The investment is stated at cost and consists of shares in a Canadian affiliated corporation. Use the GIFI to report the breakdown of these amounts, rather than the net amount. Note 1. Basis of presentation
Does Gifi include cost of sales?
Cost of Sales – The farming income and expense section of the GIFI does not include an item for cost of sales. If a farming corporation has cost of sales with no breakdown, this should be reported under the most appropriate farm expense item.
What is Gifi – additional information?
The GIFI – Additional Information is a short set of questions designed to determine who is primarily involved with the financial information and the extent of their involvement or that of the person filling out the form. It also identifies whether any reservations were expressed and other information relating to the financial statements.
