For the Income Statement of a Canadian corporate income tax, does the GIFI field 9066 "Employment Salaries" include the source deductions, (Income Tax, CPP etc.), that the corporation submits to Canada Revenue? All of it?
You should complete the GIFI in such a way that it reflects how the company's financial statements are presented. So if you combine the source deductions with the gross salary on the financial statements then you should also do this on the GIFI income statement. There are separate GIFI codes 8620 Employee benefits, and 8622 Employer's portion of employee benefits if you want to show the employer expenses separately but if you simply combined these with the gross salaries this should be fine.
Source(s):
Professional accountant
the GIFI for salaries is 9060 all deductions are GIFI's in the 8000 group...
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