GIFI Schedule 125 Checker
Schedule 125 is the income statement. Three answers show whether it goes on a nil return and whether it carries a figure.
Written and reviewed by Sharad Gondaliya, CPA (Ontario), CPA Ontario Membership 61040184.
Last reviewed: October 30, 2026
Answer all three questions.
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Schedule 125 Is the Income Statement
Of the three GIFI schedules, 100 is the balance sheet, 125 is the income statement and 141 is the notes checklist. Schedule 125 is the one that reports what the year did rather than what the corporation holds.
Which is why people expect it to be the blank one on a dormant year. Often it very nearly is, and nearly blank is not the same as absent. The nil GIFI balance sheet checker covers the other side, Schedule 100.
| GIFI schedule | What it carries | On a dormant year |
|---|---|---|
| Schedule 100 | The balance sheet | Share capital, cash and any loan balance |
| Schedule 125 | The income statement | Zeros, unless there was a bank charge or another expense |
| Schedule 141 | The notes checklist | Who prepared the statements, and that they were neither audited nor reviewed |
A Bank Charge Is an Expense
This is the fact worth carrying away. A corporation with no revenue, no staff and no customers still has an income statement with a figure on it if the bank took a monthly fee off the account.
It is a few dollars and it is an expense, so the year has something to report. A corporation with an open bank account usually has one of these, which is how a year that feels like nothing turns out to have a number in it.
The Permission Covers All Three or None
The permission runs to the three schedules together, which is the part that decides this page. There is no position where Schedule 100 goes on the return and Schedule 125 stays off, so an item on the balance sheet puts the income statement on the return too, carrying zeros.
What withdraws the permission is any share capital, cash, shareholder loan, incorporation cost or bank charge. What holds it open is a corporation inactive all year with nothing to report, and share capital alone is enough to take it away.
Zeros on a Required Schedule Are Not a Problem
A Schedule 125 of zeros is a complete schedule rather than an incomplete one. It reports that the year had no revenue and no expense, which is a fact about the year and the thing a nil return exists to say.
A nil return is not an empty return. It is a full return whose figures are zero, which is why it carries the schedules the corporation needs and why all of them are inside the fee of $300.00 plus HST per tax year.
Frequently Asked Questions
What is GIFI Schedule 125?
The income statement. Schedule 100 is the balance sheet, Schedule 125 is the income statement and Schedule 141 is the notes checklist.
Can a nil return leave Schedule 125 off?
Only where the corporation was inactive all year with nothing to report. Any share capital, cash, shareholder loan, incorporation cost or bank charge makes Schedules 100, 125 and 141 required.
Does a bank charge count?
Yes. A bank charge is an expense, so it puts a figure on the income statement and it is one of the five things that make the GIFI schedules required.
Can Schedule 100 be filed without Schedule 125?
No. The permission to omit covers all three GIFI schedules together, so they go on the return as a set.
Is a schedule of zeros acceptable?
Yes. A nil return is a full return whose figures are zero, and a Schedule 125 of zeros reports that the year had no revenue and no expense.
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