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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.

Module Content
Intro

Version 2015.5.0

Download the latest release of the ProFile Suite, version 2015.5.0.

Highlights include: 

  • ProFile T2: New T2 2014-2016 module for new taxation years
  • ProFile T2: Federal and Alberta AT1 certification
  • ProFile T2: Updated forms
  • ProFile T2: Updated T1135 and T1135 EFILE
  • ProFile FX/Q: Updated forms 

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.

T2

Updated Federal Forms

 

Filing returns in the new T2 2014-2016 module


This release includes a new T2 2014-2016 module. It supports taxation years starting on or after January 1, 2014 and ending on or before October 31, 2016.


To file returns in the new module, you must open and save all returns with taxation years that start after December 30, 2013 in the ProFile T2 2014-2016 module.


When you open files with taxation years starting after December 31, 2013 and ending after December 30, 2014, and that show a Client Status other than "Completed" or an EFILE/CO-17 Status other than "Accepted", ProFile will ask if you want to open the files in the 2014-2016 module.


When you carry forward filed T2 returns with taxation years ending on or after December 31, 2013, they will automatically open in the ProFile 2014-2016 T2 module.


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

 

Corporations Certification

This version of ProFile T2 includes federal and Alberta certification and supports returns with taxation years starting on or after January 1, 2014 and ending on or before October 31, 2016.

 

T1135 — Foreign Income Verification Statement

 

The T1135 - Foreign Income Verification Statement has been updated to the latest version for 2015 and subsequent tax years. This version allows taxpayers who held specified foreign property with a total cost amount of less than $250,000 throughout the year to report under a new simplified reporting method.


The current, detailed reporting method will continue to apply to taxpayers who, at any time during the year, held specified foreign property with a total cost of $250,000 or more.
 

New! Electronic filing for form T1135

With the new T2 2014-2016 module, you can now electronically file original or amended T1135 - Foreign Income Verification Statement forms, for taxation years starting January 1, 2014 and ending on or before the current date.

To electronically file a T1135 form for your client: 

  1. Open the T1135 form you want to file.
  2. Go to the EFILE menu, and select EFILE the T1135.

Note: Electronic filing for the T1135 form is independent of the T2 return. If you EFILE a T1135 form, you will still need to EFILE the T2 return itself.


A confirmation number for a successful T1135 EFILE will be displayed on a new field at the bottom of the T1135, or on the INFO screen, below the field for the T2 EFILE confirmation number.


Before you use the EFILE service for federal returns, you will need a CRA identification number and password. If you do not have an identification number and password, visit CRA's website to register as an electronic filer.
 

New! Sign up for Online mail

Online mail is a service offered by CRA that allows a corporation (or an authorized representative) to receive correspondence from the CRA directly in My Business Account.


If you have not yet signed up for this service, you may do so when electronically filing the corporation’s T2 return.


On the INFO screen (when Internet file this return is ‘Yes’), a new question “I want to sign up for online mail for my T2 account” has been added. To sign up, select Yes, and enter the email address in the field provided.


Note: If you have already signed up for Online mail, answer No to this question.


Once you are registered for online mail, the CRA will send an email to the address you provided when new mail is available to view online. Correspondence available through online mail will no longer be printed and mailed.
 

Schedule 1 – Net Income (Loss) for Income Tax Purposes

This release includes an updated Schedule 1 – Net Income (Loss) for Income Tax Purposes, based on the latest updates from the CRA.

The following lines have been deleted:

  • Line 223 – Loss from international banking centres
  • Line 308 – Income from international banking centres
     

Schedule 5 – Tax Calculation Supplementary – Corporations

This release includes an updated Schedule 5 – Tax Calculation Supplementary – Corporations, based on the latest updates from the CRA.


The following new lines have been added:


Part 2, Newfoundland and Labrador

  • Line 522 - Newfoundland and Labrador interactive digital media tax credit
  • Line 840 – Certificate number

Part 2, Nova Scotia

  • Line 569 - Nova Scotia digital animation tax credit
  • Line 839 – Certificate number

In Part 2, Manitoba, the description for Line 622 has been renamed to “Manitoba paid work experience tax credit”.


In Part 2, Saskatchewan, Line 632 – Saskatchewan royalty tax rebate has been removed, as the form Schedule 400 - Saskatchewan Royalty Tax Rebate Calculation is now obsolete.


In Part 2, British Columbia, a new line has been added for the British Columbia farmers’ food donation tax credit, which was announced in the February 16, 2016 budget. This non-refundable credit is equal to 25% of the fair market value of qualifying agricultural product donated to a registered charity, such as food banks or school meal programs. The credit is available for donations on or after February 17, 2016 and before January 1, 2019.


In Part 2, Nova Scotia, a new line has been added for the Nova Scotia food bank tax credit for farmers, which was announced in the April 29, 2016 budget. This non-refundable credit is equal to 25% of the fair market value of qualifying agricultural product donated to a registered charity that provides food to families in need.

 

Schedule 8 – Capital Cost Allowance

For Class 43.1 and 43.2 assets, two new asset codes have been added at Line 301:

  • Code 21: Electric vehicle charging stations
  • Code 22: Electric energy storage

 

Schedule 300 – Newfoundland and Labrador Manufacturing and Processing Profits Tax Credit

This release includes an updated Schedule 300 – Newfoundland and Labrador Manufacturing and Processing Profits Tax Credit form, to reflect the elimination of the tax credit which was announced in the April 14, 2016 budget. Effective for days in the taxation year on or after January 1, 2016, the credit will no longer be calculated.
 

Schedule 305 – Newfoundland and Labrador Capital Tax on Financial Institutions

This release includes an updated Schedule 305 – Newfoundland and Labrador Capital Tax on Financial Institutions form, to reflect the rate increase announced in the April 14, 2016 budget. Effective January 1, 2016, the capital tax for financial institutions is increased from 5% to 6%.


The increase is prorated for taxation years that straddle January 1, 2016.

 

Schedule 307 – Newfoundland and Labrador Corporation Tax Calculation

This release includes an updated Schedule 307 – Newfoundland and Labrador Corporation Tax Calculation form, to reflect the rate increase announced in the April 14, 2016 budget. Effective January 1, 2016, the general corporate tax rate is increased from 14% to 15%.


The increase is prorated for taxation years that straddle January 1, 2016.
 

Schedule 366 - New Brunswick Corporation Tax Calculation

This release includes an updated Schedule 366 – New Brunswick Corporation Tax Calculation form, to reflect the rate increase announced in the February 2, 2016 budget. Effective April 1, 2016, the general corporate tax rate is increased from 12% to 14%. The schedule has also been updated to reflect the lower-rate of New Brunswick tax from 4% to 3.5%.


The changes are prorated for taxation years that straddle April 1, 2016.
 

Schedule 384 – Manitoba Paid Work Experience Tax Credit

This release includes an updated Schedule 384 – Manitoba Paid Work Experience Tax Credit form, based on the latest updates from the CRA.

The updated schedule’s layout has changed, and new sections have been added for the:

  • youth work experience hiring incentive, effective Sept. 1, 2015 (Part 2); and the
  • apprentice hiring incentive for high school apprentice, for years ending after December 31, 2015 (Part 7).
     

Schedule 392 – Manitoba Data Processing Investment Tax Credits
This release includes an updated Schedule 392 – Manitoba Data Processing Investment Tax Credits form, based on the latest updates from the CRA.


The updated schedule contains redesigned instructions and updates to Part 6 to reflect the:

  • data processing property investment tax credit; and the
  • new data processing centre investment tax credit for building lessor.
     

Schedule 428 - British Columbia Training Tax Credit
This release includes an updated Schedule 428 - British Columbia Training Tax Credit form, based on the latest updates from the CRA.

The updates clarify current percentages and threshold limits for apprenticeship program tax credits 

 

Schedule 504 - Ontario Resource Tax Credit and Ontario Additional Tax re Crown Royalties

This release includes an updated Schedule 504 – Ontario Resource Tax Credit and Ontario Additional Tax re Crown Royalties form, based on the latest updates from the CRA.


The updated schedule contains pro-rating factors to reflect the elimination of the Ontario Resource Tax Credit and the Ontario Additional Tax re Crown Royalties for taxation years starting after April 23, 2015.

 

Schedule 508 – Ontario Research and Development Tax Credit

This release includes an updated Schedule 508 – Ontario Research and Development Tax Credit form, to reflect the rate decrease announced in the February 25, 2016 budget. Effective June 1, 2016, the rate is decreased from 4.5% to 3.5%.


The decrease is prorated for taxation years that straddle June 1, 2016.
 

Schedule 552 – Ontario Apprenticeship Training Tax Credit
This release includes an updated Schedule 552 – Ontario Apprenticeship Training Tax Credit form, based on the latest updates from the CRA.

The sections relating to the period before March 27, 2009 have been deleted:

  • Line 310 – Specified percentage for eligible expenditures
  • Line 441 – Number of days employed as an apprentice in the tax year before March 27, 2009
  • Line 440 - Number of days employed as an apprentice in the tax year
  • Line 451 – Eligible expenditures before March 27, 2009
  • Line 450 – Eligible expenditures for the tax year

 

Schedule 566 – Ontario Innovation Tax Credit
This release includes an updated Schedule 566 – Ontario Innovation Tax Credit form, to reflect the rate decrease announced in the February 25, 2016 budget. Effective June 1, 2016, the rate is decreased from 10% to 8%.

The decrease is prorated for taxation years that straddle June 1, 2016.
 

Schedule 568 – Ontario Sound Recording Tax Credit

This release includes an updated Schedule 568 – Ontario Sound Recording Tax Credit form, based on the latest updates from the CRA.

The new version reflects the elimination of the credit for expenditures incurred after April 23, 2015. Expenditures incurred after April 23, 2015 will only qualify for the credit if:

  1. The eligible sound recording was started before April 23, 2015;
  2. The expenditure was incurred before May 1, 2016, and
  3. The corporation did not receive an amount from the Ontario Music Fund in respect of the expenditure.
     

Schedule 554 – Ontario Computer Animation and Special Effects Tax Credit

This release includes an updated Schedule 554 – Ontario Computer Animation and Special Effects Tax Credit form, based on the latest updates from the CRA.

The form has been updated to include new sections to be completed for expenditures incurred before April 24, 2015 and after April 23, 2015.
 

Schedule 558 – Ontario Production Services Tax Credit
This release includes an updated Schedule 558 – Ontario Production Services Tax Credit form, based on the latest updates from the CRA.

The form has been updated to include new sections to be completed for expenditures incurred before April 24, 2015 and after April 23, 2015.
 

MCT1 – Manitoba Capital Tax Return

This release includes an updated MCT1 – Manitoba Capital Tax Return form, to reflect the rates as follows:

  • For taxation years beginning in 2014 or 2015 and ending prior to May 1, 2015, 5%.
  • For taxation years ending after April 30, 2015, 6%.
     

T1141 - Information Return in Respect of Contributions to Non-Resident Trusts, Arrangements or Entities

This release includes an updated T1141 Summary Form - Information Return in Respect of Contributions to Non-Resident Trusts, Arrangements or Entities, based on the latest updates from the CRA.

The revised form is now in a summary/supplement format. A summary sheet should be completed for each reporting person that has made a contribution to a non-resident trust, arrangement or entity in the year. A separate supplementary should be completed for each non-resident trust, arrangement or entity. The form also has a revised presentation of:

  • the form’s certification section (Section 2);
  • details about decision-makers and relevant individuals (Sections B - D);
  • information about transactions and balances (Section E); and
  • a new checklist of relevant attachments (now Section G).
     

T1142 Summary Form – Information Return In Respect Of Distributions From And Indebtedness To A Non-Resident Trust
This release includes an updated T1142 Summary Form - Information Return In Respect Of Distributions From And Indebtedness To A Non-Resident Trust, based on the latest updates from the CRA.

The revised form is now in a summary/supplement format. The T1142 Summary sheet should be filed for each reporting entity. If the reporting entity has received distributions or loans from a non-resident trusts, a separate T1142 Supplementary should be filed for every non-resident trust. The form also has a revised presentation of the form’s certification section (Section 2) and details about the trust’s distributions of funds and property (Section B).
 

T1196 / Schedule 422 – British Columbia Film and Television Tax Credit
This release includes an updated T1196 / Schedule 422 – British Columbia Film and Television Tax Credit, based on the latest updates from the CRA.

The previous Line 755 (amount AA) in Part 6, “DAVE Qualified BC labour expenditure for the tax year incurred after February 28, 2010” has been removed. Line 755 is now assigned to amount Z, “DAVE BC labour expenditure for the tax year”.

The previous Line 760 in Part 11 consisted of a two part calculation of 15% and 2.5%. This line has been condensed to calculate Line 760 as 17.5% of amount Z from Part 6.
 

T1197 / Schedule 423 – British Columbia Film and Television Tax Credit

This release includes an updated T1196 / Schedule 422 – British Columbia Film and Television Tax Credit form, based on the latest updates from the CRA.

The form has been updated to remove references to 2008 and 2010 calculations. The rates on the previous version at Part 6, Line 800 (25%) and 810 (8%) have been combined to a single rate of 33% at Line 800. The rates on the previous version at Part 9, Line 805 (15% and 2.5%) have been combined to a single rate of 17.5%.
 

Minor form updates

  • RC59 – Business Consent
  • FM-220.3 - Property Tax Refund for Forest Producers
  • Schedule 4 - Corporation Loss Continuity and Application
  • Schedule 7 - Aggregate Investment Income and Active Business Income
  • Schedule 12 - Resource-Related Deductions
  • Schedule 16 - Patronage Dividend Deduction
  • Schedule 17 - Credit Union Deductions
  • Schedule 22 - Non-Resident Discretionary Trust
  • Schedule 23 - Agreement Among Associated Canadian- Controlled Private Corporation to Allocate the Business Limit
  • Schedule 27 - Calculation of Canadian Manufacturing and Processing Profits Deduction
  • Schedule 31 - Investment Tax Credit - Corporations
  • Schedule 33 - Taxable Capital Employed in Canada – Large Corporations
  • Schedule 35 - Taxable Capital Employed in Canada – Large Insurance Corporations
  • Schedule 53 - General Rate Income Pool (GRIP) Calculation
  • Schedule 54 - Low Rate Income Pool (LRIP) Calculation
  • Schedule 71 - Income Inclusion for Corporations that are Members of Single-Tier Partnerships
  • Schedule 72 - Income Inclusion for Corporations that are Members of Multi-Tier Partnerships
  • Schedule 73 - Income Inclusion Summary for Corporations that are Members of Partnerships
  • Schedule 141 - Notes Checklist
  • Schedule 380 - Manitoba Research and Development Tax Credit
  • Schedule 388 - Manitoba Film and Video Production Tax Credit
  • Schedule 429 - British Columbia Interactive Digital Media Tax Credit

 

Removed forms

The following forms are obsolete and no longer available in the T2 module:

  • Schedule 400 – Saskatchewan Royalty Tax Rebate Calculation

FX/FX-Q (Forms Expert)

Minor Form Updates

 

The following forms contain minor changes which reflect the latest government updates:          
  • GST524 - GST/HST New Residential Rental Property Rebate Application
  • RC4616 - Election or Revocation of an Election for Closely Related Corporations and/or Canadian Partnerships to Treat Certain Taxable Supplies as Having Been Made for Nil Consideration for GST/HST Purposes
  • RC59 – Business Consent
  • T1135 - Foreign Income Verification Statement
  • T1240 - Registered Charity Adjustment Request
  • T2000 - Calculation of Tax on Agreements to Acquire Shares (Section 207.1(5) of the Income Tax Act)
  • T2047 - Agreement in Respect of Unpaid Amounts
  • T2050 - Application to Register a Charity Under the Income Tax Act
  • T2062 - Request by a Non-Resident of Canada for a Certificate of Compliance Related to the Disposition of Taxable Canadian Property
  • T2062A - Request by a Non-resident of Canada for a Certificate of Compliance Related to the Disposition of Canadian Resource or Timber Resource Property, Canadian Real Property (Other Than Capital Property), or Depreciable Taxable Canadian Property
  • T4A-RCA - T4A-RCA Statement of Distributions from a Retirement Compensation Arrangement (RCA)
  • T737-RCA - Statement of Contributions Paid to a Custodian of a Retirement Compensation Arrangement (RCA)
  • TX19 - Asking for a Clearance Certificate
  • TP997.1 Information Return for Tax-Exempt Entities

 

 

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