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T2 Schedules 552 554 and 558 are out of date

Description

  PFTS-13263

 

The CRA has made changes to T2 Schedules 552, 554, 558, and T661. These changes are not yet reflected in ProFile.

To learn more about the changes, and to download the updated forms, visit the CRA website.

The following is a summary of the changes:

S552 - Ontario apprenticeship training tax credit

For eligible expenditures incurred by a corporation for a qualifying apprenticeship starting after April 23, 2015, the general rate of this credit is reduced from 35% to 25%. The rate for small businesses (with salaries or wages under $400,000) is reduced from 45% to 30%. The annual maximum amount of the credit per apprentice is decreased from $10,000 to $5,000, and the eligibility period is decreased from the first48 months of an apprenticeship program to the first 36 months.

Workaround:

Manually calculate the credit, then enter the amount at line 500 (override).

S554 - Ontario computer animation and special effects tax credit

For expenditures incurred after April 23, 2015, the tax credit is decreased from 20% to 18%. Productions starting after April 23, 2015, must also receive the Ontario production services tax credit or the Ontario film and television tax credit to be entitled to claim this credit.

Workaround:

Manually calculate the credit, then enter the amount at line 610 (override).

S558 - Ontario production services tax credit

For expenditures incurred after April 23, 2015, the credit is reduced from 25% to 21.5%. For tax years beginning after April 23, 2015, Ontario labour expenditures must amount to at least 25% of the total expenditures. Expenditures incurred through non-arm?s length contracts will be limited to expenditures that would have been eligible if incurred directly by the corporation. For expenditures incurred after June 30, 2009, only expenditures incurred after the final script stage to the end of the post-production stage are eligible for the credit.

Workaround:

Manually calculate the credit, then enter the amount at line 720 (override).

 

The forms will be updated in a later release.

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