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Override of GIFI field subtotal is incorrect


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Hi,

I'm trying to file my business taxes but upon entering all my data I get
an error "Override of GIFI field subtotal is incorrect." and no further
details. How do I know what's wrong? I've double & triple checked all the
data entered already... Any ideas and/or hints are appreciated!

Thanks!

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Hi reggler,

In order to balance your financial statement, verify that the total liabilities (article 3499) plus total equity (article 3620) is equal to total assets (article 2599).

For more information about General Index of Financial Information (GIFI) click on the link below.

Revenue Canada - RC 4088
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4088-general-index-financial-information-gifi.html

Furthermore, UFile T2 will generate a purple error message if the subtotals or total are override.  The totals (fields in bold) are calculated automatically by the software. If you wish to make changes, simply change the items fields and not the totals or subtotals fields.

Note, the fields that are overridden have a red pen on the right-hand side of the GIFI editor. 

To remove the overrides, right click with your mouse on the subtotal or total amount and select clear/reset.

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Thanks for your response!

That is exactly what I have, only that my 3600 & 3620 are negative. 

Still, 3499+3620 = 3640. Also I do not see any purple error message nor a red pen or anything but the error message still says "GIFI 100 does not balance (GIFI field 2599 does not equal GIFI fields 3499+3620).".
I'm not sure wast GIFI100 is though.

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  • 2 years later...

I have exactly the same problem and above all my expenses are not deducted from my gross  to derive the net income for tax purposes?

I had manually calculated and balance my income statement and balance sheet accounts from the adjusted trail balance.

Edited by A S H
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