Can you explain what you mean by “close GIFI items”?
“Closing” is a term that refers to the year-end process, where all income statement (profit and loss) accounts get adjusted to zero by an effective journal entry, with a net adjustment to retained earnings. It doesn’t make sense to use the term “close” when talking about balance sheet items.
Further, it doesn’t make sense when you are talking about something on the T2 - all the “closing” is done outside TaxCycle (usually via journal entries in your year-end software or in the client’s bookkeeping software).
Also, what is “GIFI 125”? The lowest GIFI number is 1000 (that I know of). See Appendix A in this article:
If you are asking about the legality of writing off incorporation costs (per the income tax act), see the following:
I would only add that if the undepreciated balance is small, such that the tax liability is small, CRA might let it go without questioning. But, it is also possible that they could deny the “write off” without adding back the Class 14.1 UCC balance.