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Pro Tax release notes

by Intuit Updated 3 weeks ago

You can visit our older Pro Tax release notes here.

QBOA Pro Tax version 2024.6.2 is now live

This release contains the tax content updates for the corporate module.

T2 highlights include:

● Supported up to fiscal year ends on or before October 31, 2024
● T2 Internet filing is certified for Federal corporate tax returns
● AT1 Internet filing is certified for Alberta corporate tax returns

T2 and AT1 certifications

The 2022-2024 T2 module is certified for Federal and Alberta corporate tax returns and allows for the preparation of returns for corporations with fiscal years ending on or before October 31, 2024.

Federal Schedules

S200 - T2 Corporation Income Tax Return

This schedule is updated to include the following lines:

● Line 290: Did the corporation meet the definition of substantive CCPC under subsection 248 (10) at any time during the year?
● Line 277: Is the corporation a covered entity that redeemed, acquired or cancelled equity of the corporation in the tax year?
● Line 705: Part II.2 tax payable (from S56)

S2 - Charitable Donations and Gifts

This form has been updated to remove additional deductions for gifts of medicine available for carry forward from Part 6 of the schedule.

S8 - Capital Cost Allowance (CCA)

This form has been updated to revise the instructions and calculations for columns 13, 16, and 19.

S31 - Investment Tax Credit - Corporations

This form has been updated to allow the claim of Investment Tax Credits (ITC) for the following:

● Investment in clean technology property that is acquired and becomes available for use after March 27, 2023, and:
● Investment in carbon capture, utilization, or storage (CCUS) projects for qualifying expenditures made after 2021.

S385 - Manitoba Odour-Control Tax Credit

This form has been updated to remove eligible expenditures made in the current year.

The following obsolete lines are now removed from the form:

● Line 100: Corporation’s share of eligible expenditures allocated from a partnership
● Line 101: Corporation’s share of eligible expenditures allocated from a a trust
● Line 102: Corporations eligible expenditures
● Line 120: Current-year credit earned
● Line 150: Credit renounced
● Line 161: Refundable tax credit for agricultural corporations
● Line 901: Current-year credit earned to be applied to first previous tax year
● Line 902: Current-year credit earned to be applied to second previous tax year
● Line 903: Current-year credit earned to be applied to third previous tax year

S394 - Manitoba Rental Housing Construction Tax Credit

This schedule has been updated to remove the current-year claim of the refundable rental housing construction tax credit for qualifying entities.

S554 - Ontario Computer Animation and Special Effects Tax Credit

This schedule is updated to remove the section for Ontario labour expenditures and assistance before April 24, 2105.

S572 - Ontario Made Manufacturing Investment Tax Credit (New!)

This credit offers eligible corporations a 10% refundable Corporate Income Tax credit on qualifying investments of up to $20 million in the tax year in buildings (Class 1), machinery, and equipment for use in manufacturing or processing (Class 53) in Ontario. This applies to investments made after March 22, 2023, or before for buildings meeting specific criteria. Eligible capital additions can be added through the S8Class form.

The refundable credit claimed in the current tax year are reported on Line 474 of S5.

S556 - Ontario Film and Television Tax Credit

This schedule has been updated to remove the lines to report the portion of the Qualified Labour Expenditures that was incurred before January 1, 2008 (Pre-2008).

S56 - Part II.2 Tax on Repurchases of Equity (New!)

This schedule is used to calculate Part II.2 tax on repurchases of equity if you are a corporation resident in Canada (other than a mutual fund corporation) that redeemed, acquired or cancelled equity listed on a designated TSE 300 in the tax year. There's a 2% tax applied to repurchases and insurances of equity that occur after December 31, 2023.

T106 - Information Return of Non-Arm’s Length Transactions with Non-Residents

If an election has been made to use a functional currency, a new functional currency code, ‘JPY’ - for Japanese Yen, is now available for selection on the form.

T1134 - Information Return Relating to Controlled and Non-Controlled Foreign Affiliates

If an election has been made to use a functional currency, a new functional currency code, ‘JPY’ - for Japanese Yen, is now available for selection on the form.

T1135 - Foreign Income Verification Statement

If an election has been made to use a functional currency, a new functional currency code, ‘JPY’ - for Japanese Yen, is now available for selection on the form.

SCT1 - Saskatchewan Corporation Capital Tax Return

The redesigned and expanded form now has specific schedules for:

● Corporations resident in Canada or Crown corporation (Schedule B)
● Financial institution (Schedule C)
● Corporations not resident in Canada (Schedule D)

Telecommunications corporations are subject to a telecommunications tax of 0.9% on their telecommunications capital.

The worksheet for qualified depreciable property tax credit is removed.

Alberta Schedules

AT1 - Alberta Corporate Income Tax Return

A new functional currency, Japanese Yen (JPY), has been added to Line 041

AS3 - Alberta Other Tax Deductions And Credits

A new section has been added for the calculation and claim of the “Agri-processing investment tax credit (APITC)”. This is a refundable tax credit given to corporations that build or expand a value-added agri-processing facility in Alberta.

To claim this credit, complete the Agri-processing Investment Tax Credit calculation table.

AExempt - Alberta Filing Exemption Checklist

The exemption criteria checklist has been updated to include the Agri-processing Investment Tax Credit. The claiming of this tax credit doesn't exempt the corporation from filing the Alberta return (AT1).

Don't file this filing exemption checklist with AT1 Alberta Corporate Income Tax Return. Keep it for your records in case Alberta Tax and Revenue Administration asks for it.

QBOA Pro Tax version 2024.5.1

This release contains enhancements to Intuit Sign, tax content updates and product fixes.

Intuit Sign

Requests to e-sign a document may now be cancelled by selecting “Void” for an individual client eSignature request under the in the “eSignature” tab.

T1 Tax Content (Personal Taxes)

On the Donations Form: A cosmetic improvement has been made so that the currency of the donation, the exchange rate used and amount paid in CAD are now visible on forms.

T2 Tax Content (Corporate Taxes)

On Schedule 8 - Part 1: Agreement Between Associated Eligible Persons or Partnership table (EPOPs) has been updated. The table now splits between EPOPs (corporations) and EPOPs (individuals) in order to make it easier to read and enter information for each group.

Product Improvements & Corrections

T1 Module: In certain cases, optimizing the pension split multiple times might present different results. This has been corrected.

T1 Module: T1 client letter 2023 (comprehensive) will now print when the monthly estimates for the Ontario trillium benefits are less than $1.

T1 Module: In the T1135 form, the “Individual code” selection now shows the choice of 1 or 2 rather than Yes or No.

T3 Module: Preparers can now enter U.S postal code on the Beneficiary and S15Supp Form when the country code is U.S

QBOA Pro Tax version 2024.4.1

Product Improvements & Corrections

• Optimizer Tool Button: Copy “Optimizer” added to icon button.

• T1032 (pension splitting): the word “Optimizer” was added to the button.

• Improved form/letter description when adding forms or client letters.

• When adding forms or letters to a return, the full name or description is now fully visible when the user hovers their cursor over the truncated description.

• The maximum capital cost of each vehicle in Class 10.1 has been updated.

• When adding a class 10.1 vehicle addition to the BusAuto form, the form will now show the lesser of the cost and the maximum capital cost allowed depending on the year of acquisition.

QBOA Pro Tax version 2024.3.2

Product Improvements & Corrections

• Users can now enter a U.S. postal code to the postal code in S29. The United States must be selected as the country for the postal code to appear.

• For an address, preparers can now enter for street number with a dash (ex. 103-1100) under S3 Principal Residence Detail form in Pro Tax

• In ProTax T1 module, on schedule 11 , the year on line 9 of T1 was incorrect causing confusion. This has been corrected.

• Within the T3 module, The S15 and S15Supp forms were not included by default in the printsets. The preparer had to print them manually. This has been corrected.

Update: New templates have been provided for the GST and provincial credits updates on the GST worksheet.

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