Release 2018.1.0

Module Content
Introduction Download the latest release of the ProFile, version 2018.1.0.

T1/TP1 highlights include:
 
  • carry forward files from 2017 TurboTax Desktop files into 2018 T1
T2 highlights include:
 
  • T2 paper and Internet filing certified for Federal and Alberta corporate returns
  • AT1 Alberta Netfile available for amended corporate returns
T3/TP-646 highlights include:
 
  • this release allows T3 carry forward
  • updated forms T2125CCS, T2042CCS, T1164CCS, TP80.BCCS, and QFarmingCCS
Systems highlights include:
 
  • improved product feedback tools

About ProFile

To update ProFile, select the “Check for Updates” option from the “Online” drop-down menu in the top toolbar.

For a list of issues fixed in the current and recent releases, see “What was fixed in recent ProFile releases”.

For question, please call ProFile support at 1-800-452-9970 or visit www.profile.intuit.ca

T1/TP1 Carry forward from 2017 TurboTax Desktop
 
  • carry forward files from 2017 TurboTax Desktop files into 2018 T1
T2 ProFile T2 Certifications

The 2018.1.0 release of T2 is certified for Federal and Alberta corporate tax returns and allows users to prepare returns for corporations with fiscal year ends on or before May 31, 2019.

AT1 - Alberta Netfile for Amended Corporate Returns

New! Alberta Netfile is now available for Amended Corporate Returns


With the updated T2 2016-2019 module, users can Netfile amended returns for taxation years starting January 1, 2016 and ending on or before the current date.

To Netfile an AT1 return for your client:

  1. Fill out the new Part 3 on AEDI schedule to Netfile amended returns.
  2. Select “Netfile this AT1 return” from the “EFILE” menu when the tax return is ready to undergo Netfile.

Alberta Finance accepts Netfile AT1 amended Corporate Returns starting on December 1, 2018.

Federal

T2 - T2 Corporation Income Tax Return


A new additional reduction calculation is added in determining a CCPC’s business limit under the “Small business deduction” section following the 2018 Federal Budget changes.

The business limit of a CCPC is reduced when the total “adjusted aggregate investment income” of the corporation and any corporation that it is associated with in the preceding calendar year in excess of $50,000. The “adjusted aggregate investment income” for the preceding calendar year can be entered on the T2 for the corporation or on the “RACDetails” for any associated corporation.

The new business limit reduction calculation applies to taxation years that begin after 2018 in general. However, if a corporation’s preceding taxation year is shorter than it otherwise would have been due to a transaction, event, or series of transactions or events and one of the reasons for undertaking the particular transaction, event, or series was to defer the application of these provisions or the RDTOH provisions, then these provisions will apply to a taxation year of a corporation that begins before 2019 and ends after 2018.

Schedule 2 - Charitable Donations and Gifts

This form is updated to remove total current-year gifts of certified ecologically sensitive land made before February 11, 2014 on line 510 in Part 4. 

Schedule 5

This form is updated to remove an obsolete tax credit and to add a newly introduced tax credit.

In the Newfoundland and Labrador section, Line 503, Newfoundland and Labrador manufacturing and processing profits tax credit, is removed due to the removal of Schedule 300.

In the Manitoba section, a new line is added for Manitoba child care centre development tax credit.

Schedule 17 - Credit Union Deductions

This form is updated to reflect the phase out of the additional deduction for credit unions for the days in the tax year after December 31, 2016.

In Part 1, allocations in proportion to borrowing and bonus interest payments claimed as a deduction tables are integrated into one section.

In Parts 2 and 3, the calculations of additional deduction and preferred-rate amount for the days in the tax year before January 1, 2016 are removed as they are obsolete in the current module.

Instead, calculations are separated into two portions:

  1. The permanent establishment in Saskatchewan or any other province or territory for the tax year starts before January 1, 2017.
  2. The permanent establishment in Ontario, Manitoba, or British Columbia for the days in the tax year after December 31, 2016.

Schedule 89

The non-taxable portion of capital gains from a trust after September 15, 2016 is now included in Line 110 in Part 1, together with the non-taxable portion of any other capital gains of the corporation, which can be reduced by the non-allowable portion of the realized capital losses of the corporation, following the amended definition of CDA in subsection 89(1).

Schedule 383 / S5MB - Manitoba Corporation Tax Calculation

The form has been updated to reflect (1) the phase out of the credit union deduction, and (2) increase of small business deduction limit to $500,000 (from $450,000) beginning on January 1, 2019.

In Part 1, calculations are separated into (1) the period before January 1, 2019 and (2) the period after December 31, 2018. The phase out of the credit union deduction is reflected in the “period after December 31, 2018” of the form.

Part 2’s calculations would apply when the filing corporation’s tax year is before January 1, 2019, prior to the increase of small business deduction limit to $500,000.

T1196 / Schedule 422 - British Columbia Film and Television Tax Credit

The British Columbia Film and Television Tax Credit includes new tax credit calculation for the BC scriptwriting tax credit.

Alberta

AT1 EDI Schedule


Two new lines added to the AEDI form for Netfile of amended returns. Lines 071 and 073 need to be filled out accordingly in order to Netfile amended returns.

Manitoba

MCT1 - Banks, Trust and Loan Corporations Return


The $10 million capital deduction is removed for tax years ending after April 30, 2017.

Removed obsolete schedules
 
  • S300
Additional minor form updates
 
  • RC59
  • S23
  • S384
  • S394
  • S429
  • T2054
  • S349  Manitoba Rental Housing Construction Tax Credit
T3/TP646 Updated Forms

Updates to forms T2125CCS, T2042CCS, T1164CCS, TP80.BCCS, and QFarmingCCS:
 
  • cumulative eligible capital (ECE) calculations removed from these forms
  • effective January 1, 2017 the rules governing eligible capital property (ECP) were replaced by the new Class 14.1. Property that would be ECP prior to January 1, 2017 are considered depreciable property in the new Class 14.1 after December 31, 2016.
Carry forward

This release allows T3 carry forward:
 
  • from 2017 ProFile .17R files
  • from 2017 TaxPrep .317 and .318 files
Systems Improvements
 
  • improved product feedback tools
Coming soon! The new eligible and non-eligible RDTOH classes for tax years starting after 2018.


Release 2018.0.2

Module Content
Introduction Download the latest release of the ProFile, version 2018.0.2.

Microsoft C++ library automated updates:

ProFile users updating to version 2018.0.2 may be prompted to accept up to three Microsoft C++ libraries during the installation process. These C++ libraries allow users to run new and existing features and functions in ProFile.

When prompted by the Microsoft update window, ProFile users should accept or select the "repair" option to start the installation.

This is a one-time update only.

T3/TP-646 highlights include:
 
  • updated 2017 T3 module for 2018 dividend tax credit rates for RL16 slips
FX/Q highlights include:
 
  • updated 2018 dividend tax credit rates for RL slips

About ProFile

To update ProFile, select the “Check for Updates” option from the “Online” drop-down menu in the top toolbar.

For a list of issues fixed in the current and recent releases, see “What was fixed in recent ProFile releases”.

For question, please call ProFile support at 1-800-452-9970 or visit www.profile.intuit.ca

T3/TP-646 Updated 2017 T3 module for 2018 dividend tax credit rates for RL16 slips

Further to the 2018 Québec Budget, different rates apply to the tax credit for dividends received before and after March 27, 2018.

Revenu Québec has added four new codes to be entered in the additional boxes of the RL16 slip.

When dividends are entered on a T3 return ending in 2018, users must indicate the portion of the dividend received in each period by entering the amount under the appropriate code on the RL16Income worksheet:

RL-16:

C11 - Actual amount of eligible dividends (January 1 through March 27, 2018)

C12 - Actual amount of eligible dividends (March 28 through December 31, 2018)

C21 - Actual amount of ordinary dividends (January 1 through March 27, 2018)

C22 - Actual amount of ordinary dividends (March 28 through December 31, 2018)

Note: the amounts in C12 and C22 will calculate based on the total dividend minus the amounts entered in C11 and C22.
 
FX/Q Updated 2018 dividend tax credit rates for RL slips

Further to the 2018 Québec Budget, different rates apply to the tax credit for dividends received before and after March 27, 2018.

Revenu Québec has added four new codes to be entered in the additional boxes of the RL3, RL15 and RL25 slips.

When dividends are entered on any of these slips for 2018, users must indicate the portion of the dividend received in each period by entering the amount and the appropriate code in the additional boxes of the slip.

RL-3:

A11 - Actual amount of eligible dividends (January 1 through March 27, 2018)

A12 - Actual amount of eligible dividends (March 28 through December 31, 2018)

A21 - Actual amount of ordinary dividends (January 1 through March 27, 2018)

A22 - Actual amount of ordinary dividends (March 28 through December 31, 2018)

RL-15: 

6a1 - Actual amount of eligible dividends received (or deemed to have been received) from January 1 through March 27, 2018

6a2 - Actual amount of eligible dividends received (or deemed to have been received) after March 27, 2018

6b1 - Actual amount of ordinary dividends received (or deemed to have been received) from January 1 through March 27, 2018

6b2 - Actual amount of ordinary dividends received (or deemed to have been received) after March 27, 2018

Note: for RL15, the portion of the dividend received before and after March 27, 2018 will be allocated based on the amount entered in boxes 6a1, 6a2, 6b1, and 6b2 on the TP600 Worksheet.

RL-25: 

A11 - Actual amount of eligible dividends (January 1 through March 27, 2018)

A12 - Actual amount of eligible dividends (March 28 through December 31, 2018)

A21 - Actual amount of ordinary dividends (January 1 through March 27, 2018)

A22 - Actual amount of ordinary dividends (March 28 through December 31, 2018)

Note: slip filing in the FX/Q module for 2018 is disabled. Users that presently wish to file 2018 slips should use the previous module and manually override the year to “2018”. Slip filing in the FX/Q module for 2018 will be enabled in a future release, once 2018 slips are updated.

Minor form updates
 
  • T2062A
  • T2062A
  • NR5
  • RC7066
  • RC4616
  • PD24
  • GST74
  • GST70
  • GST525
  • GST523.1
  • GST44
  • GST20
  • GST191
  • GST189
  • GST145
  • CPT30
  • GST146
  • T400A

 


Release 2018.0.0

Module Content
Introduction Download the latest release of the ProFile, version 2018.0.0.

T1/TP1 highlights include:

This is the first ProFile T1/TP1 release for the 2018 taxation year.

At this time, forms are not released by CRA for the 2018 taxation year; in-product forms include a “DRAFT” watermark indicating that the form is not approved for use.

Note: ProFile recommends that discounters in provinces that provide refundable tax credits do not use this release to begin entering data for their clients.

T2 highlights include:
 
  • updated forms
  • 2017 TaxPrep/CanTax/DTMax carry forward to ProFile
FX/Q highlights include:
 
  • new 2018 module
  • updated forms
  • 2017 TaxPrep/CanTax FormMaster carry forward to ProFile
Systems highlights include:
 
  • support of 2018 T1 module for Hub

About ProFile

To update ProFile, select the “Check for Updates” option from the “Online” drop-down menu in the top toolbar.

For a list of issues fixed in the current and recent releases, see “What was fixed in recent ProFile releases”.

For question, please call ProFile support at 1-800-452-9970 or visit www.profile.intuit.ca

T1 This is the first ProFile T1/TP1 release for the 2018 taxation year.

At this time, forms are not released by CRA for the 2018 taxation year; in-product forms include a “DRAFT” watermark indicating that the form is not approved for use.

Note: ProFile recommends that discounters in provinces that provide refundable tax credits do not use this release to begin entering data for their clients.

Carry Forward Previews

ProFile carry forward can be attempted in preparation for the upcoming personal tax season.

However, ProFile suggests that users wait until the fileable release of the 2018 ProFile T1 module before carrying forward the majority of files. The first filing release typically has additional changes ensuring the smoothest and most-complete carry forward process for the previous year's files.

Setting Carry Forward Options

  1. Select the Module… option under the Options drop-down menu in the top toolbar.

  2. Select the year.

  3. Click on the General tab.

  4. Navigate to the Carry forward files section of the General tab.

  5. Configure the preferences to apply to carrying forward previous year client files.

  6. Click the OK button.

2017-2018 ProFile to ProFile carry forward preview (T1)

This early version of the ProFile T1 module carries forward information from 2017 ProFile returns to create new 2018 ProFile returns, for preview purposes only.

To carry forward a single 2017 tax return, right-click on the file and choose the Carry forward option.

2017-2018 TaxPrep to ProFile carry forward preview (T1)

This version of the ProFile T1 module carries forward information from 2017 TaxPrep T1 returns to create new 2018 ProFile returns, for preview purposes only.

To carry forward a TaxPrep T1 file, select the Carry Forward… option under the File menu and set the Files of type: option to 2017 TaxPrep™ T1 (*.117). Alternatively, drag-and-drop a TaxPrep (*.117) file into a ProFile T1 file.

TaxPrep versions supported include 2017.v1.0, 2017.v2.0, 2017.v3.0, 2017.v4.0, and 2017.v5.0.

2017-2018 Cantax to ProFile carry forward preview (T1)

This version of the ProFile T1 and T3 modules carries forward information from 2017 Cantax T1 returns to create new 2018 ProFile returns, for preview purposes only.

To carryforward a Cantax T1 file, select the Carry Forward… option under the File menu and set the Files of type: option to  2017 Cantax T1 (*.P17) or drag-and-drop a Cantax (*.P17) file into a ProFile T1 file.

Supported Cantax versions include 17.1.303.100, 17.2.303.108, 17.3.303.112, 17.4.303.118, and 17.5.303.125

2017-2018 DTMax to ProFile carry forward preview (T1)

To carryforward a DTMax T1 file, select the DT Max Carry Forward… option under the File menu. Select the T1 option and the click the Next button. Designate a file location, select 2017 and designate the carry forward file location. Click the CARRY FORWARD button.
 
T2 Minor form updates:
 
  • Schedule 28
  • RC366
2017 Taxprep/Cantax/DTMax Carry Forward to ProFile

ProFile T2 now carries forward information from 2017 files created with Taxprep T2 (versions 2017 v.1.1, 2017 v.2, and 2018 v1.1), Cantax T2 (versions 18.1.307.100, 17.2.309.126, 17.2.306.126, and 17.2.307.126), and DTMax T2 (versions 2017 v.21.15 and 2018 v.21.30).
 
FX/Q Updated FX forms

RC199 - Voluntary Disclosures Program (VDP) Application:


The form is updated to reflect changes to the eligibility criteria to access the program and to impose additional conditions on applicants. New sections are added to the form for applicants to provide more details regarding GST/HST, Domestic income, Foreign income, and Non-Resident Information Returns.

Minor form updates:
 
  • RC366
  • RC4288
  • T100A
  • T100B
  • T100C
  • T1044
  • T1223
  • T1240
  • T1261
  • T2050
  • T2057
  • T2058
  • T3012A
  • T3D
  • T3RI
  • T400A
  • TD1 – PE
  • TD1 – BC
  • TD1 – NS
  • TP-1015.3
  • TP-518
  • TP-1097
Note: slip filing in FX 2018 is disabled. Those wishing to file 2018 slips now should use the previous module and manually override the year to “2018”. Slip filing in the 2018 module will be enabled in a future release, once the 2018 slips have been updated.

2017 ProFile/Taxprep Forms/Cantax FormMaster Carry Forward to ProFile

ProFile FX 2018 carries forward information from 2017 files created with ProFile FX 2017, Taxprep Forms 2017 v1, v2, v3, v4, v5, and Cantax FormMaster 2017 v1, v2, v3, v4, v5.
 
Systems Various updates
 
  • T2 print fixes
  • support of 2018 T1 module for Hub
INF30940