![]() The balance sheet section consists of items pertaining to assets, liabilities, and equity for corporations or partners' capital for partnerships. The GIFI consists of items you find on a balance sheet and on an income statement. The amount of a required item may be nil. Item 9999 – Net income/loss after taxes and extraordinary items.Item 3849 – Retained earnings/deficit – End.When reporting a breakdown of retained earnings (corporations only) Item 3575 – Total partners' capital (partnerships only).Item 3620 – Total shareholder equity (corporations only).Each GIFI must include the following items: You have to provide certain line items so that we can check the above equations. total farm revenue − total farm expenses = net farm income.total revenue − total expenses = net non-farming income.total assets = total liabilities + total equity (partners' capital for partnerships).We use the following rules to check the information you provide: Formal disputes (objections and appeals).Create a pre-authorized debit agreement from your Canadian chequing account.Example 4 – Completed GIFI – Additional Information for a partnership.Example 3 – Completed GIFI – Additional Information for a corporation.Example 2 - Financial statements for a partnership.Example 1 – Financial statements for a corporation.Appendix D – Examples of using the GIFI.Using the same GIFI item on different statements.Completing the main and supplementary income statements.Appendix B – Reporting multiple lines of business. ![]()
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