Release 2018.5.0

Module Content
Introduction Download the latest release of the ProFile suite, version 2018.5.0.

 

Highlights include:

  • T2 paper and Internet filing is certified for Federal corporate tax returns
  • AT1 paper and Internet filing is certified for Alberta corporate tax returns
  • ProFile T2 now carries forward information from 2018 files created with TaxPrep T2 (2018 v2.0, 2018 v2.1, 2019 v1.0) and Cantax T2 (versions 18.1.307.100, 18.2.307.126, 18.2.307.131).

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

T2 ProFile T2 and AT1 certifications

 

The 2018.5.0 release of T2 module is certified for Federal and Alberta corporate tax returns and allows for the preparation of returns for corporations with fiscal year ends on or before October 31, 2019.

Federal

T2 - Corporation Income Tax Return

The “passive income business limit reduction” and “reduced business limit” calculations are updated in the “Small business deduction” section.

The “refundable dividend tax on hand (for tax years starting after 2018)” section is also updated.

Schedule 5 - Tax Calculations Supplementary - Corporations

Ontario additional tax re: Crown royalties (Line 274) is obsolete and removed from Schedule 5. Manitoba childcare centre development tax credit (Line 328) and the certificate number (Line 889) are now transmitted to CRA.

Schedule 7 - Aggregate Investment Income and Income Eligible for the Small Business Deduction

A new section “Adjusted aggregate investment income” (Adjusted AII) is added to Schedule 7. The Adjusted AII is used in determining the business limit for Canadian-Controlled Private Corporations (CCPCs) for taxation years starting after 2018.

Schedule 8 - Capital Cost Allowance

This form is updated to reflect Accelerated Investment Incentive measure for accelerated investment incentive property (AIIP):

  • Line 225 has been added to distinguish the cost of acquisitions that are AIIP
  • Line 221 has been added to include all amounts of assistance received or receivable after the disposition of depreciable property that would have decreased the capital cost of the property
  • Line 222 has been added to include all amounts repaid during the year with respect to any legally required repayment, made after the disposition of a property
  • Column 10, 11 and 12 have been added to reflect the net capital cost additions and UCC adjustment for AIIP
  • Line 224 has been added to reflect the UCC adjustment for non-AIIP acquired during the year (formerly known as the 50% rule) does not apply to certain property (including AIIP)

Two asset codes relating to additional information for Class 43.1 and 43.2 have been decommissioned at Line 301:

  • 23 = Geothermal energy equipment - acquired after March 21, 2017
  • 24 = Thermal energy source – acquired after March 21, 2017New CCA classes 54 and 55 are now included in the schedule for zero-emission vehicles following the 2019 federal budget.

Schedule 17 - Credit Union Deductions

For taxation years ending after 2018, credit unions with permanent establishment in Manitoba use provincial rates in calculating the preferred-rate amount. Credit unions with permanent establishment in Manitoba before 2019, Ontario, or British Columbia continue to use federal rates in calculating the preferred-rate amount.

Schedule 31 - Investment Tax Credit - Corporations

For taxation years ending on March 19, 2019 or later, the taxable income from the preceding year is not used in determining the expenditure limit for the SR&ED tax credit following the 2019 federal budget. The taxable capital in determining the expenditure limit is not changed.

Schedule 366 (S5NB) - New Brunswick Corporation Tax Calculation

New Brunswick will not parallel federal changes to reduce the small business limit for Canadian-Controlled Private Corporations (CCPCs) based on their passive investment income following the 2019 New Brunswick budget. The schedule is updated to reflect the budget change.

Alberta

AT1 - Alberta Corporate Income Tax Return

Alberta Royalty Tax Credit (Line 083) and Alberta Royalty Tax Credit Instalments claim/processed (Line 084) are now removed from AT1.

Quebec

CO-1029.8.36.TI - Tax Credit Relating to Information Technology Integration

The schedule is added in ProFile for the tax credit available to qualified corporations incurring eligible expenses in relation to an eligible information technology integration contract.

Additional minor form updates

  • AS3
  • S1
  • S2
  • S3
  • S20
  • S27
  • S53
  • S307 (S5NL)
  • S322 (S5PE)
  • S341
  • S346 (S5NS)
  • S383 (S5MB)
  • S404
  • S411
  • S427 (S5BC)
  • S428
  • S430
  • S443 (S5YT)
  • S461 (S5NT)
  • S481 (S5NU)
  • S500 (S5ON)
  • T1131 (S47)
  • T1177 (S48)
  • T1196 (S422)
  • T2055

Obsolete forms removed

  • S10
  • CO-1137.Esupp

Release 2018.4.7

Module Content
Introduction Download the latest release of the ProFile, version 2018.4.7.

 

T1/TP1 highlights include:

  • T1 planner update
  • TP1 planner update
  • rates update

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 Plan/TP1Plan:

 

  • both Federal and Quebec planners are updated to reflect the new credit and updated income tax brackets for 2019
  • 2019 rates are being enacted in the planner’s calculation
  • a new section “Tax on Split Income” is added in the Planner

2019 rates update:

  • T1 General is calculated with the most recent 2019 rates when tax year of 2019 is chosen on the INFO page
  • 2019 rates are used for planning purpose; the user should not file the return with 2019 rates
  • rates applicable to the 2019 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.

Release 2018.4.3

Module Content
Introduction Download the latest release of the ProFile, version 2018.4.3.

 

Highlights include:

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

Release 2018.4.0

Module Content
Introduction Download the latest release of the ProFile, version 2018.4.0.

 

T1/TP1 highlights include:

  • T1 Multiple Jurisdiction return
  • certified EFILE of T1 Multiple Jurisdiction return
  • EFILE for TP1 Amended return

T3/TP646 highlights include:

  • 2019 rate updates

FX/Q highlights include:

  • 2019 rate updates

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 T1 Multiple Jurisdiction return

The following are updated with the most recent version of CRA’s forms:

  • T2203
  • TP22
  • TP25
  • all provincial Multiple Jurisdiction forms

New! TPF1C Explanations Regarding an Amended Income Tax Return

Starting with the 2018 taxation year, Revenu Québec allows preparers to transmit an amended TP1 return electronically.

As previously, preparers can use the “Prepare an automatic TP-1.R form” functionality to create and print Form TP-1.R - Request for an Adjustment to an Income Tax Return. Form TPF-1.C is not required if using this functionality.

Search for “adjustment” or “TPF1C” to find the TPF1C form.

An amended return using TPF1C is different from using TP-1.R: when using TPF1C the changes are made directly on the return. An explanation of the changes must be entered on TPF1C and the entire return is sent to Revenu Québec.

In comparison, only TP-1.R tells Revenu Québec the changes done on the return, without sending the entire return to the government.

An amended return can undergo electronic or paper filing. In both cases, TPF1C is necessary.

T1229 - Statement of Resource Expenses and Depletion Allowance

The new version of the form includes a new section in Part II to calculate the “Accelerated Investment Incentive” claimed on CDE and COGPE.

Enter the following amounts on the “Resource” worksheet, under Resource expense pools:

  • Accelerated CDE renounced under a FTS agreement entered into after November 20, 2018;
  • Other Accelerated CDE/COGPE; and
  • CDE/COGPE claimed in 2017

GST370 - Employee and partner GST/HST rebate application

The column in Part B pertaining to HST eligible expenses at 12% is obsolete and has been removed.

T3/TP646 Rate updates

The rates applicable to the 2019 taxation year are those known as of March 1st, 2019.

Any changes resulting from subsequent federal, provincial, and territorial announcements will be integrated into future updates.

FX/Q Rate updates

The rates applicable to the 2019 taxation year are those known as of March 1st, 2019.

Any changes resulting from subsequent federal, provincial, and territorial announcements will be integrated into future updates.

Coming Soon!
  • T1 and TP1 planner for 2019