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What's new in ProFile 2010 R3

Following are the highlights for this release of the ProFile Suite. 

Module Content
Intro

February 2011 - version 2010.3.0

Download the latest release of the ProFile Suite, version 2010.3.0.

Highlights include:
  • ProFile TP1: Québec NetFile filing release
  • ProFile T1/TP1: Electronic submission of T1013 Authorization forms
  • ProFile FX: T5013 form updates for 2010
  • ProFile TP-646: First 2010 release certified for filing Québec trust returns

Open ProFile and select Online > Check for Updates to access the download and read all the details of this release.

T1/TP1

NetFile Québec filing release for 2010 TP1 tax preparers

This is the first NetFile filing release for TP1 (Québec) returns.

Before you can use the NetFile Québec service, you must enter your NetFile Québec preparer number, access code, and other settings in the TP1 Internet options screen (EFILE > Options > T1). These numbers are provided by Revenu Québec. For details, visit Revenu Québec's NetFile website.

Revenu Québec will accept and process returns filed using the NetFile Québec service starting Mid-February through Sept. 30, 2011. The service is not available between 3 AM and 7 AM Eastern Time.

 

Updated T1/TP1 forms

Québec

Increase in the Money Purchase Limit for foreign retirement plans (forms RC267, RC268, and RC269)

For the 2010 tax year, the Money Purchase Limit for contributions to a foreign retirement plan has increased from $22,000 to $22,450. This affects the following forms:
  • RC267 - Employee Contributions to a United States Retirement Plan for 2010 - Temporary Assignments: Pension Adjustment section.
  • RC268 - Employee Contributions to a United States Retirement Plan for 2010 - Cross-Border Commuters: Prescribed Amount section.
  • RC269 - Employee Contributions to a Foreign Pension Plan or Social Security Arrangement for 2010 - Non-United States Plans or Arrangements: Part B - Contributions to an employer-sponsored pension plan.

These forms also have several cosmetic changes.

T2

New T2 forms

Québec

CO-1029.8.36.EM - Tax Credit Relating to Resources

This release includes the new form CO-1029.8.36.EM - Tax Credit Relating to Resources. It can also be used to claim a temporary increase with respect to eligible expenses that were incurred before January 1, 2008 and already paid by the time the corporation claims the credit. In order to claim these credits, corporations must:
  • carry on a qualified business in Québec and have an establishment in Québec;
  • not be exempt from income tax;
  • not be a Crown corporation or a controlled subsidiary of such a corporation; and
  • have incurred eligible expenses.

For more details (including what qualifies as "eligible expenses"), see the information on the CO-1029.8.36.EM form itself.

ProFile fills out Part 1 - Identification of the corporation automatically based on the Info form. To complete this form and claim one or both of these credits:
  1. In the main copy of the form (CO1029.8.36.EM#1), fill out amounts in Part 2 - Expenses that give entitlement to the tax credit to determine the total expenses eligible for the tax credit.
  2. If the corporation is claiming a temporary increase with respect to expenses incurred before January 1, 2008, fill out Part 5 - Refundable portion of the temporary increase.
  3. If the corporation is a member of a partnership:
    1. In the questions at the top of the form above Part 1, select the checkboxes to indicate the type of partnerships of which the corporation is a member (qualified and/or flow-through). If the corporation is a member of both types, select both checkboxes.
    2. Fill out the information in Part 3 - Corporation that is a member of a partnership.
    3. Fill out subsequent copies of (CO1029.8.36.EM#2 and so on) for each partnership of which the applicant corporation is a member. Only fill out Parts 1 through 5.1 on these copies; Part 5.2 is needed only in CO-1029.8.36.EM#1 (and even then only when claiming a temporary increase).

      To open or create a new copy for a partnership, open the Form Explorer (press F4) and enter "CO1029.8.36.EM#" followed by the number of the copy you want to open.

  4. ProFile calculates the tax credit in Part 4 - Refundable tax credit based on amounts entered in all copies of the form.

ProFile carries the calculated tax credit (and/or the refundable portion of the temporary increase) to lines within 440p through 440y on the CO-17 return, flagged with the appropriate code.

CO-1029.8.36.ID - Cumulative Limit Allocation Agreement for the Tax Credit for Investment

This release includes the new form CO-1029.8.36.ID - Cumulative Limit Allocation Agreement for the Tax Credit for Investment. Corporations must fill out this form under the following conditions:
  • The corporation has claimed the tax credit for investment for the taxation year;
  • Within the taxation year, the corporation was associated with one or more corporations; and
  • The corporation wants to reach an agreement with its associated corporations on allocating the balance of the $75-million cumulative limit used to calculate the tax credit for investment (see form CO-1029.8.36.IN).

For more details on requirements for this form, see notes on the CO-1029.8.36.ID form itself.

To fill out this form:
  1. Open the RACDetails (Related and Associated Corporations) form.
  2. For each associated corporation to be included in the agreement, fill out amounts in the CO-1029.8.36.ID area (within the Québec section). Ensure that the answer to "Is the corporation associated for the purpose of the cumulative cap?" is "Yes".

    ProFile automatically flows RACDetails information from all associated corporations for which the answer is "Yes" to CO-1029.8.36.ID. If there are too many associated corporations to fit on the form, ProFile automatically includes the excess on supplementary form CO1029.8.36.IDSupp.

  3. Open the CO1029.8.36.ID form and enter the appropriate amount in Line 11 (qualified investments made by the applicant corporation in the 24 months before the taxation year).

    ProFile automatically fills in the rest of CO1029.8.36.ID. The amount in Line 25 (the portion of the cumulative limit balance allocated to the applicant corporation) then flows to line 38ab of CO1029.8.36.IN - Investment Tax Credit.

 

Updated T2 forms

Federal

AgriStability and AgriInvest

The codes used to fill out the following sections of the AgriStability and AgriInvest form are updated to reflect changes from the CRA:
  • Section 4 Income
  • Section 5 Expenses
  • Section 7 Livestock Inventory Valuation
  • Section 8 Crop Inventory Valuation and Productive Capacity
  • Section 10 Purchased Inputs
  • Section 12 Accounts Payable

T661 - Scientfic Research and Experimental Development (SR&ED) Expenditures Claim

In this release, the calculation in Part 5, line 858 has been updated to reflect an increase in maximum pensionable earnings under the Canada Pension Plan (CPP) for 2011. This maximum is $47,200 in 2010, and $48,300 in 2011.

Yukon Territory

Schedule 443 - Yukon Corporation Tax Calculation (S5YT)

The Yukon government has increased the small business threshold from $400,000 to $500,000 to match changes to the federal small business threshold. These changes take effect starting Jan. 1, 2011.

To reflect the new threshold, this release of ProFile includes changes to Schedule 443 (S5YT) that accommodate corporations whose taxation years have days in 2011:
  • Parts 1 and 2 now each have two sections, one for the period before Jan. 1, 2011 and one for the period after Dec. 31, 2010.
  • Part 3 now has additional calculations to accommodate amounts for each period. Amounts are weighted based on the number of days within each period to determine the Yukon tax before credits.

Note: The CRA has indicated that its systems will not be able to process this change until April or May 2011. Returns that use the new limit might not be accepted until then.

Québec

CO-1029.8.33.6 - Tax Credit for an On-the-Job Training Period

The CO-1029.8.33.6 form now includes a new Part 6 - Tax credit for an on-the -job training period further to the repayment of an amount of assistance, a benefit or an advantage (lines 95-99).

Qualified expenditures must now be calculated based on each of the weeks of training, rather than the total number of weeks. There are also changes to the methods for calculating section 3.3.2 - Maximum amount of qualified expenditures, and 3.4 - Reduction of the weekly limit for qualified expenditures. The line numbers and instructions on the ProFile form reflect these changes.

The notes on the ProFile form are updated to match the most recent version from Revenu Québec, including new notes pertaining to Part 6 and a new notes on Special tax.

CO-1029.8.33.6 Summary

The Summary is now Part 7 of the form, and uses amounts from either S1- Tax credit for an on-the-job training period, or S2 - Tax credit for an on-the job training period further to the repayment of an amount of assistance, a benefit or an advantage.

CO-1029.8.33.13 - Tax Credit for the Reporting of Tips

The CO-1029.8.33.13 in this ProFile release is updated to include the 2008, 2009, and 2010 calendar years, and reflect the new Employment Insurace (EI) and Québec Parental Insurance Plan (QPIP) rates. We have also updated the notes section to match the most recent version from Revenu Québec.

CO-1029.8.36.IC - Election concerning the Investment Tax Credit

This release includes an updated form CO-1029.8.36.IC - Election concerning the Investment Tax Credit, based on changes from Revenu Québec. In addition to purely cosmetic changes, these updates are:
  • The introduction at the top of the form has been revised to include the following information:
    • Corporations can make this election only up to the taxation year in which the 2009 calendar year ends.
    • If the corporation has associated corporations, the CO-1029.8.36.IC form must be filed by the earliest of filing deadlines for the taxation year among all corporations in the group of associated corporations.
    • The CO-1029.8.36.IC form isn't needed if the corporation made the election to claim the tax credit for job creation in the resource regions (CO-1029.8.36.RO) as of the taxation year in which the 2010 calender year ends. In this case, the corporation can claim both this tax credit and the investment tax credit.
  • The CO-1029.8.36.IC form can now accommodate information on five associated corporations before a separate CO-1029.8.36.ICSupp form is needed (up from three).

    As before, in ProFile Premier, information on associated corporations in CO-1029.8.36.IC and CO-1029.8.36.ICSupp is drawn from the RACDetails form.

CO-1029.8.36.IN# - Investment tax credit

This release includes an updated version of form CO-1029.8.36.IN - Investment tax credit, based on extensive changes from RQ. In general, these changes handle additional rules for partnerships; cases where the corporation is a part of a joint venture; and cases where the paid-up capital of the corporation exceeds $500 million.

Brand new sections are as follows. Subsequent sections are renumbered to accommodate.
  • Part 4.2 - Corporation's percentage interest in the joint venture: Complete this section if the corporation is a member of a joint venture.
  • Part 6 - Balance of the annual cumulative limit, qualified investments that give entitlement to the increase in the basic rate and qualified investments that do not give such entitlement: This section calculates the corporation or partnership's cumulative limit for the year and is where the corporation decides which amounts invested in the regions or RCMs should be taken into account.

    If the corporation is part of a group of associated corporations, amounts from new form CO-1029.8.36.ID - Cumulative Limit Allocation Agreement for the Tax Credit for Investment carry into this section.

    This section also calculates investments that give entitlement (and those that do not give entitlement) to the increase in the basic rate.

  • Part 5.3 - Tax credit for investment that does not give entitlement to the increase in the basic rate: Complete this section if the corporation's paid-up capital, calculated on a consolidated basis, is equal to or higher than $500 million.
In addition to purely cosmetic changes, existing sections of form CO-1029.8.36.IN have the following updates:
  • Part 2 - Information on the qualified investment: Corporations that are members of partnerships may now have to enter amounts from slips RL-15 - Amounts allocated to the members of a partnership.

    Formerly "Information on the eligible investment".

  • Part 3 - Qualified investment: As with Part 2, you may now have to enter amounts from slips RL-15 - Amounts allocated to the members of a partnership.

    Formerly "Eligible investment".

  • Part 4.3 - Corporation's share of the qualified investment made by the partnership, or by the corporation in the course of the joint venture, that gives entitlement to the tax credit: This section now includes revised amounts for cases where the corporation is a member of a joint venture. It also has additional calculations to handle cases where the corporation is not a member of a partnership.

    Formerly "Part 4.2 - Corporation's share in the eligible investment made by the partnership granting entitlement to the tax credit".

  • Part 5 - Tax credit for investment made in the year concerned for a region or RCM: If the corporation's paid-up capital is less than $500 million, and the corporation made investments in the same region or RCM outside remote or intermediate zones, separate copies of Part 5 in separate copies of forms CO-1029.8.36.IN# must be filled out for investments made before December 10, 2009 and after December 9, 2009.

    Formerly "Tax credit for investment made during the year concerned in a region or an RCM".

  • Part 5.1 - Tax credit for investment that gives entitlement to the increase in the basic rate: This section has updated logic to distinguish between cases where the corporation's paid-up capital is greater than or less than $500 million. This logic helps determine the corporation's investments that give or do not give entitlement to the increase in the basic rate.

    Formerly "Investment tax credit for the year concerned".

  • Part 7 - Tax credit for investment made in the year concerned for all the regions and RCMs: The "Amount of investment tax credit" column is now split into two columns -- one for investments that give entitlement to the increase in the basic rate, and one for investments that do not.

    Formerly "Part 6 - Investment tax credit for the year concerned".

  • Part 8.2 - Portion of the tax credit that reduces income tax and tax on capital: Lines 64a and 64e have been added to allow line 65 to include the portion of the tax credit carried over from a previous year that is claimed for the year concerned.

    Formerly "Part 7.2 - Portion of the tax credit that reduces tax and capital tax".

  • Part 8.3 - Refundable portion of the tax credit: This section has new and revised calculations to handle the revisions in part 8.2 (for the portion of the tax credit carried over from a previous year). It also includes revised calculations to handle cases where the paid-up capital of the corporation exceeds $500 million.

    Formerly "Part 7.3 - Reimbursable portion of the tax credit".

CO-1136 - Calculation of Paid-Up Capital and CO-1136.CS - Paid-Up Capital for Purposes of Calculating the Income Tax of Certain Corporations

Revenu Québec has removed the following lines from the CO-1136 and CO-1136.CS forms:
  • 335 - Amount prescribed by law with respect to an international financial centre
  • 337 - Eligible acquisition costs in respect of qualified property
  • 338 - Add lines 336 and 337

The instructions and calculations for lines 340 and 349 are also updated to reflect these changes.

CO-1140 - Calculation of the Paid-Up Capital of a Financial Institution, and CO-1140.A - Paid-Up Capital to be Used for Purposes Other than the Calculation of Tax on Capital

As of March 31, 2010, corporations that claim the tax credit for salaries and wages - International Financial Centres on form CO-1129.36.CI, are not eligible for the deduction for operating an International Financial Centre (IFC) for a portion of the year. The instructions for part 5 - Deduction allowed to financial institutions that operate an IFC, are updated to reflect the change in eligibility.

There is a new Part 5.5 - Reduced deduction for the operation of an IFC, which you must complete if you filed a credit through CO-1129.36.CI.

CO-1159.2 - Compensation Tax for Financial Institutions

This release has an updated form CO-1159.2 - Compensation Tax for Financial Institutions based on changes from Revenu Québec.

Most changes accommodate a change in tax rates that took effect March 31, 2010. Amounts and calculations are now separated into separate columns for the period before March 31, 2010 and the period after March 30, 2010. This occurs in the following lines:
  • Part 2 - Bank, loan corporation, trust corporation and corporation trading in securities: Lines 23 through 25 (in Part 2.2).
  • Part 4 - Savings and credit union: Lines 46 and 47 (and the new interim calculation in line 47a).
  • Part 7 - Other corporation that is a financial institution: Lines 67 through 69 (and the new interim calculation in line 68a).
Apart from purely cosmetic changes, other updates are:
  • Part 2 - Bank, loan corporation, trust corporation and corporation trading in securities: Calculations in this section are now separated into sections 2.1 through 2.3 for clarity. Lines 25b and 25c have been added to simplify the interim calculations.
  • Part 8 - Rate applicable to premiums: ProFile fills out this section automatically based on amounts entered elsewhere in the form. The section calculates the tax rate applicable to the premiums for corporations that are also insurance corporations, based in part on the number of days before March 31, 2010 during which the corporation was deemed to be a financial institution.

    The calculated rate is used in Parts 3, 5, or 6 (depending on the type of corporation) and replaces the existing fixed rate of 0.35%.

CO-1175.4 - Life Insurance Corporation: Calculation of the tax on capital

Revenu Québec has redesigned the CO-1175.4 form to include more complete information about a corporation's financial activities. The new form is divided into 6 parts and has a new Important section in the introductory notes explaining where to find the amounts to enter on the form.

Calculation of the taxable capital is divided into the following 3 parts:
  • Part 2 - Amount used to calculate the taxable capital of a corporation resident in Canada
  • Part 3 - Amount used to calculate the taxable capital of a corporation not resident in Canada
  • Part 4 - Corporation's taxable capital

Corporations not resident in Canada now complete Part 3 - Amount used to calculate the taxable capital of a corporation not resident in Canada, rather than lines 1, 16 and 17-20 on the old form.

Using the redesigned CO-1175.4, you calculate your tax on capital payable at the end of the form, after calculating the capital allowance.

The notes section in ProFile is also updated to match the most recent version of the form from Revenu Québec.

CO-737.18.18 - Exemption for Small and Medium-Sized Manufacturing Businesses in Remote Resource Regions

Based on extensive changes from Revenu Québec, this release of ProFile includes an updated form CO-737.18.18.

The following fields have been removed:
  • All fields in Section 1 - Election. This section has changed to 1 - Information about the corporation; ProFile automatically fills out this section based on information in the Info form.
  • All fields in Section 2.5 - Paid-up capital. Initial amounts for "paid-up capital" used in this form now always come from form CO-1136 - Calculation of Paid-Up Capital.
  • Line 44 - Income for the year from an eligible business (from the previous section 3.1 - Adjusted eligible business income). The restructured form no longer needs this line.
The following sections were added to calculate additional amounts for corporations whose taxation years began in 2010. Amounts calculated by these sections are compared to corresponding amounts in previous sections of the form:
  • Section 6 - Deduction in calculating the paid-up capital of a corporation for a taxation year that began after December 31, 2009: The calculated amount is compared to the result in line 69 (within Section 5 - Deductions) and the lower amount is carried to line 393 or 394 of form CO-1136 - Calculation of Paid-Up Capital.
  • Section 7 - Deduction in calculating the taxable income of a corporation for a taxation year that began after December 31, 2009: The calculated amount is compared to the result in line 58 (within Section 5 - Deductions) and the lower amount is carried to line 265 or 266 of the CO-17 return.
In addition to many cosmetic changes, other changes are as follows:
  • Section 2.1 - Location of the establishments: This section now includes content from sections 2.1 and 2.2 in the previous form. Subsequent subsections are renumbered accordingly.

    Formerly Sections 2.1 and 2.2.

  • Section 2.3 - Tax payroll: This section was formerly Section 2.2 - Total payroll.
  • Section 3 - Eligible business income used to calculate the deduction: This section now includes business income calculations previously appearing in Section 3 - Corporation whose paid-up capital is over $20 million but under $30 million.

    Formerly Section 2.4.

  • Section 4 - Paid-up capital: This section includes the remaining calculations previously appearing in Section 3 - Corporation whose paid-up capital is over $20 million but under $30 million.
  • Section 5 - Deductions: Calculations for tax years beginning before Jan. 1, 2008 are removed.

CO-17.A.1 - Net Income for Income Tax Purposes

This release includes a revised form CO-17.A.1 based on changes from Revenu Québec. In addition to various cosmetic changes, these updates are:
  • Line 127 - Additional deduction for trucks and tractors designed for hauling freight has been added.
  • In Lines 70a through 70ji (Taxable tax credits) and 140ai through 140ji (Non-taxable tax credits), you can now select and enter amounts for the following credits:
    • 88 - Tax credit for job creation in the resource regions
    • 89 - Tax credit on wages-IFC (International Financial Centre)

COR-17.W - Keying summary for the Corporation Income Tax Return

The COR-17 keying summary is updated based on changes from Revenu Québec. These include cosmetic changes, and changes to reflect the updates to the CO-17 and CO-17SP returns as well as forms CO-17.A.1 and CO-1029.8.36.IN.

RD-1029.7 - Tax Credit for Salaries and Wages (R&D)

The RD-1029.7 form in this ProFile release reflects substantial changes from Revenu Québec. The notes at the beginning and end of the form are also updated to reflect the changes.
  • Part 2 - Information about subcontractors dealing at arm's length with the taxpayer: Information from section 3.2 of the old form is now included in Part 2. This part also has updated instructions and cosmetic changes. There is no longer a section for the date on which the expenditures were incurred.
  • Part 3 - Qualified expenditures: Part 3 on the new form includes lines 125-155, formerly section 3.1. Information from section 3.2 is now in Part 2, and section 3.3 has moved to Part 4. There are also additional instructions on where to find the amounts to enter in this part.
  • Part 4 - Qualified expenditures for the increased rate of the tax credit: This new part includes information from section 3.3 of the old form.

    Lines 165 and 172 are removed, and line 171 is now used to show the total qualified expenditures for the increased rate of the tax credit.

    Subsequent sections are renumbered to accommodate this new part.

  • Part 6 - Tax Credit: Section 6.1 - Tax credit for a corporation is now divided into subsections 6.1.1 - Increased rate of the tax credit (lines 212-220) and 6.1.2 - Tax credit (lines 225-245). Part 6 also has the following changes:
    • Line 214 is always 50 million, instead of either 25 or 50 million on the old form.
    • Lines 226, 229 and 230 are new.
    • Lines 225, 227, 228, and 232 have updated instructions.
    • Line 220 is now "Increased rate of the tax credit"

QCredits - Other Credits

Due to new form CO-1029.8.36.EM - Tax credit relating to resources, the following lines have been added to the QCredits form:
  • 88 - Tax credit for job creation in the resource regions (CO-1029.8.36.EM)
  • 89 - Tax credit on wages-IFC (International Financial Centre) (CO-1029.8.36.EM)

In addition, the names of lines 58 - Mining, petroleum and gas exploration expenditures and 69 - Temporary improvement to tax credit related to mineral resources have changed, and their amounts now also come from CO-1029.8.36.EM.

QSpecial - Special tax payable

You can now enter an amount for code 58 - Special tax in respect of the tax credit on wages - IFC within the QSpecial form.

Additional minor form updates

The following forms have been updated with minor changes to reflect the latest government updates.
  • CO-1027 - Calculation of Instalments for Corporations
  • CO-1012 - Application by a Corporation to Carry Back a Loss
  • CO-1167 - Insurance Corporation: Calculation of premiums payabme, taxable premiums, and tax on capital respecting marine insurance
  • CO-17 - Corporation Income Tax Return
  • CO-17.SP - Information and Income tax Return for Non-Profit Corporations
  • CO-130.A - Capital Cost Allowance
  • CO-771.R.3 - Proportion of Business Carried On in Québec and Elsewhere (QS5)
  • CO-771.R.14 - Proportion of Business Carried On in Québec and Elsewhere by an Insurance Corporation (QS5Insurance)
  • CO17Deductions - Deductions from taxable income
T3/TP-646

First filing release for 2010 Québec trust returns (TP-646)

This version of ProFile T3/TP-646 is fully certified and conforms to all Revenu Québec requirements for paper filing, electronic/magnetic media filing, and filing by Internet file transfer. Filing of 2010 Federal trust returns was authorized with the CRA in the previous ProFile version.

Note that while you can still file forms either on paper, via electronic/magnetic media, or by Internet file transfer, if you submit more than 50 information slips or returns (of any type), RQ requires you to file by Internet file transfer.

Electronic Media and Internet Slip Filing (XML) of RL16 slips

This release also supports filing of eligible RL16 slips on electronic media format (CD, DVD) or by using the Internet Slip Filing service (EFILE > Internet file slips). You must have ProFile T3/TP-646 Premier to use this feature.

Before you can file using these services, you must enter the Québec Transmitter Number and other settings in the T3/FX EFILE Options window (EFILE > Options > T3/FX). The Québec Transmitter Number is provided by Revenu Québec.

Note: Using format overrides (CTRL+F2) on fields within a return that uses XML filing may cause your XML files to become invalid. To ensure that your XML file submissions are valid, avoid data overrides wherever possible.

Tip: After using the Internet file transfer feature, make sure you save each return so that your saved return always has the latest slip status.

 

FX/FX-Q

Electronically File Form T1013 - Authorizing or Cancelling a Representative

Beginning with this release, you can electronically file T1013 forms from ProFile. To do this, open the T1013 form you wish to file, and select EFILE this T1013 from the EFILE menu. Click OK in the following window to proceed with your submission.

ProFile will tell you whether or not your submission was accepted, and provide you with either your confirmation number, or a description of errors identified by the CRA. Correct any errors before you resubmit the form.

 

FX/Q form and slip updates

Federal

T3010-1 - Registered Charity Information Return

Use the new T3010-1 for fiscal years ending after March 3, 2010. For fiscal years ending before March 3, use form T3010B.

In addition to cosmetic changes, the T3010-1 form has the following changes to Section D:
  • Option d) The charity has spent or transferred enduring property during this fiscal period is removed, as it no longer applies.
  • New line 4505 - Total amount of 10 year gifts received. This line is not included in the total on line 4700.
  • Lines 4500 and 4510 now include enduring property.
  • Line 4910 now excludes gifts to qualified donees.
  • Line 5070 - Total amount of specified gifts made to qualified donees, is deleted. Specified gifts are now included on line 5050 - total amount of gifts made to qualified donees.

T3010 Schedule 6 Detailed Financial Information

Schedule 6 has two new lines for 10 year gifts: line 4180 and line 4505. The following lines have been removed:
  • Line 5640: Total eligible amount of tax-receipted enduring property
  • Line 4520: Total specified gifts from other registered charities
  • Line 4525: Total enduring property from other registered charities
  • Line 5060: Total amount of enduring property transferred to qualified donees (excluding specified gifts of enduring property)
  • Line 5070: Total amount of specified gifts made to qualified donees (including specified gifts of enduring property)
  • Line 5520: Enter the amount deemed to be a tax-receipted gift for the fiscal period
  • Lines 5710, 5720, 5730, and 5740 - Enduring property and the capital gains pool

Schedules 1, 2, 3, and 4 of the T3010 also have minor cosmetic changes.

T1236 - Qualified Donees Worksheet / Amounts Provided to Other Organizations

The CRA has removed boxes for Amount of enduring property and Amount of specified gifts from the T1236 form. Due to changes in the 2010 Federal Budget, these boxes are no longer applicable.

T5013 - Statement of Partnership Income

Effective January 1, 2011, the CRA is introducing new criteria for filing partnership information returns. The new criteria only applies to partnerships whose fiscal years end on or after January 1, 2011. For details, see New filing requirements for partnerships in 2011 on the CRA website.
  • T5013 Schedule 1 - Partnership's Net Income (Loss) For Income Tax Purposes

    The lines for Amount from Line D and Add: Taxable capital gains, along with the heading Net income (loss) for income tax purposes for limited and non-active partners are no longer included. Lines E and F now read Deduct: Net income (loss) for general partners and Net income (loss) for income tax purposed for limited and non-active partners - (D minus E).

  • T5013 Schedule 100

    Several new codes are now included in Schedule 100.

  • T5013 Schedule 125

    Schedule 125 has a new section Other comprehensive income, as well as several new codes.

The T5013 Slip and Summary also have minor cosmetic changes.

T2081 - Excess corporate holdings worksheet for private foundations

The CRA has made the following changes to the T2081 form, as well as significant cosmetic changes:
  • Added instructions to the top of the form.
  • Separated Section D is into two parts. Complete section D if line 915 is less than or equal to 20%, and section D.1 if line 915 is more than 20%.

    Section D.1 includes new lines 946-949, and a new section on relevant percentages. The calculation for line 950 has also changed for both Sections D and D.1, is now the greater of 20% or line 940.

  • Redesigned Section F to use 6 steps for calculating divestment obligations.
  • Removed Section G - Transitional Divestment Obligations Table.

Québec

RL-15 - Amounts allocated to the members of a partnership

The 2010 Relevé 15 has the following changes:
  • A new Crédit d'impôt section has been added for information pertaining to the tax credit for resources, the tax credit for investment and the tax credit for salaries and wages (R&D).
  • The notes section has been removed and new boxes have been added for additional information. Number additional boxes according to the guidelines in the new RL-15.EX document.
  • Box 25 has been removed.
  • Box 34 has been added for exploration expenses incurred in northern Québec.
The following ProFile forms have been updated to reflect changes to the RL-15:
  • RL15Detail
  • RL15EnglishInfo
  • RL15FrenchInfo
  • RL15Info
  • RL15Slip

TP-600 Summary - Partnership Information Return

The ProFile TP600 summary has several new on-screen only fields which ProFile uses to complete a new Additional Information section.

TP-600 Schedule E - Summary of Certain Information Entered on RL-15 Slips

Schedule E (formerly called Summary of Information on the Tax Shelter or Flow-Through Shares) is now called Summary of Certain Information Entered on RL-15 Slips. The schedule now includes instructions at the beginning of the form, as well as two new parts for Resource expenses incurred by the operating partnership and Tax credit.

There are also minor changes to the following TP-600 Schedules:
  • Schedule A - Partners' Capital Accounts
  • Schedule B - Capital Cost Allowance (CCA)
  • Schedule C - Incorporeal Capital Property
  • Schedule D - Member Corporations' Shares of Paid-Up Capital
Product delivery

Courier clients

This release will be shipped to all ProFile customers who requested CDs by courier delivery. The expected delivery date for this ProFile package is during the week of February 14.

Coming soon!

Coming highlights

Look for the following in a future release:
  • ProFile T1 and T3: Multijurisdiction (MJ) form set



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ProFile Training
Learn to do more

Data Import 
Learn what to do

How to EFILE
Recent changes & how to register

EFILE Failed Status
Learn what to do

Create a Batch EFILE Report
Learn what to do

QuickBooks ProAdvisor Program
Help build your practice with this program designed for accounting professionals

Document Library
Browse the library for guides, templates and a downloadable SDK

ProFile Training
Sign up for webinars, view videos, and access self-paced training.

Known Issues
Known issues in the latest ProFile relase

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