Prepare next year T3 return using previous year ProFile T3 module

The next year of the ProFile T3 module isn't available until the following year. For example, if the 2008-T3 module is the last one released and you need to prepare a T3 return for the 2009 year-end, the 2009-T3 module won't be available until January 2010. In this case, use the previous year's T3 module to prepare the next year's T3 return.

New tax rates have been added to last year's T3 module to prepare next year's T3 returns. Enter the correct year-end date on the Info screen, and the tax rates will be applied. The CRA will accept a T3 return filed using last year's tax forms and will reassess the return if needed.

Follow these steps to prepare next year's T3 return using last year's T3 module:

1. Save a duplicate copy of the previous year's T3 return to be used as the next year's T3 return.
2. Open the previous year-end T3 return in ProFile.
3. Enter the appropriate year-end for the trust return T3 to be prepared and this will kick in next year tax rates.
4. Delete the information pertaining to the previous year-end, keeping what is required for the next year-end.
5. Enter the T3 data required for filing the next year trust return, allocate income to beneficiaries, and create T3 slips.
6. Print the T3 trust return using File > Print and the T3 slips using File > Print Slips for filing to the CRA.
7. Save the T3 return prepared using a different file name to identify the tax rates for that year.