Profile HelpIntuit2022 release notes for ProFile
by Intuit• Updated 1 year ago
About ProFile
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| Introduction | Version 2022.5.5 Download the latest release of the ProFile Suite, version 2022.5.5. Security compliance upgrades Release 2022.5.5 is a release designed to improve security and authentication systems in ProFile (for example, for login and passwords) and other Intuit products. There are no tax changes in release 2022.5.5 for customers related to this upgrade. However, we encourage all ProFile users to upgrade to 2022.5.5 as soon as possible to ensure the strongest security parameters are in place. Updated top menu bar experience The user experience has been updated for the top menu bar in ProFile. You will see a different "look-and-feel" to the top menu bar. There are no changes to the top bar menu options. |
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| Introduction | Version 2022.5.0 Download the latest release of the ProFile Suite, version 2022.5.0. T2/CO-17 highlights include: ● 2021-2023 T2 module is now available when fiscal year ends on or before October 31, 2023 ● T2 paper and Internet filing is certified for Federal corporate tax returns ● AT1 paper and Internet filing is certified for Alberta corporate tax returns ● T2 worksheets S310Supp and S311Supp are now available (New!) ● CO-17 Schedules CO-737.18.CI and CO-737.18.CISupp (for Part 4.1) are now available (New!) ● AExempt is now a worksheet for AT1 filing exemption checklist; submission to Alberta Tax and Revenue Administration is not required ● ProFile T2 now carries forward information from 2023 files created with DT Max T2 v26.15 and Cantax T2 v23.1.307.100. FX/Q highlights include: ● Registered charity information return Schedule T1441 is now available (New!) Systems highlights include: ● Print-related improvements for T2 ● Defect fixes related to ProFile print |
| T2/CO-17 | DTMax to ProFile carry forward ProFile T2 now carries forward information from 2023 files created with DTMax (version 26.15). Cantax to ProFile carry forward ProFile T2 now carries forward information from 2023 files created with Cantax T2 (version 23.1.307.100). T2 and AT1 certifications The 2021-2023 T2 module is certified for Federal and Alberta corporate tax returns and allows for the preparation of returns for corporations with fiscal years ending on or before October 31, 2023. Federal Schedules S5 - Tax Calculation Supplementary – Corporations This form is updated to include the following new lines: ● Line 696: Yukon mining business carbon price rebate (from S444) ● Line 884: Certificate number for British Columbia clean buildings tax credit The following obsolete lines are now removed from the form: ● Line 404: Ontario resource tax credit (from S504) ● Line 454: Ontario apprenticeship training tax credit (from S552 ● Line 623: Manitoba refundable odour-control tax credit for agricultural corporations (from S385) ● Line 326: Manitoba refundable rental housing construction tax credit (from S394) S141 - General Index of Financial Information (GIFI) - Additional Information This form is updated to include: ● New questions in Part 1 - Information on the person primarily involved with the financial statements ● New options added in Part 2 - Type of involvement ● New options added in Part 5 - Information on the person who prepared the T2 return S310Supp - Newfoundland and Labrador Manufacturing and Processing Investment Tax Credit (New!) This is a new worksheet for eligible corporations to claim a 10% non-refundable manufacturing and processing investment tax credit of the capital cost of eligible property (acquired on or after Apr 7, 2022) to reduce Newfoundland and Labrador tax otherwise payable, and a maximum 40% refundable credit for CCPCs. The unused credits can be carried back to the 3 previous tax years or forward to the 20 following tax years. The unused credits cannot be applied to a tax year that ends before April 7, 2022. The non-refundable and refundable credit claimed in the current tax year are reported on Line 508 and 523 of S5. Please do not file this worksheet with T2 Corporation Income Tax Return: keep it for your records in case CRA asks for it. S311Supp - Newfoundland and Labrador Green Technology Tax Credit (New!) This worksheet is used for CCPCs with a permanent establishment in Newfoundland and Labrador investing in equipment used for green activities (Class 43.1 or 43.2). The credit applies to tax years beginning on or after April 7, 2022. The maximum credit is $1 million annually, and includes a 20% non-refundable component, and a 40% refundable component. Please do not file this worksheet with T2 Corporation Income Tax Return: keep it for your records in case CRA asks for it. S444 - Yukon Business Carbon Price Rebate Both CRA form versions (22) and (23) are now supported on the same S444. The version is automatically selected based on the tax years entered on INFO. The new CRA version (23) includes a new Yukon mining business carbon price rebate for eligible Yukon mining business taxpayers to claim a refundable tax credit (in Part 1, 2 and 3) when their tax year ends after December 31, 2022. The previous Yukon business carbon price rebate in Part 1 and 2 has been renamed as Yukon general business carbon price rebate and moved to Part 4 and 5. The CRA version (22) is still supported for the taxation years ending before January 1, 2023. Alberta Schedules AExempt - Alberta Filing Exemption Checklist AT100 has been discontinued and replaced by the worksheet Alberta Filing Exemption Checklist. The corporations exempt from filing an AT1 return are registered charities and any corporation that meets the exemption criteria in the checklist. The exemption criteria has been updated to reflect retired and new tax credits. Please do not file this filing exemption checklist with AT1 Alberta Corporate Income Tax Return: keep it for your records in case Alberta Tax and Revenue Administration asks for it. AS1 - Alberta Small Business Deduction This form is updated to include new tax capital business limit reduction for taxation years starting after April 6, 2022, mirroring the federal increase to the small business deduction phase-out threshold, which increases the upper threshold for taxable capital from $15 million to $50 million. AS13 - Alberta Capital Cost Allowance (CCA) This form has been updated to support designated immediate expensing property (DIEP) calculations for Alberta corporations. Québec Schedules CO-156.TR - Additional Deduction for Transportation Costs of Small and Medium-Sized Manufacturing Businesses This form is updated to support new paid-up capital calculations applicable to tax years beginning after April 6, 2022. CO-737.18.CI and CO-737.18.CISupp - Deduction Relating to the Marketing of Innovations in Québec (New!) This form is used to claim a deduction in its taxable income in respect of its commercialization of a qualified intellectual property asset. This deduction is available for tax years starting after December 31, 2020. To claim this deduction, each intellectual property asset needs a copy of CO-787.18.CI and CO-787.18.CISupp for the taxation year covered and every one of the six preceding taxation years. Additional minor form updates ● T2/S200 ● S17 ● S27 ● S67 ● S68 ● S341 ● S352 ● S5SK/S411 ● S5YT/S443 ● S5ON/S500 ● S5NT/S461 ● S5NS/S346 ● S5PE/S322 Removed Forms in 2021-2023 module ● S504 - Ontario Resource Tax Credit ● S552 - Ontario Apprenticeship Training Tax Credit ● T1134(17) and T1134Supp(17) - Information Return Relating to Controlled and Not-Controlled Foreign Affiliates |
| FX/Q | T1441 - Qualifying Disbursements: Grants to Non-Qualified Donees (New!) This form is used to report details on the grants that charities made to non-qualifying donnees. T3010 - Registered Charity Information Return A new question (C16) is added relating to form T1441, and new line 5045 is added under Section D and Section 6. |
| Systems | ● Print-related improvements for T2 ● Defect fixes related to ProFile print |
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| Introduction | Version 2022.4.7 Download the latest release of the ProFile Suite, version 2022.4.7. T1/TP1 highlights include: ● T1 planner update ● TP1 planner update Systems highlights include: ● Improved usage window experience ● DocuSign crash fix ● Form issue failure when using Zoom fix ● Indexing issues in Client Explorer fix |
| T1/TP1 | Plan/TP1Plan ● Federal and Quebec planners are updated to reflect the new credits and updated income tax brackets for 2023 ● 2023 rates are being enacted in the planner’s calculation 2023 Rates Update ● T1 General is calculated with the most recent 2023 rates when tax year 2023 is chosen on the INFO page ● 2023 rates are used for planning purpose; ProFile users should not file the return with 2023 rates ● Rates applicable to the 2023 taxation year are those known as of April 26. Any changes resulting from subsequent federal, provincial, and territorial announcements will be integrated into future updates. |
| Systems | ● Improved usage window experience ● DocuSign crash fix ● Form issue failure when using Zoom fix ● Indexing issues in Client Explorer fix |
| Coming Soon! | ● New 2023 T2 module supporting tax periods up to October 31, 2023 |
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| TP1 | New update regarding the NetFile of income tax return of Schedule J – Tax Credit for Home-Support Services for Seniors. We have updated the XML for the electronic transmission of TP-1 Schedule J. If your tax return contains this schedule, please update to this version before the Netfile of your returns. |
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| Introduction | Version 2022.4.0 Download the latest release of the ProFile Suite, version 2022.4.0. In-product forms include a “DRAFT” watermark indicating that the form is not approved for use. T1/TP1 highlights include: ● EFILE-certified T1 multiple jurisdictional returns T3/TP646 highlights include: ● 2023 rate update FX/Q highlights include: ● 2023 rate update System highlights include: ● Improvements relating to zoom feature ● Security updates |
| T1/TP1 | Multiple Jurisdiction Tax Returns Multiple-jurisdiction tax returns are now EFILE-certified for the 2022 tax year This includes returns with the following: ● T2203 ● All provincial multiple jurisdiction forms |
| T3/TP646 | 2023 rate updates The rates applicable to the 2023 taxation year are those known as of the release date. Any changes resulting from subsequent federal or provincial and territorial announcements will be integrated into future updates. |
| FX/Q | 2023 rate updates The rates applicable to the 2023 taxation year are those known as of the release date. Any changes resulting from subsequent federal or provincial and territorial announcements will be integrated into future updates. Federal Forms T100A - Application for a Selling Instrument Identification Number (SITIN) A section for Critical Minerals is now added to Part 2 - Exploration and Development Sector Information. Additional minor form updates: ● T4ARCA ● T4ASum ● T5013S52 |
| Systems | ● Improvements relating to zoom feature ● Security updates |
| Coming Soon! | ● 2023 T1 and TP1 planner |
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| Introduction | Version 2022.3.5 Download the latest release of the ProFile Suite, version 2022.3.5. In-product forms include a “DRAFT” watermark indicating that the form is not approved for use. T1/TP1 highlights include: ● 2022 T1 Form updates ● New form T2039 is now available T2 highlights include: ● New form CO130.AD and worksheet S8Asset are now available ● ProFile now carries forward information from 2022 files created with TaxPrep T2 (version 2022 v2.0, version 2022 v2.1) T3/TP646 highlights include: ● 2022 T3 Form updates FX/Q highlights include: ● UHT-2900 is now available (New!) System highlights include: ● Look-and-feel product improvements |
| T1/TP1 | New Form T2039 - Air Quality Improvement Tax Credit This form may be used to calculate the 25% refundable tax credit on qualifying ventilation expenditures made during the period starting September 1, 2021 to December 31, 2022 to improve ventilation or air quality at their place of business. The total ventilation expense is limited to $10,000 per qualifying location, up to a maximum of $50,000 to be shared between all affiliated entities. Enter the amount of qualifying expenditures, including the portion of expenditures that is being claimed by affiliated entities, in Part 1. If claiming the tax credit allocated from a partnership, enter the amount in Part 3. The amount entered in T5013 Box 238 will automatically transfer to Part 3. Updated Forms - Federal T2038 - Investment Tax Credit The form has been updated to include the 30% non-refundable Critical mineral exploration tax credit (CMETC) for targeted critical minerals. This credit is calculated for amounts entered on T5013 Box 239 and T101 Box 122. The CMETC expenses qualifying for a provincial tax credit entered on T5013 or T101 will be transferred to the applicable provincial form (BC, SK, and MB). |
| T2/CO17 | Federal Schedules T2/S200 T2 Corporation Income Tax Return The small business deduction section is updated following the 2022 Federal Budget. For tax years starting on or after April 7, 2022, the upper limit of taxable capital is raised from $15 million to $50 million. Small business deduction is fully eliminated when taxable capital reaches $50 million. S5ON/S500 Ontario Corporation Tax Calculation Ontario mirrors the federal increase to the small business deduction phase-out threshold as announced in the 2022 Ontario Economic Outlook and Fiscal Review, which increases the upper threshold for taxable capital from $15 million to $50 million, for taxation years that begin on or after April 7, 2022. S8Asset - Asset Details (New!) The new worksheet S8Asset is used to record the asset details for each CCA class. The information will be carried forward to future years until the asset is disposed of in a tax year. A copy of S8Asset worksheet is created automatically for any existing CCA class on S8Class. To create new S8Asset copy for any new CCA class entry, first create the CCA class on S8Class worksheet. Currently the worksheet does not impact the calculations on S8Class. Enhancements will be made in a future release. For Quebec CO-17 tax returns, the designated immediate expensing property (DIEP) information entered on S8Asset will be reflected on CO-130.AD automatically. Québec Schedules CO-130.AD - Capital Cost Allowance for Immediate Expensing Property The form is for the immediate expensing amount that is included in the capital cost allowance (CCA) calculation for designated immediate expensing property (DIEP). Individual immediate expensing property details are entered on S8Asset and reflected on Part 2 of the CO130.AD. Part 3 is used to calculate the immediate expensing amount deducted for each CCA class. Additional Minor Form Updates - Federal ● S141 ● S38 |
| FX/Q | Federal Forms UHT-2900 - Underused Housing Tax Return and Election Form (New!) Beginning with the 2022 calendar year, the underused housing tax is a tax on the ownership of vacant or underused residential properties in Canada. This mandatory return applies to “affected owners” on December 31. The return and any balance owing for a calendar year is due on April 30th of the following year. Since April 30th, 2023 falls on a Sunday, the deadline for 2022 is May 1st, 2023. Additional minor form updates: ● T5013S8 |
| Systems | ● Look-and-Feel product improvements |
| Coming Soon! | ● 2022 T1 multiple jurisdictional returns |
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| Introduction | Version 2022.3.0 Download the latest release of the ProFile Suite, version 2022.3.0. In-product forms include a “DRAFT” watermark indicating that the form is not approved for use. T1/TP1 highlights include: ● 2022 T1 form updates ● 2022 TP1 form updates ● Auto-fill my Return (AFR) from 2016 to 2022 tax years ● Express Notice of Assessment (ENOA) from 2017 to 2022 tax years ● T1 EFILE from 2017 to 2022 tax years ● T1 ReFILE from 2019 to 2022 tax years ● T1134 EFILE from 2021 to 2022 tax years ● T1135 EFILE from 2017 to 2022 tax years ● T1 Barcode and KFS ● T1PAD EFILE (Pre-Authorized Debit) for 2022 tax year ● TP1 NETFILE from 2019 to 2022 tax years ● TP1 barcode ● RQ Import from 2019 to 2022 tax years ● New forms TP130EN, TP130AD are now available T2 highlights include: ● Québec CO-17 - Corporation Income Tax Return updated for 2022 filing ● Updated AgriStability forms in T2 ● New form TP130.EN is now available T3/TP646 highlights include: ● T3 EFILE from 2021 to 2022 tax years ● T1135 EFILE for 2022 tax year (New!) ● T3MJ paper filing ● TP646 paper authorization ● 2022 form updates ● New form LM-58.1.2 is now available FX/Q highlights include: ● T5013 Schedules S63, S65, and S444 are now available (New!) ● TP600 Schedules CO-130.AD and TP-130.EN are now available (New!) ● MR-69 EFILE is now available (New!) ● T5013 is certified for paper and XML filing ● TP600 is certified for paper filing ● T3010’s existing (2021-05) version continues to apply for 2022 tax year paper filing ● TP985.22’s existing (2019-10) version continues to apply for 2022 tax year paper filing ● TP529’s existing (2020-09) version continues to apply for 2022 tax year paper filing System highlights include: ● Enhanced Zoom functionality ● Support for split screen of forms |
| T1/TP1 | New Forms - Quebec TP130ADBusiness/Rental/Farming/Fishing - Capital Cost Allowance for Designated Immediate Expensing Property The form is for the immediate expensing amount that is included in the capital cost allowance (CCA) calculation for designated immediate expensing property (DIEP). ProFile T1 module has introduced 4 forms, each form is associated with the corresponding activities. ● TP130ADBusiness for business or professional activities ● TP130ADRental for rental of immovable property activities ● TP130ADFarming for farming activities ● TP130ADFishing for fishing activities TP130ENBusiness/Rental/Farming/Fishing - Immediate Expensing Limit Agreement The form is to allocate the immediate expensing limit among the eligible persons or partnerships (EPOPs) in a taxation year. The total immediate expensing limit is $1.5 million for the EPOP group. The allocated immediate expensing limit to each EPOP will be used to calculate the immediate expensing deduction included in the capital cost allowance (CCA) for the designated immediate expensing property (DIEP). |
| T2/CO17 | Federal Schedules S200 - T2 Corporation Income Tax Return This form is updated to reflect the new Canada Recovery Dividend schedules added and the additional tax on banks and life insurers under Line 276, 565 and 725. S1Auto / S8Class For the CCA Class 10.1 and Class 54 vehicles acquired on or after January 1, 2023, and the automobile deductible lease costs for new leases entered into on or after January 1, 2023 have increased as follows: ● The limit for Class 10.1 passenger vehicles is increased to $36,000 before tax ● The Class 54 zero-emission vehicles, capital costs are increased to $61,000 before tax ● Deductible leasing costs have increased to $950 a month before tax S38 - Part VI Tax on Capital of Financial Institutions This form is updated to allow corporations to apply the Part VI.2 tax credit against Part VI tax, as per ss.190.1(3)(a), which comes from Schedule 67 and Schedule 68. S67 - Canada Recovery Dividend (New!) This new form reflects new Part VI.2 tax to the Income Tax Act which imposes a one-time additional tax on the taxable income of certain bank or life insurer group members. Each corporation that was a bank or life insurers group member during its 2021 taxation year is subject to this additional tax. Part VI.2 tax applies to the 2022 and subsequent taxation years. The new tax is computed to be 15% of the corporation’s 2020 and 2021 average taxable income that is in excess of $1 billion deduction, allocated among group members, as per ss.191.5(2). S68 - Additional Tax on Banks and Life Insurers (New!) This new form is used by banks and life insurers who are liable to pay the additional 1.5% tax under s.123.6 for the tax years that end after April 7, 2022. For corporations related to another bank or life insurer group member, the first $100 million taxable income is exempted and can be allocated by agreement among group members. S366 (S5NB) - New Brunswick Corporation Tax Calculation This form is updated to reflect expansion of small business deduction for tax year starts after April 6th, 2022, which phases out access to the small business income tax rate on a more gradual basis by extending the taxable capital range over which the small business limit is reduced to $50 million from the current $15 million limit. This mirrors the change announced in the 2022 Federal Budget. AGRI - T2 AgriStability and AgriInvest AgriStability forms are updated to support 2022 tax year filings. Québec Schedules CO-17 - Corporation Income Tax Return ● Part 2 line 32 has a new dropdown menu for North American Industry Classification System (NAICS) code. ● If the corporation claims a deduction for logging tax on Part 4.1 line 423, the corporation is required to send the Logging Operations Return (COZ-1179) to Revenu Québec by mail. The filing due date of COZ-1179 is six months following the end of the taxation year. CO-17.SP - Information and Income Tax Return for Non-Profilt Corporations ● Part 2 line 32 has a new dropdown menu for North American Industry Classification System (NAICS) code. CO-17.A.1 - Net Income for Income Tax Purposes New form version (2022-12) removes obsolete ● Part 2.1 line 28, 57 ● Part 2.2 line 110, 127, 128 Part 2.1 has a new line 54a, amounts related to the adjusted stub period accrual or to a new member of a partnership (from CO-17.B). CO-771 - Calculation of the Income Tax of a Corporation New form version (2022-12) removes obsolete checkbox 05a. CO-1029.8.33.6 - Tax Credit for an On-the-Job Training Period New form version (2022-09) adds two new lines under Part 2.3 for the number of weeks in the training period on line 18e and for which the expenditures were incurred: ● Line 18f - before May 1, 2022 ● Line 18g - after April 30, 2022 CO-771.1.3.AJ - Adjusted Business Limit New form version (2022-11) removes obsolete Part 2. FM-220.3 - Property Tax Refund for Forest Producers New form version (2022-04) separates the previous form version’s Part 3 into two parts: ● Part 3.1 - for taxation year ending before January 1, 2022 ● Part 3.2 - for taxation year ending after December 31, 2021 TP-130.EN - Immediate Expensing Limit Agreement (New!) The form is to allocate the immediate expensing limit among the eligible persons or partnerships (EPOPs) in a taxation year. The total immediate expensing limit is $1.5 million for the EPOP group. The allocated immediate expensing limit to the filing corporation will be used to calculate the immediate expensing deduction included in the capital cost allowance (CCA) for the designated immediate expensing property (DIEP). Additional Minor Form Updates - Federal ● S3 ● S387 ● S392 ● S428 ● S430 Additional Minor Form Updates - Québec ● COR-17.U ● COR-17.W ● CO-17.R ● CO-130.A (QS8) ● CO-771.1.3 (QS23) ● CO-1029.8.33.CS ● CO-1029.8.33.TE ● CO-1029.8.33.TF ● CO-1029.8.36.II ● CO-1029.8.36.TM ● IN-417.A Removed Form ● CO-130.B (QS10) |
| T3/TP646 | T1135 EFILE (New!) Trusts required to complete a T1135 Foreign Income Verification Statement can now file the return electronically to the CRA. The option to EFILE the T1135 can be found under the EFILE menu. T3A - Request for Loss Carryback by a Trust (New!) For the 2022 fiscal period ending tax year, a request to carry back a current year loss under sections 111 and 41 of the Income Tax Act is available for EFILE using the 2022 T3 module. Complete the form T3A to request a loss carryback. The form will be filed, along with the T3 Trust income Tax and Information return, when you Efile. LM-58.1.2 - Application for a Trust Identification Number (New!) Trustees of a trust or the liquidator of a succession can now complete the LM-58.1.2 in Profile to request a QC trust identification number to complete the Trust Income Tax Return (TP-646) or file RL16 slips. |
| FX/Q | Federal Forms T101, Statement of Resource Expenses Updates made to allow issuing of critical mineral exploration tax credits to investors. T5013Detail, Slip, Sum and Worksheet Updates made to facilitate calculations of the following tax credits: ● Mineral exploration tax credit (T5013S52) ● Critical mineral exploration tax credit (T5013S52) ● Return of fuel charge proceeds to farmers tax credit (T5013S63) ● Air quality improvement tax credit (T5013S65) T5013S6, Summary of Dispositions of Capital Property Updated form to allow entry of capital gains resulting from dispositions in interests of partnerships, which are subject to a 100% capital gain inclusion rate. T5013S8 - Capital Cost Allowance Schedule 8 is updated with new lines related to immediate expensing. The resulting CCA deduction on Line 217 includes the immediate expensing amount reported on Line 238. T5013S52 - Summary Information for Partnerships that Allocated Renounced Resource Expenses to their Members Updated form to facilitate allocation of new investment tax credits to members of their partnership: the mineral exploration tax credit and the critical mineral exploration tax credit. T5013S63 - Return of Fuel Charge Proceeds to Farmers Tax Credit (New!) This schedule is used for a partnership operating a farming business in Ontario, Manitoba, Saskatchewan or Alberta. The gross eligible farming expenses must be at least $25,000 to claim this refundable tax credit. T5013S65 - Air Quality Improvement Tax Credit (New!) This schedule is used for qualifying partnerships to claim expenses that improve ventilation and air quality at their locations. Qualifying period starts on September 1, 2021 and ends on December 31, 2022. Qualifying partnerships can claim up to $10,000 ventilation expense for each location (or $50,000 in total) at a refundable tax credit rate of 25%. T5013S444 - Eligible Yukon UCC Worksheet for Partnerships (New!) The Yukon business carbon price rebate is a refundable tax credit applicable to an eligible Yukon business taxpayer. You can claim the Yukon business carbon price rebate under section 16 of the Yukon Income Tax Act, if: ● You are a partnership that is an eligible Yukon business partnership, and ● You used an eligible Yukon asset in the tax year, principally in carrying on an eligible Yukon business Provincial Forms - Quebec EFILE form MR-69 is now available (New!) The 2022 FX module now supports e-filing of form MR-69, Authorization to Communicate Information or Power of Attorney. CO-130.AD (TP600) - Capital Cost Allowance for Designated Immediate Expensing Property (New!) The form is for the immediate expensing amount that is included in the capital cost allowance (CCA) calculation for designated immediate expensing property (DIEP). TP-130.EN (TP600) - Immediate Expensing Limit Agreement (New!) The form is to allocate the immediate expensing limit among the eligible persons or partnerships (EPOPs) in a taxation year. The total immediate expensing limit is $1.5 million for the EPOP group. The allocated immediate expensing limit to the filing partnership will be used to calculate the immediate expensing deduction included in the capital cost allowance (CCA) for the designated immediate expensing property (DIEP). Additional minor form updates: ● T5013FIN ● T5013Instructions ● TP600SB |
| Systems | ● Enhanced Zoom functionality ● Support for split screen of forms |
| Coming Soon! | T1/TP1: ● Multi-jurisdictional filing ● New form T2039 T2/CO17: ● CO130.AD Capital Cost Allowance for Immediate Expensing Property FX/Q: ● UHT-2900 Underused Housing Tax Return and Election Form |
| Module | Content |
| Introduction | Version 2022.2.5 Download the latest release of the ProFile Suite, version 2022.2.5. In-product forms include a DRAFT watermark indicating that the form is not approved for use. Note: We recommend that discounters in provinces that provide refundable tax credits to not use this release to begin entering data for their clients. T1/TP1 highlights include: ● 2022 T1/TP1 form updates ● 2022 TP1 paper filing T3/TP646 highlights include: ● 2022 T3 slip, NR4 slip XML filing ● TP646 paper authorization ● RL-16 slip paper filing and electronic transmission ● 2022 T3/TP646 form updates FX/Q highlights include: ● Updated federal slips and forms System highlights include: ● Various product enhancements |
| T1/TP1 | Updated Forms - Federal Climate Action Incentive Payment (formerly Schedule 14) The CRA has discontinued Schedule 14 for the 2022 tax year. In ProFile, the form has been renamed Climate Action Incentive Payment (CAIP). Its purpose is solely for estimating the total Climate Action Incentive benefit payable. You must still indicate whether the taxpayer resides outside a census metropolitan area for them to receive the additional rural supplement. For married or common-law individuals, the rural supplement will be issued to the spouse or common-law partner whose return is assessed first. Beginning in 2023-24, residents of Newfoundland, Nova Scotia and Prince Edward Island are eligible for the CAIP. All residents of Prince Edward Island are entitled to the 10% rural supplement, which is automatically included in the total benefit. Business Consent Starting in October 2022, CRA expanded the Confirm my Representative service to include authorization requests for business received using EFILE software. The Business Consent form in ProFile now includes additional instructions reminding preparers to have their client go to My Business Account to confirm requests within 10 business days. Rep ID on T183 (New!) Representatives can now use their Rep ID on the T183. For 2022 returns and later, ProFile will populate the Rep ID entered in the Preparer tab in Options > Environment… Beginning in February 2023, the inclusion of the Rep ID on T183 is optional for 2022 T1 returns. Provincial forms - Québec The following forms are now approved for paper submission: ● TP1, all the schedules ● TPF-1.W, TPF-1.X, TPF-1.Y and TPF-1.Z ● TP-25, TP-59.S, TP-274, TP-752.PC, TP-1029.TM, TP-128TP-80, TP-80.1, TP-1029.AE, TP-1026.0.1.P Removed form ● TP-1029.9 Tax Credit for Taxi Drivers or Taxi Owners |
| T3/TP646 | Rep ID on T183 (New!) Representatives can now use their Rep ID on the T183. For 2022 returns and later, ProFile will populate the Rep ID entered in the Preparer tab in Options > Environment… The inclusion of the Rep ID on T183 is optional for 2022 T3 returns. British Columbia clean building tax credit (New!) Trusts resident in B.C., or with income earned in B.C. for income tax purposes can claim the clean building tax credit on line 921 of the T3. You must have a unique certificate number from the B.C. Ministry of Finance for completing qualifying retrofits to eligible commercial and multi-unit residential buildings. Ontario environmental tax credit (New!) The Ontario environmental tax credit can be claimed on line 922 of the T3 Trust Income Tax and Information Return. Revenu Québec Approval of 2022 TP-646/RL-16 Revenu Québec has approved the 2022 paper filing of TP-646 trust returns and RL-16 slips. TP-646 forms no longer show DRAFT watermarks. RL-16 slips electronic transmission is also approved and available in this release. Québec trust identification number now required to electronically file RL-16 slips (New!) For 2022 and subsequent years, the identification number of the trust is mandatory for RL-16 filing. This is the 10-digit number assigned to the trust by Revenu Québec. If the trust has filed an income tax return, this number should be on a notice of assessment issued to the trust. If the trust does not have an identification number, it must apply for one using: ● the online service in My Account for individuals, My Account for businesses or My Account for professional representatives; or ● form LM-58.1.2.-V, Application for a Trust Identification Number. |
| FX/Q | Provincial Forms – Quebec Updated Quebec RL Slip Web Service Filing The Quebec RL Slip Web Service Filing is updated for 2022 and 2023 tax years. RL18Detail/RL18 Feuillet/RL18Consolidé - Securities Transactions This slip is updated to allow a second recipient represented by a business name when the recipient type is a joint account. TP64.3 - General Employment Conditions (New!) This is a new form added to 2022 FX/Q module to allow the employer to complete this form for any salaried employee or employee earning commissions who wishes to claim a deduction for employment expenses. TP64.3S - General Employment Conditions (New!) This is a new form added to the 2022 FX/Q module. It allows the employer to complete the form for employees wanting to claim a deduction for employment expenses solely related to working remotely during the COVID-19 pandemic. Other Federal Forms Updates ● T2200 ● T2200S ● T2202 ● T3D ● TD1 ● TD1X ● TD1AB ● TD1BC ● TD1MB ● TD1NB ● TD1NL ● TD1NS ● TD1NT ● TD1NU ● TD1ON ● TD1PE ● TD1SK ● TD1YT ● TX19 Other Quebec Slips and Forms Updates ● RL1 ● RLZ-1.S (RL1Sum) ● RL2 ● RL3 ● RL8 ● RL15 ● RL24 ● RL25 ● RL31 ● TP1015.3 ● LE-39.0.2 ● IN412.A |
| Systems | ● Various product enhancements |
| Coming Soon! | T1/TP1: ● T1 Barcode and T1 condensed ● TP1 barcode ● 2022 T1 EFILE ● 2022 Authorize a Representative ● 2022 T1135 EFILE ● 2022 TP1 paper filing ● 2022 TP1 NETFILE ● 2022 AFR (Auto-fill My Return) EFILE ● T1PAD (pre-authorized debit) EFILE T3/TP646: ● T3RET, T3RCA and T3M EFILE ● MR69 EFILE ● T1135 EFILE |
| Module | Content |
| Introduction | Version 2022.2.0 Download the latest release of the ProFile Suite, version 2022.2.0. Some forms for the 2022 taxation year are not released by CRA at this time. In-product forms include a “DRAFT” watermark indicating that the form is not approved for use. Note: We recommend that discounters in provinces that provide refundable tax credits do not use this release to begin entering data for their clients. T1/TP1 highlights include: ● Batch carry forward now available ● First version of paper filing release for 2022 T1 ● Retroactive update for Repay worksheet 2020 and 2021 T2 highlights include: ● Form updates T3/TP646 highlights include: ● First version of paper filing release for 2022 T3 ● Paper certified T3 trust income tax return ● Paper certified T3 slip and summary ● 2021-22 Taxprep to ProFile carry forward FX/Q highlights include: ● Updated federal slips and forms System highlights include: ● Auditor window look-and-feel improvements ● T3 2022 module launch |
| T1/TP1 | New Forms - Federal T1B - Request to Deduct Federal COVID-19 Benefits Repayment in a Prior Year The Income Tax Act was amended to allow individuals the option to claim a deduction for repayments made before January 1, 2023 of certain federal COVID-19 benefit amounts they were not entitled to receive (or chose to repay) on their tax return for the year they received the benefit, rather than on the return on which they repaid the benefit. Individuals may request to deduct the amount of 2022 repayments on their 2020 or 2021 return by completing Form T1B. The CRA will automatically reassess the 2020 and/or 2021 returns to apply the deduction to the individual’s tax return as indicated on the form. Updated Forms - Federal T1 Income Tax and Benefit Return For tax year 2022, the following lines have been added to the income tax return: Line 47557 - Air quality improvement tax credit Climate Action Incentive (CAI) Rural Supplement A new checkbox has been added on the T1 return for residents of Ontario, Manitoba, Saskatchewan, Alberta, Newfoundland, and Nova Scotia to indicate whether a taxpayer resides outside of a Census Metropolitan Area. British Columbia For residents of British Columbia, new questions have been added to indicate whether the individual resided on Tsawwassen Lands on December 31, 2022, and whether the individual is a member of the Tsawwassen First Nation. Ontario and Nunavut For residents of Ontario and Nunavut, a new question has been added to authorize the CRA to share the individual’s name and email address with the provincial organ and tissue donor registry. The authorization allows the provincial organ and tissue donor registry to contact the individual by email and is valid only for the tax year being filed. T777 - Statement of Employment Expenses The form has been updated to include the new Labour Mobility Deduction for an Eligible Tradesperson. To deduct eligible temporary relocation expenses, complete the section for Line 11. Enter the amount of expenses incurred and the related employment income earned as an eligible tradesperson for each temporary relocation. Additional relocations can be entered on T777Details. T5013 Box 237 for Return of Fuel Charge Proceeds to Farmers Tax Credit has been split to indicate the province for which the credit applies: ON, MB, SK, AB. Retroactive changes to Repay worksheet for 2020 and 2021 2020 and 2021 have been updated to reflect retroactive changes to the calculation of the Old Age Security (OAS) clawback for individuals who are also subject to a clawback on the Canada Recovery Benefit (CRB), in accordance with revised online versions of the Federal Worksheet and T4E slips for the 2020 and 2021 tax years. Updated Forms - Provincial ON479 The following lines have been added to the Form ON479: Line 63051 and 63052 - Ontario Staycation Tax Credit The Ontario Staycation Tax Credit allows residents of Ontario to claim a refundable tax credit of 20% of eligible accommodation expenses incurred in 2022, up to a maximum of $1,000 for an individual, or $2,000 for a family. Details of the accommodation expenses should be entered on the ONCredits worksheet. Line 63095 - Ontario Seniors Care At Home Credit The Ontario Seniors Care at Home Tax Credit is a refundable personal income tax credit on eligible medical expenses for individuals who turned 70 or older in the year, or have a spouse or common-law partner who turned 70 or older in the year, and are a resident of Ontario at the end of the tax year. The credit is equal to 25% of claimable medical expenses up to $6,000, for a maximum credit of $1,500. This amount is reduced by 5% of family net income over $35,000 and fully phased out at $65,000. The credit can be claimed in addition to the non‐refundable federal and Ontario medical expense tax credits for the same eligible expenses. MB479 The following lines have been added on the Form MB479: Line 61163 - Number of days resident for education property tax credit The education property tax credit now requires taxpayers to indicate the number of days in the year that they qualified to claim the credit for each address and the net school taxes paid. Line 61165 and 61167 - Renters tax credit A new refundable tax credit has been added to replace the renters component of the education property tax credit. The credit is based on the amount of rent paid and the number of months rented during the year. Total rent assist benefits received Line 61250 has been removed. New Forms for 2022 NS479 The Volunteer firefighters and ground search and rescue tax credit has been moved from NS428 to NS479. New Line: 62410 - Children’s sports and arts tax credit The new refundable tax credit allows parents with children under the age of 19 to claim a maximum of $500 per child for expenses paid for eligible artistic, cultural and physical activity programs. PE428 The volunteer firefighter tax credit has increased from $500 to $1,000. New Line: 63510 Prince Edward Island volunteer firefighter and volunteer search and rescue tax credit Individuals who qualify for the federal Volunteer firefighters’ amount at Line 31220 are now able to claim a refundable provincial tax credit of $1,000 on Line 47900. YT428 Yukon First Nations income tax credit and Business investment tax credit and the carryback to prior years have been moved from Form YT479 to Form YT428. |
| T2/CO17 | S411 (S5SK) - Saskatchewan Corporation Tax Calculation Lower rate of Saskatchewan income tax is extended at 0% retroactive to July 1, 2022. On July 1, 2023, the rate will be increased to 1%. On July 1, 2024, the rate will return to 2%. |
| T3/TP646 | Most-relevant rates published The most-relevant rates published by CRA are implemented in this release of the T3/TP646 module. 2021-22 Taxprep to ProFile carry forward This version of the ProFile T3/TP646 module carries forward information from 2021 Taxprep T3 returns to create new 2022 ProFile returns. To carry forward a Taxprep T3 file: Select the option Carry forward from the File drop-down menu. Set Files of type as “2021 Taxprep T3 (.321)” or drag-and-drop a Taxprep file (.321) into a ProFile T3 file. Taxprep versions are supported up to 2022 v3.1. |
| FX/Q | Updated Forms T2054 - Election for a Capital Dividend Under Subsection 83(2) This form is updated as follows: ● Capital dividends received from other corporations are entered in Part 3 and capital dividends received from trusts are entered in a newly added table in Part 4 ● New table added in Part 5 to enter capital gains and losses during the year ● New table added in Part 6 to enter shareholder information ● New lines added in Part 7 to enter life insurance policy information; applicable when net life insurance proceeds affect the CDA balance Minor slip updates ● T4 ● T4A ● T4ANR ● T4ARCA ● T4PS ● T5 ● T5008 ● T5018 ● T737RCA ● NR4 Minor form updates ● CPT30 ● GST145 ● GST146 ● GST191 ● GST60 ● PD24 ● PD27 ● T1OVP ● T1135 ● T1261 ● T3012A ● T4Auto ● T661 Blocked filing T5013 filing is blocked from filing. It will be available in a future release. |
| Systems | ● Auditor window look-and-feel improvements ● T3 2022 module launch |
| Coming Soon! | T1/TP1: ● 2022 TP1 paper filing T3/TP646: ● 2022 T3 Slip, NR4 Slip EFILE ● 2022 RL16 EFILE FX/Q: ● RL Quebec slip update |
| Module | Content |
| Introduction | Version 2022.1.0 Download the latest release of the ProFile Suite, version 2022.1.0. Forms for the 2022 taxation year are not released by CRA at this time. In-product forms include a “DRAFT” watermark indicating that the form is not approved for use. Note: We recommend that discounters in provinces that provide refundable tax credits do not use this release to begin entering data for their clients. T1/TP1 highlights include: • 2021 to 2022 TurboTax Desktop carry forward to ProFile T2 highlights include: • T2 Notice of Assessment (NOA) download is available (New!) • 2020-2023 T2 module is now available for fiscal years ending on or before May 31, 2023 • T2 paper and Internet filing is certified for Federal corporate tax returns • AT1 paper and Internet filing is certified for Alberta corporate tax returns • T2 Schedules S65, S352, S353, S392 are now available (New!) System highlights include: • new look to toolbar icons |
| T1/TP1 | 2021-22 TurboTax Desktop to ProFile Carry Forward This version of the ProFile T1 module can carry forward information from 2021 TurboTax Desktop T1 returns to create new 2022 ProFile returns. T2 and AT1 certifications The 2020-2023 T2 module is certified for Federal and Alberta corporate tax returns and allows for the preparation of returns for corporations with fiscal years ending on or before May 31, 2023. Auto-Fill My Return (AFR) - Notice of Assessment (NOA) download (New!) The new Notice of Assessment (NOA) download option is now available in the Auto-fill my Return (AFR) function to download the Notice of (re)assessment (NOA) in HTML format for the current year and up to six prior tax years. Only one tax year will be downloaded at a time. Review our support article for more information. Capital Dividend Account (CDA) balance section has been updated. The information related to the processing of a T2054 –Election for a Capital Dividend Under Subsection 83(2) are no longer available for display. Federal S5 - Tax Calculation Supplementary - Corporations The schedule is updated with the following new lines: • Nova Scotia financial institutions capital tax on line 222 • British Columbia clean buildings tax credit on line 685 • Newfoundland and Labrador: ○ Non-refundable green technology tax credit on line 506 ○ Non-refundable manufacturing and processing investment tax credit on line 508 ○ Refundable manufacturing and processing investment tax credit on line 523 ○ Refundable green technology tax credit on line 526 S8 - Capital Cost Allowance For eligible persons or partnerships (EPOPs) that are individuals or partnerships, information can be entered directly in Part 1. S27 - Calculation of Canadian Manufacturing and Processing Profits Deduction Corporations that engage in zero-emission technology manufacturing (ZETM) can complete Parts 14 to 17 to calculate the ZETM deduction from profits. S31 - Investment Tax Credit - Corporations Investment tax credit can no longer be claimed for the following expenditures: • Qualified resource property expenditures • Childcare space expenditures Only the unused credits that have not expired can be carried forward for up to 20 tax years following the tax year in which the expenditures were incurred. S65 - Air Quality Improvement Tax Credit (New!) This schedule is used for qualifying corporations to claim expenses that improve ventilation and air quality at their locations. Qualifying period starts on September 1, 2021 and ends on December 31, 2022. Qualifying corporations, or affiliated eligible entities (if applicable) can claim up to $10,000 ventilation expense for each location (or $50,000 in total) at a refundable tax credit rate of 25%. S89 - Request for Capital Dividend Account Balance Verification The form is updated as follows: • New table added in Part 2A to calculate CDA components from predecessor corporations • Capital dividends received from other corporations are entered in Part 4 and capital dividends received from trusts are entered in a newly added Part 5 • New section added in Part 6 for insurance policy details. The information can be entered in T2054 and applies when CDA balance is affected by life insurance proceeds • Part 7, CDA balance calculations are updated to include the newly added sections S352 - Nova Scotia Financial Institutions Capital Tax (New!) The financial institutions capital tax is applicable to banks, loans, and trust corporations with a permanent establishment in Nova Scotia. This applies to tax years starting November 1, 2021 and later. S353 - Nova Scotia Financial Institutions Capital Tax - Agreement Among Related Corporations (New!) This is a new schedule used by Nova Scotia financial institutions that are liable to pay for the Nova Scotia financial institutions capital tax to allocate basic capital deduction among the related corporations. S392 - Manitoba Data Processing Investment Tax Credits (New!) This schedule is reinstated in the 2020-2023 T2 module for Manitoba corporations to claim a refundable tax credit for eligible expenditures of data processing building or data processing centre property acquired after April 11, 2017 as a replacement property. S500 - Ontario Corporation Tax Calculation Sections that reference the period before January 1, 2020 have been removed. T2054 - Election for a Capital Dividend Under Subsection 83(2) The form is updated as follows: • Capital dividends received from other corporations are entered in Part 3 and capital dividends received from trusts are entered in a newly added table in Part 4 • New table added in Part 5 to enter capital gains and losses during the year • New table added in Part 6 to enter shareholder information • New lines added in Part 7 to enter life insurance policy information; applicable when net life insurance proceeds affect the CDA balance Alberta AT1 - Alberta Corporate Income Tax Return This form is updated to eliminate the alternative address to coincide with a change in Alberta Finance’s policy where they will no longer update the corporation’s mailing address using the AT1. AS10 - Alberta Loss Carry-back Application This form is updated to remove the address fields in the Application Identification section to coincide with a change in Alberta Finance’s policy where they will no longer update the corporation’s mailing address using the AT1. Additional Minor Form Updates • AS15 • S3 • S53 • S388 • S443 (S5YT) • T1135 • T2 (S200) |
| Systems | • New look to toolbar icons |
| Coming Soon! | • 2022 T3 module |
| Module | Content |
| Introduction | Version 2022.0.5 Download the latest release of the ProFile Suite, version 2022.0.5. This is the first release of ProFile T1 and FX for the 2022 taxation year. Forms for the 2022 taxation year are not released by CRA at this time. In-product forms include a “DRAFT” watermark indicating that the form is not approved for use. Note: We recommend that discounters in provinces that provide refundable tax credits do not use this release to begin entering data for their clients. T1/TP1 highlights include: • New 2022 T1/TP1 module is now available • 2021-22 ProFile to ProFile carry forward preview • 2021-22 Taxprep to ProFile carry forward preview • 2021-22 Cantax to ProFile carry forward previews • 2021-22 TaxCycle to ProFile carry forward preview • DT Max to ProFile carry forward preview T2 highlights include: • ProFile T2 now carries forward information from 2022 files created with Taxprep T2 (version 2022 v1.0), Cantax T2 (version 22.1.307.100), TaxCycle, and DTMax (version 25.30) • Schedule 8 is updated with new lines related to immediate expensing FX/Q highlights include: • New 2022 FX/Q module is now available • ProFile 2022 FX carries forward information from 2021 files created with ProFile 2021 FX, Taxprep Forms versions up to 2021 v5.0 and Cantax FormMaster versions up to 2021 v5.0 System highlights include: • Redesigned toolbar with a modernized appearance (New!) • Better interface support for 4K monitors (New!) • New backup utility for users (New!) |
| T1/TP1 | 2021-22 ProFile to ProFile carry forward preview This early version of the ProFile T1 module carries forward information from 2021 ProFile returns to create new 2022 ProFile returns (for preview purposes only). To carry forward a single 2021 tax return, right-click the file and select the Carry forward option. 2021-22 Taxprep to ProFile carry forward preview This version of the ProFile T1 module carries forward information from 2021 Taxprep T1 returns to create new 2022 ProFile returns. To carry forward a Taxprep T1 file, select the option Carry forward from the File menu. Set Files of type as “2021 Taxprep T1 (.121)” or drag-and-drop a Taxprep file (.121) into a ProFile T1 file. Taxprep versions are supported up to 2021 v5.0. 2021-22 Cantax to ProFile carry forward preview This version of the ProFile T1 module carries forward information from 2021 Cantax T1 returns to create new 2022 ProFile returns. To carry forward a Cantax T1 file, select the option Carry forward from the File menu. Set Files of type as “2021 Cantax T1 (. P21)” or drag-and-drop a Cantax (. P21) file into a ProFile T1 file. Cantax versions are supported up to version 21.5.303.121. 2021-22 DT Max to ProFile carry forward preview This version of the ProFile T1 module carries forward information from 2021 DT Max T1 returns to create new 2022 ProFile returns. DT Max versions are supported up to v25.30. 2021-22 TaxCycle to ProFile carry forward This version of the ProFile T1 module carries forward information from 2021 TaxCycle T1 returns to create new 2022 ProFile returns. |
| T2 | Taxprep, Cantax, TaxCycle, and DT Max to ProFile carry forward ProFile T2 now carries forward information from 2022 files created with Taxprep T2 (version 2022 v1.0), Cantax T2 (version 22.1.307.100), TaxCycle, and DT Max (version 25.30). Schedule 8 - Capital Cost Allowance (CCA) Schedule 8 is updated with new lines related to immediate expensing. The resulting CCA deduction on Line 217 includes the immediate expensing amount reported on Line 238. Additional minor form updates • S63 • T661 |
| FX/Q | The new 2022 FX/Q module is now available. Note that the Quebec slip filing in 2022 FX/Q module is disabled. Those wishing to file the 2022 slips now should use the previous module and manually override the year to 2022. Slip filing in the 2022 module will be enabled in a future release once the 2022 slips have been updated. Carry forward from 2021 to 2022 ProFile 2022 FX carries forward information from 2021 files created with ProFile 2021 FX, Taxprep Forms versions up to 2021 v5.0 and Cantax FormMaster versions up to 2021 v5.0. Additional minor form updates • GST190 • GST190 |
| Systems | Redesigned toolbars with a modernized appearance Icons in toolbars have been redesigned to appear more contemporary. This is part of an ongoing usability upgrade. As with previous versions, users can still scroll over the icons to see their functions. Existing shortcut commands will continue to work. Better 4K monitor support ProFile now supports higher monitor display resolutions, including 4K. Note: 4K support is not available for customers using Windows 8.1 and Windows Server 2012. ProFile users must update their OS to Windows 10 or Windows 11 and Windows Server 2016 or 2019 to utilize 4K. New Backup utility for users ProFile now includes the Back Up To Desktop feature that allows existing client files to be backed up to a preferred desktop location during software updates and at an initial ProFile launch after installation. Note that the new Back Up To Desktop feature doesn’t replace either the Backup to Cloud or the BackupFiles folders available in My ProFile Data options; both will remain available. |
| Coming Soon! | • 2021-22 TurboTax to ProFile carry forward (T1) • 2022 form update (T2) ProFile support for Windows OS 8.1 ending in 2023 ProFile support for Windows operating system 8.1 will end in January 2023. ProFile users should update to Windows 10 or 11 and Windows Server 2016 or 2019 to ensure you can still update and use all the features of ProFile. Click here to learn more. |
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