The Self-Employed (SE) book-to-tax workflow allows you to map all of your accounts to the T2125 SE tax buckets and synchronize that data seamlessly into your T1 return without going across systems or wasting time moving data from one place to another.
1. Select Books-to-Tax, then Workpapers.
2. Review or map your accounts to the T2125 tax fields.
3. Review the pre-mapped accounts and apply any necessary changes.
4. View the accounts and amounts to verify by expanding each tax line.
5. Remap accounts as necessary if errors are present.
6. Open Pro Tax.
7. Select Start T1 return from the Options menu.
The inputted data now transitions from Workpapers to Pro Tax.
You can now recreate the return:
1. Verify the client, default dates and return name on the return.
2. Review the tax accounts and codes. If changes are required, return to Workpapers and make the necessary adjustments.
Pro Tax creates a return and automatically populates all the values into the T2125 tax return.
3. File the return if all data is accurate.