. Your bookkeeping might call an account "Rogers bill" or "Shop rent." CRA wants it under a standard code, such as 9225 for telephone or 8911 for commercial rent.

Your accountant maps each of your accounts to a GIFI code. The totals then flow into Schedule 100 and Schedule 125. Schedule 125 produces your accounting net income, which is the starting point for Schedule 1, where tax adjustments are made. If your accounts are mapped cleanly during the year, year-end goes faster and costs less.

GIFI codes report what your books say. They do not decide what is deductible. That happens on Schedule 1 and the other T2 schedules.

Balance sheet codes (Schedule 100)

The balance sheet shows what the corporation owns, what it owes, and the owners' stake. These are the codes small corporations use most often. Your accountant will also use summary lines, such as 2599 for total assets and 3499 for total liabilities, plus a retained earnings line.

1001 Cash: your bank balances. Transfers between your own accounts stay here and are neither income nor expense.
1066 Taxes receivable: for example, a GST/HST refund CRA owes you.
1180 Short-term investments: GICs or similar held by the company.
1400 Due from related parties: money a related company or person owes you.
1740 Machinery, equipment, furniture and fixtures; 1742 for vehicles; 1774 for computers. These are capital assets, claimed through CCA rather than expensed.
2680 Taxes payable: GST/HST you collected and owe, and corporate income tax owing.
2627 Employee deductions payable: payroll source deductions not yet remitted.
2700 Loans and 2707 Credit card loans: bank loan and company credit card balances. Loan proceeds are a liability, not income.
2780 Due to shareholder(s)/director(s): money you put in or took out personally.
2860 Due to related parties: money you owe a related company.

Revenue codes (Schedule 125)

Most small corporations report almost all their revenue on one line. The others come up occasionally.

8000 Trade sales of goods and services: your main sales, usually recorded without the GST/HST you collected.
8020 Sales to related parties: sales to a company or person related to you.
8094 Interest from other Canadian sources: bank or GIC interest.
8095 Dividend income: dividends the corporation receives.
8120 Commission revenue and 8140 Rental revenue, if those apply to you.
8242 Subsidies and grants: government grants (not tax refunds).
8250 Bad debt recoveries: money collected on an account you had written off.
8230 Other revenue: genuinely miscellaneous income. Use sparingly.

Everyday expense codes (Schedule 125)

Here is a practical shortlist for a typical service or trades corporation. Pick the most specific code that fits.

Cost of sales: 8320 Purchases / cost of materials; 8450 Other direct costs (such as customs duties).
People: 9060 Salaries and wages; 9110 Sub-contracts; 8621 Group insurance / employee health benefits; 8622 Employer's portion of employee benefits (such as WSIB or Employer Health Tax).
Premises: 8911 Real estate rental; 8913 Condominium fees; 9180 Property taxes; 9221 electricity, 9223 heat/gas, 9222 water (or 9220 for combined utilities).
Office and tech: 8810 Office expenses; 9150 Computer-related expenses (software); 9152 Internet; 9225 Telephone and telecommunications.
Vehicles and travel: 9281 Vehicle expenses (fuel, parking, tolls); 8962 Repairs and maintenance – Vehicles; 8915 Motor vehicle rentals; 9200 Travel expenses.
Professional fees: 8861 Legal fees; 8862 Accounting fees; 8863 Consulting fees.
Financial and admin: 8690 Insurance; 8715 Bank charges; 8711 / 8714 Interest on short-term / long-term debt; 8521 Advertising; 8760 Business taxes, licences and memberships.
Operations: 9130 Supplies; 9275 Delivery, freight and express; 8914 Equipment rental; 8876 Training expense; 9010 Other repairs and maintenance.

Codes that need a Schedule 1 adjustment

Some costs are recorded in full on Schedule 125 but are not fully deductible for tax. The adjustment happens on Schedule 1, not by leaving the expense out of your books.

Example: your corporation spends a hypothetical $2,000 on client meals. The full $2,000 goes to 8523 Meals and entertainment. Because generally only 50% is deductible, about $1,000 is added back on Schedule 1.

8523 Meals and entertainment: generally 50% deductible.
Fines and penalties: recorded under 9270 Other expenses, but generally not deductible (ITA s.67.6), so they are added back.
Recreational or dining club dues: recorded under 8760, but not deductible (ITA s.18(1)(l)), so they are added back.
8522 Donations: charitable donations are not deducted as an expense. A corporation claims them separately on its T2. Ask your accountant how this applies to you.

Common mix-ups to watch for

Most year-end clean-up comes from money movements that look like income or expenses but are not. Watch for these:

Loan deposits recorded as sales. A $20,000 bank loan is a 2700 liability, not 8000 revenue.
GST/HST refunds recorded as income. A refund from CRA reduces 1066 Taxes receivable. Only a true government grant goes to 8242.
Credit card payments recorded as expenses. The purchases on the card are the expenses. The payment just reduces 2707.
Tax remittances expensed. Paying GST/HST or corporate tax to CRA reduces 2680. Payroll remittances reduce 2627.
Owner draws booked as wages. Money you take out that isn't run through payroll usually goes to 2780. If the company ends up being owed money by you, talk to an accountant, because shareholder loan rules can make it taxable.
Large e-transfers in assumed to be sales. Confirm whether it is a customer payment or your own money going in.
Capital purchases expensed. A $3,000 laptop is usually 1774 with CCA, not 9150. Where the line falls depends on the item, so confirm with your accountant.
Expense refunds booked as revenue. A supplier refund should reduce the original expense line.
Personal purchases in the business account. Groceries or streaming services generally belong in 2780 unless there is a genuine business use.
Overusing 9270 Other expenses. A large catch-all line usually means transactions need a closer look.

Making mapping easier during the year

Map your accounts to GIFI codes once, then stick with them. Reconcile each bank and credit card statement to its closing balance monthly, so missing or duplicated transactions surface early. Set questionable items aside with a note instead of guessing.

If you want help with this step, Business Tax Pro reads your bank and credit-card statement PDFs, assigns a GIFI code to each transaction, checks totals against the statement balances, and sends unclear items such as large e-transfers or possible capital purchases to a Review queue. It prepares a T2-ready workbook for your accountant but does not file returns. See https://businesstaxpro.ca/pricing.

Frequently asked questions

Do small corporations have to use GIFI codes?: Corporations filing a T2 generally report their financial statements using GIFI, mainly on Schedules 100 and 125. Your accountant or tax software usually handles the final mapping. Confirm current filing requirements on canada.ca.
What is the difference between Schedule 100 and Schedule 125?: Schedule 100 is the balance sheet: assets, liabilities and equity at year-end. Schedule 125 is the income statement: revenue and expenses for the year. Net income from Schedule 125 then feeds into Schedule 1 for tax adjustments.
Where do I record money I take out of my corporation?: If it isn't salary run through payroll or a declared dividend, it usually goes to 2780 Due to shareholder(s)/director(s). The tax result depends on your situation. An accountant should review it before year-end, especially if you end up owing the company money.
Can I just put unclear expenses in 9270 Other expenses?: You can use it for small, genuinely miscellaneous items. A large 9270 balance usually means transactions belong elsewhere or include non-deductible or personal items. It is better to sort them into specific codes or flag them for your accountant.