Profile HelpIntuitWhat's new in ProFile
by Intuit•1• Updated 2 weeks ago
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What's new in ProFile release 2025.3.7
| Module | Content |
| Introduction | Version 2025.3.7 Download the latest release of the ProFile Suite, version 2025.3.7. Not all forms for the 2025 taxation year are released by the CRA at this time. In-product forms include a “DRAFT” watermark indicating that the form isn't approved for use. T1/TP1 highlights include: ● Fixed issue with AIIP/RIIP audit incorrectly triggering |
| T1/TP1 | Fixed issue with AIIP/RIIP audit incorrectly triggering We’ve fixed an issue where following the update to Version 2025.3.5, some T1 2025 users may have encountered auditor warning messages on Asset forms requesting to confirm if an asset addition in the year was AIIP or RIIP even when the form wasn't in use or contained no asset additions for the year. This was happening upon opening files that were created prior to the 2025.3.5 release. This update helps make sure that customers are only prompted when there has been an addition in the year and both the AIIP and RIIP indicators have been selected for that specific addition. |
| Coming Soon! | T1/TP1: ● Multi-jurisdictional filing ● Final version of TP726.7 |
What's new in ProFile release 2025.3.5
| Module | Content |
| Introduction | Version 2025.3.5 Download the latest release of the ProFile Suite, version 2025.3.5. Not all forms for the 2025 taxation year are released by the CRA at this time. In-product forms include a “DRAFT” watermark indicating that the form isn't approved for use. T1/TP1 highlights include: ● 2025 T1/TP1 form updates ● Removal of DRAFT watermark on self-employment and rental schedules ● Revised T777 CCA table to include proposed the reaccelerated investment incentive property (RIIP) measures introduced in Bill C-15. ● GST/HST credit is now the Canada Groceries and Essentials Benefit (CGEB) (New!) T2 highlights include: ● ProFile T2 now carries forward information from 2025 files created with Cantax T2 (v2025.2.307.126), Corporate Taxprep (2025 v2.0), and DT Max T2 (v29.01) T3/TP646 highlights include: ● 2025 T3 form updates ● Removal of DRAFT watermark on self-employment and rental schedules FX/Q highlights include: ● Minor form and slip updates |
| T1/TP1 | Bill C-15 changes to accelerated CCA and immediate expensing The self-employment and rental schedules T2125CCA, T2042CCA, T2121CCA, T1163-T1273CCA, T776CCA, ResourceCCA, and the corresponding Québec worksheets (if applicable) are updated to reflect the measures introduced in Bill C-15. The Bill reinstates the accelerated investment incentive, now called reaccelerated investment incentive (RIIP). It also reinstates immediate expensing for certain capital cost allowance (CCA) classes. The RIIP and immediate expensing allows qualifying property acquired on or after January 1, 2025 and available for use before 2030. The measure would be phased out starting in 2030, and fully eliminated after 2033. Productivity-enhancing assets: An additional enhanced first-year allowance for new additions of property to CCA Classes 44, 46, and 50 acquired after April 15, 2024, and available for use before January 1, 2027. These additions would be eligible for a 100% first-year deduction. CCA Class 44: Patents and intellectual property: CCA Class 46: Data network infrastructure equipment and related systems CCA Class 50: General-purpose electronic data processing equipment (computer hardware) and systems software Purpose-built residential rentals The Government of Canada proposes to provide an accelerated CCA rate of 10% (up from 4%) for new eligible purpose-built residential rentals. These projects would have to begin construction after April 15, 2024, and before 2031, and the property be available for use before 2036. While these updates reflect the final form versions provided by the CRA, please be advised that the Bill C-15 measures remain proposed legislation currently undergoing parliamentary review. If you entered data or added new assets in a previous release, we recommend revisiting these forms to verify that any qualifying property is correctly identified to trigger the new accelerated investment rules and 100% immediate expensing where applicable. Revised T777 CCA table The CRA released a new version of the T777, Statement of Employment Expenses, on February 26th with an updated CCA table to incorporate the proposed reaccelerated investment incentive property (RIIP) measures introduced in Bill C-15. The CCA calculations now reflect the new measures. We recommend that users who previously entered employment expenses review their CCA claims to ensure the new calculations are applied correctly before filing. This ensures that any qualifying assets receive the correct accelerated treatment. GST/HST credit is now the Canada Groceries and Essentials Benefit (CGEB) (New!) The GST/HST credit worksheet (GST) is renamed the Canada Groceries and Essentials Benefit (CGEB). The estimated benefit is updated to reflect a 25% increase to the July 2026-June 2027 payment period. A paragraph has been added to the Letter template to inform individuals that they may be eligible for an extra 50% top up payment if they received the GST/HST credit in the previous year. The extra payment will be paid by June 2026. |
| T2 | Cantax, Taxprep, and DT Max to ProFile carry forward ProFile T2 now carries forward information from 2025 files created with the following software: ● Cantax T2 - v2025.2.307.126 (Released November 20, 2025) ● Corporate Taxprep - 2025 v2.0 (Released December 8, 2025) ● DT Max T2 - v29.01 (Released December 17, 2025) |
| T3/TP646 | Bill C-15 changes to accelerated CCA and immediate expensing The self-employment and rental schedules T2125, T2042, T2121, T776 and the corresponding Québec forms TP80B, TP80.AP (Farming and Fishing) and TP128 are updated to reflect the accelerated CCA and immediate expenses introduced in Bill C-15. These updates show the final versions provided by the CRA. However, the Bill C-15 measures are still proposed legislation that is being reviewed by parliament. If you entered data or added new assets in a previous release, we recommend revisiting these forms to verify that any qualifying property is correctly identified to trigger the new accelerated investment rules and 100% immediate expense where applicable. |
| FX/Q | Minor form updates: ● TP-64.3 Minor slip updates: ● RL1Detail ● T4Detail |
| Coming Soon! | T1/TP1: ● Multi-jurisdictional filing |
What's new in ProFile release 2025.3.1
| Version 2025.3.1 Download the latest release of the ProFile Suite, version 2025.3.1. Release highlights include: Stability and reliability improvements: This update fixes problems with the application's stability and reliability. It also improves the reliability of common workflows. Additional fixes to reduce the likelihood of unexpected interruptions during use that some customers experience. |
What's new in ProFile release 2025.3.0
| Module | Content |
| Introduction | Version 2025.3.0 Download the latest release of the ProFile Suite, version 2025.3.0. This release is in preparation for the Canada Revenue Agency (CRA) opening EFILE services on February 23, 2025. Not all forms for the 2025-taxation year are released by the CRA at this time. In-product forms include a “DRAFT” watermark indicating that the form isn't approved for use. T1/TP1 highlights include: ● 2025 T1 form updates ● 2025 TP1 form updates ● Notice of Assessment (NOA) via tax software no longer available (New!) ● EFILE-certified T1 nonresident returns ● T1 EFILE from 2018 to 2025 tax years ● T1 ReFILE from 2022 to 2025 tax years ● T1134 EFILE from 2021 to 2025 tax years ● T1135 EFILE from 2018 to 2025 tax years ● T1 Barcode and KFS ● T1PAD EFILE (Pre-Authorized Debit) for 2025 tax year ● TP1 NETFILE from 2022 to 2025 tax years ● TP1 barcode ● RQ Import from 2022 to 2025 tax years ● TP-80.AP - Farming or Fishing Income and Expenses is now available (New!) ● EFILE Hard Block Errors T2 highlights include: ● Québec CO-17 - Corporation Income Tax Return updated for 2025 filing ● AgriStability forms updated in T2 ● Québec forms CO-1029.8.36.EK, RD-1029.8.CR, RD-1029.8.EN, and TP-1079.8.BE are now available (New!) T3/TP646 highlights include: ● T3RET/T3M/T3RCA EFILE from 2021 to 2025 tax years ● T3P EFILE for 2023 to 2025 tax years ● T3PRP EFILE for 2023 to 2025 tax years ● T1135 EFILE for 2022 to 2025 tax years ● Section 216 return is available for T3 Electronic Filing ● T3MJ paper filing ● 2025 form updates ● LM-91 is now available (New!) ● TP-80.AP - Farming or Fishing Income and Expenses is now available (New!) FX/Q highlights include: ● T5013 is certified for paper and XML filing ● T3010 is certified for paper and XML filing ● TP600 is certified for paper filing ● TP985.22 is certified for paper filing ● TP518’s new version (2025-12) is certified for paper filing ● TP529’s new version (2025-12) is certified for paper filing ● TP614’s new version (2025-12) is certified for paper filing ● T5013 forms T5013S74, T5013S76, and T5013S78 are now available (New!) ● Special Elections and Returns (SERs) T2057 and T2059 are certified for paper and XML filing System highlights include: ● Various product improvements |
| T1/TP1 | I. Federal Tax Changes Bill C-15 proposed changes to accelerated CCA and immediate expensing On November 18, 2025, the federal government tabled Bill C-15, which includes several measures related to accelerated capital cost allowance (CCA) and other immediate expensing measures. These include a temporary measure to reintroduce the accelerated investment incentive (referred to as reaccelerated investment incentive property or RIIP) and allow taxpayers to claim accelerated first-year CCA deductions, enhanced CCA for purpose-built rental housing and immediate expensing for: ● Manufacturing and processing (M&P) machinery and equipment ● Clean energy equipment ● Zero-emission vehicles ● Productivity-enhancing assets We're currently updating our self-employment and rental schedules to reflect these proposed measures. As a result, the following forms will remain in Draft for this release: T2125CCA, T2042CCA, T2121CCA, T1163-T1273CCA, T776CCA, ResourceCCA, and the corresponding Québec worksheets (if applicable). You may still enter data into these forms; however, the final version with finalized CCA calculations will be available in our next release Changes to Viewing Notice of Assessments in Tax software As of February 9, 2025, the CRA decommissioned the ability to deliver notice of assessments (NOA) and reassessment (NORA) in the Tax Software products for all future and prior tax years. If you attempt to access an NOA or NORA using our older modules (2024 and prior) it’ll return with an error. The assessments will only be available to view exclusively on the Canada Revenue Agency (CRA) portals (My Account, My Business Account, and Represent a Client). The CRA will send an email after they've received and processed the tax return. For individuals who don't have a CRA account, or have chosen to receive correspondence by mail, the CRA will send notices to the mailing address on file. For more information on how to receive the notices of assessment and reassessment, visit this CRA website. CRA Efile Security Enhancement The CRA is now implementing a mandatory security process that links your EFILE account to specific certified T1 and T3 software products. This improvement makes submissions safer by making sure returns are only sent through the software associated with your EFILE account. For the current filing season, the CRA has automatically associated your EFILE account with this software based on your historical usage. However, if you attempt to submit a T1 or T3 return using a product not currently linked to your account, the transmission will fail and the return will be rejected. If you need to update your software preferences or confirm if ProFile is linked to your account, please contact your CRA EFILE helpdesk immediately to ensure uninterrupted filing Mandatory Efile blocking on certain errors We have integrated mandatory EFILE validation blocks as required by the Canada Revenue Agency (CRA). These blocks are designed to prevent the submission of returns that contain critical formatting errors or missing mandatory fields that'd result in an automatic rejection by the CRAs systems. These errors will be listed specifically as CRA EFILE Blocking Error within the Efile tab of the Auditor. Users must resolve all such errors before the software will allow the electronic transmission of the return. For more info, check out this article. Non-resident tax returns Returns for emigrants, deemed residents (Section 250) (excluding deemed residents of Quebec) and for non-residents filing under section 116 are now EFILE-certified for the 2025 tax year. Tax rate change The lowest marginal individual income tax rate has been adjusted for 2025. Effective July 1, 2025, the rate decreases from 15% to 14%. Because this change is implemented mid-year, the effective full-year lowest marginal individual income tax rate for 2025 will be 14.5%. Importantly, the rate used for most non-refundable tax credits remains tied to the lowest marginal individual income tax rate for the year.. Top-up tax credit For the 2025 tax year, a new non-refundable tax credit is available to individuals at line 34990. This credit is designed to maintain an effective 15% rate for certain non-refundable tax credits claimed on income amounts exceeding the first income tax bracket threshold, which is $57,375 for 2025. Individuals can claim this credit if they are claiming specific non-refundable tax credits that are impacted by the reduction of the lowest marginal individual income tax rate from 15% to 14.5% for 2025. T657 - Calculation of Capital Gains Deduction Capital gains deduction calculations for Qualifying Business Transfers or Qualifying Cooperative Conversions on T2048 are being adjusted for the following calculations on T657: ● Line 21 - Annual gains limit for 2025 in Step 1; ● Line 19 - Cumulative gains limit for 2025 in Step 2; ● Capital gains deduction calculation charts after 2023. There's a new Chart 2025 - Part 1 available for capital gains deduction calculations for the qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS) reported on a 2025 T3 or T5013 slip for a disposition that took place in Period 1 of 2024. The maximum capital gains deduction for such QFFP and/or QSBCS dispositions is $522,145. T2017 - Summary of Reserves on Dispositions of Capital Property Reserves from dispositions of qualifying business transfers (QBT) or qualifying cooperative conversions (QCC) after 2023 are now included in the reserve calculations on T2017. The calculations for reserves on dispositions of capital property before June 25, 2024 are now removed. II. Provincial & Territorial Tax Changes Quebec TP-80.AP - Farming or Fishing Income and Expenses (New!) The form TP-80.AP-V, Farming or Fishing Income and Expenses is a new form from Revenu Québec for this year and officially replaces the previous TP1Farming and TP1Fishing in ProFile software. Users will see TP80.APFarming and TP80.APFishing form names as applicable, but also retain the option of searching TP1Farming and TP1Fishing with Form Explorer. Import of RQ data for 2025 The following new items are included with import of RQ data and will be shown on the Data Import Summary form in ProFile: ● Direct deposit indicator ● Impairment certificate indicator (TP-752.0.14) ● Dependent senior status and start date (TPZ-1029.MD.A) (if applicable) |
| T2 | Federal Schedules AGRI - T2 AgriStability and AgriInvest AgriStability forms are updated to support 2025 tax year filings. S8 - Capital Cost Allowance To reflect annual regulatory updates for Schedule 8, the Capital Cost Allowance (CCA) ceiling for Class 10.1 passenger vehicles has been increased from $38,000 to $39,000 before tax for all acquisitions made on or after January 1, 2026. Bill C-15 On November 4, 2025, the Canadian federal government tabled Bill C-15, which reinstates the accelerated investment incentive, now called reaccelerated investment incentive (RII), and immediate expensing of manufacturing and processing machinery and equipment, clean energy equipment, and zero-emission vehicles. The RII and immediate expensing would be available for qualifying property acquired on or after January 1, 2025, and that becomes available for use before 2034, with a four-year phase-out for property that becomes available for use after 2029. The CRA has communicated to us that these changes can now be taken into account when preparing returns. They will publish a revised Schedule 8 to support these changes at a future date, which we will include in our software when made available. Until then, you can manually override the CCA amounts for 2025 and 2026 acquisitions eligible under Bill C-15. S63 - Return of Fuel Charge Proceeds to Farmers Tax Credit To reflect the conclusion of the federal fuel charge on April 1, 2025, a new notice validation is added to Schedule 63 regarding the Return of Fuel Charge Proceeds to Farmers Tax Credit. This validation informs users that the 2024-25 period represents the final credit for eligible claimants, as the Minister of Finance has officially set a nil payment rate per $1,000 of eligible farming expenses incurred during the 2025 calendar year across all designated provinces. Québec Schedules CO-17 - Corporation Income Tax Return Effective for taxation years ending after December 30, 2025, Revenu Québec has introduced a mandatory disclosure requirement for corporations holding foreign assets. This selection is an indicator for the new form TP-1079.8.BE (see note below for more detail). CO-1029.8.21.22 - Tax Credit for Technological Adaptation Services Revenu Québec has updated the Tax Credit for Technological Adaptation Services form. Our latest version also notifies users of specific date eligibility requirements, confirming that the tax credit is only available for taxation years or fiscal periods beginning before March 26, 2025. This notification serves to guide the transition between incentive programs; for any periods starting after March 25, 2025, the form directs corporations to the new Tax Credit for R&D and Pre-Commercialization (RD-1029.8.CR) document. The aforementioned updated version effectively manages this phase-out while ensuring that qualified expenditures for active contracts with eligible technology transfer centres (CCTT or LTC) remain accurately reported for the remaining eligible period. CO-1029.8.36.EK - Cumulative Limit Allocation Agreement for the Tax Credit Relating to Resources (New!) Revenu Québec has introduced a new form, CO-1029.8.36.EK, titled the Cumulative Limit Allocation Agreement for the Tax Credit Relating to Resources. This form is mandatory for associated corporations whose taxation years begin after March 25, 2025, and who wish to reach an agreement on allocating the $100-million cumulative limit used to calculate the tax credit relating to resources. It must be signed by authorized representatives of each associated corporation and enclosed with the corporation's income tax return (CO-17). CO-1029.8.36.EM - Tax Credit Relating to Resources Revenu Québec has updated the Tax Credit Relating to Resources form to reflect legislative enhancements for the development stage of mining projects and initiatives involving critical and strategic minerals. This version introduces a structural split to manage expenditures incurred before and after the March 25, 2025 transition date. Expanded Eligibility: Development expenses for mining resources are now eligible for the credit to better support projects in their early stages. Revised Credit Rates: The general credit rate is revised to 22.5% for corporations. ● An enhanced rate of 45% is available for projects involving critical and strategic minerals (CSM) until December 31, 2029. New Expense Limit: A new cumulative limit of $100 million on eligible expenses per five-year period has been introduced. Flow-Through Share Repeals: To align with federal measures, two additional 10% deductions for mineral exploration and the additional capital gains exemption for certain resource properties have been repealed for shares issued or dispositions occurring after March 25, 2025. RD-1029.7 - Tax Credit for Salaries and Wages (R&D) Revenu Québec has updated the Tax Credit for Salaries and Wages (R&D) form. Our latest version notifies users of specific date eligibility requirements, confirming that the tax credit is only available for taxation years or fiscal periods beginning before March 26, 2025. This notification serves to guide the transition between incentive programs; for any periods starting after March 25, 2025, the form directs corporations to the new Tax Credit for R&D and Pre-Commercialization (RD-1029.8.CR) form. The aforementioned updated version effectively manages this phase-out while ensuring that qualified R&D salaries and wages incurred under the original program parameters are accurately reported for the duration of the eligibility window. RD-1029.8.9.03 - Tax Credit for Fees and Dues Paid to a Research Consortium Revenu Québec has updated the Tax Credit for Fees and Dues Paid to a Research Consortium form. Our latest version also notifies users of specific date eligibility requirements, confirming that the tax credit is only available for fees or dues paid in a taxation year or fiscal period beginning before March 26, 2025. This notification serves to guide the transition between incentive programs; for any periods starting after March 25, 2025, the form directs corporations to the new Tax Credit for R&D and Pre-Commercialization (RD-1029.8.CR). The aforementioned updated version effectively manages this phase-out while ensuring that cumulative fees or dues from earlier periods are accurately reported for the duration of the eligibility window. RD-1029.8.CR - Tax Credit for R&D and Pre-Commercialization (New!) Revenu Québec has introduced the new RD-1029.8.CR form to support the Research, Innovation and Commercialization Tax Credit (CRIC). This program consolidates and replaces eight previous R&D tax measures with a streamlined incentive for activities starting in 2025. The following forms in our software and their associated credits are discontinued for taxation years or fiscal periods beginning after March 25, 2025: ● RD-1029.7: Tax Credit for Salaries and Wages (R&D). ● RD-1029.8.6: Tax Credit for University Research or Research Carried Out by a Public Research Centre or a Research Consortium. ● RD-1029.8.9.03: Tax Credit for Fees and Dues Paid to a Research Consortium. ● RD-1029.8.16.1: Tax Credit for Private Partnership Pre-Competitive Research. RD-1029.8.EN - Agreement Regarding the Expenditure Limit for the Tax Credit for R&D and Pre-Commercialization (New!) Revenu Québec has introduced the new RD-1029.8.EN form, designed for associated corporations to reach an agreement on the allocation of the $1,000,000 annual expenditure limit for the Tax Credit for R&D, Innovation, and Pre-commercialization. TP-1079.8.BE - Foreign Property Return (New!) Revenu Québec has introduced a new form required for Québec-resident individuals, corporations, trusts, and partnerships that held "designated foreign property" (such as offshore funds, foreign stocks, or debt) with a total cost exceeding CAD 100,000 at any point during the year. The form must be submitted by the filer’s tax deadline to avoid potential extensions to the standard reassessment period. Additional minor form updates Alberta ● AS10 ● AS13 Federal ● S1Auto ● S322 (S5PE) ● S341 ● T1197 (S423) Québec ● CO-130.A ● CO-1027 ● CO-1029.8.33.13 ● CO-1029.8.33.TE ● CO-1029.8.36.DA ● CO-1029.8.36.II ● CO-1029.8.36.5 ● CO-1029.8.36.7 ● CO-737.18.CI ● COZ-1027.P ● RD-1029.8.16.1 ● RD-1029.8.6 ● TP-21.4.39 ● TP-1086.R.23.12 |
| T3/TP646 | I. Federal Tax Changes The following forms are marked as “DRAFT” while we work on updating the CCA calculations according to the proposed measures in Bill C-15 : ● T2125 ● T2042 ● T2121 ● T776 ● TP128 ● TP80B The following forms are marked as “DRAFT” while we await the final versions from CRA : ● T244 ● T24EOT II. Provincial & Territorial Tax Changes TP656 - Quebec TP-80.AP - Farming or Fishing Income and Expenses (New!) The form TP-80.AP, Farming or Fishing Income and Expenses is a new form from Revenu Québec for this year and officially replaces the previous TP1Farming and TP1Fishing in ProFile software. Users will see TP80.APFarming and TP80.APFishing form names as applicable, but also retain the option of searching TP1Farming and TP1Fishing with Form Explorer. LM-91 - Self-Declaration for the Application of the Charter of the French Language (New!) The form LM-91-V, Self-Declaration for the Application of the Charter of the French Language, is a new form for individuals or individuals in business to which an exception under the Charter of the French language applies. Under the Charter, Revenu Québec must communicate in French except in certain situations. This form is used to officially declare that an exception applies and that you wish to receive services in English. If completing LM-58.1.2-V (Application for a Trust Identification Number), and the main trustee is an individual who'd like to be served in English, they have to complete form LM-91-V and include it with LM-58.1.2-V (unless they have already sent in form LM-91-V or filed their self-declaration in My Account for individuals). |
| FX/Q | T5013FIN - Partnership Financial Return This form has been updated to include references to the new T5013SCH74 and T5013SCH76. T5013Detail - T5013 Details & T5013Worksheet - T5013 Partnership Worksheet Three new sections are added: ● Clean Hydrogen ITC from T5013SCH74 ● Clean Technology Manufacturing ITC from T5013SCH76 ● Carbon Capture, Utilization, and Storage ITC from T5013SCH78 T5013SCH1 - Net Income (Loss) for Income Tax Purposes The following lines have been updated: ● Other additions (previously lines 600-604 and 290-294) are now consolidated into lines 605 and 295 ● Other deductions (previously lines 700-704 and 390-394) are now consolidated into lines 705 and 395 T5013SCH6 - Summary of Dispositions of Capital Property The form has been simplified for the 2025 tax year. The separate reporting sections for Period 1 and Period 2 capital gains have been removed. These periods were temporarily required in 2024 to account for the then-proposed change in the capital gains inclusion rate. The capital gains inclusion rate remains at 50% for 2025. T5013SCH74 - Clean Hydrogen Investment Tax Credit (New!) This form is for partnerships to allocate the clean hydrogen investment tax credit (ITC) to its members. T5013SCH63 - Return of Fuel Charge Proceeds to Farmers Tax Credit To reflect the conclusion of the Federal fuel charge on April 1, 2025, a new notice validation is added to T5013 Schedule 63 regarding the Return of Fuel Charge Proceeds to Farmers Tax Credit. This validation informs users that the 2024-25 period represents the final credit for eligible claimants, as the Minister of Finance has officially set a nil payment rate per $1,000 of eligible farming expenses incurred during the 2025 calendar year across all designated provinces. T5013SCH76 - Clean Technology Manufacturing Investment Tax Credit (New!) This form is for partnerships to allocate the clean technology manufacturing investment tax credit (ITC) to its members. T5013SCH78 - Carbon Capture, Utilization, and Storage Investment Tax Credit (New!) This form is for partnerships to allocate the carbon capture, utilization, and storage investment tax credit (ITC) to its members. T5013SCH8 - Capital Cost Allowance To reflect annual regulatory updates for Schedule 8, the Capital Cost Allowance (CCA) ceiling for Class 10.1 passenger vehicles has been increased from $38,000 to $39,000 before tax for all acquisitions made on or after January 1, 2026. TP-1015.3 - 2026 Source Deductions Return Updated the 2026 Source Deductions Return in alignment with the latest Revenu Québec version. Numerous provincial credit amounts have been indexed by approximately 2% to reflect inflation adjustments. The Basic Personal Amount, Child Base Amount, and Family Fixed Amount have all increased accordingly. The Monthly Child Assistance amount has been adjusted upward. Both the Maximum Retirement Income limit and the Spouse Maximum Retirement Income limit (Line 81) have been raised to the same new threshold. The Maximum Work Income Credit and the Work Premium Threshold (Line 141) have also been increased. TP-1079.8.BE - Foreign Property Return (New!) Revenu Québec has introduced a new form required for Québec-resident individuals, corporations, trusts, and partnerships that held "designated foreign property" (such as offshore funds, foreign stocks, or debt) with a total cost exceeding $100,000 CAD at any point during the year. The form must be submitted by the filer’s tax deadline to avoid potential extensions to the standard reassessment period. TP-600.SA The revised form has a new field, A.1 Trust account number. TP-985.22 - Information Return for Registered Charities and Other Donees Disbursement Quota Adjustment (Schedules A & B) The latest version now reflects the removal of line 112 (Schedule A) and line 212 (Schedule B) regarding "Amounts Deemed Spent" by Revenu Québec. This update supersedes the previous version of the return to reflect that organizations can no longer request this relief for taxation years beginning after December 31, 2022. Additional minor form updates Federal ● PD27 ● T1223 ● T5013SCH8 ● T5013SCH63 ● T5013SCH75 ● T5013SCH444 ● FIN146 ● FIN542P ● FIN542S ● AT107 ● AT108 ● AT109 Québec: ● TP-21.4.39 ● TP518 ● TP529 ● TP614 ● TP600SB ● TP600SD ● TP600SE ● TP600SF ● TP985.22SC ● TP985.22SD Minor slip updates ● T2200 ● T4A-RCA ● T5013-INST |
| Coming Soon! | T1/TP1: ● Multi-jurisdictional filing ● Final versions of T2125, T2042, T2121, T1163-T1273, T776, Resource and the corresponding Québec worksheets T3/TP646: Final versions of T2125, T2042, T2121, T1163-T1273, T776, Resource and the corresponding Québec worksheets |
| Module | Content |
| Introduction | Version 2025.2.7 Download the latest release of the ProFile Suite, version 2025.2.7. Forms for the 2025-taxation year aren't being released by the 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 don't use this release to begin entering data for their clients. T1/TP1 highlights include: ● Auto-fill My Return (AFR) from 2016 to 2025 tax years ● 2025 T1 form updates ● 2025 TP1 form updates T3/TP646 highlights include: ● TP646 paper authorization ● 2025 T3/TP646 form updates FX/Q highlights include: ● Updated federal slips and forms System highlights include: ● Various product improvements |
| T1/TP1 | Federal Tax Changes Auto-fill My Return (AFR) for 2025 ProFile has been updated to let authorized representatives download client data for the 2025 tax year. The delivery of 2025 tax year data and slips will be available in production on Monday, February 9, 2026, when the CRA is expected to enable Auto-fill My Return. The following slips and information will be available to download: ● T4 ● T4A ● T4A(OAS) ● T4A(P) ● T4E ● T4FHSA ● RC62 ● RC210 ● T4RSP ● T4RIF ● T5007 ● T3 ● T5 ● T5008 ● T1204 ● T2202 ● T5013 ● ABIL ● RRSP contribution receipt ● PRPP contribution receipt ● Rent Assist, formerly Manitoba Shelter Allowance for elderly renters ● Unused Tuition amounts available ● Canada Training Credit Limit ● Installments paid ● FHSA carryforward for current year |
| T3/TP646 | Revenu Québec Approval of 2024 TP-646 Revenu Québec has approved the paper filing of 2025 TP-646 trust returns. Consequently, the DRAFT watermark has been removed from most TP-646 forms. However, the watermark remains on the TP80, TP80farming, and TP80fishing forms, and these will be updated in a future release.e. Removed forms in the 2025 T3/TP646 module ● QSA1 - Election for certain trusts regarding taxable capital gains |
| FX/Q | Form Updates - T4ARCASlip - T4ARCANotes |
| Systems | Various product improvements |
| Coming Soon! | T1/TP1 ● T1 Barcode, and T1 condensed ● TP1 barcode ● 2025 T1 EFILE ● 2025 T1135 EFILE ● 2025 T1134 EFILE ● 2025 TP1 NETFILE ● 2025 AFR (Auto-fill My Return) EFILE ● T1PAD (pre-authorized debit) EFILE T3/TP646 ● 2025 T3RET, T3RCA, and T3M EFILE with S15 Beneficial Ownership Information ● 2025 T3P and T3PRP EFILE |
What's new in ProFile release 2025.2.7
What's new in ProFile release 2025.2.5
| Module | Content |
| Introduction | Version 2025.2.5 Download the latest release of the ProFile Suite, version 2025.2.5. Forms for the 2025-taxation year aren't being released by the 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 don't use this release to begin entering data for their clients. T1/TP1 highlights include: ● 2025 T1 form updates ● 2025 TP1 form updates ● 2025 TP1 paper filing ● TP1079.8.BE and LM-91 are now available (New!) T3/TP646 highlights include: ● 2025 T3 slip, NR4 slip XML filing ● RL-16 slip paper filing and electronic transmission ● 2025 T3/TP646 form updates ● TP1079.8.BE and T3AO are now available (New!) FX/Q highlights include: ● Updated Quebec RL slip paper and web service filing ● Updated Federal and Quebec Forms System highlights include: ● Various product improvements |
| T1/TP1 | I. Federal Tax Changes T1206 Tax on Split Income For multi-jurisdiction returns, the fixed income allocation rate of 100% on line 56 has been removed for residents of Alberta, and will instead use the specific percentage calculated in Part 1 of Form T2203. The form has expanded tax on split income for multi-jurisdiction returns to now include income allocated to Alberta and Nova Scotia II. Provincial & Territorial Tax Changes Quebec TP-1 ProFile is now authorized by Revenu Québec for paper filing and mailing of the 2025 TP-1 income tax return (including the schedules of the return and any other required forms) to Revenu Québec. TP1079.8.BE - Québec Foreign Property Return (New!) The form TP-1079.8.BE-V, Foreign Property Return, is a brand-new, mandatory filing requirement for Québec residents that hold foreign property. It's the Québec equivalent to the Federal T1135. Taxpayers residing in Québec must report designated foreign property held outside Canada if the total cost was more than $100,000 (Canadian) at any time during the taxation year. If you answered Yes to the question about foreign property on line 25 of the TP-1 and completed the Federal T1135, the information will be transferred to the TP1079.8.BE. It'll be NetFiled with the TP-1 return— it cannot be filed separately from the return. This form must be filed on or before the due date of the filer's income tax return. LM-91 - Self-Declaration for the Application of the Charter of the French Language (New!) The form LM-91-V, Self-Declaration for the Application of the Charter of the French Language, is a new form for individuals or individuals in business to which an exception under the Charter of the French language applies. Under the Charter, Revenu Québec must communicate in French except in certain situations. This form is used to officially declare that an exception applies and that you wish to receive services in English. If a TP-1 income tax return is being filed for the first time and English has been selected as the language of correspondence on the Info form, the software will prompt you to check if any of the exceptions on form LM-91 are applicable. You must then select the applicable exception on the form to submit the Self-Declaration. TP-21.4.39 - Cryptoasset Return The form TP-21.4.39-V, Cryptoasset Return has been updated with two new types of cryptoassets. Users can select the appropriate cryptoasset type from forms S3Details, T2125, T776, or the OtherIncome worksheet. TP-752.PC - Tax Credit for Career Extension Eligibility for the tax credit for career extension has changed for the 2025 taxation year. The minimum eligibility age has been raised from 60 to 65 as of December 31, 2025. |
| T3/TP646 | I. Federal Tax Changes T3AO Trust Amount Owing Remittance Voucher (New!) The T3AO is a voucher used by trusts to remit payments for amounts owed to the Canada Revenue Agency. This form will automatically generate when a trust has a balance owing on their return. ProFile will automatically populate the trust account number, trust name, trustee address, and the amount owing based on information from the return. The form will include all necessary payment processing features including an OCR line for automated processing and a QR code for convenient payment at Canada Post outlets. Administrators can now generate and print this voucher within the software for multiple payment methods including online banking, in-person payment at Canadian financial institutions, or by mail with a cheque or money order. II. Provincial & Territorial Tax Changes TP656 - Quebec TP1079.8.BE - Québec Foreign Property Return (New!) The form TP-1079.8.BE-V, Foreign Property Return, is a brand-new, mandatory filing requirement for Québec trusts that hold foreign property. It's the Québec equivalent to the Federal T1135. Trusts residing in Québec must report designated foreign property held outside Canada if the total cost was more than $100,000 (Canadian) at any time during the taxation year. This new requirement applies to taxation years and fiscal periods ending after December 30, 2025. If you answered Yes to the question about foreign property on line 31.1 of the TP-646 and completed the Federal T1135, the information will be transferred to the TP1079.8.BE. This form must be filed before the deadline for the trust's income tax return for the year or period in question. This is even if the return is not required to be filed for that year or period. The form currently can't be filed online for trusts and must be mailed to Revenu Québec. Removed form(s) ● QSA1 - Election for Certain Trusts Regarding Taxable Capital Gains |
| FX/Q | Form Updates I. Federal Forms RC1 - Request for a Business Number and Certain Program Accounts The latest version of the RC1 form now features updated general information as well as Integrated General Instructions for all GST/HST entrants. II. Provincial & Territorial Forms RL1 - Statement of Remuneration Period The following codes have been removed from the Additional information dropdown list in RL1Detail for the 2025 calendar year: ● 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, 2024 The following codes have been updated from the Additional information dropdown list in RL1Detail for the 2025 calendar year: ● L-9: Security option deduction under section 725.2 of the Taxation Act ● L-10: Security option deduction under section 725.3 of the Taxation Act RL1 - RL1 Summary of Remuneration Period The following has been updated in the RL1Summary for the 2025 calendar year: ● Health Services Fund: new contribution rates and calculation formulas have been implemented across all employer categories to reflect 2025 tiered payroll thresholds ● Labour Standards: the reduced 0.05% contribution rate has been removed, and the standard rate is now consistently applied at 0.06% for all applicable remuneration for all employers ● Remittance Slip: an Optical Character Recognition (OCR) line has been implemented to reflect all details associated with payment in compliance with Revenu Québec requirements RL3 - Investment Income The following codes have been removed from the Additional information dropdown list in RL3Detail for the 2025 calendar year: ● I-1: Dividends on capital gains realized before June 25, 2024 ● I-2: Dividends on capital gains realized after June 24, 2024 RL15 - Amounts Allocated to the Members of a Partnership The RL-15 details have been updated for the 2025-calendar year to allow for the reporting of the recipient's federal trust account number. This optional field is used to provide the identification number assigned to a trust by the CRA. The following codes have been added to the respective sections within the RL-15 details for the 2025 calendar year: ● Canadian Foreign Net Business Income (loss): Code 1-12: Net Business income (or loss) from cryptoassets ● Capital gains (losses): Code 12-17: Capital gains (or losses) from cryptoassets ● Gross income (or gross loss) of the partnership: Code 14-7: Gross business income from cryptoassets ● Additional Information: Code 202: Functional Currency Code The following codes have been removed from the respective sections within the RL-15 details for the 2025 calendar year: ● Capital Gain Reserve: Codes 11-5, 11-6, 11-7, and 11-9 regarding reserves for property disposed of before June 25, 2024 ● Capital gains (losses): ○ Codes 12-10 through 12-16 regarding gains, losses, or split income realized before June 25, 2024 ○ Codes 45-1 and 45-2 regarding eligible taxable capital gains amounts The following code descriptions have been updated within their respective sections of the RL-15 details for the 2025 calendar year: ● Capital Gain Reserve: Updated descriptions for Codes 11-1, 11-3, 11-4, and 11-8 regarding reserves for farm/fishing property, small business shares, other property, and qualifying business transfers, and references to the respective property disposed after June 24, 2024 ● Capital Gains (losses): ○ New descriptions for Codes 12-1, 12-2, and 12-3 about general property, resource property, and foreign capital gains. These descriptions also include income that was made after June 24, 2024. ○ Codes 12-7, 12-8, and 12-9 have been updated. These codes describe the income that is split between regular dividends, foreign dividends, and other capital gains. This income is also shown in the following table. ● Tax Credit: The RL-15 expense code descriptions for Box 73 have been updated to differentiate between expenses incurred before and after March 26, 2025, new codes A.3, B.3, A.4, B.4, C.1, and D.1 have been introduced specifically for costs related to critical minerals, other mineral resources, and natural resources incurred after March 25, 2025 TP600WS - Partnership Information and Amounts Allocated to the Members of a Partnership The following codes have been added to the respective sections within the TP600WS for the 2025 calendar year: ● Canadian Foreign Net Business Income (loss): Code 1-12: Net Business income (or loss) from cryptoassets ● Capital gains (losses): Code 12-17: Capital gains (or losses) from cryptoassets ● Gross income (or gross loss) of the partnership: Code 14-7: Gross business income from cryptoassets ● Additional Information: Code 202: Functional Currency Code The following codes have been removed from the respective sections within the TP600WS for the 2025 calendar year: ● Capital Gain Reserve: Codes 11-5, 11-6, 11-7, and 11-9 regarding reserves for property disposed of before June 25, 2024 ● Capital gains (losses): ○ Codes 12-10 through 12-13 regarding gains and losses before June 25, 2024 ○ Codes 45-1 and 45-2 regarding eligible taxable capital gains amounts The following code descriptions have been updated within their respective sections of the TP600WS for the 2025 calendar year: ● Capital Gain Reserve: Updated descriptions for Codes 11-1, 11-3, 11-4, and 11-8 regarding reserves for farm/fishing property, small business shares, other property, and qualifying business transfers, and references to the respective property disposed after June 24, 2024 ● Capital Gains (losses): Updated descriptions for Codes 12-1, 12-2, and 12-3 regarding general property, resource property, and foreign capital gains, and references to the respective income realized after June 24, 2024 ● Tax Credit: Expense code descriptions for Box 73 have been updated to differentiate between expenses incurred before and after March 26, 2025, new codes A.3, B.3, A.4, B.4, C.1, and D.1 have been introduced specifically for costs related to critical minerals, other mineral resources, and natural resources incurred after March 25, 2025 TP600 Summary - Partnership Information Return The following reporting boxes and income lines have been introduced to form TP600Sum for the 2025 calendar year: Partnership Status & Compliance ● Box 01.2 (Dissolved Partnership): A new checkbox for partnerships that have dissolved during the fiscal period. ● Box 25b (Foreign Property): A mandatory disclosure for partnerships with a fiscal year ending after December 30, 2025. It applies if the partnership held designated foreign property with a total cost exceeding $100,000 CAD at any point Cryptoasset Reporting ● Box 25a (Cryptoasset Activity): A "Yes/No" question asking if the partnership owned, received, disposed of, or used cryptoassets in any transaction ● Line 34.1 (Gross Income): Reports the total gross income generated from cryptoasset transactions ● Line 44.1 (Net Income): Reports the net income (profit/loss) derived from cryptoassets RL25 - Income from a profit-sharing plan The following codes have been removed from the Additional information dropdown list in RL25Details for the 2025 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 RL31 - Information About a Leased Dwelling The RL-31 form has been updated to support up to 15 tenant entries per dwelling in compliance with Revenu Québec requirements. Other Forms updates ● LE-39.0.2 ● TD1 ● TD1AB ● TD1BC ● TD1MB ● TD1NB ● TD1NL ● TD1NS ● TD1NT ● TD1NU ● TD1ON ● TD1PE ● TD1SK ● TD1X ● TD1YT ● T4Auto/RC18 ● T4A Summary Other Quebec slips and forms updates ● IN412.A ● RL18 ● RL18Consolidated ● RL24 Blocked filing T5013 filing |
| Systems | Various product improvements |
| Coming Soon! | T1/TP1 ● T1 Barcode and T1 condensed ● TP1 barcode ● 2025 T1 EFILE ● 2025 T1135 EFILE ● 2025 T1134 EFILE ● 2025 TP1 NETFILE ● 2025 AFR (Auto-fill My Return) EFILE ● T1PAD (pre-authorized debit) EFILE T3/TP646 ● 2025 T3RET, T3RCA and T3M EFILE with S15 Beneficial Ownership Information ● 2025 T3P and T3PRP EFILE ● 2025 MR69 EFILE ● 2025 T1135 EFILE FX/Q T5013 filing |
What's new in ProFile release 2025.2.0
| Module | Content |
| Introduction | Version 2025.2.0 Download the latest release of the ProFile Suite, version 2025.2.0. Forms for the 2025-taxation year aren't currently being released by the CRA. 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 don't use this release to begin entering data for their clients. T1/TP1 highlights include: ● Batch carry forward now available ● 2025 T1 form updates ● 2025 TP1 form updates ● SKS12 is available (New!) T3/TP646 highlights include: ● New 2025 T3/TP646 module is now available ● 2024–2025 Taxprep to ProFile carry forward ● S130 and T3AO are now available (New!) T2/CO-17 highlights include: ● CO-502 - Election in Respect of a Dividend Paid Out of a Capital Dividend Account FX/Q highlights include: ● Updated federal slips and forms |
| T1/TP1 | I. Federal Tax Changes OtherCredits The lowest federal personal income tax rate was reduced from 15% to 14%. Due to the mid-year implementation (effective July 1, 2025), the full-year effective tax rate for the lowest bracket in 2025 is 14.5%. A temporary, non-refundable Top-Up Tax Credit has been introduced to prevent taxpayers with very high non-refundable claims from being unintentionally penalized by the lower tax rate. The credit is automatically calculated on the OtherCredits worksheet and transferred to line 34990 of the T1 Jacket. Schedule 3 - Capital Gains or Losses The Federal Schedule 3, Capital Gains and Losses, has been simplified for the 2025 tax year. The separate reporting sections for Period 1 and Period 2 capital gains have been removed. These periods were temporarily required in 2024 to account for a proposed change in the capital gains inclusion rate. The capital gains inclusion rate will remain at 50% for 2025. II. Provincial & Territorial Tax Changes AB428 - Albert Tax and Non-refundable Credits The Alberta government has introduced a new, lower tax bracket of 8% on the first $60,000 of taxable income. The full tax bracket structure is now as follows: Up to $60,000–8% $60,000 to $151,234–10% $151,234 to $181,481–12% $181,481 to $241,974–13% $241,974 to $362,961–14% Over $362,961–15% ABCredits - Alberta Credits The Alberta Supplemental Tax Credit is a new non-refundable tax credit introduced in the province's 2025 budget. Its purpose is to ensure that taxpayers with a high amount of non-refundable tax credits do not pay more tax as a result of the province's new, lower 8% tax rate on the first $60,000 of taxable income. The amount is calculated on the ABCredits worksheet and transferred to line 61545 of the AB428 MB479 - Manitoba Credits The Manitoba Education Property Tax Credit (EPTC) has been replaced by the new Homeowners Affordability Tax Credit (HATC). The HATC provides a credit of up to a maximum of $1,500 on a principal residence. If individuals received the EPTC Advance on their 2024 tax bill and there has been no change in ownership, they will automatically receive the HATC on their 2025 property tax bill. The separate School Tax Rebate, which previously offered a 50% rebate on school taxes for all residential properties and 10% for commercial properties, has been eliminated for all properties. NS428 - Nova Scotia Tax and Non-refundable Credits The reduction provision for higher-income earners has been removed. As a result, all eligible taxpayers will now receive the maximum amounts for the Basic Personal Amount, Spousal Amount, and Eligible Dependant Amount. The Age Amount has also been increased to $5,734. ON479 - Ontario Credits Ontario has a new Ontario Fertility Treatment Tax Credit (OFTTC) that is a refundable tax credit for eligible medical expenses incurred on or after January 1, 2025. It provides a tax credit of 25% on qualifying expenses, up to a maximum of $5,000 for up to $20,000 in expenses. SK12 - Saskatchewan Home Renovation Expenses (New!) Saskatchewan has reintroduced the Home Renovation Tax Credit for the 2025 and subsequent tax years, allowing homeowners to claim a non-refundable tax credit of 10.5% on eligible expenses. The credit can provide annual savings of up to $420 for most homeowners and up to $525 for eligible seniors. Renovations must be for the principal residence in Saskatchewan and be permanent and integral to the property. SK479 - Saskatchewan Credits Saskatchewan offers a refundable fertility treatment tax credit (FTTC) for treatments performed in the province, it’s retroactive to January 1, 2025. It covers 50% of eligible costs up to a lifetime maximum of $10,000 per tax filer, based on a maximum of $20,000 in eligible expenses per couple The credit can be claimed on line 61268 of the SK479 YTCredits - Yukon Credits Yukon has introduced the Fertility and Surrogacy Tax Credit: A new refundable credit. The credit is equal to 40% of eligible costs incurred for fertility treatments and surrogacy expenses. The maximum claim amount is $10,000 per year and the credit has no cap on the total amount a person can claim over their lifetime. If you want to claim the credit, enter “yes” at field 63857 of the YTCredits and enter the amount for eligible medical expenses for fertility treatments at field 61268. PE428 - PEI Tax and Non-refundable Credits The Children's Wellness Tax Credit has doubled from $500 to $1,000 per child. Removed form(s) ● Direct Deposit |
| T3/TP646 | 2024–2025 Taxprep to ProFile carry forward This version of the ProFile T3/TP646 module carries forward information from 2024 Taxprep T3 returns to create new 2025 ProFile returns. To carry forward a Taxprep T3 file: 1. Select the option Carry forward from the File dropdown menu. 2. Set Files of type as “2024 Taxprep T3 (*.324)” or drag-and-drop a Taxprep file (*.324) into a ProFile T3 file. Taxprep versions are supported up to 2025 v3.0. I. Federal Tax Changes Most relevant rates published The most important rates published by the CRA are implemented in this release for the T3/TP646 module. T3 Schedule 1 - Dispositions of Capital Property The T3SCH1 has been simplified for the 2025-tax year. The separate reporting sections for Period 1 and Period 2 capital gains have been removed. These periods were temporarily required in 2024 to account for the then-proposed change in the capital gains inclusion rate. The capital gains inclusion rate remains at 50% for 2025. S130 - Excessive Interest and Financing Expenses Limitation (EIFEL) (New!) This form is required for trusts that are subject to the new federal EIFEL rules. These rules limit how much net interest and financing expenses (IFE) a trust can deduct in a tax year. T3SCH130 is used to calculate the trust's 'Capacity for Excess Interest and Financing Expenses' (CUEC), determining the amount of interest the trust can deduct or carry forward. T3AO - Trust Amount Owing Remittance Voucher (New!) The T3AO form is the Trust Amount Owing Remittance Voucher and is used to accompany any payment sent to the CRA for a balance owing on the T3 return. The voucher must accompany payments you make in person at financial institutions, and should be included with payments you send to the CRA by mail. The voucher will include a QR code that contains all the information required to make the payment with cash or debit at a Canada Post Outlet for a fee. II. Provincial & Territorial Tax Changes T3AB - Alberta Tax The Alberta government has introduced a new, lower tax bracket of 8% on the first $60,000 of taxable income. The full tax bracket structure is now as follows for Graduated Rate Estates (GRE) or (Qualified Disability Trusts (QDT): Up to $60,000–8% $60,000 to $151,234–10% $151,234 to $181,481–12% $181,481 to $241,974–13% $241,974 to $362,961–14% Over $362,961–15% For trusts other than GRE and QDT, the tax rate remains at 15%. QSA and QSA1 (TP646 Schedule A and A.1) The Québec Trust Income Tax Return (TP-646) has been simplified for the 2025 tax year with the removal of Schedule A.1 (QSA1). In 2024, trusts that weren't personal trusts could elect to file Schedule A.1 (instead of Schedule A) to report their capital gains (or losses). For 2025, Schedule A (QSA) is now the only required schedule for reporting all disposals made throughout the year. This makes reporting simpler. Removed form(s) ● QSA1 |
| T2/AT1/CO-17 | CO-502 - Election in Respect of a Dividend Paid Out of a Capital Dividend Account A new checkbox is added to indicate if the corporation is amending or revoking a capital dividend already declared using this form. |
| FX/Q | RC199 - Voluntary Disclosures Program (VDP) Application RC199 has been simplified. The previous detailed reporting tables for GST/HST, domestic income, and foreign income/assets have been removed. Applicants are now required to provide supporting documentation for the years in which non-compliance occurred, rather than completing the reporting tables. T4 - Statement of Remuneration Paid The dates for security options (codes: 38, 39, 41, 90, 91, and 92) have been removed. Minor Slip Updates: ● NR4 ● T4A ● T4ANR ● T4PS ● T5 ● T2202 ● T5008 ● T5018 Minor Form Updates: ● CPT30 ● GST74 ● NR4 ● RC151 ● RC66 & RC66SCH ● T1OVP ● T2058 ● T2059 ● TL11A Blocked filing T5013 is blocked from filing. It'll be available in a future release. |
What's new in ProFile release 2025.1.5
| Module | Content |
| Introduction | Version 2025.1.5 Download the latest release of the ProFile Suite, version 2025.1.5. Improved authentication for WAC and DAC requests: The Canada Revenue Agency (CRA) has introduced additional questions during the Web Access Code (WAC) and Digital Access Code (DAC) request process.This corrective action significantly enhances the WAC and DAC services, further protecting taxpayer information. To successfully request a Web Access Code (WAC) or a Digital Access Code (DAC) from the CRA, a comprehensive set of information is now required. In addition to the previously necessary details such as the business number, the relevant tax year end, incorporation date, Postal Code/Postal Code, the name of the individual making the request, and their position within the business, you must now also have information from their most recent Notice of Assessment (NOA) or Reassessment (NOR): Mandatory: ● The Issue Date of the most recent NOA/ NOR One of the following three tax amounts from the NOA/ NOR: ● Part I Tax from the most recent NOA/NOR ● Total Federal Tax from the most recent NOA/NOR ● Net Balance from the most recent NOA/NOR First-time filers will no longer be able to request a WAC or DAC through the software. Instead, you must contact the CRA help desk. For a DAC request, this enhancement applies to corporations. There's no change to DAC requests for partnerships and Underused Housing Tax (UHT). More info: ● More info on How to request a Web Access Code (WAC) ● More info on How to request a Digital Access Code (DAC) |
What's new in ProFile release 2025.1.0
| Module | Content |
| Introduction | Version 2025.1.0 Download the latest release of the ProFile Suite, version 2025.1.0. Forms for the 2025-taxation year aren't being released by the CRA at this time. In-product forms include a “DRAFT” watermark indicating that the form isn't approved for use. Note: We suggest that discounters in provinces that give back tax credits don't use this release to start entering data for their clients All modules: ● CRA Password Re-entry Mandate T1/TP1 highlights include: ● 2024 to 2025 TurboTax Desktop carry forward to ProFile T2/CO-17 highlights include: ● The 2023–2026 T2 module is now available when fiscal year ends on or before May 31, 2026 ● T2 paper and Internet filing is certified for Federal corporate tax returns ● AT1 paper and Internet filing is certified for Alberta corporate tax returns ● T2 Schedule 74 is now available (New!) |
| All modules | CRA Password Re-entry Mandate To help ensure accurate entry and reduce filing issues, The CRA now requires a confirmation field when you set up or update your EFILE password. You will now be asked to enter your password twice to confirm it’s correct. This step helps prevent password mismatch errors that could cause issues with your filing. |
| T1/TP1 | 2024-25 TurboTax Desktop to ProFile Carry Forward This release of the ProFile T1 module can carry forward information from 2024 TurboTax Desktop T1 returns to new 2025 ProFile returns. |
| T2/AT1/CO-17 | T2 and AT1 certifications The 2023–2026 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, 2026 is supported. AT1 - Alberta Corporate Income Tax Return The Date, Telephone Number, and Authorized Email lines are now required on the AT1 form. S3 – Dividends Received, Taxable Dividends Paid, and Part IV Tax Calculation Two new lines have been added for dividends deductible from taxable income under paragraph 113(1)(c). These amounts flow through to Schedule 7, Schedule 53 (line 210), and T2 (line 320). S5 - Tax Calculation Supplementary - Corporations The following lines have been added to Schedule 5: ● Line 281 - Repayment of Ontario made manufacturing investment tax credit ● Line 887 - Certification number for Manitoba rental housing construction incentive tax credit S7 - Aggregate Investment Income and Income Eligible for the Small Business Deduction Lines 019, 032, 049, 062, and 730 have been updated to reflect the new dividend deduction lines introduced in Schedule 3 for paragraph 113(1)(c) amounts. This schedule has also been revised to remove obsolete lines that no longer apply to tax years starting after 2018. S63 - Return of Fuel Charge Proceeds to Farmers Tax Credit The 2024 calendar year is the final period for which this tax credit is available. Corporations can now only claim the credit for farming expenses that are related to the 2024 and prior calendar years. The T2 Schedule 63 form has been updated to remove the calculation for days that fall in the 2025 calendar year and subsequent periods. S74 - Clean Hydrogen Investment Tax Credit (New!) Schedule 74 is a new schedule to calculate the Clean Hydrogen Investment Tax Credit (ITC) for eligible clean hydrogen property acquired and made available for use after March 27, 2023, and before January 1, 2035. S75 - Clean Technology Investment Tax Credit The schedule has been updated to incorporate clean technology property codes when claiming a Clean Technology ITC or Recapture of Clean Technology ITC. S5PE (S322) - Prince Edward Island Corporation Tax Calculation The schedule has been updated for the 2025 and later tax years to align with recent changes. The higher income tax rate has been reduced from 16% to 15%, effective July 1, 2025. The calculation is prorated based on the corporation's tax year. Additionally, a new section has been added for corporations that are members of a partnership to reconcile the income from active business. S341 - Nova Scotia Corporate Tax Reduction for New Small Businesses That schedule has been updated to incorporate a change in the provincial tax rate. The tax reduction rate has been lowered from 2.5% to 1.5%. This new rate is effective April 1, 2025. For tax years that straddle this date, the schedule now uses a time-prorated calculation to apply the 2.5% rate for days before April 1, 2025, and the 1.5% rate for days after March 31, 2025, to determine the total corporate tax reduction. S422 (T1196) - British Columbia Film and Television Tax Credit The schedule has been updated for the 2025 and subsequent taxation years. The Basic Tax Credit rate has increased from 35% to 40% for productions commencing principal photography after December 31, 2024. S423 (T1197) - British Columbia Production Services Tax Credit The schedule has been updated for the 2025 and subsequent taxation years. It now incorporates the new British Columbia Major Production Tax Credit and an increased Production Services Tax Credit rate from 28% to 36% for productions commencing principal photography after December 31, 2024. S429 - British Columbia Interactive Digital Media Tax Credit The schedule has been updated for the 2025 and subsequent taxation years. The British Columbia interactive digital media tax credit rate for net eligible salary and wages incurred after August 31, 2025, has increased from 17.5% to 25%. S444 - Yukon Business Carbon Price Rebate All calculations for the V25 schedule have been updated to reflect the latest inclusion rates for Yukon Mining assets, the mining business rebate factor (0.03647), and the general business rebate factor (0.02220). S572 - Ontario Made Manufacturing Investment Tax Credit The calculation of eligible properties, specifically acquisitions of Class 43 and Class 53 assets, have been modified to align with the latest legislative changes. Eligibility is determined by the asset's use date: Class 53 assets are eligible if the use date is on or between March 23, 2023, and December 31, 2025, while Class 43 assets are eligible if the use date is on or after January 1, 2026. Minor Form Updates: ● AConsent ● T2 (S200) ● S5NS (S346) ● S12 ● S31 ● S35 ● S38 ● S78 ● S570 ● T1141 ● T1142 |
| FX/Q | T3010 - Registered Charity Information Return The T3010 now allows only 2500 characters for Ongoing Programs and New Programs under Section C. If you had a previously filled T3010 with more characters in those sections, please re-check your entry. |
| Coming Soon! | Improved authentication for WAC and DAC requests: The CRA intends to introduce additional security questions during the Web Access Code (WAC) and Digital Access Code (DAC) request process. This corrective action significantly enhances the WAC and DAC services, further protecting taxpayer information. To successfully request a Web Access Code (WAC) or a Digital Access Code (DAC) from the CRA, a comprehensive set of information is now required. In addition to the previously necessary details such as the business number, the relevant tax year end, incorporation date, Postal Code/Postal Code, the name of the individual making the request, and their position within the business, you must also have information from their most recent Notice of Assessment (NOA) or Reassessment (NOR): Mandatory: ● The Issue Date of the most recent NOA/ NOR One of the following three tax amounts from the NOA/ NOR: ● Part I Tax from the most recent NOA/NOR ● Total Federal Tax from the most recent NOA/NOR ● Net Balance from the most recent NOA/NOR First-time filers will no longer be able to request a WAC or DAC through the software. Instead, you must call the CRA help desk. For a DAC request, this enhancement applies to corporations. There's no change to DAC requests for partnerships and Underused Housing Tax (UHT). T1/TP1: ● First version of paper filing release for 2025 T1 T3/TP646: 2025 T3 Module |
What's new in ProFile release 2025.0.0
| Module | Content |
| Introduction | Version 2025.0.0 Download the latest release of the ProFile Suite, version 2025.0.0. This is the first release of ProFile T1 and FX for the 2025-taxation year. Forms for the 2025-taxation year aren't released by the 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 don't use this release to begin entering data for their clients. T1/TP1 highlights include: ● New 2025 T1/TP1 module is now available ● 2024-25 ProFile to ProFile carry-forward preview ● 2024-25 Taxprep to ProFile carry-forward preview ● 2024-25 Cantax to ProFile carry-forward preview ● 2024-25 TaxCycle to ProFile carry-forward preview ● 2024-25 DTMax to ProFile carry-forward preview T2/CO-17 highlights include: ● ProFile T2 now carries forward information from 2025 files created with Taxprep T2 (version 2025 v1.1), Cantax T2 (version 24.1.307.126), TaxCycle (version 14.2.57271.0), and DTMax (version 28.31) FX/Q highlights include: ● New 2025 FX/Q module is now available ● ProFile 2025 FX carries forward information from 2024 files created with ProFile 2025 FX, Taxprep Forms versions up to 2024 v4.0 and Cantax FormMaster versions up to 2024 v4.0. System highlights include: ● T1 2025 module supports Intuit Sign ● Microsoft ending Windows 10 Support in October. For more details, check out our Microsoft Support ending for Windows 10 article. |
| T1/TP1 | Period 1 and Period 2 capital gains references in the 2025 module: There are still references to Period 1 and Period 2 for 2025 on some forms within our 2025-tax module. This is temporary, as our software uses the 2024 forms as a template while we wait for the 2025 versions to be released by CRA and Revenu Québec. The federal government didn't change the proposed rate for capital gains. This decision was announced on March 21, 2025. For 2025, there are no changes to the capital gains inclusion rate; it stays at 50%.. If you plan on working on these affected forms, we strongly recommend waiting for our future release. We'll update the forms with the final 2025 versions from the CRA and Revenu Québec as soon as they are made available. 2024–2025 ProFile to ProFile carry-forward preview This early version of the ProFile T1 module carries forward information from 2024 ProFile returns to create new 2025 ProFile returns (for preview purposes only). To carry forward a single 2024-tax return, right-click on the file and then select the Carry forward option. 2024–2025 Taxprep to ProFile carry-forward preview This version of the ProFile T1 module carries forward information from 2024 Taxprep T1 returns to create new 2025 ProFile returns. To carry forward a Taxprep T1 file, select the option Carry forward from the File menu. Set Files of type as “2024 Taxprep T1 (.124)” or drag-and-drop a Taxprep file (.124) into a ProFile T1 file. Taxprep versions are supported up to 2024 v5.0. 2024–2025 Cantax to ProFile carry-forward preview This version of the ProFile T1 module carries forward information from 2024 Cantax T1 returns to create new 2025 ProFile returns. To carry forward a Cantax T1 file, select the option Carry forward from the File menu. Set Files of type as “2024 Cantax T1 (. P24)” or drag-and-drop a Cantax (. P24) file into a ProFile T1 file. Cantax versions are supported up to version 24.5.303.120. 2024–2025 DT Max to ProFile carry-forward preview This version of the ProFile T1 module carries forward information from 2024 DT Max T1 returns to create new 2025 ProFile returns. DT Max versions are supported up to v28.32. 2024–2025 TaxCycle to ProFile carry forward This version of the ProFile T1 module carries forward information from 2024 TaxCycle T1 returns to create new 2025 ProFile returns. TaxCycle versions are supported up to 14.2.57271.0 Removed worksheet ● CCR - Canada Carbon Rebate |
| T2/AT1/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 2025 v1.1), Cantax T2 (version 24.1.307.126), TaxCycle (version 14.2.57271.0), and DTMax (version 28.31). S5PE(S322) - Prince Edward Island Corporation Tax Calculation The business limit was increased from $500,000 to $600,000, and the higher tax rate dropped from 16% to 15%. These changes take effect on July 1, 2025. Plus, the form's been updated for multi-year filers. S5NS(S346) - Nova Scotia Corporation Tax Calculation The business limit was increased from $500,000 to $700,000, and the tax at the lower rate decreased from 2.5% to 1.5%. These changes take effect on April 1, 2025. T2055 - Election in Respect of a Capital Gain Dividend Under Subsection 131(1) The election form has been re-formatted and simplified. Fewer disclosures are required by the user. Moreover, the required general information of the filing party has also been modified. Minor form updates: ● AS12 ● S6 |
| FX/Q | New 2025 FX/Q module The new 2025 FX/Q module is now available. Note that the Quebec slip filing in 2025 FX/Q module is unavailable. Those wishing to file the 2025 slips now should use the previous module and manually override the year to 2025. Slip filing in the 2025 module will be enabled in a future release once the 2025 slips have been updated. Carry forward from 2024 to 2025 ProFile 2025 FX carries forward information from 2024 files created with ProFile 2024 FX, Taxprep Forms versions up to 2024 v4.0, and Cantax FormMaster versions up to 2024 v4.0. LE-39.0.2 (CNT) - Calculation of the Contribution Related to Labour Standards The maximum remuneration subject to the contribution has been increased to $98,000 per employee. The form now uses a single contribution rate of 0.06% on remunerations subject to the contribution.The previous "Employer code" section has been removed. TD1NS - 2025 Nova Scotia Personal Tax Credits Return This form has been updated for the 2025-taxation year based on the announced provincial changes. Key credit and threshold updates include: ● The basic personal amount credit has been increased. ● The age amount credit and the maximum net income threshold to claim this amount have been increased. ● The supplement to the age amount, previously calculated on the TD1NS-WS worksheet, has been removed. ● The spouse or common-law partner credit amount has been increased. ● The supplement for the spouse or common-law partner amount has been removed. ● The amount for an eligible dependent has been increased. ● The supplement for the amount for an eligible dependant has been removed. Minor form updates TD1MB - 2025 Manitoba Personal Tax Credits Return Annual credit and threshold values increased as per government form update, in alignment with provincial budget announcement. No new provincial non-refundable tax credits introduced. TD1SK - 2025 Saskatchewan Personal Tax Credits Return Annual credit and threshold values increased as per government form update, in alignment with provincial budget announcement. No new provincial non-refundable tax credits were introduced. |
| Systems | ● T1 2025 module supports Intuit Sign ● Fixed the physical printing issue with network printer ● Microsoft is ending support for Windows 10 on October 14, 2025. This change doesn't impact ProFile versions for Tax Year 2024 and before. For more details, check out our Microsoft Support ending for Windows 10 article. |
| Coming Soon! | ● 2024–2025 TurboTax to ProFile carry-forward (T1/TP1) ● 2025 Form update (T2) |
What's new in ProFile release 2024.5.0
| Module | Content |
| Introduction | Download the latest release of the ProFile Suite, version 2024.5.0. T2 highlights include: ● 2023–2025 T2 module is now available when fiscal year ends on or before October 31, 2025 ● T2 paper and internet filing are certified for federal corporate tax returns ● AT1 paper and internet filing is certified for Alberta corporate tax returns ● T2 Schedules 76, 78, 130 are now available (New!) ● ProFile T2 now carries forward 2024 files created with DTMax (version 28.21), TaxCycle (version 24.2.56699.0), CanTax (version 24.2.307.126) FX/Q highlights include: ● T5013 Schedule 130 (New!) ● T3010- Charity Information Return internet filing (New!) ● Special Elections and Returns (SERs) submit forms and electronic documents service now are also available for individual filers (New!) System highlights include: Microsoft ending Windows 10 Support in October. For more details, check out our Microsoft Support ending for Windows 10 article. |
| T2/CO-17 | T2 and AT1 certifications The 2023-2025 T2 module is approved for Federal and Alberta business tax returns. It can be used to prepare returns for businesses that end their years on or before October 31, 2025. DTMax to ProFile carry forward ProFile T2 now carries forward information from 2024 files created with DTMax (version 28.21). TaxCycle to ProFile carry forward ProFile T2 now carries forward information from 2024 files created with TaxCycle (version 24.2.56699.0). Cantax to ProFile carry forward ProFile T2 now carries forward information from 2024 files created with Cantax (version 24.2.307.126). S63 - Return of Fuel Charge Proceeds to Farmers Tax Credit Effective April 1, 2025, the federal fuel charge has been removed. As a result, the "Return of Fuel Charge Proceeds to Farmers Tax Credit" will see its final credit in the 2024–25 fuel charge year. For corporate tax years ending after the 2024–25 fuel charge year, the payment rate for this credit has been set to nil (zero). This replaces any previously announced rates for 2025–26. S76 - Clean Technology Manufacturing Investment Tax Credit (New!) Complete this schedule to claim the Clean Technology Manufacturing (CTM) investment tax credit. Eligible corporations include taxable Canadian corporations or taxable Canadian corporations that are a member of a partnership that has gained CTM property after December 31, 2023, and before January 1, 2035, that became available for use during that period. Clean Technology ManufacturingAmounts calculated on the form flow to the following locations: ● Part 1, Line 155 amounts are transferred directly to Schedule 31, Part 24, Line 170. ● Part 2, Line 245 amounts are transferred directly to Schedule 31, Part 25, Amount 25E. S78 - Carbon Capture, Utilization, and Storage Investment Tax Credit (New!) Complete this schedule to claim the Carbon Capture, Utilization, and Storage (CCUS) Investment Tax Credit. Eligible corporations include taxable Canadian corporations, or those that are members of a partnership, which have incurred eligible expenditures for a CCUS project after 2021 and before 2041. Enter the Natural Resources Canada (NRCan) code for each project at line 100. Write down the first day of commercial operation at line 101. The projected eligible use percentage for each Project Period will also be needed. The date, cost, and type of CCUS expenditures can be entered in part 1 of the form. The final amount of the calculated credit will flow to Schedule 31, Investment Tax Credit. S200 - T2 Corporation Income Tax Return Info Worksheet ● Field 088 and 089 concerning registering for online mail accounts have been removed. The following lines have been added to the T2 Jacket ● Line 336 - Restricted Interest and Financing Expenses (RIFE) from schedule 4 ● Line 726 - Part XII.7 tax payable from Schedule 78 Schedule 1 Lines 251-254 have been added to account for add backs from the excessive interest and financing expenses ● Line 251 - Excess IFE under subsection 18.2(2) from Schedule 130 ● Line 252 - Partnership IFE add-back under paragraph 12(1)(l.2) from Schedule 130 ● Line 253 - Non-deductible interest under subsection 18(4) ● Line 254 - Partnership interest deduction add-back under paragraph 12(1)(l.1) S12 - Resource-related Deduction New lines have been added to report the portion of expenditures before 2024 and the portion after 2023 for the following: ● Part 5 - Accelerated Canadian development expenses (ACDE) ● Part 6 - Accelerated Canadian oil and gas property expenses (ACOGPE) S4 - Corporation Loss Continuity and Application The form has been updated to introduce a new Part 8 - Restricted interest and financing expenses (RIFE). As a result, Part 1 - Non-capital losses now has a new line 1B to show RIFE deducted in the year. The closing balance of RIFE in the current year (line 780) will be carried forward to line 700 of the next fiscal year. S21 - Federal and Provincial or Territorial Foreign Income Tax Credits and Federal Logging Tax Credit Part7: New lines 7F, taxable income from a personal services business and 7G, additional tax on banks and life insurers, have been added to the calculation of the Part 1 tax otherwise payable (foreign nonbusiness income tax credit). Part8: New lines 8F, taxable income from a personal services business and 8G, additional tax on banks and life insurers, have been added to the calculation of the Part 1 tax otherwise payable (foreign business income tax credit). S5SK(S411) - Saskatchewan Corporation Tax Calculation The province of Saskatchewan made sure that the small business income tax rate will remain at 1%. The rate was previously scheduled to revert to 2% on July 1, 2025 S130 - Excessive Interest and Financing Expenses Limitation (New!) The new Schedule 130 is used to determine the deductibility of interest and financing expenses (IFE) under the excessive interest, and financing expenses limitation (EIFEL) rules and to provide information on exempt interest and financing expenses (exempt IFE). Amounts reported on Schedule 130 will be copied to other forms as follows: ● Amount B of Part 2L, excess IFE under subsection 18.2(2), will flow to 251 of Schedule 1. ● Line 158 of Part 2N, partnership IFE add-back under paragraph 12(1)(I.2), will flow to line 252 of Schedule 1. ● Amount A of Part 2O, RIFE under subsection 111(8), will flow to the new line 710 in Part 8 of the Schedule 4. BusinessCancel The following cancellation options have been removed - “Cancel all authorizations of all program accounts” - “Cancel all authorizations only for the following program account” Under the “Representative Information” section, the selection of a Group representative is removed. Minor form updates: ● AT1 ● AExempt ● AS29 ● S5 ● S6 ● S54 ● T106Summ, T601Supp ● T2183 ● T2054 ● S349 ● S350 ● S422 (T1196) ● S428 ● S430 ● S5NL (S307) ● TP-21.4.39 |
| FX/Q | T3010 Charity Information Return Internet filing (New!) You can now send T3010 Registered Charity Information Returns and their schedules (T1235, T1236, T1441, T2081) electronically to the CRA through upload through the My Business Account (MyBA) portal. You can do this by using the FX 2024 module. Steps for electronic submission: ● On the T3010 form, select the option "File the T3010 and related schedules via internet." ● From the EFILE menu, choose "Transmit T3010 Charity Return." ● Profile will prepare a .txt file that will be saved locally for easy upload to the CRA For more details on how to do this, check out our Electronically File Your T3010 Charity Return in ProFile via CRA My Business Account article. T5013 Schedule 130 - Partnership Interest and Financing Expenses and Interest and Financing Revenues (New!) The schedule 130 must be completed for fiscal periods starting on or after October 1, 2023, if: ● The partnership has a member (including a deemed member under subsection 18.2(12)), that is required to file a Schedule 130 with their T2 or T3 return for the tax year that includes the end of the fiscal period of the partnership. ● The partnership is a party to an election under the EIFEL rules. The T5013SCH130 will be filed with the partnership information return for the fiscal period Special Elections and Returns (SERs) submit forms and electronic documents service now also available for individual filers(New!) The new Special Elections and Returns (SERs) submit forms and electronic documents service is now available for forms T2057 and T2059 for individual filers. Forms T2057 and T2059 and their required supporting documents can be submitted electronically to the CRA through the new Special Elections and Returns service in ProFile. There are two ways to submit electronic documents: At the same time as T2057 and T2059 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 T2057 and T2059 forms: 1. Select the EFILE SERs option from the EFILE dropdown menu. 2. Select the Submit document(s) for previously filed SERs form. Minor form updates: ● T2183 ● T1236 ● RC1filers (New!) ● RC4288 ● GST524 ● GST525 |
| Systems | Windows 10 support ends in October Microsoft is ending support for Windows 10 on October 14, 2025. This change doesn't impact ProFile versions for Tax Year 2024 and before. For more details, check out our Microsoft Support ending for Windows 10 article. |
| Coming Soon! | ● T1 2025 module |
What's new in ProFile release 2024.4.8
| Module | Content |
| Introduction | Download the latest release of the ProFile Suite, version 2024.4.8. T1/TP1 highlights include: ● Updated Schedule 8 and RC381 ● Changes to T1 Authorization Requests (Effective July 15, 2025) Systems highlights include: ● Microsoft is ending Windows 10 support in October |
| T1/TP1 | Updated Schedule 8 and RC381 CRA has revised the Schedule 8 and RC381 forms to address remaining instances of EFILE errors 90308 and 95031. These were largely related to scenarios where the taxpayer has an under-contribution of CPP/QPP in T4 box 16 or 17, and an over-contribution in T4 box 16A or 17A. These scenarios typically involved incorrectly prepared T4 slips which were producing unusual results where the previous versions of Schedule 8 and RC381 were unable to calculate the correct amount of CPP/QPP credits and/or deductions. Changes to T1 Authorization Requests (Effective July 15, 2025) The CRA is updating how individual (T1) authorization requests are submitted. Effective July 15, 2025, the option to EFILE T1 authorization requests via professional tax software will be discontinued. Clients will need to grant you "Represent a Client (RAC)" access directly through their CRA My Account. There's no change in how you submit authorization requests for your business clients through EFILE. For complete details on the new authorization methods see our Obtaining Represent a Client (RAC) access article. |
| T3 | N/A |
| FX/Q | N/A |
| Systems | Windows 10 support ends in October Microsoft is ending support for Windows 10 on October 14, 2025. This change doesn't impact ProFile versions for Tax Year 2024 and before. |
| Coming Soon! | T2/CO-17: ● 2022-2025 T2 module for fiscal year ends on or before October 31, 2025 |
What's new in ProFile release 2024.4.7
| Module | Content |
| Introduction | Download the latest release of the ProFile Suite, version 2024.4.7. T1/TP1 highlights include: ● T1 planner update ● TP1 planner update FX/Q highlights include: ● Form updates Systems highlights include: ● Microsoft is ending Windows 10 support in October |
| T1/TP1 | Plan/TP1Plan Federal and Quebec planners reflect updated non-refundable credit amounts and income tax brackets for 2025. Provincial tax rates have been updated for all regions except Prince Edward Island. The updated rates for Prince Edward Island will be available in a subsequent release. 2025 rates are being enacted in the planner’s calculation. 2025 Rate Update T1 General is calculated with the most-recent 2025 rates when tax year 2025 is chosen on the INFO page. The rates for Prince Edward Island will be updated in a subsequent release. Rates applicable to the 2025 taxation year are those known as of April 28, 2025. Any changes resulting from subsequent federal, provincial, and territorial announcements will be integrated into future updates. |
| T3 | 2025 Rate Update The T3 Trust Income Tax and Information Return is calculated with the most-recent 2025 rates when the fiscal tax year end date specified on the INFO page is in the 2025 calendar year. Rates applicable to the 2025 taxation year are those known as of April 28, 2025. Any changes resulting from subsequent federal, provincial, and territorial announcements will be integrated into future updates. |
| FX/Q | RC7190-WS GST190 Calculation Worksheet Removal of certain rates used in the rebate calculation. Minor form update: ● GST60 ● PD27 ● AUT-01 ● AUT-01X ● T2054 |
| Systems | Windows 10 support ends in October Microsoft is ending support for Windows 10 on October 14, 2025. This change doesn't impact ProFile versions for Tax Year 2024 and before. |
| Coming Soon! | T2/CO-17: ● 2022-2025 T2 module for fiscal year ends on or before October 31, 2025 |
What's new in ProFile release 2024.4.1
| Module | Content |
| Introduction | Version 2024.4.1 Download the latest release of the ProFile Suite, version 2024.4.1. In-product forms include a “DRAFT” watermark indicating that the form isn't approved for use. T1/TP1 highlights include: ● 2024 T1 Schedule 8, Schedule 8Q and RC381 update |
| T1/TP1 | Updated version of Schedule 8, Schedule 8Q and RC381 This release features updated calculations for Schedule 8, Schedule 8Q, and RC381 |
| T2/CO17 | N/A |
| T3/TP646 | N/A |
| FX/Q | N/A |
| Comming Soon! | T1/TP1: ● 2025 T1 and TP1 tax planner |
What's new in ProFile release 2024.4.0
| Module | Content |
| Introduction | Version 2024.4.0 Download the latest release of the ProFile Suite, version 2024.4.0. 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 nonresident returns ● 2024 T1 form updates T3/TP646 highlights include: ● 2024 T3 form updates ● 2025 rate update FX/Q highlights include: ● 2025 rate updates |
| T1/TP1 | Upcoming Changes to Authorize a Representative request for Individuals (T1) Starting July 15, 2025, you can no longer use the “EFILE Authorize a Representative” feature on individual (T1) authorizations. This change is being implemented by the CRA to enhance security and safeguard taxpayer information. As a result, they will be discontinuing this service. Instead, representatives will be required to use the authorization request services within Represent a Client (RAC) to obtain permission for individual clients. This change only affects Individual (T1) permission requests. Authorization requests for business clients aren't affected. For details on these upcoming changes, refer to the official CRA page. For instructions on obtaining Represent a Client access, see our ProFile Help article. Carbon Tax Rebate (CCR) The Government of Canada announced on March 15, 2025 that it'll no longer support the Canada Carbon Rebate (CCR) for individuals. The final CCR payment for individuals will be made starting April 22, 2025, or after the 2024 T1 personal tax return has been filed and assessed, whichever is later. For more information, visit the CRA website. Changes to Direct Deposit Requests Beginning March 24, 2025, The CRA no longer accepts direct deposit updates or changes submitted via T1 EFILE. Therefore, the direct deposit information entered on the Direct Deposit form won't be transmitted to the CRA. You can update or change your direct deposit using My Account online, a Canadian bank, or a credit union. You can also fill out a paper form to sign up for direct deposit. Visit the CRA website for alternative methods to update direct deposit information. Multiple-jurisdiction tax returns Multiple-jurisdiction tax returns are now EFILE-certified for the 2024 tax year. This includes returns with the following: ● T2203 ● All provincial multiple-jurisdictional forms Nonresident tax returns Returns for emigrants, deemed residents (Section 250) (excluding deemed residents of Quebec) and for non-residents filing under section 116 are now EFILE-certified for the 2024 tax year. Removed Forms ● TP517.5.5 Letter Templates The default letter templates are updated as a result of the pending calculation update to FHSA summary values. For anyone who has customized letter templates that are not working, reset the default letter template and customize the letter template from the new default letter template from this release. |
| T2/CO17 | N/A |
| T3/TP646 | 2025 rate updates The rates applicable to the 2025 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. T24EOT - Joint Election for Capital Gains Deduction in respect of a Qualifying Business Transfer to an Employee Ownership Trust (New!) Use this election form for Employee Ownership Trust (EOT) to jointly elect with a purchaser corporation (if applicable) and an individual or individuals who disposed of shares of a subject corporation under a Qualifying Business Transfer (QBT). This form is necessary for the individual or individuals to claim the capital gains deduction, as determined under subsection 110.61(2). Additional Minor Form Update: ● AUT-01 |
| FX/Q | 2025 rate updates The rates applicable to the 2025 taxation year are known as the release date. Any changes resulting from additional federal, provincial, and territorial announcements will be integrated into future updates. T5013Worksheet and T5013Detail The following boxes are added: ● 247 Variable A of interest and financing expenses ● 248 Variable A of interest and financing revenues ● 249 Variable B of interest and financing expenses ● 250 Variable B of interest and financing revenues ● 253 Income derived from activities funded by a borrowing that results in exempt interest and financing expenses ● 254 Interest and financing expenses in CCA ● 255 Interest and financing expenses in terminal loss ● 256 Loss derived from activities funded by a borrowing that results in exempt interest and financing expenses Additional Minor Form Updates ● RC4616 ● T4Slip ● T5013S444 |
| Comming Soon! | T1/TP1: 2025 T1 and TP1 planner |
What's new in ProFile release 2024.3.7
| Module | Content |
| Introduction | Version 2024.3.7 Download the latest release of the ProFile Suite, version 2024.3.7. Not all forms for the 2024 taxation year are released by CRA and Revenu Québec 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 ● Federal - EFILE and paper file 2024 returns with capital gains or losses ● Quebec - Netfile and paper file 2024 TP1 returns with capital gains or losses T3/TP646 highlights include: ● 2024 T3 form updates ● Federal - EFILE and paper file T3RET returns with capital gains or losses ● Quebec - TP646 paper authorization |
| T1/TP1 | Federal and Québec ProFile is now certified for filing 2024 returns with capital gains and losses. The “DRAFT” watermark has been removed for the following forms and schedules: ● S3 ● S3NR ● TP1G ● TP1GS ● TP729 ● T2048 |
| T3/TP646 | Federal Filing of returns is unblocked in 2024's T3 module for T3RET returns with capital gains or losses. The release removes all DRAFT watermarks from federal forms and schedules. Québec Revenu Québec has approved the 2024 paper filing of TP-646 trust returns. All the final versions of the forms and schedules are now available without DRAFT watermarks. |
| Comming Soon! | T1/TP1: ● Emigrants, deemed residents (section 250) and non-residents filing under section 116 Multi-jurisdictional filing (T2203) |
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 |
What's new in ProFile release 2024.3.0
| 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 |
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