Accounting glossary
What is t2 return?
The corporate income tax return every Canadian corporation files, due six months after fiscal year-end. Its financial statements travel as GIFI codes — which is why keeping the GIFI mapping alive in your books all year turns T2 season from a project into a review.
Example
An incorporated Canadian business files a T2 corporate return each year, with its balance sheet and income statement expressed in GIFI codes and a CCA schedule for its fixed assets.
Books that already carry GIFI mappings and a CCA register make that filing an export rather than a project.
In SeroBooks
The T2/GIFI screen keeps that mapping current, bulk-accepted or hand-tuned. T2 & GIFI →