What is new in ProFile (current release)
Following are the highlights for this release of the ProFile Suite. In ProFIle, go to the ProFile menu and select Online > Update Information > What's New to display the very latest news about ProFile. Print this document if you wish to keep this information handy.
Download the latest release of the ProFile Suite, version 2015.4.7.
For a list of issues fixed in the current and recent releases, see What was fixed in recent ProFile releases.
To update ProFile, go to the Online menu and click Check for Updates. If you have any questions, please call us at 1-800-452-9970 or visit www.profile.intuit.ca.
Updated Tax Rates and Tax Planners
This release includes updated versions of the T1 and TP1 Tax Planners (Plan#, TP1Plan#). These planners now include known 2016 tax rates and amounts from federal and provincial budgets and the Income Tax Act, as of April 30, 2016. Rate changes announced later will be updated in future releases.
Rates are also updated as of April 30, 2016 in the T3 module.
For more details on how to use next year's rates for tax planning purposes, search for "planner" in the in-product help.
Plan & TP1Plan
Both Federal and Quebec planners have been updated to reflect the new credits and updated income tax brackets for 2016.
The planners’ calculations are based on the rates for 2016.
2016 Rates Updates
The T1 General is calculated with the most recent 2016 rates when tax year 2016 is chosen on the INFO page.
The 2016 rates should be used for planning purposes only - tax returns set to use the 2016 tax rates should not be filed.
The CTB worksheet has been updated to reflect the new benefit proposed in the Federal budget, announced on March 22, 2016.
This new benefit is a non-taxable amount that replaces the Canada Child Tax Benefit (CCTB), and the Universal Child Care Benefit (UCCB). The CCB will be paid starting in July 2016. The base amount for this benefit will be $6,400 per year for each child under the age of six and $5,400 per year for each child between the age of 6 and 17. In addition, the amount of the benefit will be phased out based on net family income.
Like the CCTB, the new benefit will be paid monthly, i.e. from July to June. The payments will be calculated in July of each year, based on the prior-year family income.
Returns prepared in earlier ProFile releases will be recalculated with the latest changes.
CTB(AB) - Alberta Child Benefit Worksheet (ACB)
CTB(AB) has been updated to include Alberta’s new Alberta Child Benefit.
The amount of Alberta Child Benefit families receive will depend on their income level and how many children they have under the age of 18.
Under ACB, $1,100 is the maximum for families with one child, and $2,760 is the maximum for families with four or more children.
Families with net income of up to $25,500 will receive the maximum benefit under the ACB. Benefits begin to phase out above this income level and are fully phased out once family net income reaches $41,220.
GST(NB) - Good and Services Tax Credit
In its 2016-2017 budget, the province of New Brunswick announced a refundable HST credit, to lessen the impact of the HST rate increase. The calculation of this new credit has been added to this version of ProFile.
The amount of the credit will be $300 for an individual, $300 for a spouse or an eligible dependent, and $100 per child under the age of 19. However, single parent families will receive a $300 credit for their first child. The credit will be reduced where family income exceeds $35,000, at a rate of two cents for every dollar of income above that threshold.
Improved! GST(ON) - Good and Services Tax Credit
The calculation of the Ontario Senior Homeowners’ Property Tax Grant (OSHPTG) has been added to the GST(ON) form.
For individuals who are single, separated, divorced or widowed, an amount of $500 is provided if the adjusted family net income (income) for the previous year was $35,000 or less. The grant is reduced by 3.33 per cent of the income over $35,000. Individuals with income of $50,000 or more do not qualify for this grant.
For individuals who are married or living common-law, an amount up to $500 is provided if the adjusted family net income (income) for the previous year was $45,000 or less. The grant is reduced by 3.33 per cent of your income over $45,000. Couples with income of $60,000 or more do not qualify for this grant. Only one of the couple can claim the grant.
Improved! T1135 File Property Added
The filing status of the T1135 has been added to file properties. When the T1135 has been efiled, the status will now show in the file properties window as “Accepted or “Not Accepted” accordingly.
Updated Federal Forms
Schedule 200 - T2 Corporation Income Tax Return
This release includes updates to Schedule 200 - Corporation Income Tax Return to reflect the rates effective January 1, 2016 for the calculation of the refundable portion of Part I tax, dividend refund, and refundable tax on CCPC’s investment income.
· T2 Jacket, page 6 – Refundable portion of Part I tax
o Line A - Aggregate investment income from Schedule 7
o Line C - Foreign investment income from Schedule 7
o Line H - Foreign non-business income tax credit from line 632 on page 7
o Line L – Calculation of percentage of a CCPC’s aggregate investment income
· T2 jacket, page 6 - Dividend Refund
o Line S- Taxable dividends paid in the tax year from line 460 on page 2 of Schedule 3
· T2 Jacket, page 7 – Part I tax
o Line G - Refundable tax on CCPC's investment income – 6 2/3% of whichever is less: amount C or amount F
For taxation years that contain days in 2015 and 2016, the new rates are prorated based on the number of days that fall into each period. Details of the calculation are shown as a footnote in the applicable section.
Important: If you have filed a T2 return with a taxation year that includes days on or after January 1st, 2016 using release 2015.4.3 or earlier, please read this important update.
Schedule 3 - Dividend Recieved, Taxable Dividends Paid, and Part IV Tax Calculation
This release includes updates to Schedule 3 - Dividends Received, Taxable Dividends Paid, and Part IV Tax Calculation to reflect the to the calculation of Part IV tax, effective January 1, 2016.
A new column has been added to indicate whether the dividends entered in column F are received after December 31, 2015.
For dividends received before January 1, 2016, the Part IV tax in Column I – Part IV tax before deductions is equal to the dividends in Column F multiplied by 33 1/3%. For dividends received after December 31, 2015, the dividends in Column F are multiplied by 38 1/3%.
Updated Québec Forms
CO-1029.8.36.SM — Tax Credit for the Production of Performances
This release includes updates to form CO-1029.8.36.SM — Tax Credit for the Production of Performances based on changes from Revenu Québec.
A new series of checkboxes has been added at Line 10 to indicate the period for which the corporation is claiming the credit. If the credit is being claimed for the qualifying periods covered by boxes 07 and 08, you must complete a separate section 3 and 4 for each period.
The form has also been updated to reflect changes to the maximum tax credit limits, as indicated at Line 80.
CO-1029.8.36.TM — Tax Credit for Multimedia Titles
This release includes updates to form CO-1029.8.36.TM — Tax Credit for Multimedia Titles based on changes from Revenu Québec.
A new checkbox 09a has been added to indicate whether the qualified labour expenditures were incurred after March 26, 2015. In addition, checkboxes have been added to indicate the type of multimedia title.
Section 3 has been updated to allow the entry of multiple employees for each multimedia title claimed. Section 3 also contains a new Annual Limit calculation if 09a is checked, to limit the amount of expenditures that can be claimed.
2016 Rates Updates
The T3/TP646 Trust Income Tax and Information Returns with a year end in 2016 are now being calculated with the most recent 2016 rates.
FX/FX-Q (Forms Expert)
2016 Rates Updates
This release includes 2016 tax rates for FX and FX/Q forms, including gross up amounts for dividend taxes. To use the 2016 tax rates, you’ll need to override the tax year in the summary section of each slip/summary:
Look for the following in an upcoming release:
· T2: Federal for updates and Alberta AT1 update
· FX/FXQ: Form updates