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Previous step: Step 4: Add Forms
S125 - Income Statement Information and S100 - Balance Sheet Information form the financial backbone of your T2 return. These schedules capture the corporation’s financial activity for the fiscal year and ensure that the CRA has a standardized view of your revenue, expenses, assets, liabilities, and equity.
You must report the amounts in actual dollars. Do not report cents.
You will need to use GIFI codes to enter your financial statement’s items. Refer to the CRA's GIFI guide for more information on the GIFI.
You can complete both schedules by importing data from a CSV or GFI file. From the top menu, select File > Import CSV/GFI.
Note: You may have noticed that the S125 and S100 have a few lines in each of their tables. More lines will be added as you complete the table.
S125 - Income Statement Information
Use S125 to enter the corporation’s income statement information.
- Report all revenue items such as sales, investment income, and other business income.
- Enter all expenses including cost of goods sold, salaries, rent, interest, depreciation, and other operating costs.
S100 - Balance Sheet Information
S100 be used to enter your corporation’s balance sheet information.
Ensure that total assets = total liabilities + equity. The CRA’s schema validation requires the balance sheet to balance.
- Enter assets such as cash, accounts receivable, inventory, capital assets, and investments.
- Enter liabilities including accounts payable, loans, lines of credit, and other obligations.
- Enter shareholders’ equity such as share capital, retained earnings, and dividends declared.
S101 - Opening Balance Sheet Information
If you are filing for the first year after incorporation (line 070 on the T2 jacket is selected as Yes), you must also complete and submit S101, which serves as the corporation’s opening balance sheet and reflects its financial position on the first day of operation. The same rules that apply to S100 also apply to S101.
Next step: Step 6: Complete Forms and Schedules