Profile HelpIntuitWhat's new in ProFile
by Intuit•1• Updated 1 week ago
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What's new in ProFile release 2024.3.5
| Module | Content |
| Introduction | Version 2024.3.5 Download the latest release of the ProFile Suite, version 2024.3.5. Not all forms for the 2024 taxation year are released by CRA at this time. In-product forms include a “DRAFT” watermark indicating that the form isn't approved for use. T1/TP1 highlights include: ● 2024 T1/TP1 form updates ● T1198 EFILE (New!) T2 highlights include: ● ProFile T2 now carries forward information from 2024 files created with DTMax (version 28.01), T2 Cantax (version V24.2.307.126) and T2 Taxprep (version 2024 V2.0) T3/TP646 highlights include: ● 2024 T3 form updates FX/Q highlights include: ● T5013 is certified for paper and XML filing ● Form updates System highlights include: IntuitSign introduces a new design and some enhanced features: ● Improved safety by implementing an Access Code option, in addition to the already existing OTP verification. ● Ability to upload PDF documents by dragging and dropping them from your system. ● More flexibility with the ability to put and add many eSignatures on your documents as needed. |
| T1/TP1 | The CRA and Revenu Québec are still currently working on the final versions of the forms due to the announcement to delay the capital gains inclusion rate change. These forms will be marked as “DRAFT” and the new versions will be made available in upcoming releases. The CRA and Revenu Québec are giving relief on late-filing penalties and interest for T1 and TP1 filers until June 2, 2025. Refer to the CRA page and Revenu Québec page for more information. Individuals reporting a taxable capital gain, net capital loss, or principal residence designation on Schedule 3 aren't approved for filing with this release. Filing for these individuals will be approved in a future release. For taxpayers not reporting Schedule 3 but who have a spouse or common-law partner reporting Schedule 3, we recommend to wait and file both returns together when Schedule 3 has been finalized. T1198 (New!) Starting in the 2024 tax year, the CRA will lift the EFILE exclusion for Returns with Form T1198 - Statement of Qualifying Retroactive Lump-Sum Payment. This EFILE transmission will be available in this release. Federal T657 Calculation of Capital Gains deduction The Lifetime Capital Gains Exemption (LCGE) limits are increased for 2024: ● For dispositions in Period 1 from January 1 to June 24, 2024, the limit is $1,016,836. ● For dispositions in Period 2 from June 25 to December 31, 2024, the limit is $1,250,000. |
| T2 | ProFile T2 now carries forward information from 2024 files created with the following software: T2 Cantax - v24.2.307.126 (Released November 21, 2024) T2 DTMax - 28.01 (Released December 18, 2024) T2 Taxprep - 2024 v2.0 (Released December 9, 2024) Minor form updates: ● S31 ● S58 ● S75 ● S353 ● T183 |
| T3/TP646 | Federal The T3SCH1 Eligible Taxable Capital Gains form is marked as “DRAFT” as the CRA has yet to finalize the form at the time of this release. As per CRA’s request, don't attempt to mail on paper or EFILE returns that contain capital gains until it’s finalized. We will include the final version in an upcoming update. Québec The following forms are marked as “DRAFT” while we await the final versions from Revenu Québec : ● TP-646 and accompanying schedules ● TPF-646.W ● TPF-646.X ● TPF-646.Y ● TPF-646.Z ● TP-128.F ● TP-668.1 ● TP-776.42.F ● TP-21.4.39 ● TP-80 ● TP-128.F ● TP-750 ● TP-653 ● TP-668.1 We recommend waiting to submit TP-646 returns until the finalized forms are released in an upcoming update. Refer to the Revenue Quebec page for more information. The RL-16 slip filing deadline has been extended to May 1st by Revenue Quebec. As long as there are capital gains amounts on the slips, no penalties will be applied for filings made before the extended deadline. More information can be found here. Additional minor form updates: ● S15/S15Supp ● S1 ● S1A ● S8 ● S9 ● T1055 ● T184T1079/T109WS ● AUT-01 ● T3A ● TP-772 ● TP-646.A (QSA) ● TP-21.4.39 |
| FX/Q | Minor form updates: ● RL1Summary ● T737RCASum |
| Systems | Intuit Sign introduces a new design and some enhanced features: ● Improved safety by implementing an Access Code option, in addition to the already existing OTP verification. ● Ability to upload PDF documents by dragging and dropping them from your system. ● More flexibility with the ability to put and add as many electronic signatures on your documents as needed. |
| Comming Soon! | T1/TP1: ● Multi-jurisdictional filing T3/TP646: ● Final version of TP-646 and the accompanying forms |
| Module | Content |
| Introduction | Version 2024.3.0 Download the latest release of the ProFile Suite, version 2024.3.0. Not all forms for the 2024 taxation year are released by CRA at this time. In-product forms include a “DRAFT” watermark indicating that the form isn't approved for use. T1/TP1 highlights include: ● 2024 T1 form updates ● 2024 TP1 form updates ● Notice of Assessment (NOA) via tax software from 2017 to 2024 tax years ● T1 EFILE from 2017 to 2024 tax years ● T1 ReFILE from 2021 to 2024 tax years ● T1134 EFILE from 2021 to 2024 tax years ● T1135 EFILE from 2017 to 2024 tax years ● T1 Barcode and KFS ● T1PAD EFILE (Pre-Authorized Debit) for 2024 tax year ● TP1 NETFILE from 2021 to 2024 tax years ● TP1 barcode ● RQ Import from 2021 to 2024 tax years T2 highlights include: ● Québec CO-17 - Corporation Income Tax Return updated for 2024 filing ● CO-17 forms CO-1029.8.21.22, CO-1029.8.36.55, TP-21.4.39 are now available (New!) ● AgriStability forms updated in T2 T3/TP646 highlights include: ● T3RET/T3M/T3RCA EFILE from 2021 to 2024 tax years ● T3P EFILE for 2023 to 2024 tax year ● T3PRP EFILE for 2023 to 2024 tax year ● T1135 EFILE for 2022-2024 tax year ● S15/S15Supp can now be filed electronically in T3/T3M/T3RCA EFILE ● Section 216 return is available for T3 Electronic Filing ● T3MJ paper filing ● 2024 form updates FX/Q highlights include: ● T5013 is certified for paper and XML filing ● TP600 is certified for paper filing ● T3010 is certified for paper filing ● TP985.22 is certified for paper filing ● TP518’s existing version (2022-01) continues to apply for 2024 tax year filing ● TP529’s existing version (2020-09) continues to apply for 2024 tax year paper filing ● TP614’s existing version (2022-01) continues to apply for 2024 tax year paper filing Systems highlights include: ● Various product improvements |
| T1/TP1 | Following the Department of Finance's announcement to delay the capital gains inclusion rate change, the CRA is currently working on final versions of the forms. Revenu Québec is also working on final versions of impacted forms. The announcement has impacted several forms and worksheets, including those related to capital gains and losses. These forms will be marked as “DRAFT” and the new versions will be made available in upcoming releases. In the meantime, the CRA and Revenu Québec are providing relief on late-filing penalties and arrears interest for impacted T1 and TP1 filers until June 2, 2025. Refer to the CRA page and Revenu Québec page for more information. Individuals reporting a taxable capital gain, net capital loss or principal residence designation on Schedule 3 are not approved for filing with this release. Filing for these individuals will be approved in a future release. For taxpayers not reporting Schedule 3 but have a spouse or common-law partner reporting Schedule 3, we recommend to file both returns together when Schedule 3 has been finalized. Federal T776 - Statement of Real Estate Rentals Expenses related to the non-compliant short-term rentals are no longer deductible starting January 1, 2024. The adjustment is done on Chart A for all expenses, and on Chart B for CCA on the T776 form. A short-term rental is a residential property that is rented for a period of less than 90 consecutive days. A non-compliant short-term rental is a short-term rental that: ● is located in a province or municipality that does not permit short-term rentals to operate at that location; or ● doesn't comply with all applicable provincial or municipal registration, licensing and permit requirements for operating a short-term rental. Capital Cost Allowance (CCA) Accelerated investment incentive property (AIIP) available for use after December 31, 2023 and before January 1, 2028 is subject to a gradually reduced gross-up UCC adjustment rate. The UCC adjustment rates will be fully phased out after December 31, 2027. The half-year rule doesn't apply to AIIP, but will continue to apply to non-AIIP properties that are subject to the half-year rule. T2125CCA, T2042CCA, T2121CCA, T1163-T1273CCA, T776CCA, ResourceCCA, BusAuto, T777Auto and the corresponding Québec worksheets (if applicable) are updated to reflect the reduced gross-up rates for the AIIP acquisitions that are available for use after December 31, 2023. T691 - Alternative Minimum Tax The form is updated to reflect the changes to the calculation of adjusted taxable income, the increase of the basic exemption from $40,000 to $173,205, and the increase of the tax rate from 15% to 20.5%. The form has also been updated for changes to the calculation of the special foreign tax credit and minimum tax carryover, and to reduce the non-refundable tax credits allowed. |
| T2 | Proposed Capital Gains Inclusion Rate Changes On January 31, 2025, the Department of Finance communicated that the capital gains inclusion rate change announced in the 2024 federal budget has been delayed until January 1, 2026. No new forms were issued by CRA. You can continue to use ProFile’s existing forms with the 50% inclusion rate. Corporations that followed the CRA's guidance and applied the two-thirds inclusion rate based on the September 23, 2024 NWMM tabled in Parliament will receive corrective reassessments to reverse the application of this rate. Refer to the CRA page for more information. Federal Schedules AGRI - T2 AgriStability and AgriInvest AgriStability forms are updated to support 2024 tax year filings. S1Auto / S8Class S1Auto and S8Class are updated for 2025 automobile deduction limits: ● The ceiling for capital cost allowances (CCA) for Class 10.1 passenger vehicles will increase to $38,000 from $37,000, before tax, in respect of new and used vehicles acquired on or after January 1, 2025. ● The limit on deductible leasing costs will be increased to $1,100 from $1,050 per month, before tax, for new leases entered into on or after January 1, 2025. S63 - Return of Fuel Charge Proceeds to Farmers Tax Credit Payment rates are updated for the 2024 and 2025 calendar years. Québec Schedules CO-1029.8.21.22 - Tax Credit for Technological Adaptation Services (New!) This form is for corporations claiming the tax credit for technological adaptation services. Sections 1, 4 and 5 are completed on form CO1029.8.21.22, and sections 2 and 3 are completed on CO1029.8.21.22Supp. CO-1029.8.33.13 - Tax Credit for the Reporting of Tips A new section, 2.3.2, is added for the second QPP contribution. CO-1029.8.33.TE - Tax Credit to Foster the Retention of Experienced Workers This tax credit is no longer available for expenditures paid after March 12, 2024. In section 4.2, enter only the portion of expenses prior to March 13, 2024. CO-1029.8.35 - Tax Credit for Québec Film Productions In Section 2, lines 10a, 10f and 10h were removed, and lines 10i and 10j were added. In Section 4.3, lines 93 and 94 were removed. CO-1029.8.36.55 - Tax Credit for the Construction or for the Conversion of a Vessel (New!) This form is for corporations claiming the tax credit for qualified expenditures on vessel construction or conversion projects. CO-1029.8.36.DA - Tax Credit for the Development of E-Business New section, 2.4.1, is added for taxation years beginning after December 31, 2024. CO-1029.8.36.SP - Tax Credit for Film Production Services In section 2, checkboxes 06a, 06b, 07a and 07b are removed, and new checkboxes 07c and 07c are added. In section 3, lines 15-27 are removed, and new lines 27a to 27h are added. CO-1029.8.36.TM - Tax Credit for Multimedia Titles New sections, 4.5 and 8, are added for taxation years beginning after December 31, 2024. TP-21.4.39 - Cryptoasset Return (New!) This form is for corporations that own, acquire, dispose of, or use cryptoassets. Review instructions provided on the form to determine the situation and which parts/sections to complete. CO-1175.4 - Life Insurance Corporation: Calculation of the Tax on Capital New sections, 2.1.2 and 2.2.2, are added for taxation years beginning after December 31, 2022. Additional minor form updates Québec ● CO-17 ● CO-17.SP |
| T3/TP646 | Capital gain inclusion rate update Following the Department of Finance's announcement to delay the capital gains inclusion rate change until January 1, 2026, the CRA is updating its systems and forms. As a result, the following Federal forms and worksheets are marked as “DRAFT”: ● S1 ● S9 ● S10 ● S12 ● T184 In the meantime, the CRA is providing relief on late-filing penalties and arrears interest for impacted T3 Trust filers until May 1, 2025. Refer to the CRA page for more information. The Ministère des Finances du Québec announced its plan to harmonize with the federal ruling. To align with the federal government’s decision, Revenue Québec is updating their systems and forms. As a result, the following Québec forms and worksheets are marked as “DRAFT”: ● TP-646 and accompanying schedules ● TPF-646.W ● TPF-646.X ● TPF-646.Y ● TPF-646.Z ● TP-128.F ● TP-668.1 ● TP-776.42.F ● TP-21.4.39 ● TP-80 ● TP-128.F ● TP-750 ● TP-653 ● TP-668.1 Please wait to submit TP-646 returns until the finalized forms are released in an upcoming update. The filing deadline is 90 days following the end of the reporting period. However, if you trust is reporting taxable capital gain on line 53, the deadline is extended to May 1, 2025. Refer to the Revenue Quebec page for more information. Bare trusts not required to file T3 return and Schedule 15 CRA announced that bare trusts will not be required to file a T3 Income Tax and Information Return, including schedule 15 (Beneficial Ownership Information of a Trust for the 2024 tax year, unless they make a direct request for these filings. For more information, visit the CRA page. Changes to electronic filing of Federal information returns/slips Starting January 13, 2025, CRA will only accept submissions containing a single information return type. This means that you will need to file separate submissions for different return types (for example, one submission for T3 slips and another for NR4 slips). Additionally, MM transmitter numbers (for example, MM555555) are no longer valid. You must now use your federal business number (for example, 999999999, 999999999RP0001, or 999999999RZ0001), trust number or Non-resident account number as your Transmitter Account number. You may also file using your RepID. Update this in your Electronic Filing Options found under EFILE, then Options, then T3/FX Transmitter. Note: The account number/RepID used to create the XML file must match the one used to access the filing portal. When signing in to CRA's filing portal with a Web Access Code (WAC), use the 15-digit business number (for example, 999999999RP0001 or 999999999RZ0001). When signing in to CRA My Business Account (MyBA), use the 9-digit business number (for example, 999999999). Due to the changes made to the filing system by CRA, ProFile currently does not support tax years 2022 and earlier. More years will be added on future releases. You can refer to the CRA page for related information, such as CRA’s new online validation. T3 slip and RL-16 slip The CRA has added new boxes (52-59) to the T3 slip for reporting capital gains, deductible capital gains from QFFP and QSBCS dispositions, and insurance segregated fund losses separately for periods before June 25, 2024 and after after June 24, 2024. Revenu Québec has updated the RL-16 slip to provide more detailed reporting of capital gains and other income. Boxes A-2 to A-4 and H-1 to H-3 have been revised, and new boxes (A-5 to A-9 and H-4 to H-10) have been added to separately report amounts related to different types of dispositions and income realized before June 25, 2024 and after after June 24, 2024. To avoid potential issues, please wait to transmit your RL-16 slips until Revenu Québec finalizes the updated TP-646 forms. We will release the updated forms as soon as they are available. Federal T3 - Trust Income Tax and Information Return This form has been updated to reflect the new capital gain inclusion rate update and capital gain reduction, new Interest and Financing Expenses Limitation (EIFEL) and the clean technology investment tax credit. Other required information is updated with new required Question 15-17 mandatory for 2024 tax year. For details, review the T4013 Trust Guide. Schedule 1 - Disposition of Capital Property This form has been divided into Section 1 and Section 2. Section 1 contains four parts. Use Part 1 to report dispositions of capital property which occurred in Period 1 (before June 25, 2024). Use Part 2 to report dispositions of capital property which occurred in Period 2 (on or after June 25, 2024 but before January 1, 2026). Regardless of which period the dispositions were made, the inclusion rate 50% will be used to calculate the taxable capital gains/loss. Schedule 1A - Capital Gains on Gifts of Certain Capital Property This form has been changed to match the latest CRA form update available, of which accounts for gifts made on or before June 24, 2024 and similarly for gifts made on or after June 25, 2024. Given the capital gains deferral announcement, dispositions ineligible for capital deductions will be subject to the 50% inclusion rate regardless of period classification. Schedule 2 - Reserves on Dispositions of Capital Property The form has been updated to match the latest CRA form update available, of which accounts for reserves claimed on dispositions of property on or before June 24, 2024 and similarly for dispositions of property on or after June 25, 2024. Given the capital gains deferral announcement, reserves claimed on dispositions reported in either period will not yield differing tax consequences. Schedule 3 - Eligible Taxable Capital Gains The form has been updated to align with the latest CRA form available. Schedule 9 - Income Allocations and Designations to Beneficiaries The table in Part C includes new line numbers and new codes for the T3 slips to report the Period 1 and Period 2 portions of the amounts entered in boxes 21, 30 and 37 on the T3 slip. Schedule 10 - Part XII.2 Tax, Part XIII Non-Resident Withholding Tax, and Part II.2 Tax on Repurchases of Equity The form has been updated to align with the latest CRA form update available. Users shall refer to Part C for purposes of calculating PartII.2 Tax on Repurchases of Equity. Schedule 11 - Federal Income Tax The form has been updated to align with the latest CRA form update available. Recaptured Investment Tax Credit events and their tax implications are accounted for within the respective document. Schedule 12 - Minimum Tax The form has been updated to match the latest guidance and rules released by the CRA, including determining trust subjectivity to minimum tax. T184 - Capital Gains Refund to a Mutual Fund Trust The form has been updated to align with the latest CRA form available. The document now reflects the capital gains deferral announcement. Net Capital Loss Utilization Summary This user form summarizes the unapplied net capital losses of the trust. Moreover, the respective losses in prior periods are adjusted and assessed for use in the current year or assigned for application in a future period. Schedule 15WS - Worksheet for Beneficial ownership information of a trust This worksheet simplifies the process of reporting and updating the reportable beneficial ownership information and helps carry forward the historical information to the future T3 returns. Use it to modify, add, or remove reportable entities. T776 - Statement of Real Estate Rentals Starting in 2024, trusts may no longer deduct expenses incurred in the year on non-compliant short-term rentals. Trusts earning short-term rental income are now required to back out the portion of the expenses relating to short-term rentals and use Chart A to calculate the non-compliant amount to be excluded from total deductible expenses. Use Chart B to calculate the non-compliant portion of CCA to be excluded from total CCA. Québec Schedule A (QSA) - Taxable Capital Gains and Designated Net Taxable Capital Gains The form has been updated to report dispositions of capital property which occurred in Period 1 (before June 25, 2024) and Period 2 (on or after June 25, 2024). Schedule A.1 (QSA1) - Election for Certain Trust Regarding Taxable Capital Gains (New!) Non-personal trusts have the option to use this form for reporting dispositions of capital property. This form allows for reporting capital gains (or losses) without taking into account when they were realized. If the trust designates capital gains to beneficiaries, the allocation between Period 1 and Period 2 is determined based on the number of days in each period within the trust's tax year. TP-21.4.39 - Cryptoasset Return (New!) This form is used to report cryptoasset dispositions by trusts. It applies to trusts that own, acquire, or dispose of cryptoassets in any way, including sales, transfers, trades, and donations. QS1A - Capital Gains resulting from the Donation of Certain Property This form has been changed to match the latest CRA form update available of which accounts for gifts, including specified land in Québec, made on or before June 24, 2024 and similarly for gifts made on or after June 25, 2024. Given the capital gains deferral announcement, dispositions ineligible for capital deductions will be subject to the 50% inclusion rate regardless of period classification. TP-776.42.F - Alternative Minimum Tax of a Trust The form has been updated to match the latest guidance and rules released by Revenu Québec, including determining trust subjectivity to minimum tax. TP-1026.0.1.P - Remittance Slip (New!) This remittance slip is used to pay a trust’s income tax balance online or by mail. QSC - Summary of Allocations and Designations The table in Part 3 includes new line numbers and new codes for the RL16 slips to report the Period 1 and Period 2 portions of the amounts entered in boxes A and H. Québec Net Capital Loss Utilization Summary This user form summarizes the unapplied net capital losses of the trust. Moreover, the respective losses in prior periods are adjusted and assessed for use in the current year or assigned for application in a future period. 2023-24 Taxprep to ProFile carry forward This version of the ProFile T3/TP646 module carries forward information from 2023 Taxprep T3 returns to create new 2024 ProFile returns. To carry forward a Taxprep T3 file: 1. Select the option Carry forward from the File drop-down menu. 2. Set Files of type as “2023 Taxprep T3 (.323)” or drag-and-drop a Taxprep file (.323) into a ProFile T3 file. Taxprep versions are supported up to 2024 v4.0. Additional minor form updates: ● Non-Capital Losses ● T3APP ● S15/S15Supp ● T3Slip ● T2038/T2038S ● T5013Slip ● T3A ● T3M ● T3MJ ● T3RCA ● T3P ● T3PRP ● T3SK ● T3AB ● T3BCMJ ● T3MB ● T3PE ● T3NB ● T3NL ● T3NS ● T3NT ● T3NU ● T3ON ● T3ONMJ ● T3YT ● T1055 ● TP-646.W ● TP-646.X ● TP-646.Y ● TP-646.Z ● TP-128.F ● TP-668.1 ● TP-653 ● TP-772-V ● TP646 Non-Capital Losses |
| FX/Q | Electronic filing of Federal information returns/slips Due to the changes made to the filing system by CRA, ProFile currently does not support xml filing for tax years 2022 and earlier. For T5013 information returns, only 2024 xml filings will be available for this release. More years will be added on future releases. T5013SCH6 - Summary of Dispositions of Capital Property The form has been updated to align with the proposed increase to the capital gains inclusion rate and to add the section for Qualifying business transfer to employee ownership trust. T5013SCH12 - Resource-related deductions This form has been updated to add Interest and Financing Expenses included in Canadian exploration, development, oil and gas property and foreign resource expenses. T5013SCH58 - Canadian Journalism Labour Tax Credit This form has been updated to add the new annual eligible expenditure amount which is prorated for the number of days in the tax year for which the organization was a QJO. T5013SCH63 - Return of Fuel Charge Proceeds to Farmers Tax Credit This form has been updated to include the following provinces NL, PE, NS, NB. T5013SCH75 - Clean Technology Investment Tax Credit (New!) This form is for partnerships to allocate the clean technology investment tax credit (ITC) to its members. T5013INST - Statement of Partnership Income – Instructions for recipient This form has been updated to include the instructions for the new boxes added. These new boxes are added to align with the proposed increase to the capital gains inclusion rate. T5013FIN - Partnership Financial Return This form has been updated to include reference to the new T5013SCH75. T5013Worksheet - T5013 Partnership Worksheet This form has been updated to include new boxes to align with the proposed increase to the capital gains inclusion rate. T5013Detail - T5013 Details This form has been updated to include new boxes to align with the proposed increase to the capital gains inclusion rate. TP1015.3 - Source Deductions Return This form has been updated to match the latest Revenu Québec version including the removal of the 60 year old threshold in Work Chart 3. Additional minor form updates: ● T5013SCH444 ● T5013SCH52 ● TP-600 ● TP- 600.A ● TP-600.D ● TP-600.E ● T1223 ● T2200 ● T2060 ● T2060SA ● RC4288 ● T3RI ● T3D ● TX19 ● GST159 ● GST523 |
| Systems | ● Various product improvements |
| Coming Soon! | T1/TP1: ● Multi-jurisdictional filing T3/TP646: ● Final version of TP46 and accompanying forms. |
| Module | Content |
| Introduction | Version 2024.2.7 Download the latest release of the ProFile Suite, version 2024.2.7. Forms for the 2024 taxation year aren't released by CRA at this time. In-product forms include a “DRAFT” watermark indicating that the form isn't 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: ● Auto-fill my Return (AFR) from 2016 to 2024 tax years ● 2024 T1/TP1 form updates Systems highlights include: ● Various product improvements |
| T1/TP1 | Following the Department of Finance's announcement to delay the capital gains inclusion rate change, the CRA is currently working on new versions of the forms that had previously been issued as drafts. The following forms and worksheets that were available in earlier releases are now marked as “DRAFT”: ● ABIL ● OtherDeduct ● LossNetCap ● LossLPP ● T1212 ● TP21.4.39 The new versions will be made available in upcoming releases. In the meantime, the CRA is providing relief on late-filing penalties and arrears interest for impacted T1 filers until Jun 2, 2025. Federal Auto-fill my Return (AFR) for 2024 ProFile has been updated to allow authorized representatives to download client data for the 2024 tax year. Note that functionality is conditional upon the CRA’s service availability. Slips available for download: ● T4 ● T4A ● T4A(OAS) ● T4A(P) ● T4E ● T4FHSA ● RC62 ● RC210 ● T4RSP ● T4RIF ● T5007 ● T3 ● T5 ● T5008 ● T1204 ● T2202 ● T5013 ● ABIL ● RRSP/HBP/LLP ● FHSA Elements (New!) ● Unused Tuition amounts available ● Canada Training Credit Limit ● Instalments paid |
| T2 | Proposed Capital Gains Inclusion Rate Changes On January 31, 2025, the Department of Finance communicated that the capital gains inclusion rate change announced in the 2024 federal budget has been delayed until January 1, 2026. You can continue to use ProFile’s existing forms with the 50% inclusion rate until further notice. Corporations that followed the CRA's guidance and applied the two-thirds inclusion rate based on the September 23, 2024 NWMM tabled in Parliament will receive corrective reassessments to reverse the application of this rate. Refer to the CRA page for more information. |
| T3/TP646 | 2024 T3/TP646 module coming soon Following the Department of Finance's announcement to delay the capital gains inclusion rate change until January 1, 2026, the CRA is updating its systems and forms. We will release the 2024 T3/TP646 module as soon as these updates are available. In the meantime, the CRA is providing relief on late-filing penalties and arrears interest for impacted T3 Trust filers until May 1, 2025. Refer to the CRA page for more information. |
| Systems | ● Various product improvements |
| Coming Soon! | T1/TP1: ● T1 Barcode and T1 condensed ● TP1 barcode ● 2024 T1 EFILE ● 2024 Authorize a Representative ● 2024 T1135 EFILE ● 2024 T1134 EFILE ● 2024 TP1 NETFILE ● 2024 AFR (Auto-fill My Return) EFILE ● T1PAD (pre-authorized debit) EFILE T3/TP646: ● New 2024 T3/TP646 module ● 2024 T3RET, T3RCA and T3M EFILE with S15 Beneficial Ownership Information ● 2024 T3P and T3PRP EFILE ● 2024 T3 slip, NR4 slip XML filing ● TP646 paper authorization ● RL-16 slip paper filing and electronic transmission ● 2024 T3/TP646 form updates ● 2023-24 Taxprep to ProFile carry forward ● 2024 MR69 EFILE ● 2024 T1135 EFILE |
| Module | Content |
| Introduction | Version 2024.2.5 Download the latest release of the ProFile Suite, version 2024.2.5. Forms for the 2024 taxation year aren't released by CRA at this time. In-product forms include a “DRAFT” watermark indicating that the form isn't 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: ● 2024 T1/TP1 form updates ● 2024 TP1 paper filing (excluding TP1G and TP1N) ● TP1U and TP21.4.39 are now available (New!) FX/Q highlights include: ● Updated Quebec RL slip paper and web service filing ● Updated Federal and Quebec Forms Systems highlights include: ● Various product improvements |
| T1/TP1 | Federal Updated Forms RC381 - Inter-provincial Calculation for CPP and QPP Contributions and Overpayments A second CPP/QPP contribution limit was introduced January 1, 2024. This new limit, or second earnings ceiling, subjects worker’s earnings to two earnings limits. Employees and employers each contribute an additional 4% on earnings above the first earnings ceiling, up to the amount of the second earnings ceiling. For self-employment income and other earnings, the individual contributes an additional 8%. Contributions through employment will appear in box 16A and 17A of the T4 slip as “Employee’s second CPP contributions (CPP2)” and “Employee’s second QPP contributions (QPP2)”, respectively. FX Worksheet The average monthly and annual foreign exchange rates are updated for the 2024 taxation year. Québec New Forms TP1U - Québec Pension Plan (QPP) Contribution and Deduction TP1 returns have a new Schedule U for calculating QPP contributions and deductions. This schedule also lets taxpayers in Québec between 65 and 72 receiving a retirement pension to elect to stop making QPP contributions on self-employed income. They can also indicate QPP elections made on a RR-50 form given to their employer(s). TP21.4.39 - Cryptoasset Return TP-21.4.39 is a form used to declare cryptoassets in any way (owning, acquiring, disposing of, using) and must be submitted to Revenu Québec along with the Income Tax Return. RL-27 - Government Payments RL-27 slip now has its own form for contractual payments and subsidies from the government of Québec, separate from the federal form for T1204 and T5018 slips, with options to transfer this income to a business statement if appropriate. Removed worksheet ● QPP |
| FX/Q | Form Updates Federal Forms TD1MB - Manitoba Personal Tax Credits Return New section added to calculate Line 1 - Basic Personal Amount with a new net income threshold of $200,000. Provincial Forms Updated Quebec RL Slip Web Service Filing The Quebec RL Slip Web Service Filing is updated for 2024 tax years. Maximum number of files for RL slips XMLs The maximum number of XML files that can be sent per transmitter number for a given taxation year is 3,599. If the transmitter reaches the maximum number of files for a given year, they must request a new transmitter number. Therefore, it is better to group the slips together in one file rather than send one single slip per file. RL1 - Statement of Remuneration Period The following new codes have been added to the Additional information dropdown list in RL1Detail for the 2024 calendar year: ● B-2: Additional CPP contribution ● G-3: Phased retirement ● L-11: Rate for the deduction entered in box L-12 or L-13 ● L-12: Security option deduction under section 725.2 of the Taxation Act: Benefit granted after June 24, 2024 ● L-13: Security option deduction under section 725.3 of the Taxation Act: Benefit granted after June 24, 2024 (line 297) The following codes have been updated in the Additional information dropdown list in RL1Detail for the 2024 calendar year: ● L-9: Security option deduction under section 725.2 of the Taxation Act: Benefit granted before June 25, 2024 ● L-10: Security option deduction under section 725.3 of the Taxation Act: Benefit granted before June 25, 2024 The following code was removed from the Additional information dropdown list in RL1Detail for the 2024 calendar year: ● O-5: Incentive Program to Retain Essential Workers (IPREW) benefits QPP premiums is now box B.A in RL1Detail since the RL1Slip is using the 2024 version. Box U Phased Retirement is removed from RL1Detail. RL1Slip uses a new box B.B for Second QPP Premiums and removes Box U for Phased Retirement. RL1 - RL1 Summary of Remuneration Period The following has been updated in RL1Sum for the 2024 calendar year: ● All calculations for Statement of duties paid or payable will be completed in the Part 2 table ● New line for Additional employee contributions (Box B.B) ● New line for Additional company contributions ● New Payment Code added in the Remittance Slip Template RL15 - Amounts Allocated to the Members of a Partnership The following new codes have been added to the Capital gain reserve section in RL15Detail for the 2024 calendar year: ● Box 11-5: Reserve related to qualified farm or fishing property disposed of before June 25, 2024 ● Box 11-6: Reserve related to qualified small business corporation shares disposed of before June 25, 2024 ● Box 11-7: Reserve related to other property disposed of before June 25, 2024 ● Box 11-8: Reserve related to dispositions after June 24, 2024, under a qualifying business transfer to an employee ownership trust or worker cooperative corporation ● Box 11-9: Reserve related to dispositions before June 25, 2024, under a qualifying business transfer to an employee ownership trust or worker cooperative corporation The following codes have been updated in the Capital gain (losses) section in RL15Detail for the 2024 calendar year to account for the capital gain periods: ● Box 12-1: Capital gains (or losses) realized after June 24, 2024, on property other than resource property ● Box 12-2: Capital gains (or losses) realized after June 24, 2024, on resource property ● Box 12-3: Foreign capital gains (or losses) realized after June 24, 2024/country code ● Box 12-5: Foreign capital gains (or losses) realized after June 24, 2024/country code ● Box 12-7: Split income - Capital gain deemed to be an ordinary dividend and realized after June 24, 2024 ● Box 12-8: Split income - Capital gain deemed to be a foreign dividend and realized after June 24, 2024 ● Box 12-9: Split income - Other capital gain realized after June 24, 2024 The following new codes have been added in the Capital gain (losses) section in RL15Detail for the 2024 calendar year: ● Box 12-10: Capital gains (or losses) realized before June 25, 2024, on property other than resource property ● Box 12-11: Capital gains (or losses) realized before June 25, 2024, on resource property ● Box 12-12: Foreign capital gains (or losses) realized before June 25, 2024 ● Box 12-13: Foreign capital gains (or losses) realized before June 25, 2024 ● Box 12-14: Split income - Capital gain deemed to be an ordinary dividend and realized before June 25, 2024 ● Box 12-15: Split income - Capital gain deemed to be a foreign dividend and realized before June 25, 2024 ● Box 12-16: Split income - Other capital gain realized before June 25, 2024 The following option was added in the dropdown under Box 10-4: ● 2: Property other than resource property - Qualifying business transfer to an employee ownership trust or worker cooperative corporation RL25 - Income from a profit-sharing plan The following codes have been updated in the Additional information dropdown list in RL25Detail for the 2024 calendar year: ● B-2: Capital gains (or losses) realized before June 25, 2024 ● B-3: Capital gains (or losses) realized after June 24, 2024 ● C-3: Capital gains (or losses) realized before June 25, 2024 ● C-4: Capital gains (or losses) realized after June 24, 2024 TP600WS - Partnership Information and Amounts Allocated to the Members of a Partnership The following new codes have been added to the Capital gain reserve section on theTP600Worksheet for the 2024 calendar year: ● Box 11-5: Reserve related to qualified farm or fishing property disposed of before June 25, 2024 ● Box 11-6: Reserve related to qualified small business corporation shares disposed of before June 25, 2024 ● Box 11-7: Reserve related to other property disposed of before June 25, 2024 ● Box 11-8: Reserve related to dispositions after June 24, 2024, under a qualifying business transfer to an employee ownership trust or worker cooperative corporation ● Box 11-9: Reserve related to dispositions before June 25, 2024, under a qualifying business transfer to an employee ownership trust or worker cooperative corporation The following codes have been updated in the Capital gain (losses) section in TP600Worksheet for the 2024 calendar year to account for the capital gain periods: ● Box 12-1: Capital gains (or losses) realized after June 24, 2024, on property other than resource property ● Box 12-2: Capital gains (or losses) realized after June 24, 2024, on resource property ● Box 12-3: Foreign capital gains (or losses) realized after June 24, 2024/country code ● Box 12-5: Foreign capital gains (or losses) realized after June 24, 2024/country code The following new codes have been added in the Capital gain (losses) section in TP600Worksheet for the 2024 calendar year: ● Box 12-10: Capital gains (or losses) realized before June 25, 2024, on property other than resource property ● Box 12-11: Capital gains (or losses) realized before June 25, 2024, on resource property ● Box 12-12: Foreign capital gains (or losses) realized before June 25, 2024 ● Box 12-13: Foreign capital gains (or losses) realized before June 25, 2024 The following code was updated in the Business Investment Loss section on the TP600Worksheet for the 2024 calendar year: ● Box 13-4: Date of the disposition Other Federal Forms updates ● TD1 ● TD1WS ● TD1AB ● TD1BC ● TD1NB ● TD1NL ● TD1NS ● TD1NT ● TD1NU ● TD1ON ● TD1PE ● TD1SK ● TD1X ● TD1YT ● T400A ● T4Auto/RC18 ● TL11A ● T737RCA Slip ● T4ARCA Sum ● T4ARCA Slip ● T4ARCA Notes Other Quebec slips and forms updates ● RL2 ● RL3 ● RL8 ● RL18 ● RL24 ● RL31 ● LE-39.0.2 (CNT) ● IN412A ● TP1097 |
| Systems | ● Various product improvements |
| Coming Soon! | ● Capital gains rate changes T1/TP1: ● T1 Barcode and T1 condensed ● TP1 barcode ● 2024 T1 EFILE ● 2024 Authorize a Representative ● 2024 T1135 EFILE ● 2024 T1134 EFILE ● 2024 TP1 NETFILE ● 2024 AFR (Auto-fill My Return) EFILE ● T1PAD (pre-authorized debit) EFILE FX/Q: ● 2024 T5013 form updates ● 2024 T5013 EFILE ● 2024 TP600 form updates T3/TP646: ● New 2024 T3/TP646 ● First version of paper filing release for 2024 T3 ● Paper certified T3 trust income tax return ● Paper certified T3 slip and summary ● 2024 T3 slip, NR4 slip XML filing ● TP646 paper authorization ● RL-16 slip paper filing and electronic transmission ● 2024 T3/TP646 form updates ● 2023-24 Taxprep to ProFile carry forward |
| Module | Content |
| Introduction | Version 2024.2.1 Download the latest release of the ProFile suite, version 2024.2.1. Forms for the 2024 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. FX/Q highlights include: ● Update to CPP/QPP pensionable earnings on T4Details |
| FX/Q | Update to CPP/QPP pensionable earnings on T4Details Box 26 of the T4Detail has been updated to use the additional maximum annual pensionable earnings ($73,200) when earnings are above $68,500. |
| Coming Soon! | For T1/TP1: ● T1 for Non-residents and Deemed residents ● 2024 TP1 paper filing For T3/TP646: ● 2024 T3/TP646 module ● 2024 T3 Slip, NR4 Slip EFILE ● 2024 RL16 EFILE For FX/Q: ● RL Quebec slip update |
| Module | Content |
| Introduction | Version 2024.2.0 Download the latest release of the ProFile Suite, version 2024.2.0. Forms for the 2024 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 2024 T1 FX/Q highlights include: ● Updated federal slips and forms System highlights include: ● Various product improvements |
| T1/TP1 | Proposed Capital Gains Inclusion Rate Changes The 2024 federal budget proposed increasing the capital gains inclusion rate to two-thirds for gains exceeding $250,000 and realized on or after June 25, 2024. To help you prepare, we've included draft versions of the impacted forms, even though the changes are subject to parliamentary approval. Final forms are expected from the CRA by January 31, 2025. You can learn more about the capital gains inclusion rate change here. T1 Basic personal amount Starting with the 2024 tax year, the adjusted net income for the taxpayer and/or their spouse or common-law partner can include a negative income as calculated at line 23600 for purposes of calculating certain non-refundable tax credits, the Canada workers benefit, and other provincial amounts. Volunteer firefighters’ amount and Search and rescue volunteers’ amount The maximum amount that can be claimed for 2024 on line 31220 for the volunteer firefighters’ amount or on line 31240 for the search and rescue volunteers’ amount will be increased from $3,000 to $6,000. T1 for Non-residents and Deemed Residents T1 Income Tax and Benefit Return for Non-residents and Deemed Residents of Canada is currently under development and not approved for filing at this time. An approved version for filing will be available in a future release. Schedule 7 / RRSP worksheet The Home Buyer’s Plan withdrawal limit has increased to $60,000 for withdrawals made after April 16, 2024. The repayment period begins in the fifth year after the first withdrawal is made. Schedule 8 - Canada pension plan (CPP) and Québec pension plan (QPP) enhancement A second CPP/QPP contribution limit was introduced January 1, 2024. This new limit, or second earnings ceiling, subjects worker’s earnings to two earnings limits. Employees and employers each contribute an additional 4% on earnings above the first earnings ceiling, up to the amount of the second earnings ceiling. For self-employment income and other earnings, an additional 8% is contributed by the individual. Contributions through employment will appear in box 16A and 17A of the T4 slip as “Employee’s second CPP contributions (CPP2)” and “Employee’s second QPP contributions (QPP2), respectively. RC381 is currently under development and will be available in a future release. Schedule 9 - Donations and Gifts New tables have been introduced for determining entries on line 33700 (Gifts of depreciable capital property) and line 33900 (Gifts of non-depreciable capital property). Schedule 15 - FHSA Contributions, Transfers and Activities New lines have been added for Variable B amount, First Home Savings Account (FHSA) limit amount, and unused contributions from previous year’s notice of assessment, and current year transfers between RRSPs/RRIFs to FHSA. T776 - Statement of Real Estate Rentals Starting in 2024, taxpayers may no longer deduct expenses incurred in the year on non-compliant short-term rentals. Individuals earning short-term rental income are now required to back out the portion of the expenses relating to short-term rentals and use Chart A to calculate the non-compliant amount to be excluded from total deductible expenses. Use Chart B to calculate the non-compliant portion of CCA to be excluded from total CCA. New Forms T1294 - Manitoba Green Energy Equipment Tax Credit This refundable tax credit is for residents of Manitoba who purchased and installed qualifying property used to produce energy in Manitoba from a renewable resource. The tax credit is 7.5%, 10%, or 15% of the cost of the equipment depending on the type of property purchased. |
| FX/Q | Changes to electronic filing of Federal information returns/slips Starting January 13, 2025, CRA will only accept submissions containing a single information return type. This means that you will need to file separate submissions for different return types (for example, one submission for T4 returns and another for T4A returns). Additionally, MM transmitter numbers (for example, MM555555) are no longer valid. You must now use your federal business number (for example, 999999999, 999999999RP0001, or 999999999RZ0001), trust number or Non-resident account number as your Transmitter Account number. You may also file using your RepID. Update this in your Electronic Filing Options found under EFILE, then Options, then T3/FX Transmitter. Note: The account number/RepID used to create the XML file must match the one used to access the filing portal. You can refer to the CRA page for related information, such as CRA’s new online validation and maintenance period (French). T4Detail / T4Slip - Statement of Remuneration Paid The following boxes are updated to implement the two capital gain periods: ● 38 - Security options benefits - Before June 25, 2024 ● 39 - Security options deduction 110(1)(d) - Before June 25, 2024 ● 41 - Security options deduction 110(1)(d.1) - Before June 25, 2024 The following boxes are added to implement the two capital gain periods: ● 90 - Security option benefits - On or after June 25, 2024 ● 91 - Security options deduction 110(1)(d) - On or after June 25, 2024 ● 92 - Security options deduction 110(1)(d.1) - On or after June 25, 2024 The following boxes are added: ● 94 - Indian Act (exempt income) - RPP contributions ● 95 - Indian Act (exempt income) - Union dues T5Detail / T5Slip - Statement of Investment Income The following box is added to implement the two capital gain periods: ● 34 - Capital gains dividends - Period 1 - Before June 25, 2024 The following box is updated to implement the two capital gain periods: ● 18 - Capital gains dividends - Period 2 - After June 24, 2024 NR4Detail / NR4Slip - Statements Paid or Credited to Non-Residents of Canada The following codes are added to the Income codes drop-down list: ● 67: Arm’s length interest coupon stripping arrangement (ICSA) payments ● 68: Non-arm’s length interest coupon stripping arrangement (ICSA) payments The following code was removed from the Income codes drop down list: ● 86 - One-time payment for older seniors RC7066 - Provincial Schedule - GST/HST Public Service Bodies’ Rebate There are new factors eligible for the New Brunswick rebate. Factors for lines 302-NB, 303-NB and 304-NB are added: ● 302-NB: School authority established and operated otherwise than for profit for any tax that became payable after March 31, 2024 ● 303-NB: Public college established and operated otherwise than for profit for any tax that became payable after March 31, 2024 ● 304-NB: Hospital authority (only on the operation of a public hospital) for any tax that became payable after March 31, 2024 The calculation charts for Newfoundland and Labrador are removed. The rebate factor for Newfoundland and Labrador has been updated to be 57.14% for all tax that is payable. RC151 - GST/HST Credit and Climate Action Incentive Payment Application for Individuals Who Become Residents of Canada A new section for Information about the child(ren) has been added. AT107 - Alberta election on disposition of property by a taxpayer to a Taxable Canadian Corporation The Eligible Capital Property row was removed. AT108 - Alberta election on disposition of property by a partnership to a Taxable Canadian Corporation The Eligible Capital Property row was removed. AT109 - Alberta election on disposition of property by a taxpayer to a Canadian partnership The Eligible Capital Property row was removed. Minor Slips Update ● T4A ● T2202 ● T5008 ● T4PS ● T5018 ● T4ANR Minor Forms Update ● PD24 ● PD27 ● CPT30 ● T1240 ● GST74 ● T4Adj ● RC66 ● RC66S (RC66SCH) ● T1OVP Blocked filings T5013 is blocked from filing. It will be available in a future release. |
| Systems | ● Various product improvements |
| Coming Soon! | For T1/TP1: ● T1 for Non-residents and Deemed residents ● 2024 TP1 paper filing For T3/TP646: ● 2024 T3/TP646 module ● 2024 T3 Slip, NR4 Slip EFILE ● 2024 RL16 EFILE For FX/Q: ● RL Quebec slip update |
| Module | Content |
| Introduction | Version 2024.1.5 Download the latest release of the ProFile Suite, version 2024.1.5. Release highlights include: ● various product improvements |
| Module | Content |
| Introduction | Version 2024.1.3 Download the latest release of the ProFile Suite, version 2024.1.3. Release highlights include: ProFile users have an additional option beginning in release 2024.1.3 to automatically download program updates in the background while working. This new option allows you to continue working without having to monitor updates. The new option can be set under Options, then Environment, then System. Select both the Enable automatic check for updates and Enable updates to automatically download in the background options under the Automatic Check for Updates section. Select OK to save the setting. |
| Module | Content |
| Introduction | Version 2024.1.0 Download the latest release of the ProFile Suite, version 2024.1.0. Forms for the 2024 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. New capital gains inclusion rate You can review our support article on entering capital gains with the new inclusion rate here. This article is for informational purposes only, aimed at helping you make an informed decision regarding your tax filings. T1/TP1 highlights include: ● 2023 to 2024 TurboTax Desktop carry forward to ProFile T2/CO-17 highlights include: ● 2022-2025 T2 module is now available for fiscal years ending on or before May 31, 2025 ● T2 paper and Internet filing is certified for Federal corporate tax returns ● AT1 paper and Internet filing is certified for Alberta corporate tax returns Systems highlights include: ● Various product improvements |
| T1/TP1 | 2023-24 TurboTax Desktop to ProFile carry forward This release of the ProFile T1 module can carry forward information from 2023 TurboTax Desktop T1 returns to new 2024 ProFile returns. |
| T2/CO-17 | T2 and AT1 certifications The 2022-2025 T2 module is certified for federal and Alberta corporate tax returns. Preparation of returns for corporations with fiscal years ending on or before May 31, 2025 is supported. Mandatory T2 EFILE For taxation years starting prior to 2024, certain corporations with annual gross revenues exceeding $1 million must file their return electronically. For taxation years starting after 2023, the $1 million gross revenue threshold is eliminated. Most corporations would have to file their returns electronically. Mandatory AT1 NetFile The Alberta Corporate Tax Act now requires all prescribed corporations that have a taxation year starting on or after January 1, 2025 to file their AT1 return electronically using the NetFile service unless they are any of the following: ● Insurance corporation ● Non-resident corporation ● Corporation reporting in functional currency ● Corporation that are exempt from taxation under section 35 of the ACTA S1 - Net Income (Loss) for Income Tax Purposes Line 250 is added for hybrid mismatch amount under subsection 18.4(4) or 12.7(3). Line 350 is added for adjustment for hybrid mismatch amount under paragraph 20(1)(yy). S5 Line 329 Manitoba refundable rental housing construction incentive tax credit has been added under the Manitoba section. S307 - Newfoundland and Labrador Corporation Tax Calculation New line item in Part 2 to account for reduced Small Business Corporate Income Tax Rate of 2.5%, which came into effect January 1, 2024. S8 - Capital Cost Allowance (CCA) The following new classes have been added: ● Class 57 ● Class 58 ● Class 59 ● Class 60 S31 - Investment Tax Credit New lines are added under Part 24 - Clean ITCs: ● Line 140: Clean hydrogen ITC ● Line 170: Clean technology manufacturing ITC New lines are added under Part 25 - Total recapture of investment tax credit: ● Line 25C - Recaptured clean hydrogen ITC ● Line 25D - Recaptured clean technology ITC (from Schedule 75) ● Line 25E - Recaptured clean technology manufacturing ITC S58 - Canadian Journalism Labour Tax Credit Effective January 1, 2023, the maximum annual labour cost per eligible newsroom employee has been increased from $55,000 to $85,000. The tax credit will now be 35% (previously 25%), applicable from January 1, 2023 to December 31, 2026. Amounts will be prorated for tax years beginning before 2023 and ending after 2022. S75 - Clean Technology Investment Tax Credit (New!) The S75 is a new schedule to calculate the clean technology investment tax credit (ITC) for clean technology property acquired and made available for use after March 27, 2023 and before January 1, 2035. S422/T1196 - British Columbia Film and Television Tax Credit Animated productions that started after May 31, 2024 are not eligible for the regional tax credit, nor the distant location regional tax credit. S444 - Yukon Business Carbon Price Rebate For fiscal years ending in 2024, corporations that carry on a specified placer mining business in the tax year and do not carry on a specified quartz mining business in the tax year can now choose a prescribed mining adjustment factor of 2 if your tax year ends after March 31, 2024 or 4 if your tax year ends before April 1, 2024. The mining business rebate factor has now increased to $36.47 for each $1,000 of eligible Yukon mining UCC if your tax year ends after March 31, 2024. T106 and T106Supp The 2025 version of the T106 is added. The latest T2 module now supports the 2022 version and the 2025 version. Depending on the taxation year start date, ProFile will display the corresponding T106 version. The 2025 version of the T106 has the following new lines: ● Page 1 Section 1 - Country ● Page 1 Section 2 - 9. Is the reporting person/partnership the ultimate parent entity (UPE) as defined by subsection 233.8(1) of the Income Tax Act? ● Page 2 section 2 - 10. Is the reporting person/partnership a member of a multinational enterprise (MNE) group as defined by subsection 233.8(1) of the Income Tax Act? ● Page 2 section 2 - 11. Spaces are added for primary account numbers One question is removed from the 2025 version of the T106: Page 1 section 2 - 9. Are any of the transfer pricing methodologies (TPM) used by the reporting corporation predicated on an advanced pricing arrangement (APA) or similar arrangement between any non-resident and a foreign tax administration? The 2025 version of the T106Supp has the following new lines on page 1 Part II: ● 4. Type of non-resident under foreign law governing the non-resident ● 5. Is the non-resident treated differently for tax purposes in its jurisdiction of residency than the classification in question 4? See instructions ● 6. Type of relationship T106Supp Part II’s dropdown list for TPM has 2 new options: ● 07: Advanced Pricing Arrangement ● 08: Other AT1 - Alberta Corporate Income Tax Return Existing Line 30 on the AT1 was updated to support the following special corporation identifiers: ● Insurance Corporations (including insurance corporations that carried out a life insurance business) ● Non-resident Corporations The following lines were added to the AT1: ● Line 115: Alberta Film and Television Tax Credit (FTTC) Additional minor form updates: ● AS12 ● AS29 ● S54 ● S56 ● S421 ● S423 ● S428 ● T183 ● Aexempt |
| Systems | ● Various product improvements |
| Coming Soon! | ● First version of paper filing release for 2024 T1 |
| Module | Content |
| Introduction | Version 2024.0.3 Download the latest release of the ProFile Suite, version 2024.0.3. Forms for the 2024 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 providing refundable tax credits do not use this release to begin entering data for their clients. Release highlights include: The issue of dates overlapping when printing via IntuitSign has been resolved for the following forms: For T1/TP1: MR69, TP1000, and TP274 For T3/TP646: MR69, and TP646 |
| Coming Soon! | T1/TP1: ● 2023-2024 TurboTax to ProFile carry forward (T1/TP1) ● 2024 Form update (T2) |
| Module | Content |
| Introduction | Download the latest release of the ProFile Suite, version 2024.0.0. This is the first release of ProFile T1 and FX for the 2024 taxation year. Forms for the 2024 taxation year aren't released by CRA at this time. In-product forms include a “DRAFT” watermark indicating that the form isn't 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 2024 T1/TP1 module is now available ● 2023-24 ProFile to ProFile carry forward preview ● 2023-24 Taxprep to ProFile carry forward preview ● 2023-24 Cantax to ProFile carry forward preview ● 2023-24 TaxCycle to ProFile carry forward preview ● 2023-24 DTMax to ProFile carry forward preview T2/CO-17 highlights include: ● ProFile T2 now carries forward information from 2024 files created with Taxprep T2 (version 2024 v1.0), Cantax T2 (version 24.1.307.100), TaxCycle(13.2.53840.0), and DTMax (version 27.33) FX/Q highlights include: ● New 2024 FX/Q module is now available ● ProFile 2024 FX carries forward information from 2023 files created with ProFile 2023 FX, Taxprep Forms versions up to 2023 v4.0 and Cantax FormMaster versions up to 2023 v5.0. Systems highlights include: ● T1 2024 module now supports Intuit Sign functionality ● An issue with physical printing using a network printer has been resolved |
| T1/TP1 | 2023-24 ProFile to ProFile carry forward preview This early version of the ProFile T1 module carries forward information from 2023 ProFile returns to create new 2024 ProFile returns for preview purposes only. To carry forward a single 2023 tax return, right-click the file and select the Carry forward option. 2023-24 Taxprep to ProFile carry forward preview This version of the ProFile T1 module carries forward information from 2023 Taxprep T1 returns to create new 2024 ProFile returns. To carry forward a Taxprep T1 file, select the option Carry forward from the File menu in the top toolbar. Set Files of type as “2023 Taxprep T1 (.123)” or drag-and-drop a Taxprep file (.123) into a ProFile T1 file. Taxprep versions are supported up to 2023 v4.1. 2023-24 Cantax to ProFile carry forward preview This version of the ProFile T1 module carries forward information from 2023 Cantax T1 returns to create new 2024 ProFile returns. To carry forward a Cantax T1 file, select the option Carry forward from the File menu in the top toolbar. Set Files of type as “2023 Cantax T1 (. P23)” or drag-and-drop a Cantax (. P23) file into a ProFile T1 file. Cantax versions are supported up to version 23.3.303.110. 2023-24 DT Max to ProFile carry forward preview This version of the ProFile T1 module carries forward information from 2023 DT Max T1 returns to create new 2024 ProFile returns. DT Max versions are supported up to v27.33. 2023-24 TaxCycle to ProFile carry forward This version of the ProFile T1 module carries forward information from 2023 TaxCycle T1 returns to create new 2024 ProFile returns. TaxCycle versions are supported up to 13.2.53840.0 |
| T2/CO-17 | Taxprep, Cantax, TaxCycle, and DTMax to ProFile carry forward ProFile T2 now carries forward information from 2024 files created with Taxprep T2 (version 2024 v1.0), Cantax T2 (version 24.1.307.100), TaxCycle(13.2.53840.0), and DTMax (version 27.33). S5SK/S411 - Saskatchewan Corporation Tax Calculation This form is updated to extend the small business tax rate reduction to a rate of 1% until June 30, 2025 and increase it to 2% effective July 1, 2025. |
| FX/Q | New 2024 FX/Q module The new 2024 FX/Q module is now available. Note that the Quebec slip filing in 2024 FX/Q module is disabled. Those wishing to file the 2024 slips now should use the previous module and manually override the year to 2024. Slip filing in the 2024 module will be enabled in a future release once the 2024 slips have been updated. Carry forward from 2023 to 2024 ProFile 2024 FX carries forward information from 2023 files created with ProFile 2023 FX, Taxprep Forms versions up to 2023 v4.0, and Cantax FormMaster versions up to 2023 v5.0. Minor form updates: ● T3010 ● T3012A ● GST-44 ● GST-66 ● GST-189 ● RL-1 |
| Systems | ● T1 2024 module now supports Intuit Sign functionality ● An issue with physical printing using a network printer has been resolved |
| Coming Soon! | ● 2023-2024 TurboTax to ProFile carry forward for T1/TP1 ● 2024 Form update for T2 |
| Module | Content |
| Introduction | Download the latest release of the ProFile Suite, version 2023.5.5. T2/CO-17 highlights include: ● Special Elections and Returns (SERs) submit forms and electronic documents service now available (New!) ● T2183 Information Return for Electronic Filing of Special Elections (New!) FX/Q highlights include: ● Special Elections and Returns (SERs) submit forms and electronic documents service now available (New!) Systems highlights include: ● Fix for issue of DocuSign fails to create an envelope for CO1000. |
| T2/CO-17 | Special Elections and Returns (SERs) submit forms and electronic documents service now available (New!) The new Special Elections and Returns (SERs) submit forms and electronic documents service is now available. Forms S89 and T2054 and their required supporting documents can be submitted electronically to the CRA through the new Special Elections and Returns service in ProFile. There are 2 ways to electronically submit the supporting documents: Option 1: At the same time as forms S89, T2054: 1. Select the EFILE SERs option from the EFILE dropdown menu. 2. Select the File SERs Return and submit documents option. 3. Select the Filing method. 4. Select the File forms and submit documents option. Option 2: After electronically filing forms S89, T2054 forms: 1. Select the EFILE SERs option from the EFILE drop-down menu. 2. Select the Submit document(s) for previously filed SERs form option. |
| FX/Q | Special Elections and Returns (SERs) submit forms and electronic documents service now available (New!) The new Special Elections and Returns (SERs) submit forms and electronic documents service is now available for forms T2054, T2057, T2058, T2059, and UHT2900. Forms T2054, T2057, T2058, T2059, and UHT2900 and their required supporting documents can be submitted electronically to the CRA through the new Special Elections and Returns service in ProFile. There are 2 ways to submit electronic documents: At the same time as T2054, T2057, T2058, T2059, and UHT2900 forms: 1. Select the EFILE SERs option from the EFILE dropdown menu. 2. Select the File SERs Return and submit documents option. 3. Select the Filing method. 4. Select the File forms and submit documents option. After electronically filing T2054, T2057, T2058, T2059, and UHT2900 forms: 1. Select the EFILE SERs option from the EFILE dropdown menu. 2. Select the Submit document(s) for previously filed SERs form. |
| Systems | Fixed Issue DocuSign fails to create an envelope for CO1000. |
| Module | Content |
| Introduction | Download the latest release of the ProFile Suite, version 2023.5.0. T1/TP1 highlights include: ● Updates for tax measures announced in 2024 Budget for early filers T2/CO-17 highlights include: ● 2022-2024 T2 module is now available when fiscal year ends on or before October 31, 2024 ● T2 paper and internet filing is certified for Federal corporate tax returns ● AT1 paper and internet filing is certified for Alberta corporate tax returns ● T2183 Information Return for Electronic Filing of Special Elections (New!) ● ProFile T2 now carries forward information from 2023 files created with DTMax (version 27.15) and TaxCycle (version 13.1.53204.0) FX/Q highlights include: ● T2183 Information Return for Electronic Filing of Special Elections (New!) ● UHT183 Authorization to Electronically File the Underused Housing Tax Return and Election Form (New!) Systems highlights include: ● T2 2022-2024 module supports Intuit Sign |
| T1/TP1 | 2024 Budget updates Updates for tax measures announced in 2024 Budget for early filers include: ● The adjusted family net income threshold for calculating the BC renter’s tax credit is increased to $63,000 with the credit fully phased out when family income reaches $83,000. ● The Home Buyers’ Plan (HBP) withdrawal limit is increased to $60,000 for withdrawals made after April 16, 2024. ● The HBP repayment grace period for withdrawals made between January 1, 2022 and December 31, 2025 is increased from 2 years to 5 years. ● The volunteer firefighters’ amount (VFA) and search and rescue volunteers’ amount (SRVA) is increased from $3,000 to $6,000. |
| T2/CO-17 | DTMax to ProFile carry forward ProFile T2 now carries forward information from 2023 files created with DTMax (version 27.15). TaxCycle to ProFile carry forward ProFile T2 now carries forward information from 2023 files created with TaxCycle (version 13.1.53204.0). T2 and AT1 certifications The 2022-2024 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, 2024. T2183 - Information Return for Electronic Filing of Special Elections (New!) Complete this form to authorize a third party to electronically file any of the special elections listed in Part 3. Create a separate form T2183 for each special election. Don't submit this form to the CRA unless they request it. Federal Schedules S2 - Charitable Donations and Gifts This form has been updated to remove additional deductions for gifts of medicine available for carry forward from Part 6 of the schedule. S8 - Capital Cost Allowance (CCA) This form has been updated to revise the instructions and calculations for columns 13, 16, and 19. S31 - Investment Tax Credit - Corporations This form has been updated to allow the claim of Investment Tax Credits (ITC) for the following: ● Investment in clean technology property that is acquired and becomes available for use after March 27, 2023, and ● Investment in carbon capture, utilization, or storage (CCUS) projects for qualifying expenditures made after 2021. S385 - Manitoba Odour-Control Tax Credit This form has been updated to remove eligible expenditures made in the current year. The following obsolete lines are now removed from the form: ● Line 100: Corporation’s share of eligible expenditures allocated from a partnership ● Line 101: Corporation’s share of eligible expenditures allocated from a a trust ● Line 102: Corporations eligible expenditures ● Line 120: Current-year credit earned ● Line 150: Credit renounced ● Line 161: Refundable tax credit for agricultural corporations ● Line 901: Current-year credit earned to be applied to first previous tax year ● Line 902: Current-year credit earned to be applied to second previous tax year ● Line 903: Current-year credit earned to be applied to third previous tax year S394 - Manitoba Rental Housing Construction Tax Credit This schedule has been updated to remove the current-year claim of the refundable rental housing construction tax credit for qualifying entities. S554 - Ontario Computer Animation and Special Effects Tax Credit This schedule is updated to remove the section for Ontario labour expenditures and assistance before April 24, 2015. S572 - Ontario Made Manufacturing Investment Tax Credit (New!) This credit offers eligible corporations a 10% refundable Corporate Income Tax credit on qualifying investments of up to $20 million in the tax year in buildings (Class 1), machinery, and equipment for use in manufacturing or processing (Class 53) in Ontario. This applies to investments made after March 22, 2023, or before for buildings meeting specific criteria. Eligible capital additions can be added through the S8Class form. The refundable credit claimed in the current tax year are reported on Line 474 of S5. S556 - Ontario Film and Television Tax Credit This schedule has been updated to remove the lines to report the portion of the Qualified Labour Expenditures that was incurred before January 1, 2008 (Pre-2008). S56 - Part II.2 Tax on Repurchases of Equity (New!) This schedule is used to calculate Part II.2 tax on repurchases of equity if you are a corporation resident in Canada (other than a mutual fund corporation) that redeemed, acquired or cancelled equity listed on a designated TSE 300 in the tax year. There's a 2% tax applied to repurchases and insurances of equity that occur after December 31, 2023 . T106 - Information Return of Non-Arm’s Length Transactions with Non-Residents If an election has been made to use a functional currency, a new functional currency code, ‘JPY’ - for Japanese Yen, is now available for selection on the form. T1134 - Information Return Relating to Controlled and Non-Controlled Foreign Affiliates If an election has been made to use a functional currency, a new functional currency code, ‘JPY’ - for Japanese Yen, is now available for selection on the form. T1135 - Foreign Income Verification Statement If an election has been made to use a functional currency, a new functional currency code, ‘JPY’ - for Japanese Yen, is now available for selection on the form. SCT1 - Saskatchewan Corporation Capital Tax Return The redesigned and expanded form now has specific schedules for: ● Corporations resident in Canada or Crown corporation (Schedule B) ● Financial institution (Schedule C) ● Corporations not resident in Canada (Schedule D) Telecommunications corporations are subject to a telecommunications tax of 0.9% on their telecommunications capital. The worksheet for qualified depreciable property tax credit is removed. Alberta Schedules AT1 - Alberta Corporate Income Tax Return A new functional currency, Japanese Yen (JPY), has been added to Line 041. AS3 - Alberta Other Tax Deductions And Credits A new section has been added for the calculation and claim of the “Agri-processing investment tax credit (APITC)”. This is a refundable tax credit given to corporations that build or expand a value-added agri-processing facility in Alberta. To claim this credit, complete the Agri-processing Investment Tax Credit calculation table. AExempt - Alberta Filing Exemption Checklist The exemption criteria checklist has been updated to include the Agri-processing Investment Tax Credit. The claiming of this tax credit doesn't exempt the corporation from filing the Alberta return (AT1). Don't 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. S200 - T2 Corporation Income Tax Return This schedule is updated to include the following lines: ● Line 290: Did the corporation meet the definition of substantive CCPC under subsection 248 (10) at any time during the year? ● Line 277: Is the corporation a covered entity that redeemed, acquired or cancelled equity of the corporation in the tax year? ● Line 705: Part II.2 tax payable (from S56) Minor form updates: ● AS29List ● S5 ● S24 ● S63 ● S444 |
| FX/Q | T2183 - Information Return for Electronic Filing of Special Elections (New!) Complete this form to authorize a third party to electronically file any of the special elections listed in Part 3. Create a separate form T2183 for each special election. Do not submit this form to the CRA unless they request it. UHT183 - Authorization to Electronically File the Underused Housing Tax Return and Election Form (New!) Complete this form to authorize a third party to electronically file UHT2900. Create a separate form UHT183 for every UHT2900. Don't submit this form to the CRA unless they request it. T106 - Information Return of Non-Arm’s Length Transactions with Non-Residents If an election has been made to use a functional currency, a new functional currency code, ‘JPY’ - for Japanese Yen, is now available for selection on the form. T1134 - Information Return Relating to Controlled and Non-Controlled Foreign Affiliates If an election has been made to use a functional currency, a new functional currency code, ‘JPY’ - for Japanese Yen, is now available for selection on the form. T1135 - Foreign Income Verification Statement If an election has been made to use a functional currency, a new functional currency code, ‘JPY’ - for Japanese Yen, is now available for selection on the form. Minor form updates: ● AUT-01 ● AUT-01X ● RC1 ● T101B |
| Coming Soon! | ● T2 2022-2024 module supports Intuit Sign |
| Module | Content |
| Introduction | Download the latest release of the ProFile Suite, version 2023.4.7. In-product forms include a “DRAFT” watermark indicating that the form isn't approved for use. T1/TP1 highlights include: ● T1 planner update ● TP1 planner update T2/CO-17 highlights include: ● Quebec forms updates FX/Q highlights include: ● Form updates Systems highlights include: ● Fixed issue: BusAuto class 10.1 in French does not stick ● Fixed Issue: Tabs are misaligned ● ProFile ending support for Windows 8.1 and Windows Server 2012 R2 |
| T1/TP1 | Plan/TP1Plan Federal and Quebec planners reflect updated non-refundable credit amounts and income tax brackets for 2024. 2024 rates are being enacted in the planner’s calculation. 2024 Rate Update T1 General is calculated with the most-recent 2024 rates when tax year 2024 is chosen on the INFO page. Rates applicable to the 2024 taxation year are those known as of April 24. Any changes resulting from subsequent federal, provincial, and territorial announcements will be integrated into future updates. |
| T2/CO-17 | CO-1029.8.36.II - Tax Credit for Investment and Innovation CO-1029.8.36.II has been updated to allow claiming of tax credit on specified expenses incurred after December. 31, 2023. Minor form update: ● CO-1029.8.36.IK |
| FX/Q | Minor form update: ● AUT-01 |
| Systems | Fixed Issues ● BusAuto class 10.1 in French does not stick if the user clicks elsewhere on the line. ● (+) sign tabs are not properly aligned. End of ProFile support for Windows 8.1 and Windows Server 2012 R2 Microsoft announced their end of support for Windows 8.1 for January 10, 2023, and Windows Server 2012 R2 for October 10, 2023, respectively. Microsoft will no longer provide security updates or support for computers running Windows 8.1 or Windows Server 2012 R2. As a result, ProFile will be ending support for these operating systems. You will need to install ProFile on a supported operating system listed in our system requirements. |
| Coming Soon! | T1/TP1: ● 2024 Budget updates for early filers |
| Module | Content |
| Introduction | Download the latest release of the ProFile Suite, version 2023.4.1. In-product forms include a “DRAFT” watermark indicating that the form isn't approved for use. Release highlights include: ● A fix is implemented to address issue of names in the T1 tax summary not being aligned at the bottom of the form. ● The GST worksheet has been updated to prorate the credit for individuals and dependants turning 19 during the benefit year. Note that customized letter templates may need to be revised due to these changes on the GST worksheet. |
| Module | Content |
| Introduction | Download the latest release of the ProFile Suite, version 2023.4.0. In-product forms include a “DRAFT” watermark indicating that the form isn't approved for use. T1/TP1 highlights include: ● EFILE-certified T1 multiple-jurisdiction returns ● EFILE-certified T1 non-resident returns ● 2023 T1 form updates T3/TP646 highlights include: ● 2023 T3 form updates 2024 rate update FX/Q highlights include: ● 2024 rate updates System highlights include: ● Various product enhancements |
| T1/TP1 | Multiple-jurisdiction tax returns Multiple-jurisdiction tax returns are now EFILE-certified for the 2023 tax year. This includes returns with the following: ● T2203 ● All provincial multiple-jurisdiction forms Non-resident tax returns Returns for emigrants and for non-residents filing under section 116 are now EFILE-certified for the 2023 tax year. |
| T3/TP646 | 2024 rate updates The rates applicable to the 2024 taxation year are those known as of the release date. Any changes resulting from additional federal, provincial, and territorial announcements will be integrated into future updates. |
| FX/Q | 2024 rate updates The rates applicable to the 2024 taxation year are those known as of the release date. Any changes resulting from additional federal, provincial, and territorial announcements will be integrated into future updates. UHT-2900 Underused Housing Tax Return and Election Form A new question regarding the ownership of residential properties in multiple capacities is added in Part 1. A new exemption checkbox for properties being provided as lodging for employees, contractors, and subcontractors is added in Part 6. |
| Systems | Various product enhancements |
| Coming Soon! | T1/TP1: ● 2024 T1 and TP1 planner |
| Module | Content |
| Introduction | Version 2023.3.5 Download the latest release of the ProFile Suite, version 2023.3.5. T1/TP1 highlights include: ● 2023 T1/TP1 form updates T2/CO17 highlights include: ● T2 form updates ● ProFile T2 now carries forward information from 2023 files created with Taxprep T2 (version 2023 v2.0) T3/TP646 highlights include: ● 2023 T3 form updates FX/Q highlights include: ● Form updates Systems highlights include: ● Various system enhancements |
| T1/TP1 | Form Updates Federal Forms Canada Carbon Rebate (CCR, formerly CAIP) The Climate Action Incentive Payment (CAIP) worksheet has been renamed to Canada Carbon Rebate (CCR) in line with the recent change announced by the federal government. The estimated benefit amounts for April 2024 to January 2025 have been updated in this release. |
| T2/CO17 | Federal Schedules S63 - Return of Fuel Charge Proceeds to Farmers Tax Credit Effective for 2023 and later tax years, four additional designated provinces are also eligible for this tax credit: Nova Scotia, Prince Edward Island, Newfoundland and Labrador, and New Brunswick. Payment rates are also updated for the 2023 calendar year. Designated Immediate Expensing Property (DIEP) Prior-Year Class 10.1 Vehicle Additions (New!) A new checkbox “Vehicle acquired as DIEP (Class 10.1)” is now available to enable the CCA recapture calculation (if applicable) when Class 10.1 vehicles had been previously acquired as DIEP. Taxprep to ProFile carry forward ProFile T2 now carries forward information from 2023 files created with Taxprep T2 (version 2023 v2.0). |
| FX/Q | T5013S63 - Return of Fuel Charge Proceeds to Farmers Tax Credit Return of Fuel Charge Proceeds to Farmers Tax Credit payment rates are updated for the 2023 calendar year for Ontario, Manitoba, Saskatchewan, and Alberta. The four additional designated provinces (Nova Scotia, Prince Edward Island, Newfoundland and Labrador, and New Brunswick) that are also eligible for this tax credit starting 2023 calendar year aren't available on the current T5013S63 version at this time. To claim credits for the new designated provinces, CRA has advised to file an amended T5013S63 when the new version of the form is available (tentatively in summer 2024). Designated Immediate Expensing Property (DIEP) Prior-Year Class 10.1 Vehicle Additions (New!) A new checkbox “Vehicle acquired as DIEP (Class 10.1)” is now available to enable the CCA recapture calculation (if applicable) when Class 10.1 vehicles had been previously acquired as DIEP. Additional minor form updates ● PD27 ● T1223 ● T1OVP |
| Systems | ● IntuitSign feature available in French ● Various system enhancements |
| Coming Soon! | T1/TP1 ● 2023 Multi-jurisdictional filing |
| Module | Content |
| Introduction | Version 2023.3.1 Download the latest release of the ProFile Suite, version 2023.3.1. TP1 highlights include: This release fixes a TP1Netfile error for Box 10.2 of TP1. |
| Module | Content |
| Introduction | Version 2023.3.0 Download the latest release of the ProFile Suite, version 2023.3.0. In-product forms include a “DRAFT” watermark indicating that the form isn't approved for use. T1/TP1 highlights include: ● 2023 T1 form updates ● 2023 TP1 form updates ● Express Notice of Assessment (ENOA) from 2017 to 2023 tax years ● T1 EFILE from 2017 to 2023 tax years ● T1 ReFILE from 2020 to 2023 tax years ● T1134 EFILE from 2021 to 2023 tax years ● T1135 EFILE from 2017 to 2023 tax years ● T1 Barcode and KFS ● T1PAD EFILE (Pre-Authorized Debit) for 2023 tax year ● TP1 NETFILE from 2020 to 2023 tax years ● TP1 barcode ● RQ Import from 2020 to 2023 tax years T2 highlights include: ● Québec CO-17 - Corporation Income Tax Return updated for 2023 filing ● AgriStability forms updated in T2 T3/TP646 highlights include: ● T3RET/T3M/T3RCA EFILE from 2021 to 2023 tax years ● T3P EFILE for 2023 tax year (New!) ● T3PRP EFILE for 2023 tax year (New!) ● T1135 EFILE for 2022-2023 tax year ● S15/S15Supp can now be filed electronically in T3/T3M/T3RCA EFILE ● Section 216 return is available for T3 Electronic Filing ● T2000 is now available (New!) ● T3MJ paper filing ● 2023 form updates FX/Q highlights include: ● T5013 is certified for paper and XML filing ● TP600 is certified for paper filing ● TP985.22 is certified for paper filing ● TP518’s existing version (2022-01) continues to apply for 2023 tax year filing ● TP529’s existing version (2020-09) continues to apply for 2023 tax year paper filing ● TP614’s existing version (2022-01) continues to apply for 2023 tax year paper filing System highlights include: ● Intuit Sign is now available in French to allow the collection of electronic signatures in your client’s and your preferred language. ● Support added for Revenu Québec forms, including TP-1000, TP-274, MR-69, CO-1000, and CO-1029.836. |
| T1/TP1 | Form Updates Federal Forms INFO Worksheet New checkboxes have been added to indicate the taxpayer’s “Residency type”. The Residency types of 1–7 are used to determine the return’s EFILE eligibility. CAIP - Climate Action Incentive Two new boxes have been introduced on the Climate Action Incentive Payment worksheet and the T1 return for residents of New Brunswick to capture information regarding whether a taxpayer resided outside of a Census Metropolitan Area with respect to both tax year 2022 (retroactively) and tax year 2023. New checkbox for Designated Immediate Expensing Property (DIEP) Prior-Year Vehicle Additions (CCA Classes 10/10.1/54/55) New checkbox “Vehicle acquired as DIEP (previous year)” for CCA classes 10/10.1/54/55 is added. The new checkbox tracks if the vehicle acquired in prior year(s) was designated an immediate expensing property (DIEP). The checkbox is available on the following worksheets: ● BusAuto (for CCA Classes 10/10.1/54/55) ● T776Asset (for CCA Class 10.1) ● T2042Asset (for CCA Class 10.1) ● T2121Asset (for CCA Class 10.1) ● T2125Asset (for CCA Class 10.1) ● T1163-T1273Asset (for CCA Class 10.1) ● ResourceAsset (for CCA Class 10.1) It's recommended that the 2022 ProFile T1 returns which had Class 10/10.1/54/55 vehicle DIEP acquisitions are carried forward to 2023 T1 with ProFile version 2023.3.0 or later so that such acquisition information are retained in the 2023 T1 returns. For the 2022 T1 returns which had Class 10/10.1/54/55 DIEP acquisitions that were carried forward to 2023 prior to ProFile version 2023.3.0, the following information will need to be manually entered on the 2023 T1 returns: ● Historical DIEP information (for example, CCA class, date acquired, the cost of vehicle, UCC at beginning of the year) and the new checkbox on BusAuto worksheet ● The new checkbox on other business/rental Asset worksheets (T776Asset, T2042Asset, T2121Asset, T2125Asset, T1163-T1273Asset, ResourceAsset) T2043 - Return of Fuel Charge Proceeds to Farmers Tax Credit Effective for 2023 and later tax years, four additional designated provinces are also eligible for this tax credit: Nova Scotia, Prince Edward Island, Newfoundland and Labrador, and New Brunswick. |
| T2 | Federal Schedules AGRI - T2 AgriStability and AgriInvest AgriStability forms are updated to support 2023 tax year filings. S1Auto / S8Class S1Auto and S8Class are updated for 2024 automobile deduction limits: ● The ceiling for capital cost allowances (CCA) for Class 10.1 passenger vehicles will increase to $37,000 from $36,000, before tax, in respect of new and used vehicles acquired on or after January 1, 2024. ● The limit on deductible leasing costs will be increased to $1,050 from $950 per month, before tax, for new leases entered into on or after January 1, 2024. ● The maximum allowable interest deduction will be increased to $350 from $300 per month for new automobile loans entered into on or after January 1, 2024. Québec Schedules CO-17 - Corporation Income Tax Return Corporations must electronically file their corporate tax returns for taxation years beginning in 2024 or later, regardless of the gross revenue. Insurance corporations, non-resident corporations, corporations filing in a functional currency, and corporations that are tax-exempt are the exceptions from the mandatory electronic filing requirements. For tax years beginning prior to 2024, corporations are required to file the corporate tax returns online if the gross revenue exceeds $1 million. As of January 1, 2024, payments to Revenu Québec exceeding $10,000 must be made electronically. A new functional currency, Japanese Yen (JPY), is added to line 40a. Income tax withheld at source is moved to line 440b (previously line 28b). CO-1029.8.36.EL - Tax Credit for Book Publishing New checkboxes are added on lines 8a and 8b to select when the application was filed with SODEC (Société de Développement des Entreprises Culturelles). CO-771 - Calculation of the Income Tax of a Corporation New “Deduction related to the realization of a major investment project”, code 20, is added to CO-771 lines 18ji-18pi, and line 20 of CO17Deductions. Additional minor form updates Federal ● S1 ● S322 ● S35 ● S38 ● S461 ● S5 ● S65 Québec ● CO-1029.8.33.13 ● CO-1029.8.33.CS ● CO-1029.8.33.TE ● CO-1029.8.36.EM ● CO-1029.8.36.II ● CO-771.2.1.2 ● COR-17.W ● IN-417 A ● TP-1086.R.23.12 |
| T3/TP646 | Schedule 15 & S15Supp - Beneficial ownership information of a trust S15/S15Supp can now be filed as part of the T3/T3M/T3RCA returns for tax years ending after December 30, 2023. T3P & T3PRP EFILE (New!) For 2023 and subsequent tax years, the T3 Employees' Pension Plan Income Tax Return (T3P) and T3 Pooled Registered Pension Plan Tax Return (T3PRP) can now be filed electronically. The EFILE exclusions for each return type can be found on the T3Efile worksheet. If an exclusion(s) applies, the return must be paper-filed. To file the return(s), select EFILE -> Transmit T3 return and select T3P or T3PRP. T2000 - Calculation of Tax on Agreements to Acquire Shares (section 207.1(5) of the Income Tax Act) This return is now available in the 2023 T3 module. Complete this return if the trust entered into an agreement to acquire shares of the capital stock of a corporation from someone other than the corporation, at a price different from the fair market value when the shares were acquired. Non-Resident Section 216 Return EFILE (New!) Trusts electing to file a T3 return under section 216 of the Income Tax Act can now be filed electronically. On INFO, select residency Non-Resident S.216, then indicate the type of section 216 return in the drop-down provided: ● Section 216(1) ● Section 216(4) ● Section 216(5) |
| FX/Q | T5013S8 - Capital Cost Allowance (CCA) A new table has been added in Part 2 to provide “information on income earned from the source in which designated immediate expensing property (DIEP) is used”. Partnerships must use this table to report the source(s) of income and match it to each asset being claimed as DIEP. T5013S52 - Summary Information for Partnerships that Allocated Renounced Resource Expenses to their Members Mineral exploration tax credit and the critical mineral exploration tax credit form is updated to facilitate allocation of provincial tax credits to members of their partnership. T5013S444 - Eligible Yukon Mining UCC and Eligible Yukon UCC Worksheet for Partnerships This form has been updated to assist in calculations of the Yukon mining business carbon price rebate. This rebate is available to Yukon mining business partnerships, which are defined in subsection 16(1) of the Yukon Income Tax Act. Additional minor form updates ● RC4288 ● T5013Detail ● T5013FIN ● T5013Instructions ● T5013S125 ●T5013S140 ● T5013S141 ● T5013Worksheet ● TP600SA ● TP600SB ● TP600SD ● TP600SE ● TP600SF ● TP600Sum ● TP985.22 ● TP985.22SA ● TP985.22SB ● TP985.22SC ● TP985.22SD Removed forms ● T2200S ● TP64.3S |
| Systems | ● Intuit Sign is available in French language. You can now collect electronic signatures in your clients and your preferred language. ● We have also added support for Revenu Québec forms, including TP-1000, TP-274, MR-69, CO-1000 & CO-1029.836. |
| Coming Soon! | T1/TP1: ● Multi-jurisdictional filing |
| Module | Content |
| Introduction | Version 2023.2.7 Download the latest release of the ProFile Suite, version 2023.2.7. Forms for the 2023 taxation year aren't released by CRA at this time. In-product forms include a “DRAFT” watermark indicating that the form isn't 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: ● Auto-fill my Return (AFR) from 2016 to 2023 tax years |
| T1/TP1 | Auto-fill my Return (AFR) for 2023 ProFile has been updated to allow authorized representatives to download client data for the 2023 tax year. Note that functionality is conditional upon the CRA’s service availability. Slips available for download: ● T4 ● T4A ● T4A(OAS) ● T4A(P) ● T4E ● T4FHSA (New!) ● RC62 ● RC210 ● T4RSP ● T4RIF ● T5007 ● T3 ● T5 ● T5008 ● T1204 ● T2202 ● T5013 ● ABIL ● RRSP/HBP/LLP ● Unused Tuition amounts available ● Canada Training Credit Limit ● Installments paid New or updated client data indicators: ● Canada Emergency Benefits (CEB) debt indicator will be present when there is CEB debt on record. ● Electronic Correspondence Preference indicator will display for taxpayers who have signed up for Electronic mail. ● Uncashed cheques indicator will display for taxpayers who have uncashed cheque(s) on file. ● The Online Service Registration indicator will now display the taxpayer’s My Account access level: Full, Limited, or None. |
| Coming Soon! | T1/TP1: ● T1 Barcode and T1 condensed ● TP1 barcode ● 2023 T1 EFILE ● 2023 Authorize a Representative ● 2023 T1135 EFILE ● 2023 T1134 EFILE ● 2023 TP1 NETFILE ● T1PAD (pre-authorized debit) EFILE T3/TP646: ● 2023 T3RET, T3RCA and T3M EFILE with S15 Beneficial Ownership Information ● 2023 T3P and T3PRP EFILE (New!) ● 2023 MR69 EFILE ● 2023 T1135 EFILE |
| Module | Content |
| Introduction | Version 2023.2.5 Download the latest release of the ProFile Suite, version 2023.2.5. Forms for the 2023 taxation year aren't released by CRA at this time. In-product forms include a “DRAFT” watermark indicating that the form isn't 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: ● 2023 T1/TP1 form updates ● 2023 TP1 paper filing ● RL32 and TP1029.61.MD are available now (New!) T3/TP646 highlights include: ● 2023 T3 slip, NR4 slip XML filing ● TP646 paper authorization ● RL-16 slip paper filing and electronic transmission ● 2023 T3/TP646 form updates ● T3/TP646 printing with using government’s PDFs FX/Q highlights include: ● Updated Quebec RL slip paper and web service filing ● Updated Federal and Quebec Forms System highlights include: ● Enabled multiple signature support for the T1-T1032 form with IntuitSign ● T3 forms onboarded to IntuitSign |
| T1/TP1 | Form Updates Federal Forms T1170 - Capital Gains on Gifts of Certain Capital Property Effective for the 2023 tax year, two new lines are added to the Form T1170 to allow donors to solely track gifts of ecologically sensitive land. The following lines have been added to Form T1170: 68251 - Proceeds of disposition of certified ecologically sensitive land 68252 - Gains eligible for 0% inclusion rate from the disposition of certified ecologically sensitive land Provincial Forms Québec TP-1 ProFile is now authorized by Revenu Québec for paper filing and mailing of the 2023 TP-1 income tax return (including the schedules of the return and any other required forms) to Revenu Québec. INFO and TP-1 A new section has been added on INFO under Québec section to provide taxpayer consent to receive text message and/or email notifications from Revenu Québec. These will then be used to populate the new lines 10, 10.1, and 10.2 on TP-1. RL32 - First Home Savings Account (New!) This slip is used to by FHSA issuers to report taxable amounts allocated to FHSA holders or paid to FHSA beneficiaries, as well as the Québec income tax that has been withheld. TP1029.61.MD - Expenses Included in Rent at a Private Seniors’ Residence - Tax Credit for Home-Support Services for Seniors (New!) This form is used to calculate the eligible services included in rent at a private seniors’ residence for purpose of claiming the tax credit for home-support services for seniors. Yukon YTS14 - Yukon Government Carbon Price Rebate For the 2023 tax year the mining business carbon price rebate is added to the Yukon business carbon price rebate. Businesses with eligible mining assets can claim this rebate. Two new tables are added to the form to calculate the mining business carbon price rebate and the general business carbon price rebate. YT479 - Yukon Credits The following line has been added to the Form YT479: 63856 - Mining business carbon price rebate Forms Removed ● T777S and T777SDetails - Statement of Employment Expenses for Working at Home Due to COVID-19 ● T2200S - Declaration of Conditions of Employment for Working at Home Due to COVID-19 ● TP59S - Expenses Related to Working Remotely Because of the COVID-19 Pandemic ● TP64.3S - General Employment Conditions |
| T3/TP646 | Revenu Québec Approval of 2023 TP-646/RL-16 Revenu Québec has approved the 2023 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. Removed forms in the 2023 T3/TP646 module ● TP-653Supp ● QSA Supp ● QSB Supp ● QSG / TP-646.G Printing with the government’s forms Users will print government-generated T3 and TP646 PDF forms with this ProFile release. The printing experience has been modified and improved. TL16 slip notes are shown on copy 2 or 3 of the slip. French notes are no longer printed on a separate page. |
| FX/Q | Form Updates Federal Forms T5013S8, T5013SCH8Class, T5013SCH8Lease - Capital Cost Allowance (CCA) Accelerated investment incentive property (AIIP) available for use after December 31, 2023 and before January 1, 2028 is subject to a gradually reduced gross-up UCC adjustment rate. The UCC adjustment rates will be fully phased out after December 31, 2027. The half-year rule doesn't apply to AIIP, but will continue to apply to non-AIIP property that is subject to the half-year rule. T5013S8, T5013SCH8Class, T5013SCH8Lease are updated to reflect the reduced gross-up rates for the AIIP acquisitions that are available for use after December 31, 2023. T3010 - Registered Charity Information Return Both government form versions (23) and (24) are now supported on the same T3010. For fiscal periods ending on or before December 30, 2023, version (23) must be used for filing. For fiscal periods ending on or after December 31, 2023, version (24) must be used for filing. CRA will not accept it for filing if an incorrect version is used. If fiscal periods information is entered on INFO, the corresponding T3010 version is automatically selected based on the fiscal periods entered. T101 Slip - Statement of Resource Expenses New box 155 is now available for the Ontario Critical Mineral Exploration Tax Credit (CMETC). T101A - Claim for Renouncing Canadian Exploration Expenditures (CEEs) and Canadian Development Expenditures (CDEs) Ontario Critical Mineral Exploration Tax Credit (CMETC) is now added in Part 3 - Step 4. Provincial Forms Quebec Updated Quebec RL Slip Web Service Filing The Quebec RL Slip Web Service Filing is updated for 2023 and 2024 tax years. RL1 - Summary of Source Deductions and Company Contributions The following new codes are added to the “Additional information” drop-down list in RL1Detail for the 2024 and subsequent calendar year: ● B-2: Supplementary CPP contribution (this information can only be provided for taxation year 2024) ● G-3: Phased retirement (this information can only be provided for taxation year 2024. For taxation year 2023, box U must be used) Second additional QPP contribution (QPP2) calculations are also available on RL1Detail. QPP2 contributions are applicable for 2024 and subsequent calendar years. RL1 slip and RL1 Summary for 2024 calendar year will be updated in a future release for the QPP2 amounts. TP600SB, TP600Lease - Capital Cost Allowance (CCA) TP600SB and TP600Lease reflect new AIIP UCC adjustments and CCA calculations to align with the federal CCA update. Other Federal Forms Updates ● T1441 ● T2000 ● T3D ● T3DSectionA ● T3RI ● TD1 ● TD1WS ● TD1AB ● TD1BC ● TD1MB ● TD1NB ● TD1NL ● TD1NS ● TD1NT ● TD1NU ● TD1ON ● TD1PE ● TD1SK ● TD1X ● TD1YT ● TL11A Other Quebec Slips and Forms Updates ● RL2 ● RL3 ● RL8 ● RL15 ● RL18 ● RL24 ● RL25 ● RL31 ● IN412.A ● LE39.0.2 (CNT) ● TP1015.3 |
| Systems | ● Intuit Sign now supports multiple signatures in a single request for the T1-T1032 form ● Intuit Sign is now available for the T3 module |
| Coming Soon! | T1/TP1 ● T1 Barcode and T1 condensed ● TP1 barcode ● 2023 T1 EFILE ● 2023 Authorize a Representative ● 2023 T1135 EFILE ● 2023 T1134 EFILE ● 2023 TP1 NETFILE ● 2023 AFR (Auto-fill My Return) EFILE ● T1PAD (pre-authorized debit) EFILE T3/TP646 ● 2023 T3RET, T3RCA and T3M EFILE with S15 Beneficial Ownership Information ● 2023 T3P and T3PRP EFILE (New!) ● 2023 MR69 EFILE ● 2023 T1135 EFILE |
| Module | Content |
| Introduction | Version 2023.2.0 Download the latest release of the ProFile Suite, version 2023.2.0. Forms for the 2023 taxation year aren't released by CRA at this time. In-product forms include a “DRAFT” watermark indicating that the form isn't 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 2023 T1 ● T4FHSA, S12, S15, T1356, T1279 are now available (New!) T3/TP646 highlights include: ● New 2023 T3/TP646 module is now available ● First version of paper filing release for 2023 T3 ● Paper certified T3 trust income tax return ● Paper certified T3 slip and summary ● 2022-23 Taxprep to ProFile carry forward ● S15 is now available (New!) FX/Q highlights include: ● Updated federal slips and forms ● RC151 is now available (New!) System highlights include: ● Enabled multiple form selection for IntuitSign to allow for up to five documents in a single request ● Various product enhancements Note: The Intuit Sign feature will be available for French-language customers in an upcoming ProFile release. |
| T1/TP1 | New Forms Federal Schedule 12 - Multigenerational Home Renovation Tax Credit Complete this schedule to claim the multigenerational home renovation tax credit (MHRTC) for eligible individuals who incurred qualifying expenditures on a qualifying renovation to create a secondary unit within an eligible dwelling that allows a qualifying individual to reside with a qualifying relation. An eligible individual can claim 15% of up to $50,000 in qualifying expenditures for a qualifying renovation ending in the tax year. A copy of this schedule should be completed for each qualifying renovation. The total tax credit is claimed at Line 45355 of the return. T4FHSA and Schedule 15 - FHSA Contributions, Transfers and Activities Effective for the 2023 tax year, individuals may contribute to the first home savings account (FHSA), a new registered plan to help individuals save for their first home. Starting April 1, 2023, contributions to an FHSA are deductible and the income earned in an FHSA will not be taxable. Qualifying withdrawals made from an FHSA to purchase or build a first home are also non-taxable. Amounts entered on a T4FHSA slip will be used on Schedule 15 to calculate the annual FHSA limit, FHSA deduction, and unused FHSA contributions available to deduct in future years, and to report qualifying withdrawals from the FHSAs. The following lines have been added on the Schedule 15: 68930 New FHSAs indicator 68935 Total contributions made to FHSAs in the tax year 68940 Total contributions made to FHSAs in the tax year after the first qualifying withdrawal 68945 Total amount of designated withdrawals from FHSAs made in the tax year 68950 Total transfers made from RRSPs to FHSAs in the tax year 68955 Total amount of designated transfers from FHSAs to RRSPs or RRIFs made in the year 68960 Total amount of qualifying withdrawals made in the tax year 68965 FHSA home address indicator Provincial T1356 - British Columbia Clean Buildings Tax Credit Effective for the 2023 tax year, individuals claiming expenditures qualifying for this tax credit should complete this form. If the partnership has provided the individual with their allocated credit amount, don't complete this form. Instead, enter the credit amount directly on Form BC479. T1279 - Saskatchewan Mineral Exploration Tax Credit Beginning in the 2023 tax year, individuals claiming this credit or a carryback to previous years should complete this form. This form replaces the section on Form SK428, and therefore the lines have been removed from SK428. Form Updates Federal Schedule 3 - Capital Gains (or Losses) New questions are added to indicate whether the taxpayer disposed of a residential property that was owned for less than 365 consecutive days, and whether the disposition was in relation to at least one of nine life events as specified on the form. The following lines have been added on the Schedule 3: 17905 Disposition of property owned for less than 365 consecutive days 17906 Disposition due to, or in anticipation of life events If the answer is Yes at Line 17905 and none of the life events apply, the housing unit is considered a flipped property and the gain is taxable as business income and the taxpayer must report it on Form T2125, Statement of Business Income or Professional Activities. Schedule 6 Effective for the 2023 tax year, individuals will no longer submit an application to request CWB advance payments. The new advanced Canada workers benefit will be calculated on Schedule 6 based on the lesser of the CWB and advanced CWB for the year, and claimed on Line 41500 of the tax return. If the individual and their spouse or common-law partner are both eligible, they can choose who'll claim the basic CWB and the individual claiming CWB will report the basic advanced CWB received for the family. For the disability supplement, spouses will report and claim the advanced CWB and CWB individually. The following lines have been added on the Schedule 6: 38120 Total basic advanced Canada workers benefit paid to the individual 38121 Total basic advanced Canada workers benefit paid to individual’s spouse or common-law partner 38122 Total advanced Canada workers benefit disability supplement paid to the individual The following line has been revised on the tax return: 41500 Advanced Canada workers benefit Provincial British Columbia Clean Buildings Tax Credit The following lines have been added to the Form BC479: 60545 Clean buildings tax credit 60546 Clean buildings tax credit allocated from partnerships Renter’s Tax Credit Effective for the 2023 tax year, eligible individuals can claim this refundable tax credit by completing Form BC479. The following lines have been added to the Form BC479: 60575 Eligible rental months 60576 Renter’s tax credit Newfoundland and Labrador Effective for the 2023 tax year the Physical activity tax credit rate has been doubled from 8.7% to 17.4%, up to $2,000 of eligible expenses. Ontario Effective for the 2023 tax year, the following refundable tax credits are eliminated: ● Staycation tax credit ● Jobs training tax credit ● Seniors’ home safety tax credit The following lines have been removed from the Form ON479: 63051 Staycation indicator 63052 Staycation expenses 63055 Job training tax credit 63105 Seniors’ home safety tax credit Saskatchewan Effective for the 2023 tax year, the Home renovation expenses tax credit is eliminated. The following line on the forms SK428 and T2203 has been removed: 58340 Home renovation expenses Forms Removed in the 2023 T1/TP1 Module ● T2039 - Air Quality Improvement Tax Credit ● ONS12 - Ontario Seniors’ Home Safety Tax Credit ● SKS12 - Saskatchewan Home Renovation Tax Credit ● T1B - Request to Deduct Federal COVID-19 Benefits Repayment in a Prior Year |
| T3/TP646 | Electronic Filing Requirement for More than Five Slips / Information Returns Beginning January 1, 2024, taxpayers who file more than five information returns (slips) for a calendar year are required to file electronically by Internet file transfer or Web Forms with CRA. Every information return is considered a slip. A penalty may be charged for failure to electronic filing. For Québec RL slips, as of January 1, 2024, issuers who file more than five RL slips of the same type (except RL-13 slips) or more than 50 RL-24 slips are required to file them online. Most relevant rates published The most relevant rates published by CRA are implemented in this release of the T3/TP646 module. 2022-23 Taxprep to ProFile carry forward This version of the ProFile T3/TP646 module carries forward information from 2022 Taxprep T3 returns to create new 2023 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 “2022 Taxprep T3 (.322)” or drag-and-drop a Taxprep file (.322) into a ProFile T3 file. Taxprep versions are supported up to 2023 v3.0. New Form Schedule 15 / S15Supp - Beneficial ownership information of a trust (New!) Trusts that are required to file a T3 return, including bare trusts, are required to provide beneficial ownership information on S15 for tax years ending on or after December 31, 2023, unless the trust is a listed trust. S15Supp is used to fill out additional reportable entities when there is more than one reportable entity. The T3 return will be considered to be invalid where a S15 is not filed with the T3 return and penalties for a failure to file the T3 return may apply. For information on completing this schedule, see Chapter 3 in Guide T4013, T3 Trust Guide. Forms removed in the 2023 T3/TP646 module ● QSASupp ● QSBSupp |
| FX/Q | Electronic Filing Requirement for More than Five Slips / Information Returns Beginning January 1, 2024, taxpayers who file more than five information returns (slips) for a calendar year are required to file electronically by Internet file transfer or Web Forms with Canada Revenue Agency. Every information return is considered a slip. A penalty may be charged for failure to electronic filing. For Québec RL slips, as of January 1, 2024, issuers who file more than five RL slips of the same type (except RL-13 slips) or more than 50 RL-24 slips are required to file them online. T4Detail / T4Slip - Statement of Remuneration Paid The following boxes are added: ● Box 16a - Second CPP contributions (CPP2) ● Box 17a - Second QPP contributions (QPP2) ● Box 45 - Employer-offered dental benefits Employer-offered dental benefits (Box 45) is mandatory for 2023 and subsequent calendar years. The CPP2 (Box 16a) and QPP2 (Box 17a) are applicable for 2024 and subsequent calendar years. The related schedules and worksheets (including T4Sum, T4Employee, T4Reconcile, T4Adj) are updated accordingly. T4ADetail / T4ASlip - Statement of Pension, Retirement, Annuity, and Other Income The following box is added: ● Box 015 - Payer-offered dental benefits Payer-offered dental benefits (Box 015) is mandatory if an amount is reported in Pension or Superannuation (Box 016) for 2023 and subsequent calendar years. Box 15 is otherwise optional. NR4Detail / NR4Slip - Statements Paid or Credited to Non-Residents of Canada The following codes are added to the Income codes drop down list: ● 74: Taxable FHSA withdrawals ● 75: FHSA beneficiary distributions received ● 76: Amount deemed received on FHSA cessation PD24 - Application for a Refund of Overdeducted CPP Contributions or EI Premiums New columns are added for the second additional CPP contribution (CPP2) in Part B. RC1 - Request for a Business Number and Certain Program Accounts More information is required to be filled in the new version of RC1 form. RC151 - GST/HST Credit and Climate Action Incentive Payment Application for Individuals Who Become Residents of Canada (New!) This form is to apply for the GST/HST credit, including related provincial and territorial programs, and the climate action incentive payment, for the year in which the taxpayer became a resident of Canada. RC7066 - Provincial Schedule - GST/HST Public Service Bodies’ Rebate There are new calculation charts for Prince Edward Island due to the rebate. Factors for lines 305-PE and 306-PE are updated: ● 35% for any tax that became payable before January 1, 2023 ● 50% for any tax that became payable after December 31, 2022 Line 307-NL (Printed books) is removed. Minor Slips Update ● NR4 ● T4A ● T4ANR ● T4ARCA ● T4PS ● T5 ● T101 ● T737RCA ● T5008 ● T5018 ● T2202 Minor Forms Update ● GST60 ● GST70 ● GST159 ● NR5 ● NR6 ● ON100 ● RC66 ● RC66S (RC66SCH) ● T1OVP ● T4Auto (RC18) ● T101A ● T400A ● T1044 ● T2059 Blocked filing T5013 is blocked from filing. It will be available in a future release. |
| Systems | Customers can select multiple forms for IntuitSign. |
| Coming Soon! | T1/TP1: ● 2023 TP1 paper filing T3/TP646: ● 2023 T3 Slip, NR4 Slip EFILE ● 2023 RL16 EFILE FX/Q: ● RL Quebec slip update Systems: ● Multiple signatures, on multiple documents, in a single request for IntuitSign ● T3 module support in IntuitSign |
| Module | Content |
| Introduction | Version 2023.1.0 Download the latest release of the ProFile Suite, version 2023.1.0. This is the first release of ProFile T1 and FX for the 2023 taxation year. Forms for the 2023 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: ● 2022 to 2023 Turbo Tax Desktop carry forward to ProFile T2 highlights include: ● 2021-2024 T2 module is now available for fiscal years ending on or before May 31, 2024 ● T2 paper and internet filing is certified for federal corporate tax returns ● AT1 paper and internet filing is certified for Alberta corporate tax returns System highlights include: ● Various product enhancements |
| T1/TP1 | 2022-23 TurboTax Desktop to ProFile Carry Forward This release of the ProFile T1 module can carry forward information from 2022 TurboTax Desktop T1 returns to new 2023 ProFile returns. |
| T2 | T2 and AT1 certifications The 2021-2024 T2 module is certified for federal and Alberta corporate tax returns. Preparation of returns for corporations with fiscal years ending on or before May 31, 2024 is supported. Federal T2 Attach a doc The following document type is added to the supported list: ● T2 S5/lines 524 and 842 – Certificate number for NL All-Spend Film and Video Production Tax Credit BusinessConsent and BusinessCancel The following program identifiers are now supported: ● LT: Luxury tax ● RR: Registered charities ● RU: Underused Housing Tax ● ZA: Canada Emergency Rent Subsidy, rent recovery programs The following program identifier is obsolete and removed from the list: ● SL: Softwood lumber products export charge S5 - Tax Calculation Supplementary - Corporations The following lines are added in S5: ● Line 524: Newfoundland and Labrador All-Spend Film and Video Production Tax Credit ● Line 842: Certificate number ● Line 474: Ontario Made Manufacturing Investment Tax Credit S8, S8Class, S8Lease - Capital Cost Allowance (CCA) Accelerated investment incentive property (AIIP) available for use after December 31, 2023 and before January 1, 2028 is subject to a gradually reduced gross-up UCC adjustment rate.The UCC adjustment rates will be fully phased out after December 31, 2027. The half-year rule doesn't apply to AIIP, but will continue to apply to non-AIIP property that is subject to the half-year rule. S8, S8Class, and S8Lease are updated to reflect the reduced gross-up rates for the AIIP acquisitions that are available for use after December 31, 2023. S35 and S35Tables - Taxable Capital Employed in Canada - Large Insurance Corporations Both versions (14) and (23) are now supported in ProFile. Version (14) is applicable for tax years beginning prior to January 1, 2023. Version (23) is applicable for tax years beginning after December 31, 2022. The corresponding version is automatically selected when tax years are entered on the Info worksheet. S38 and S38Tables - Part IV Tax on Capital of Financial Institutions There's a new section in Part 1 for the “life insurance corporation that was a resident of Canada at any time in the year”. S310 (Formerly S310Supp) - Newfoundland and Labrador Manufacturing and Processing Investment Tax Credit Schedule S310 (formerly S310Supp) is an official CRA T2 schedule now. When the schedule is applicable, the information on the schedule is transmitted along with the T2 Corporation Income Tax Return. S311 (Formerly S311Supp) - Newfoundland and Labrador Green Technology Tax Credit Schedule S311 (formerly S311Supp) is an official CRA T2 schedule now. When the schedule is applicable, the information on the schedule is transmitted along with the T2 Corporation Income Tax Return. S425 (T666) - British Columbia Scientific Research and Experimental Development Tax Credit Capital BC qualified expenditures in the tax year before 2014 are removed in Part 3 and in Schedule A. S444 - Yukon Business Carbon Price Rebate Eligible Yukon mining assets are now included in the Part 4 table. T183 - Information Return for Corporations Filing Electronically Total tax payable (line 770) amount is now shown on T183. Alberta AS13 - Alberta Capital Cost Allowance (CCA) The schedule reflects new AIIP UCC adjustments and CCA calculations to align with the federal T2 update. Quebec QS8 - Capital Cost Allowance The schedule reflects new AIIP UCC adjustments and CCA calculations to align with the federal T2 update. Additional Minor Form Updates ● AT1 ● AS2 ● AS4 ● AS12 ● AS13 ● AS16 ● AS21 ● S65 ● S125 ● S141 ● S429 ● S500 ● T661 ● T1044 Removed Forms in 2021-2024 T2 module ● AS9 ● AS9List ● AS9Worksheet |
| Systems | ● Various product enhancements |
| Coming Soon! | ● 2023 T3 Module |
| Module | Content |
| Introduction | Version 2023.0.4 Download the latest release of the ProFile Suite, version 2023.0.4. Highlights include: ● Various user experience improvements |
Note: The new Intuit Sign for ProFile feature will be available for French-language customers in an upcoming ProFile release.
| Module | Content |
| Introduction | Version 2023.0.3 Download the latest release of the ProFile Suite, version 2023.0.3. Highlights include: ● New eSignature option: Intuit Sign for ProFile |
| Systems | We are pleased to announce that Intuit Sign for ProFile is now available with the latest ProFile update. Intuit Sign for ProFile is an add-on service that lets you ask for unlimited electronic signatures on critical authorization forms from clients without leaving ProFile. You can now track and view signature requests and signed documents all in one place with the Intuit Sign dashboard. Once purchased, a single license can be used for an entire firm across the T1 and T2 modules. Intuit Sign for ProFile features include: ● Request unlimited electronic signatures on critical authorization forms from clients in the T1 and T2 modules. ● One license for an entire firm to use. ● View or download signed documents right in ProFile with the Intuit Sign dashboard. ● Track request statuses right in ProFile with the Intuit Sign dashboard. ● Set auto-reminders and expiry dates for your clients. ● Automatic time-stamping with signatures. ● Authentication certificate attached with signed documents. ● Streamlined client on-boarding. ● Online Cloud document storage for seven years to help you stay compliant. Future releases of Intuit Sign will include: ● Multiple documents in a single request. ● Support for multiple authorization forms in a single request. ● Multiple signatures on multiple documents in a single request. ● French-language support. ● Quebec form support. ● T3 module support. |
For more information on Intuit Sign, review our support article.
| Module | Content |
| Introduction | Version 2023.0.1 Download the latest release of the ProFile Suite, version 2023.0.1. This is the first release of ProFile T1 and FX for the 2023 taxation year. Forms for the 2023 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 2023 T1/TP1 module is now available ● 2022-23 ProFile to ProFile carry forward preview ● 2022-23 Taxprep to ProFile carry forward preview ● 2022-23 Cantax to ProFile carry forward preview ● 2022-23 TaxCycle to ProFile carry forward preview ● 2022-23 DTMax to ProFile carry forward preview ● Forms T2201 and TP752.0.14 are removed T2 highlights include: ● ProFile T2 now carries forward information from 2023 files created with Taxprep T2 (version 2023 v1.1), Cantax T2 (version 23.1.307.100), TaxCycle, and DTMax (version 26.30). FX/Q highlights include: ● New 2023 FX/Q module is now available ● ProFile 2023 FX carries forward information from 2022 files created with ProFile 2022 FX, Taxprep Forms versions up to 2022 v5.0 and Cantax FormMaster versions up to 2022 v5.0 System highlights include: ● Various product improvements |
| T1/TP1 | 2022-23 ProFile to ProFile carry forward preview This early version of the ProFile T1 module carries forward information from 2022 ProFile returns to create new 2023 ProFile returns (for preview purposes only). To carry forward a single 2022 tax return, right-click the file and select the Carry forward option. 2022-23 Taxprep to ProFile carry forward preview This version of the ProFile T1 module carries forward information from 2022 Taxprep T1 returns to create new 2023 ProFile returns. To carry forward a Taxprep T1 file, select the option Carry forward from the File menu. Set Files of type as “2022 Taxprep T1 (.122)” or drag-and-drop a Taxprep file (.122) into a ProFile T1 file. Taxprep versions are supported up to 2022 v5.0. 2022-23 Cantax to ProFile carry forward preview This version of the ProFile T1 module carries forward information from 2022 Cantax T1 returns to create new 2023 ProFile returns. To carry forward a Cantax T1 file, select the option Carry forward from the File menu. Set Files of type as “2022 Cantax T1 (. P22)” or drag-and-drop a Cantax (. P22) file into a ProFile T1 file. Cantax versions are supported up to version 22.5.303.120. 2022-23 DT Max to ProFile carry forward preview This version of the ProFile T1 module carries forward information from 2022 DT Max T1 returns to create new 2023 ProFile returns. DT Max versions are supported up to v26.30. 2022-23 TaxCycle to ProFile carry forward This version of the ProFile T1 module carries forward information from 2022 TaxCycle T1 returns to create new 2023 ProFile returns. Removed Forms ● T2201 ● TP752.0.14 Taxprep, Cantax, TaxCycle, and DTMax to ProFile carry forward ProFile T2 now carries forward information from 2023 files created with Taxprep T2 (version 2023 v1.1), Cantax T2 (version 23.1.307.100), TaxCycle, and DTMax (version 26.30). Minor form updates ● AS1 ● CO1029.8.33.6 ● CO737.18.CI ● CO737.18.CISupp |
| FX/Q | New 2023 FX/Q module The new 2023 FX/Q module is now available. Note that the Quebec slip filing in 2023 FX/Q module is disabled. Those wishing to file the 2023 slips now should use the previous module and manually override the year to 2023. Slip filing in the 2023 module will be enabled in a future release once the 2023 slips have been updated. Carry forward from 2022 to 2023 ProFile 2023 FX carries forward information from 2022 files created with ProFile 2022 FX, Taxprep Forms versions up to 2022 v5.0 and Cantax FormMaster versions up to 2022 v5.0. AUT-01 - Authorize a Representative for Offline Access AUT-01 has been updated with new program accounts including: ● LT: Luxury tax ● RU: Underused Housing Tax ● ZA: Canada Emergency Rent Subsidy, rent recovery programs ● RP: Payroll deductions, Canada Emergency Wage Subsidy, wage recovery programs T101B - Adjustment to Canadian Exploration Expenditures (CEEs) and Canadian Development Expenditures (CDEs) previously renounced T101B has been updated to include Critical Mineral Exploration Tax Credits. This tax credit is applicable to specific critical minerals including nickel, lithium, cobalt, graphite, copper, rare earth elements, vanadium, and uranium, among others. T2057 Election on Disposition of Property by a Taxpayer to a Taxable Canadian Corporation T2057 is updated with the following changes: ● Part 1: new lines 004, 010, 020, and 025 ● Part 3: new lines 201, 206, and 207 ● Schedule A: ○ Capital property (shares only) table is added ○ Eligible capital property table is removed T2058 Election on Disposition of Property by a Partnership to a Taxable Canadian Corporation T2058 is updated with the following changes: ● Part 1: new lines 010 and 025 ● Part 3: new lines 201, 206, 207, and 208 ● Schedule A: Capital property (shares only) table is added T2059 Election on Disposition of Property by a Taxpayer to a Canadian Partnership T2059 is updated with the following changes: ● Part 1: new lines 004, 010, 020, and 025 ● Part 3: new lines 201 and 203 ● Schedule A: Capital property (shares only) table is added Minor form update ● GST74 ● T1261 |
| Systems | ● Various product improvements |
| Coming Soon! | ● 2022-23 TurboTax to ProFile carry forward (T1/TP1) ● 2023 form update (T2) |
| Module | Content |
| Introduction | Version 2023.0.0 Download the latest release of the ProFile Suite, version 2023.0.0. This is the first release of ProFile T1 and FX for the 2023 taxation year. Forms for the 2023 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 2023 T1/TP1 module is now available ● 2022-23 ProFile to ProFile carry forward preview ● 2022-23 Taxprep to ProFile carry forward preview ● 2022-23 Cantax to ProFile carry forward preview ● 2022-23 TaxCycle to ProFile carry forward preview ● 2022-23 DTMax to ProFile carry forward preview ● Forms T2201 and TP752.0.14 are removed T2 highlights include: ● ProFile T2 now carries forward information from 2023 files created with Taxprep T2 (version 2023 v1.1), Cantax T2 (version 23.1.307.100), TaxCycle, and DTMax (version 26.30). FX/Q highlights include: ● New 2023 FX/Q module is now available ● ProFile 2023 FX carries forward information from 2022 files created with ProFile 2022 FX, Taxprep Forms versions up to 2022 v5.0 and Cantax FormMaster versions up to 2022 v5.0 System highlights include: ● Various product improvements |
| T1/TP1 | 2022-23 ProFile to ProFile carry forward preview This early version of the ProFile T1 module carries forward information from 2022 ProFile returns to create new 2023 ProFile returns (for preview purposes only). To carry forward a single 2022 tax return, right-click the file and select the Carry forward option. 2022-23 Taxprep to ProFile carry forward preview This version of the ProFile T1 module carries forward information from 2022 Taxprep T1 returns to create new 2023 ProFile returns. To carry forward a Taxprep T1 file, select the option Carry forward from the File menu. Set Files of type as “2022 Taxprep T1 (.122)” or drag-and-drop a Taxprep file (.122) into a ProFile T1 file. Taxprep versions are supported up to 2022 v5.0. 2022-23 Cantax to ProFile carry forward preview This version of the ProFile T1 module carries forward information from 2022 Cantax T1 returns to create new 2023 ProFile returns. To carry forward a Cantax T1 file, select the option Carry forward from the File menu. Set Files of type as “2022 Cantax T1 (. P22)” or drag-and-drop a Cantax (. P22) file into a ProFile T1 file. Cantax versions are supported up to version 22.5.303.120. 2022-23 DT Max to ProFile carry forward preview This version of the ProFile T1 module carries forward information from 2022 DT Max T1 returns to create new 2023 ProFile returns. DT Max versions are supported up to v26.30. 2022-23 TaxCycle to ProFile carry forward This version of the ProFile T1 module carries forward information from 2022 TaxCycle T1 returns to create new 2023 ProFile returns. Removed Forms ● T2201 ● TP752.0.14 Taxprep, Cantax, TaxCycle, and DTMax to ProFile carry forward ProFile T2 now carries forward information from 2023 files created with Taxprep T2 (version 2023 v1.1), Cantax T2 (version 23.1.307.100), TaxCycle, and DTMax (version 26.30). Minor form updates ● AS1 ● CO1029.8.33.6 ● CO737.18.CI ● CO737.18.CISupp |
| FX/Q | New 2023 FX/Q module The new 2023 FX/Q module is now available. Note that the Quebec slip filing in 2023 FX/Q module is disabled. Those wishing to file the 2023 slips now should use the previous module and manually override the year to 2023. Slip filing in the 2023 module will be enabled in a future release once the 2023 slips have been updated. Carry forward from 2022 to 2023 ProFile 2023 FX carries forward information from 2022 files created with ProFile 2022 FX, Taxprep Forms versions up to 2022 v5.0 and Cantax FormMaster versions up to 2022 v5.0. AUT-01 - Authorize a Representative for Offline Access AUT-01 has been updated with new program accounts including: ● LT: Luxury tax ● RU: Underused Housing Tax ● ZA: Canada Emergency Rent Subsidy, rent recovery programs ● RP: Payroll deductions, Canada Emergency Wage Subsidy, wage recovery programs T101B - Adjustment to Canadian Exploration Expenditures (CEEs) and Canadian Development Expenditures (CDEs) previously renounced T101B has been updated to include Critical Mineral Exploration Tax Credits. This tax credit is applicable to specific critical minerals including nickel, lithium, cobalt, graphite, copper, rare earth elements, vanadium, and uranium, among others. T2057 Election on Disposition of Property by a Taxpayer to a Taxable Canadian Corporation T2057 is updated with the following changes: ● Part 1: new lines 004, 010, 020, and 025 ● Part 3: new lines 201, 206, and 207 ● Schedule A: ○ Capital property (shares only) table is added ○ Eligible capital property table is removed T2058 Election on Disposition of Property by a Partnership to a Taxable Canadian Corporation T2058 is updated with the following changes: ● Part 1: new lines 010 and 025 ● Part 3: new lines 201, 206, 207, and 208 ● Schedule A: Capital property (shares only) table is added T2059 Election on Disposition of Property by a Taxpayer to a Canadian Partnership T2059 is updated with the following changes: ● Part 1: new lines 004, 010, 020, and 025 ● Part 3: new lines 201 and 203 ● Schedule A: Capital property (shares only) table is added Minor form update ● GST74 ● T1261 |
| Systems | ● Various product improvements |
| Coming Soon! | ● 2022-23 TurboTax to ProFile carry forward (T1/TP1) ● 2023 form update (T2) |
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