Fiscal information can include general ledger accounts, reports, income statements, balance sheets, and statements of retained earnings. Fiscal information is classified using codes. The use of codes helps the government to process information, prepare for electronic filing, and validate tax information electronically. The use of codes also helps statistical organizations to work more efficiently, as financial information is more readily available. For more information about GIFI codes, see the Canada Revenue Agency website.
The Canada Revenue Agency uses General Index of Financial Information (GIFI) codes to collect, validate, and process financial and tax information electronically. It is a best practice to assign GIFI codes only to posting accounts, so that all totaling is done by your tax preparation software.
When an account is associated with a GIFI code, it is reported to the revenue agency under that code. Multiple accounts can all have the same GIFI code, but each account can have only one GIFI code.
You can export balance information by GIFI code and save the exported file in a Microsoft Office Excel workbook, which is useful for transferring information to your tax preparation software.