GIFI Schedule 141 Checker
Schedule 141 records who prepared the statements and what work stands behind them. Three answers show what yours says.
Written and reviewed by Sharad Gondaliya, CPA (Ontario), CPA Ontario Membership 61040184.
Last reviewed: October 30, 2026
Answer all three questions.
Gondaliya CPA Professional Corporation is a registered EFILE electronic filer. Returns are prepared and transmitted in Canada. Credentials are never shared and never used offshore.
Schedule 141 Describes the Statements, Not the Figures
Schedules 100 and 125 carry the numbers. Schedule 141 is the notes checklist: it records who put the financial statements together and what level of work stands behind them.
So it is the one schedule in the set that is about the preparation rather than the corporation. The guide to GIFI Schedules 100, 125 and 141 sets out what each of the three carries.
| What Schedule 141 records | The usual answer on a dormant corporation |
|---|---|
| Who prepared the financial statements | The firm that prepared the return |
| Whether they were audited | No |
| Whether they were reviewed | No |
| Whether any assurance work was performed | None, which is a complete answer on a nil return |
Neither Audited Nor Reviewed Is the Normal Answer
For a dormant corporation the honest answer to the assurance question is usually neither, and that is a complete answer rather than a gap in the return.
A nil return does not need an audit or a review behind it. Reading the schedule as though it were asking for one is what makes people think a quiet corporation needs an engagement it does not need.
It Is Required on the Same Trigger as the Other Two
Schedule 141 has no test of its own. It goes on the return whenever Schedules 100 and 125 do, and it comes off only when they do, so the question is never about this schedule in particular.
That shared trigger is any share capital, cash, shareholder loan, incorporation cost or bank charge, against a permission that belongs to a corporation inactive all year with nothing to report. In practice the schedule is nearly always required, because a corporation with shares issued has share capital.
On a Return Filed Here, the Preparer Question Has One Answer
Returns are prepared and transmitted in Canada by Gondaliya CPA Professional Corporation, a registered EFILE electronic filer. Credentials are never shared and never used offshore.
So the preparer side of the schedule is settled the same way on every return filed through this site, and preparing both the statements and the schedule describing them is inside the fee of $300.00 plus HST per tax year.
Frequently Asked Questions
What is GIFI Schedule 141?
The notes checklist. It records who prepared the financial statements and what level of work stands behind them, where Schedules 100 and 125 carry the figures.
Does a nil return need an audit or a review?
No. Neither audited nor reviewed is the normal answer for a dormant corporation and it is a complete answer.
When is Schedule 141 required?
On the same trigger as the other two GIFI schedules. Any share capital, cash, shareholder loan, incorporation cost or bank charge makes all three required.
Is there a separate test for Schedule 141?
No. It goes on the return whenever Schedules 100 and 125 do.
Who is recorded as preparing the statements?
On a return filed here, Gondaliya CPA Professional Corporation, which prepares and transmits in Canada as a registered EFILE electronic filer.
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