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Intuit

T2 - Bill C-2 Rate update in ProFile release 2015.4.7

Based upon feedback from customers we have reviewed our current processes and rationalization regarding the update of rates within ProFile. Historically, ProFile updated tax rates once a bill had passed into legislation and/or CRA released an updated form. Although this ensured accurate rates within ProFile, there are instances when waiting for a bill to pass into legislation, like Bill C-2, would negatively impact the tax outcome.  On a case by case basis, we will implement rate changes based on proposed budget changes prior to the passage of the bill, if the taxpayer is not negatively impacted.

The proposed rates in Bill C-2 (effective January 1, 2016) for the calculation of the refundable portion of Part I tax, dividend refund, and refundable tax on CCPC's investment income are implemented in ProFile as of R4.7.

 

Please note that the passing of Bill C-2 is retroactive to January 1, 2016. If you have already filed a T2 return with a taxation year that includes days on or after January 1, 2016, using a Release 4.3 or earlier, the amount of refundable portion of Part I tax, dividend refund, and refundable tax on CCPC's investment income could be reassessed once the Bill comes into effect.

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