Schedule 100 is your corporation’s balance sheet and Schedule 125 is its income statement, both reported to the CRA using standard GIFI codes (General Index of Financial Information). Instead of attaching your financial statements to the T2, you map each line of them to a 4-digit GIFI code. Schedule 101 is the opening balance sheet (first year only), and Schedule 141 is the notes checklist that every corporation files.
On this page
- What Are Schedules 100 and 125? The Short Answer
- What GIFI Is and How It Works
- Schedule 100: Balance Sheet Lines Explained
- Schedule 125: Income Statement Lines Explained
- Schedules 101 and 141: When You Need Them
- Common Errors (Balance Sheet Doesn’t Balance, Wrong Codes) and How to Fix Them
- FAQ: T2 Schedules 100 and 125
- Leave Your T2 to Us
What Are Schedules 100 and 125? The Short Answer
| Schedule | What it is | Who files it |
| Schedule 100 | Balance sheet information: assets, liabilities, equity at year-end | Every corporation filing a T2 |
| Schedule 125 | Income statement information: revenue, expenses, net income | Every corporation filing a T2 |
| Schedule 101 | Opening balance sheet | First T2 only (or after certain reorganizations) |
| Schedule 141 | Financial statement notes checklist | Every corporation |
Together, these replace the paper financial statements. The CRA’s systems read the GIFI codes to compare your company with others and spot unusual numbers.
What GIFI Is and How It Works
GIFI is a list of standard codes for every common financial statement item. Each code has 4 digits, and the ranges follow a pattern:
| Code range | Section |
| 1000 to 2599 | Assets |
| 2600 to 3499 | Liabilities |
| 3500 to 3640 | Equity (and total liabilities + equity) |
| 3660 to 3849 | Retained earnings / deficit continuity |
| 8000 to 8299 | Revenue |
| 8300 to 8519 | Cost of sales |
| 8520 to 9369 | Operating expenses |
| 9970 to 9999 | Extraordinary items, taxes, net income |
How it works in practice:
- Your bookkeeper or accountant finalizes the year-end financial statements.
- Each account in your chart of accounts is mapped to a GIFI code.
- Tax software imports the mapped trial balance into Schedules 100, 101 and 125.
- Totals must match: total assets = total liabilities + equity, and net income on Schedule 125 must match the retained earnings continuity.
Schedule 100: Balance Sheet Lines Explained
| GIFI code | Line | What goes here |
| 1000 | Cash and deposits | Bank balances at year-end |
| 1060 | Accounts receivable | Money customers owe you |
| 1120 | Inventories | Goods on hand for sale |
| 1599 | Total current assets | Subtotal |
| 1740 / 1741 | Machinery, equipment, furniture / accumulated amortization | Cost and amortization of equipment |
| 1742 / 1743 | Motor vehicles / accumulated amortization | Vehicles owned by the company |
| 2008 / 2009 | Total tangible capital assets / total accumulated amortization | Subtotals |
| 2599 | Total assets | Must equal 3640 |
| 2620 | Amounts payable and accrued liabilities | Supplier bills not yet paid |
| 2680 | Taxes payable | Income tax, GST/HST, PST owing |
| 2780 | Due to individual shareholder(s) | Shareholder loan owed to you |
| 3139 | Total current liabilities | Subtotal |
| 3499 | Total liabilities | Subtotal |
| 3500 | Common shares | Share capital |
| 3600 | Retained earnings / deficit | Accumulated profits |
| 3620 | Total shareholder equity | Subtotal |
| 3640 | Total liabilities and shareholder equity | Must equal 2599 |
Retained earnings continuity (bottom of Schedule 100):
| Code | Line |
| 3660 | Retained earnings / deficit – start |
| 3680 | Net income / loss (from Schedule 125, code 9999) |
| 3700 | Dividends declared |
| 3849 | Retained earnings / deficit – end (must equal 3600) |
Schedule 125: Income Statement Lines Explained
| GIFI code | Line | What goes here |
| 8000 | Trade sales of goods and services | Main revenue |
| 8089 | Total sales of goods and services | Subtotal |
| 8090 | Investment revenue | Interest, dividends |
| 8299 | Total revenue | Â |
| 8300 / 8500 | Opening / closing inventory | For cost of sales |
| 8320 | Purchases / cost of materials | Â |
| 8518 | Cost of sales | Â |
| 8519 | Gross profit | Revenue minus cost of sales |
| 8520 | Advertising and promotion | Â |
| 8523 | Meals and entertainment | Full amount (the 50% limit is applied on Schedule 1) |
| 8670 | Amortization of tangible assets | Book amortization (CCA is on Schedule 8) |
| 8690 | Insurance | Â |
| 8710 | Interest and bank charges | Â |
| 8760 | Business taxes, licences and memberships | Â |
| 8810 | Office expenses | Â |
| 8860 | Professional fees | Â |
| 8910 | Rental | Rent paid |
| 8960 | Repairs and maintenance | Â |
| 9060 | Salaries and wages | Â |
| 9200 | Travel expenses | Â |
| 9220 | Utilities | Â |
| 9281 | Vehicle expenses | Â |
| 9367 | Total operating expenses | Â |
| 9369 | Net non-farming income | Â |
| 9999 | Net income / loss after taxes and extraordinary items | Flows to code 3680 |
Important: Schedule 125 shows accounting income. Tax adjustments (like adding back 50% of meals, replacing amortization with CCA, and non-deductible items) happen on Schedule 1, not here.
Schedules 101 and 141: When You Need Them
Schedule 101 – Opening balance sheet
- Required on the corporation’s first T2, and after certain amalgamations
- Shows the balance sheet on the first day of the company’s existence (often just the share capital and cash)
Schedule 141 – Financial statement notes checklist
- Filed by every corporation
- Asks who prepared the financial statements, what type of engagement it was (compilation / Notice to Reader, review or audit), and whether notes are included
- If your financial statements have notes, you attach them
Related: Notice to Reader vs review vs audit
Common Errors (Balance Sheet Doesn’t Balance, Wrong Codes) and How to Fix Them
| Error | Why it happens | Fix |
| Total assets ≠total liabilities + equity | Books not closed properly, missing accounts | Reconcile the trial balance before mapping |
| 3849 ≠3600 | Net income or dividends don’t flow through | Check that 9999 = 3680 and dividends are on 3700 |
| Everything coded to “other expenses” (9270) | Lazy mapping | Use specific codes. “Other” amounts that are large attract attention |
| Shareholder loan in the wrong place | Owed to vs owed by the shareholder mixed up | Due to shareholder = liability (2780). Due from shareholder = asset |
| Negative numbers where positives are expected | Contra accounts entered wrong | Accumulated amortization and deficits need the correct sign |
| Using CCA instead of book amortization | Mixing tax and accounting | Book amortization on Schedule 125. CCA on Schedule 8 |
| Last year’s numbers don’t match | Prior-year adjustments not recorded | Opening retained earnings must equal last year’s closing |
FAQ: T2 Schedules 100 and 125
Do I still need to attach financial statements to my T2?
No. If you file using GIFI (Schedules 100 and 125), you don’t attach the statements. You do attach notes if they exist (see Schedule 141).
Can an inactive corporation skip Schedules 100 and 125?
An inactive corporation still files a T2. Depending on its situation, it may qualify for simplified filing, but most still report a basic balance sheet.
Where do I find the full list of GIFI codes?
The CRA publishes the full list in guide RC4088, General Index of Financial Information.
What’s the difference between Schedule 125 and Schedule 1?
Schedule 125 is your accounting profit. Schedule 1 adjusts it to taxable income (adding back non-deductible items and swapping amortization for CCA).
Can I file my T2 myself?
You need CRA-certified tax software to file a T2 online, and you need to map GIFI correctly. Many owners find it’s cheaper to hire an accountant than to fix errors later.
What happens if my GIFI numbers look unusual?
The CRA compares them against similar businesses. Unusual ratios, like very high expenses compared with revenue, can trigger a review.
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