Release 2017.5.0

Module Content
Introduction Download the latest release of the ProFile, version 2017.5.0.
 

T2 highlights include:

  • new T2 2016-18 module for new taxation years
  • Federal Alberta AT1 certification
  • updated forms, including RC59 and RC59X EFILE

“Auto-fill my Return” (AFR) for T2 module

The CRA’s “Auto-fill my Return” (AFR) feature for T2 module is in beta mode for release 2017.5.0.

ProFile users have the ability to view the following corporate data for which they have online authorization:
 
  • previously-assessed return data for the past five years
  • T2 return balances (RDTOH, GRIP, Non-Capital/Capital Losses, and CDA)
  • corporation tax account balance (tax installments)
  • corporation addresses on file with CRA
The ability to transfer data to the current return is being targeting for an upcoming release of ProFile.
 

Systems highlights include:

  • print improvements
  • workstation install fixes

Rerun of Workstation Install Required for 2017.5.0

Users who currently have a ProFile workstation install need to rerun installation for release 2017.5.0.

The rerun installs a new shortcut that improves the ProFile workstation compatibility with the server. 

More information

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

T2 Updated T2 Forms

Filing returns in the new T2 2016-2018 module

This release includes a new T2 2016-2018 module. It supports taxation years starting on or after January 1, 2016 and ending on or before October 31, 2018.

To file returns in the new module, preparers must open and save all returns with taxation years that start after December 31, 2015 in the ProFile T2 2016-2018 module.

When opening files with taxation years starting after December 31, 2015 and ending after December 31, 2016 and which show a Client Status other than "Completed" or an EFILE/CO-17 Status other than "Accepted", ProFile will ask if the files should open in the 2016-2018 module.

When carrying forward filed T2 returns with taxation years ending on or after December 31, 2015, they will automatically open in the ProFile 2016-2018 T2 module.

For more information regarding the different T2 modules, see the in-product help topic "Understanding the different T2 modules".

ProFile T2 certifications

The 2017.5.0 release of T2 is certified for Federal and Alberta corporate tax returns and allows the preparation of returns for corporations with fiscal year ends on or before October 31st, 2018.

Federal Forms

RC59 EFILE - Electronic filing to grant authorization


With the new T2 2016-2018 module, preparers can now electronically file authorization requests using the form RC59 EFILE. Electronically filing the request grants online, telephone and mail access simultaneously. If you wish to grant telephone or mail access only, paper file the existing RC59 form.

To electronically file the authorization request for a client:

  1. Open the RC59 EFILE form.
  2. Check the box “Enable printing and EFILE of this authorization request” at the top of the form.
  3. Complete the form and have it signed by the authorized person of the business. Retain the signed copy for your records.
  4. Go to the “EFILE” menu and select “EFILE the RC59”.

A timestamp for a successful RC59 EFILE displays on a new field at the bottom of the RC59 EFILE form.

RC59X EFILE - Electronic filing to cancel authorization

With the new T2 2016-2018 module, preparers can now cancel authorization for your client electronically using the form RC59X EFILE.

To electronically file the cancellation request for a client:

  1. Open the RC59X EFILE form.
  2. Check the box “Enable printing and EFILE of this cancellation request” at the top of the form.
  3. Complete the form and have it signed by the authorized person of the business. Retain the signed copy for your records.
  4. Go to the “EFILE” menu, and select “EFILE the RC59X”.

Schedule 200

The form is updated to remove obsolete calculations relating to the period before January 1, 2016.

Schedule 5

The 2018 Manitoba budget introduced a refundable Child Care Centre Development Tax Credit, which is added under the Manitoba section. This new tax credit is available for private corporations that create new childcare centers in workplaces effective for childcare spaces created after March 12, 2018 and before 2021.

Line 705 - the Northwest Territories Investment Tax Credit (Schedule 460) is obsolete and removed from Schedule 5.

Schedule S5PE / Schedule 322

The form is updated to reflect the reduction in the small business tax rate as announced in the budget, from 4.5% to 4%, effective January 1, 2018.

Schedule S5BC / Schedule 427

This update reinstates the credit union deduction to 100% for days in the tax year after December 31, 2016.

Schedule 18

This update adds Line 171 to capture the fair market value of shares exchanged to calculate the capital gains redemption for the taxation year.

Schedule 384

The transitional 2015 hiring incentive is obsolete and is removed. The form text has been updated in Part 2 - Co-op student hiring incentive, and Part 3 - Co-op graduate hiring incentive, to reflect only the latest maximum amounts for years ending after December 31, 2015.

Schedule 403

The form is redesigned to remove the obsolete sections for expenditures incurred before April 1, 2015.

The non-refundable credit for expenditures incurred before April 1, 2017 should be claimed in Part 1.

For CCPCs, the refundable credit for expenditures incurred after March 31, 2017 should be claimed in Part 4.

The non-refundable credit for expenditures incurred after March 31, 2017 are calculated in Part 5.

Québec Forms

Schedule 8Class

The Quebec-only CCA class 8.1 is added in the “Class (Quebec)” for works of art acquired after April 21, 2005, subject to a 33 1/3% CCA deduction rate.

There is an additional deduction to certain Class 50 or 53 equipment. The additional deduction can be 35% or 60%, depending on the Class 50 or 53-equipment purchase date and other requirements for the additional deduction.

CO-771 - Calculation of the Income Tax of a Corporation

As announced in the Quebec budget, the small business deduction rate increases from 3.7% to 4.7% after March 27, 2018. The additional maximum deduction for primary and manufacturing sector SMBs decreases from 4% to 3% after March 27, 2018. 

Minor form updates
 
  • Schedule 2
  • Schedule S5MB / S383
  • Schedule S5NS / S346
  • Schedule 10
  • Schedule 20
  • Schedule 53
  • Schedule 54
  • Schedule 303
  • Schedule 380
  • Schedule S381
  • Schedule 411
  • Schedule 421
  • Schedule 425
  • Schedule 428
  • Schedule 429
  • Schedule 500
  • Schedule 554
  • Schedule 556
  • Schedule 558
  • Schedule 560
  • T1044
  • T1134
  • T1135
  • T106
Removed forms
 
  • Schedule 460
  • Schedule CO-1029.8.36.CP
Systems
  • print improvements
  • workstation install fixes

 

Release 2017.4.7

 

Module Content
Introduction Version 2017.4.7

Download the latest release of the ProFile, version 2017.4.7

T1 highlights include:
 
  • T1 module planner update
  • TP1 module planner update
T3 highlights include:
 
  • 2018 rate updates resulting from Ontario budget change
Systems highlights include:
 
  • Corporate Linking for T2 supports password-protected files with a generic password
  • multiple print fixes for T2 module
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”.

If you have any questions, please call ProFile support at 1-800-452-9970 or visit www.profile.intuit.ca
 
T3/TP646  2018 rates updates:

The rates applicable to the 2018 taxation year are those known as of May 1st. Any changes resulting from subsequent federal, provincial, and territorial announcements will be integrated into future updates.
 
Systems Password Protection for Corporate Linking:
 
  • Corporate Linking for T2 supports password-protected files with a generic password
Print Fixes:
 
  • multiple print fixes for T2 module



 

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