Profile HelpIntuitWhat's new in ProFile
by Intuit•1• Updated 3 weeks ago
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What's new in ProFile release 2025.5.0
| Module | Content |
| Introduction | Version 2025.5.0 Download the latest release of the ProFile Suite, version 2025.5.0. T2/CO-17 highlights include: • 2024-2026 T2 module is now available when fiscal year ends on or before October 31, 2026 • T2 paper and internet filing is certified for Federal corporate tax returns • AT1 paper and internet filing is certified for Alberta corporate tax returns • T25QCC is now available (New!) • ProFile T2 now carries forward from 2025 files created with DTMax (version 29.20), TaxCycle (version 15.1.61472.0), CanTax (version 2026.1.307.100) FX/Q highlights include: • Form updates Systems highlights include: • Software update preferences |
| T2/CO-17 | T2 and AT1 certifications The 2024-2026 T2 module is certified for Federal and Alberta corporate tax returns and allows for the preparation of corporate tax returns with taxation years beginning on or after January 1, 2024, and ending on or before October 31, 2026. DTMax to ProFile carry forward ProFile T2 now carries forward information from 2024 files created with DTMax (version 29.20). TaxCycle to ProFile carry forward ProFile T2 now carries forward information from 2024 files created with TaxCycle (version 15.1.61472.0). Cantax to ProFile carry forward ProFile T2 now carries forward information from 2024 files created with Cantax (version 2026.1.307.100). Schedule 3 – Dividends Received, Taxable Dividends Paid, and Part IV Tax Calculation Schedule 3 has been updated to reflect two changes introduced by CRA. A new question has been added to Section 2 (line 100) allowing a corporation to self-identify as exempt from Part IV tax under subsection 186.1(b)(ii) or (vii) of the Income Tax Act. This enables qualifying corporations — such as certain Crown corporations and tax-exempt entities — to indicate their exemption status directly on the schedule. Additionally, a new column (line 235) has been added to the dividend detail table in Part 1 to capture taxable dividends that are deductible from income under paragraph 113(1)(c) of the Act, which applies to dividends received from foreign affiliates. The column labels throughout the table have been updated accordingly. Schedule 5 – Tax Calculation Supplementary – Corporations Schedule 5 has been updated to reflect legislative changes affecting Ontario and Nova Scotia tax calculations. For Ontario corporations, two new lines have been added. Line 421 captures the non-refundable portion of the Ontario Made Manufacturing Investment Tax Credit (OMMITC) for the purposes of calculating Ontario corporate income tax payable. Additionally, a new line has been added for the Ontario Shortline Railway Investment Tax Credit (OSRITC). Introduced in the 2024 Ontario Budget and effective for eligible expenses incurred between May 15, 2025, and January 1, 2030, this new 50% refundable corporate income tax credit supports shortline rail operators. It provides up to $8,500 per track mile annually for track maintenance, rehabilitation, and infrastructure improvements in Ontario. To claim the credit, eligible corporations must first obtain a Certificate of Eligibility from the Ontario Ministry of Transportation. The refundable credit is calculated and claimed on Schedule 5 on Line 476, which then flows to Line 812 of the T2 Jacket. For Nova Scotia, line 550 (provincial political contribution tax credit) has been removed from the total of Nova Scotia non-refundable tax credits. Schedule 8, S8 Lease and Capital Cost Allowance (CCA) worksheets The Schedule 8, Schedule 8 Lease, S8Class and corresponding Alberta and Québec worksheets have been updated to reflect the measures introduced in Bill C-15. The Bill reinstates the accelerated investment incentive, now called the Reaccelerated Investment Incentive (RIIP). It also reinstates immediate expensing for certain capital cost allowance (CCA) classes. The RIIP and immediate expensing applies to qualifying property acquired on or after January 1, 2025 and available for use before 2030. The measure would be phased out starting in 2030, and fully eliminated after 2033. Productivity-enhancing assets: An additional enhanced first-year allowance for new additions of property to CCA Classes 44, 46, and 50 acquired after April 15, 2024, and available for use before January 1, 2027. These additions would be eligible for a 100% first-year deduction. CCA Class 44: Patents and intellectual property CCA Class 46: Data network infrastructure equipment and related systems CCA Class 50: General-purpose electronic data processing equipment (computer hardware) and systems software Purpose-built residential rentals: The Government of Canada proposes to provide an accelerated CCA rate of 10% (up from 4%) for new eligible purpose-built residential rentals. These projects would have to begin construction after April 15, 2024, and before 2031, and the property must be available for use before 2036. AS13 – Alberta AT1 Schedule 13: Capital Cost Allowance All RIIP additions, where applicable, are incorporated in the CCA calculations (column 23) and the ending UCC balances (column 24) on AT1 Schedule 13. Alberta Finance has not yet released an updated version of the schedule to include separate RIIP columns. AT1 Schedule 13 will be updated in a future release when Alberta Finance releases the updated form. QS8 – CO-130.A: Capital Cost Allowance (Québec) All RIIP additions, where applicable, are incorporated in the CCA calculations (column J) and the ending UCC balances (column K) on the CO-130.A. Revenu Québec has not yet released an updated version of the CO-130.A to include separate RIIP columns. The CO-130.A will be updated in a future release when Revenu Québec releases the updated form. Schedule 12 - Resource-Related Deductions The 2024 Fall Economic Statement introduced two new reaccelerated expense categories — Reaccelerated Canadian Development Expenses (RCDE) and Reaccelerated Canadian Oil and Gas Property Expenses (RCOGPE) — for eligible expenses incurred after 2024. Schedule 12 has been updated to reflect these legislative changes. On the CDE side, line 372 has been added to capture RCDE incurred during the tax year. Three new calculated amounts (AA, BB, and CC) now appear to support the revised current-year deduction at line 345, which incorporates a reaccelerated rate of 15%. The lines previously used to split ACDE between pre-2024 and post-2023 tax years have been removed as they are no longer applicable. On the COGPE side, line 453 has been added for RCOGPE incurred during the tax year, along with three new calculated amounts (DD, EE, and FF) supporting the revised current-year deduction at line 445, now incorporating a reaccelerated rate of 5%. Similarly, the lines previously used for the ACOGPE pre-2024/post-2023 split have been removed. Client files prepared in a previous version of ProFile will not retain amounts that were entered on any of the removed lines. Please review these sections before filing. Schedule 21 - Federal and Provincial or Territorial Foreign Income Tax Credits and Federal Logging Tax Credit The updated Schedule 21 introduces several changes to Parts 6, 7, and 8 to align with new tax regulations. In Part 6, a new line was added for the employer deduction for non-qualified securities (line 352), which expands the subtractions used to determine adjusted net income. Parts 7 and 8 have both been updated to explicitly specify additional tax on personal services business income (line 560) and to integrate a brand-new line for the total labour requirements addition to tax (line 580). Furthermore, Part 7 expands the scope of the refundable tax on investment income (line 604) to explicitly include substantive CCPCs alongside standard CCPCs. Schedule 31 - Investment Tax Credit – Corporation Budget 2025 introduced several significant changes to the SR&ED Investment Tax Credit program, and Schedule 31 has been updated to reflect all of them. Expanded eligibility. New checkboxes have been added in Part 9 to identify Eligible Canadian Public Corporations (ECPCs) and CCPCs making an election under subsection 127(10.31) or (10.32). For tax years starting after December 15, 2024, ECPCs can now access the enhanced SR&ED credit — including the 35% enhanced rate up to the expenditure limit, and the basic rate of 15% on any qualified expenditures above the expenditure limit. The refundable credit in Part 15 has also been updated accordingly. Updated phase-out calculation in Part 9. For tax years starting after December 15, 2024, the phase-out for ECPCs and electing CCPCs is no longer based on taxable capital. Instead, these corporations enter their average annual revenue minus $15 million at the new line 399 — the expenditure limit phases out once revenue exceeds $15 million and becomes nil at $75 million. Non-electing stand-alone CCPCs continue to use taxable capital at line 398. For tax years starting before December 16, 2024, Part 9 is unchanged. Updated expenditure limit in Part 10. Part 10 has been split into two versions. Part 10A applies to tax years starting before December 16, 2024, and retains the previous $40 million phase-out with a maximum expenditure limit of $3 million. Part 10B applies to tax years starting after December 15, 2024, and reflects the new thresholds — the expenditure limit phases out between $15 million and $75 million in annual revenue, producing a maximum expenditure limit of $6 million. New calculation lines 10A through 10D support this updated formula. Restored capital expenditures. A new line 360 has been added to Part 8 to capture capital expenditures incurred after December 15, 2024 (sourced from line 558 on Form T661). To apply the appropriate rates to these expenditures, new amounts 11C, 11D, and 11E have been added to Part 11. The total SR&ED ITC at line 473 now incorporates these additional amounts. Other updates. The former Part 23 – Recapture of ITC for child care spaces has been removed. The ITC for child care space expenditures can no longer be claimed; only unused credits that have not yet expired may be carried forward. A new Part 23 – Clean economy ITCs has been added in its place, which includes line 185 for reporting the clean electricity ITC from Schedule 77. A new line 25C has been added to capture the recaptured or recovered clean hydrogen ITC from Schedule 74, and in Part 24, line 24E has been added for the recaptured or recovered clean electricity ITC. The Part 16 recapture totals have been updated accordingly. Schedule 49 – Agreement Among Associated Canadian-Controlled Private Corporations to Allocate the Expenditure Limit Schedule 49 has been updated to reflect several changes for tax years beginning after December 15, 2024. The expenditure limit has been increased from $3 million to $6 million, and the taxable capital phase-out threshold has been raised from $40 million to $60 million. The form title has also been revised to remove the "Canadian-Controlled Private" restriction, expanding eligibility to include public corporations. Schedule 61, Agreement to Allocate Assistance for SR&ED Between Persons Not Dealing at Arm's Length – T1145 Following the reinstatement of SR&ED capital expenditures announced in Budget 2025, T1145 has been updated to capture a breakdown of the total allocated assistance. Two new lines have been added under line 010. Line 015 is used to enter the portion of the allocated assistance relating to current expenditures, and line 020 is used to enter the portion relating to capital expenditures incurred after December 15, 2024. The transferee is now required to report these amounts on lines 538 and 540 of Form T661 respectively, replacing the previous instruction to report only on line 538. The Authorization of Transfer section has also been updated with revised legal language around the filing requirements for directors' resolutions and authorized officers. Schedule 62, Agreement to Transfer Qualified Expenditures Incurred in Respect of SR&ED Contracts Between Persons Not Dealing at Arm's Length – T1146 Following the reinstatement of SR&ED capital expenditures announced in Budget 2025, T1146 has been updated to capture a breakdown of the total transferred amount. Two new lines have been added under line 010. Line 015 is used to enter the portion of the transferred amount relating to current expenditures, and line 020 is used to enter the portion relating to capital expenditures incurred after December 15, 2024. The transferee is now required to carry these amounts over to lines 508 and 510 of Form T661, and the transferor to lines 544 and 546 of Form T661, replacing the previous instruction to report only on lines 508 and 544. The Authorization to Transfer section has also been updated with revised legal language around the filing requirements for directors' resolutions and authorized officers. Schedule 75, Clean Technology Investment Tax Credit Part 1 has been updated with a new column — line 105 — to enter a description of the clean technology property. Part 2 has been updated with two new columns: line 210 for the province or territory in which the property is located, and line 212 for the available-for-use date of the property. A new Part 5 – Amounts allocated from partnerships has been added for corporations that receive clean technology ITC allocations from one or more partnerships. The table captures the partnership name, account number, the clean technology ITC allocated (line 510), the ITC recapture allocated (line 515), and the labour requirements addition to tax allocated (line 520). The totals from Part 5 now flow automatically into line 160 and the applicable recapture lines in Part 3. The filing instructions have also been updated — the deadline for filing this schedule is now the later of December 31, 2026, and one year after your filing-due date for the tax year in which the property became available for use. Schedule 76 - Clean Technology Manufacturing Investment Tax Credit Schedule 76 has been updated with several additions. In Part 1, the method for identifying eligible CTM property has changed: rather than entering a description of how the asset is used, you now enter the CTM asset code (line 106) to classify the property type. Additionally, Part 2 now includes a new note regarding the treatment of CTM property that is disposed of to a related taxable Canadian corporation, providing guidance on how the ITC is affected in these scenarios. A new section has been added to support allocations from partnerships. Amounts of the Clean Technology Manufacturing ITC allocated from a partnership can now be entered directly on Schedule 76 and will be included in the total ITC calculation. Schedule 78 – Carbon Capture, Utilization, and Storage (CCUS) Investment Tax Credit Schedule 78 has been updated to reflect legislative changes to the CCUS Investment Tax Credit program. In Part 1, the credit rate table has been updated: the first rate period now runs from after 2021 to before 2036 (previously before 2031), and the second rate period runs from after 2035 to before 2041 (previously after 2030). This extension means the full applicable rate applies for an additional five years. In Part 3, the prevailing wage attestation section has been expanded to clarify that once the election is made, it cannot be revoked under the Income Tax Act. The attestation wording now also notes that the corporation is expected to maintain supporting documentation, and that failure to provide it to the CRA upon request may result in a gross negligence penalty under subsection 127.46(9). A new Part 5 – Amounts Allocated from Partnerships has been added. This table allows corporations to separately identify partnership-allocated CCUS ITC amounts, labour requirements additions to tax, and Part XII.7 tax received from partnerships (lines 500 to 520), referencing the corresponding boxes from the T5013 slip. Schedule 200 – T2 Corporation Income Tax Return The T2 Corporation Income Tax Return has been updated for 2025 and later tax years. Schedule 65 – Air Quality Improvement Tax Credit has been removed from the T2 return. Line 275 (the question asking whether the corporation is claiming this credit) and line 799 (the credit amount) are no longer available on the return. The Air Quality Improvement Tax Credit was a temporary measure for qualifying expenditures made to improve air quality in commercial spaces; as this credit has expired, the schedule is no longer supported. Additionally, line 315 (gifts of medicine made before March 22, 2017) has been removed from the deductions section of the return as this item is no longer applicable. SK S403 – Saskatchewan Research and Development Tax Credit As a result of the Budget 2025 changes to the SR&ED expenditure limit on Schedule 31 — which increased from $3,000,000 to $6,000,000 retroactive to January 1, 2025 — the qualifying SR&ED expenditure ceiling used in Schedule 403 Part 4 has effectively doubled, from $1,000,000 to $2,000,000, effective retroactive to December 16, 2024. The software has been updated to correctly calculate the Saskatchewan R&D credit using the new, higher expenditure limit from Schedule 31. Corporations that had SR&ED qualifying expenditures in prior years back to January 1, 2025 may wish to review their filings to assess the impact of this retroactive change. Schedule 500 - Ontario Corporation Tax Calculation Ontario's small business deduction (SBD) rate is increasing from 8.3% to 9.3% effective July 1, 2026. Schedule 500 has been updated to support a prorated calculation of the Ontario SBD for tax years that straddle the July 1, 2026 effective date. The software will automatically calculate the blended rate based on the number of days in the taxation year before and after the rate change. Schedule 572 – Ontario Made Manufacturing Investment Tax Credit (OMMITC) – 2025 and Later Tax Years Enacted under Bill 68 on November 27, 2025, Schedule 572 has been significantly expanded for the 2025 and later tax years to extend the OMMITC program to non-Canadian-controlled private corporations (non-CCPCs) at a 15% rate, introducing a new 10-year carryforward schedule for their unused non-refundable credits. For CCPCs, the eligible property section now implements a tiered credit rate—10% for property available before May 15, 2025, and 15% thereafter—while expanding qualifying capital assets to include CCA Class 43(a) alongside Classes 1 and 53. The updated form also integrates a brand-new Line 421 on Schedule 5 to map non-refundable credits directly against Ontario corporate income tax payable, and features a new repayment provision reconciliation section for previous claimants that automatically flows its summary implications into Schedule 5. T661 – Scientific Research and Experimental Development (SR&ED) Expenditures Claim Budget 2025 introduced significant changes to the SR&ED investment tax credit program, and Form T661 has been updated accordingly. In Part 3, new fields have been added to identify and track depreciable property acquired after December 15, 2024 that was used for SR&ED activities, including the property name, capital expenditure amount, and a listing of project numbers in which the property was used. Part 4 has similarly been updated to capture additional capital cost information for SR&ED-related property. Part 6 now includes new expanding tables to support the transferor (T1146) and transferee (T1145) scenarios, allowing corporations that have transferred or received qualified SR&ED expenditures to detail those amounts directly on the T661. Schedule 60 (T661 Part 2 – Project Information) has also been updated with new fields to capture capital expenditure details at the project level, including information on depreciable property used in individual SR&ED projects. AS12 – Alberta Schedule 12: Income/Loss Reconciliation AS12 has been updated to accommodate the treatment of Restricted Interest and Financing Expenses (RIFE) and employer deductions for non-qualified securities for Alberta purposes. Four new fields have been added: line 131 captures the Federal RIFE amount (linked from T2 line 336), and line 130 captures the Alberta RIFE amount (linked from Schedule 21, line 240), recognizing that the Alberta and Federal amounts may differ. Similarly, line 141 captures the Federal employer deduction for non-qualified securities (from T2 line 352), and line 140 captures the Alberta amount. These additions ensure the Alberta taxable income reconciliation properly reflects any differences between federal and provincial treatment of these items. AS21 – Alberta Schedule 21: Loss Continuity and Application AS21 has been updated to incorporate the treatment of Restricted Interest and Financing Expenses (RIFE) and employer deductions for non-qualified securities within the loss continuity calculation. A new RIFE section has been added to the Non-Capital Loss continuity. Line 002 captures the RIFE deducted for the tax year under paragraph 111(1)(a.1) of the Income Tax Act, and line 012 captures the employer deduction for non-qualified securities under paragraph 110(1)(e). These amounts are included in the subtotal of deductions (lines 002 to 012) when calculating the closing non-capital loss balance. The schedule now also clarifies that the Capital Losses column reflects gross amounts. The updated form also includes revised instructions noting that if the Alberta RIFE balances differ from federal amounts, the Alberta-specific amounts should be entered. SCT1 – Saskatchewan Corporation Capital Tax Return The Saskatchewan Corporation Capital Tax Return has been updated to reflect two significant changes from the Saskatchewan Budget. First, the Goodwill Allowance (line 550 – Schedule B, Part 2) has been removed from the form entirely, along with all sections and cross-references that previously depended on it. The Investment Allowance summary table and Schedule D calculations have been updated to reflect this removal. Second, effective April 1, 2026, Saskatchewan has updated its Corporation Capital Tax (CCT) rates: the CCT rate for large financial institutions increases from 4% to 6%, the CCT for small financial institutions has been eliminated, and the CCT rate for commercial Crown corporations is reduced from 0.6% to 0.3%. The software now automatically calculates the blended rate for tax years that straddle the April 1, 2026 effective date. T25QCC – Joint Election for Capital Gains Deduction in Respect of a Qualifying Cooperative Conversion (New!) T25QCC is a new form for the 2025 and later tax years. It is used by a worker cooperative (WC) to jointly elect with all individuals who disposed of shares of a subject corporation under a qualifying cooperative conversion (QCC), as described under subsection 110.62(1). The form serves as the joint election required for those individuals to claim the capital gains deduction determined under subsection 110.62(2), and includes sections for identification, election details, subject shares and disposition details, the penalty calculation for late-filed elections, and election certification. AExempt – Alberta Exemption (AT100) A new option has been added to the AT100 form: "File even if exempt from filing AT1?" This allows corporations that otherwise meet the Alberta filing exemption criteria to override the exemption and transmit their AT1 via NetFile. Previously, ProFile would prevent AT1 transmission for exempt corporations; this new option gives preparers the ability to file when they determine it is appropriate to do so despite the exemption. Minor form updates S16S56S62 S5NS (S346)S429AT1AConsent (AT4930)AS4AS15AS16CO-737.18.CI Removed forms S65 |
| FX/Q | GST190 - GST/HST New Housing Rebate Application for Houses Purchased from a Builder Form GST190 is filed by an individual who bought a newly built (or substantially renovated) home or share in a co-op from a builder and is claiming a GST/HST rebate. The form already covered the New Housing Rebate (NHR) and has now been updated to add the new first-time home buyers' (FTHB) GST/HST rebate (capped at $50,000). It now also includes X1 / X2 deduction fields on each section's "Total" line so the claimant can subtract any GST/HST or provincial new housing rebate already claimed for the same house. GST190WS - GST190 Calculation Worksheet The GST190-WS (GST190 Calculation Worksheet) has been restructured from 3 parts to 6 sections to support the new first-time home buyers' (FTHB) GST/HST rebate (capped at $50,000). Sections 1–3 retain the existing GST/HST New Housing Rebate (NHR) calculations; new Sections 4–6 add the FTHB rebate calculations for each application type (1A/2, 1B/5, and Type 3). New routing instructions at the top of the form direct claimants to the appropriate section based on their rebate type and application type. GST191 - GST/HST New Housing Rebate Application for Owner-Build Houses The form has been updated to add the claim for the first-time home buyers' (FTHB) GST/HST rebate. It is filed by an individual who built (or substantially renovated) their own home and is claiming a GST/HST rebate on materials and services. With the 2025 changes, the claimant now has two possible rebates to consider on the same form: GST/HST New Housing Rebate (NHR) — the long-standing 36% rebate of the federal GST/HST paid, capped at $6,300, available when the home's fair market value (FMV) at substantial completion is under $450,000. First-time Home Buyers' (FTHB) GST/HST Rebate — the new rebate, up to $50,000, available when this is the claimant's first home and FMV is under $1,500,000. Claimants may take it instead of, or in addition to, the NHR. The new lines X1 and X2 let the claimant subtract any GST/HST or provincial new housing rebate they have already claimed elsewhere for the same house. GST191WS - Construction Summary Worksheet The new form removed the obsolete sales tax columns in Part C: GST paid at 6% GST paid at 7% HST paid at 12% HST paid at 14% before 2008 HST paid at 15% before 2007 The available sales tax columns are now grouped into the same table: GST paid at 5% HST paid at 13% HST paid at 14% HST paid at 15% T2094 - Registered Charities Application to Reduce Disbursement Quota A privacy statement has been added to the form. Applicants must check the acknowledgment box below the statement to confirm they have read it. Minor form updates T100AT101AT400AT2057TX19GST44ON100 |
| Systems | Software Update Preferences ProFile now offers more control and flexibility over how software updates are checked and downloaded. A new Software Updates setting is available under Environment Options, with three options to choose from: Updates off: ProFile will not check for updates or display update notifications in the background. Updates can still be checked manually anytime via Online > Check for Updates. Updates on – Manual download: ProFile checks for updates in the background and displays a status ribbon “Download Update” at the top of the screen when a new version is available. When ready, click on the “Download Update” ribbon button or go to Online > Check for Updates. The download runs quietly in the background so work can continue uninterrupted. A prompt to install will appear once the download is complete and status of ribbon will be updated to “Install Update”. Updates on – Automatic download: ProFile checks for updates every 3 hours and automatically downloads the latest version in the background — no action needed. The status ribbon reflects the current update status at all times. Once the download is completed automatically by ProFile, the status ribbon gets updated to “Install Update” status and on click of this, a prompt to install will appear. Installation is always user-initiated and will never happen automatically. Existing update preferences will carry forward automatically upon upgrade — no reconfiguration needed. These settings can be changed at any time from Environment Options. |
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