T2 and T5013 GIFI Import From Xero

Updated: 2022-11-22

Link TaxCycle with Xero to seamlessly import General Index of Financial Information (GIFI) information into T2 corporate and T5013 partnership returns. To use this feature, you must have a current subscription to Xero.

Xero GIFI import data flow diagram

Map Your Xero Accounts to GIFI Codes

The most critical step to making the GIFI import work smoothly is to configure the correct GIFI mappings in Xero.

GIFI codes are not the same as the code you set for each account in Xero. Mapping allows you to pair one or more account codes to the standard list of GIFI codes the CRA requires for reporting financial statement information from T2 and T5013 returns. See General Index of Financial Information (GIFI) for information from the CRA on GIFI codes and a guide with a complete listing of GIFI codes.

To map GIFI codes, you must be a Xero partner with the Advisor or Standard user role.

  1. Sign in to Xero and go to the organization where you want to map the codes.
  2. In the Accounting menu, select Advanced, then click Chart of Accounts.
    Screen Capture: Accounting Menu in Xero
  3. Click Export GIFI Codes.
    Screen Capture: Export GIFI Codes Button in Xero
  4. The top of the page shows you all the accounts that need mapping.
  5. Sort by descending to see the accounts without a GIFI code mapping at the top of the list.
  6. To map the code, click on the account to check the box.
  7. On the right, search for a GIFI code by number or keyword.
  8. Select the code to assign it to the account.
    Screen Capture: Map accounts to GIFI codes in Xero
  9. To change the mapping for an account, click on the account and search for a new code.
  10. You can map more than one account to the same GIFI code. To map several codes at once, check the box next to the account names, then search for the code.
  11. Work through your accounts and map each of them to your GIFI codes. A message at the top left will tell you when all accounts have mapped GIFI codes.
    Screen Capture: Map Multiple Accounts to One GIFI in Xero
  12. Click Save to save your changes.
  13. Click Preview & export file to go to Step 2 and preview a list of your accounts and balances.
    Screen Capture: Save and Preview Buttons in Xero
  14. If any accounts remain unmapped, a message will appear at the top of this preview. Please map all accounts before importing GIFI to TaxCycle.
  15. Click the arrow at the top left to return to Step 1 and complete the mapping.
  16. Click Close to return to the Chart of Accounts.
    Screen Capture: Close Mapping Process

Import Xero GIFI Data

  1. Open the TaxCycle T2 or T5013 file into which you will import the GIFI data.
  2. Go to the Data menu, click GIFI Import and select Import Xero GIFI Data.
    Screen Capture: Import Xero Account GIFI Data
  3. TaxCycle will launch a browser to connect with Xero. If prompted, log into your Xero account.
  4. The first time you connect from TaxCycle, Xero will ask you to confirm that you wish to allow TaxCycle access to the data in your Xero account. Click Allow access to grant permission.
    Screen Capture: TaxCycle wants access to
  5. Once you see a message in your browser confirming that TaxCycle has successfully connected to Xero, you can close your browser window.
  6. TaxCycle attempts to match the open TaxCycle file with a business in your Xero account.
  7. If you have access to more than one business through your Xero account, you can search for the business by name. TaxCycle automatically populates the Search box with the corporation’s name from the tax return.
  8. Click the name of the company you want.
  9. Click Import GIFI Data to download and import financial information into the GIFI schedules S100, S125, etc.
    Screen Capture: Import Business to Xero

Connection Options

Each time you attempt to download from Xero, TaxCycle will check for a connection. You can also connect or disconnect from Options without importing data. Under the TaxCycle section, expand Service Providers and click on the Xero page.

Screen Capture: Xero Integration Options