Expense Categorization Best Practices for Canadian Businesses
Why Categories Matter
Proper categorization ensures accurate financial reporting, maximizes tax deductions, and makes CRA audits stress-free. The T2125 form requires expenses organized by specific categories.
Common GIFI Codes
The General Index of Financial Information (GIFI) is the CRA's standardized coding system. Key codes include: 8521 (Advertising), 8690 (Office expenses), 8710 (Rent), 8760 (Telephone & utilities), 8811 (Motor vehicle expenses), and 8860 (Professional fees).
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