Beginning in 2013 (2012 Tax Returns), a new CRA mandate requires that tax preparers who file more than 10 returns MUST file them electronically vie EFILE. This mandatory electronic filing applies to both T1 General income tax and benefit returns and T2 corporation income tax returns for the 2012 and later tax years.
For exceptions, EFILE registration information, and other information about mandatory electronic filing for tax preparers, go to http://www.cra-arc.gc.ca/esrvc-srvce/tx/prprrs/mndtrylctrncflng-eng.html
For details about filing a return electronically, go to http://www.cra-arc.gc.ca/esrvc-srvce/tx/bsnss/crpnt/fq_rtrn-eng.html
Following are the highlights for this release of the ProFile Suite. This document appears only while you are disconnected from the Internet. While you are connected to the Internet, you can go to the ProFile menu and select Online > Update Information > What's New to display the very latest news about ProFile. Print this document if you wish to keep this information handy.
Download the latest release of the ProFile Suite, version 2013.1.0.
For a list of issues fixed in the current and recent releases, see What was fixed in recent ProFile releases.
To update ProFile, go to the Online menu and click Check for Updates. If you have any questions, please call us at 1-800-452-9970 or visit www.profile.intuit.ca.
(IMPROVED!) Updated ProFile Connect app for 2013
The ProFile Connect app is updated for the 2013 taxation year. Improvements include:
Also, the online account that you use to sign in to ProFile Connect has changed. Now, you'll create a single account to be used by ProFile Connect and future Intuit mobile and web apps.
Note: If you used ProFile Connect 2012, you cannot use the Cloud Bridge account that you set up for that version. You must set up an account with the new service.
For more details on setting up a new Intuit Online Account, see Setting up ProFile to use an Intuit account elsewhere on this page.
As with previous versions of ProFile Connect, you can:
Currently, the ProFile Connect app has the following restrictions:
For more details, search the in-product help for "ProFile Connect".
New single Intuit account for ProFile Connect and future Intuit web apps
ProFile Connect now uses a single universal Intuit sign-in account. In the future, all Intuit online services and products will use this account. If you subscribe to QuickBooks OnlineTM, you already have this account.
Who should set up this Intuit account? The person who creates the account will be added as an Admin (administrator) user. Anyone who signs in as an Admin can give access to synced returns to other users for future ProFile web apps. Therefore, this account should be set up by a systems administrator or other manager.
What if I already have a Cloud Bridge account from ProFile Connect 2012? The account process has changed. You'll still need to associate your account with a license key and order number as described below.
Setting up ProFile to use an Intuit account
For more details, search the in-product Help for "ProFile Connect".
(NEW!) Import tax information directly from the government into new T1/TP1 returns
When you create a new T1 or TP1 return, you can now import basic tax information for the client directly from government databases.
To import information for a return, go to the File menu and click New file with tax info already imported from the government.
You will need the following information to import information for a federal T1 return:
You will need the following information to import information for a Qu?bec TP1 return:
Note: You can import information only when you create a new T1/TP1 return. You cannot import information into an existing return.
(NEW!) Search for forms from the toolbar
You can now search for forms directly from the toolbar, without opening the Form Explorer. The Form Search box appears next to the Form Explorer button on the toolbar. You can search for forms by form ID, name, or other keyword.
New CRA filing requirement for tax preparers
As of January 2013, if you receive payment to prepare more than 10 income tax returns in a year, the CRA requires you to file them electronically. This applies to both T1 individual income tax and benefit returns, and T2 corporation income tax returns for tax years ending in 2012 and subsequent years.
To support this change, corporate internet filing is now available in ProFile Basic.
Don't forget that there are carry-forward options available under Options > Module > General > Carry forward files. Configure these preferences before you carry forward any prior year client files.
For complete instructions on carrying forward all types of files within ProFile, search "carryforward" in the in-product help.
The 2013 version of ProFile T1/TP1 now carries forward information from 2012 T1/TP1 files created with TurboTax, TaxprepTM 2012 v3.0 and CantaxTM version 12.3.303.112.
Full carryforward functionality of files created with ProFile 2012 is now available (batch carryforward, disabled in version 2013.0.0, has been restored in ProFile Premier).
ProFile Forms Expert (FX/Q):
The 2013 version of ProFile FX/Q carries forward information from 2012 files created with ProFile.
This version of ProFile T2 carries forward information from 2012 T2 files created with ProFile. It also carries forward information from corporation files created from:
Updated NAICS industry code list
Several forms ask the taxpayer or taxpayer corporation to specify the NAICS industry code that identifies the taxpayer's major business activities. The list of standard NAICS industry codes available in ProFile has been updated for the 2013 taxation year.
Note: The CRA requires that the NAICS code be reviewed every year to ensure that it best reflects activities for that year.
To search a list of available NAICS industry codes for the one that best applies, double-click the industry code field in the form in question (or click it and press F6). In the search window that appears, within the Keywords box at the top, enter search terms for your business activities. ProFile filters the list of industry codes based on words that appear in the code's name and description.
Forms that require an NAICS industry code are as follows:
ProFile T1 federal certification
ProFile T1 is fully certified and conforms to all federal requirements.
Note: Certain forms are still in draft format. They will display a DRAFT watermark when printed. If you need to use these forms, wait until they are certified in an upcoming release. The processing of paper returns is otherwise not affected by the draft forms.
New T1/TP1 forms
RRSP/PRPP - RRSP/PRPP deduction
This release includes an updated worksheet RRSP/PRPP - RRSP/PRPP deduction (formerly the RRSP deduction worksheet). This worksheet can now be used to enter Pooled Registered Pension plan (PPRP) amounts from PRPP receipts.
Enter amounts from PRPP receipts in the new PRPP contributions section. As with RRSP receipts in the RRSP contributions section, the list of receipts expands as you enter them.
For more details, see Pooled Registered Pension Plan (PRPP) - Questions and answers for employees and self-employed individuals on the CRA website.
RC383 - Tax-exempt Earned Income Information for a Pooled Registered Pension Plan
This release includes the new form RC383 - Tax-exempt Earned Income Information for a Pooled Registered Pension Plan. Use this form if the taxpayer is an Indian and has earned income that is tax-exempt.
This form will be included when filing the return. The CRA uses information on the RC383 form to calculate the taxpayer's non-deductble PRPP room for non-deductible PRPP contributions on tax-exempt earned income for the following taxation year.
Contributions to a PRPP from tax-exempt income are not deductible on your income tax return. However, starting with the 2014 taxation year, these contributions can be used as a repayment under the Home Buyers' Plan and the Lifelong Learning Plan.
ProFile fills in most of this form automatically, based on information in other forms and worksheets. You can also add additional tax-exempt income that will be included in the income total.
TP1HealthContribution - TP1 Line 448 Health Contributions
This release includes a new worksheet: TP1HealthContribution - TP1 Line 448 Health Contributions. It calculates the Health Contribution amount for Line 448 of the TP1 return and is for residents of Qu?bec who:
ProFile fills in this worksheet automatically, based on amounts from the Info worksheet and other forms. ProFile carries the calculated Health Contribution to line 448 of the TP1 return.
Updated T1/TP1 forms
Provincial credits now included in client letters and summaries
This release includes enhancements to the letters and summaries that you can send to clients. Letters and summaries now include separate amounts for provincial credits that are calculated on the GST worksheet. For example, if the taxpayer qualifies for the Ontario Trillium benefit, that credit will appear in the letter.
Provincial credits are added to the following letters and summaries:
Affected provinces are British Columbia, Nova Scotia, Saskatchewan, Prince Edward Island, Newfoundland and Labrador, and Ontario.
S9 - Donations and Gifts
This release includes an updated form S9 - Donations and Gifts, based on changes from the CRA. In addition to some cosmetic changes, the form has a new section for the First-time donor super credit (FDSC).
Taxpayers can claim this credit if neither they nor their spouse claimed a charitable donations tax credit for the five preceding taxation years (that is, for any year after 2007). The credit can be shared between a taxpayer and a spouse. To claim this credit, fill in the First-time donor super credits section of S9. ProFile carries the claimed credit to line 349 of S1.
For more details, including additional restrictions, see information on the form itself.
T777 - Statement of Employment Expenses
This release includes updates to worksheet T777Details - Employment expenses. Amounts from this worksheet are used in T777 - Statement of Employment Expenses.
In addition to a few cosmetic changes, within the T777Details worksheet, the line for Accounting and legal fees has moved from the Employees earning commission income section to the Employees earning a salary section. These fees are considered regular expenses.
T2125 - Statement of Business Activity
This release includes an updated form T2125 - Statement of Business or Professional Activity.
BC479 - British Columbia Credits
This release includes an updated form BC479 - British Columbia Credits, based on changes from the CRA and the BC Ministry of Finance.
There is a new Sales tax credit section where low-income families can claim an additional provincial credit. ProFile automatically fills in this section based on amounts entered in other forms.
T1014-1 - BC training tax credit (employers)
This release includes an updated form T1014-1 - BC training tax credit (employers), based on changes from the CRA and the BC Ministry of Finance.
As of the 2013 taxation year, employers who claim the British Columbia shipbuilding and ship repair industry tax credit (form T1014-2) cannot also claim the British Columbia training tax credit (form T1014-1). Therefore, in ProFile, when you create a T1014-1 worksheet for an employee, you can no longer create a T1014-2 worksheet for the same (or any other) employee. ProFile warns you if you try to claim both credits.
T1014-2 - British Columbia Shipbuilding and Ship repair Industry Tax Credit (Employers)
This release includes an updated T1014-2 - British Columbia Shipbuilding and Ship repair Industry Tax Credit (Employers) form, based on changes from the CRA and the BC Ministry of Finance.
As of the 2013 taxation year, employers who claim the British Columbia shipbuilding and ship repair industry tax credit (form T1014-2) cannot also claim the British Columbia training tax credit (form T1014-1). In ProFile, this affects the T1014-2 as follows:
T4164 - Manitoba Odour-Control Tax Credit (Individuals)
This release includes an updated form T4164 - Manitoba Odour-Control Tax Credit (Individuals). The Manitoba Odour-Control Tax Credit and all existing carryover amounts are now fully refundable in the current taxation year. The credit is also no longer capped by income tax or property tax on farmland paid.
As such, this credit can no longer be carried back to previous years. This affects the T14164 form as follows:
SK428 - Saskatchewan Tax
This release includes an updated form SK428 - Saskatchewan Tax. In addition to some threshold and rate changes, and some cosmetic changes, line 5879 - Graduate tax exemption amount is removed.
ProFile T2 federal certification
This release includes federal certifications and lets you prepare corporate income tax returns for fiscal year-ends on or before April 30, 2014.
Changed requirements for T2 Corporate Internet Filing
The CRA has loosened requirements for using its Corporate Internet Filing service. The ability to use this service is no longer dependant on whether the company is a resident or non-resident of Canada. As of this release, ProFile no longer prevents use of the service by a non-resident.
New T2 forms
S392 - Manitoba Data Processing Centre Investment Tax Credit
This release of ProFile includes new form S392 - Manitoba Data Processing Centre Investment Tax Credit. Use this form to claim the Manitoba Data Processing Centre tax credit. This credit is a refundable tax credit that is available to data processing corporations with a permanent establishment in Manitoba.
Credits can be claimed on 4% of the capital cost of new qualified property that is a building, and of 7% of the capital cost of new qualified property that is machinery or equipment. The property must be purchased or leased by the company for use in its data processing centre in Manitoba. The property must be available for use after April 17, 2012 and before 2016.
To claim this credit, complete Part 1 of the form with the buildings purchased, constructed, or leased for which you are claiming a credit. Complete Part 2 with the data processing equipment that is purchased or leased. carries the calculated credit to line 324 of S5 - Tax Calculation Supplementary - Corporations.
For more details, including additional restrictions on the property for which the corporation is claiming a credit, see the instructions on the S392 form itself.
Updated T2 forms
Adjustments to unrealized gains/losses
This release adjusts GIFI code 9980: Unrealized gains/losses in forms S125 - Income Statement Information and S140 - Income statement summary. If an unrealized gain is entered in GIFI code 9980, the amount will appear as a deduction from taxable income on line 390 of S1 - Net Income (Loss) for Income Tax Purposes. An unrealized loss will appear as an addition to taxable income on line 292 of S1.
S17 ? Credit Union Deductions
This release includes an updated form S17 ? Credit Union Deductions, based on changes from the CRA.
In addition to several cosmetic and some structural changes, in Part 3 ? Additional deduction, calculations are updated to reflect the phasing out of the additional deduction for credit unions. The additional deduction, which provides for a preferential income tax reate on taxable income that is not eligible for the small business deduction, will be phased out by 20% per year over five years, beginning in 2013 and will be eliminated for 2017 and subsequent years.
T661 - Scientific Research and Experimental Development (SR&ED) Expenditures Claim
This release includes an updated form T661 - Scientific Research and Experimental Development (SR&ED) Expenditures Claim, based on changes from the CRA. These changes include updates to form S60 (T661 Part 2), of which you need to attach a separate copy for each claimed SR&ED project.
You can submit the previous T661(12) version of the form until December 31, 2013. However, starting January 1, 2014, the CRA will accept only the new T661(13) version of the form for all taxation years.
In addition to some cosmetic changes and minor structural changes, updates to the form are as follows:
Updates to form S60 (T661 Part 2) are as follows:
T1135 - Foreign income verification statement
This release includes an updated version of form T1135 - Foreign income verification statement, based on changes from the CRA. The new version of the form applies to taxation years that end after June 30, 2013.
In addition to cosmetic and structural changes, the new version of the form has the following updates:
For more details, see instructions on the T1135 form itself.
Note: ProFile includes different versions of the T1135 form for use with different taxation years. To select a specific version, answer the question "Which version of the form do you want to use?" at the top of the form. By default, ProFile selects an appropriate version based on the taxation year for the current return. Penalties apply if you use an earlier version of the form than required for your taxation year.
Instalments - Federal tax instalments
This release includes updates to the worksheet Instalments - Federal tax instalments. In addition to a few cosmetic changes and fixes to correct some Known Issues with the worksheet, these updates are as follows:
Additional minor form updates
The following forms have been updated with minor changes to reflect the latest government updates.
|FX/FX-Q (Forms Expert)||
T5013 Partnership returns in draft format
Forms for the T5013 Partnership returns are still under development and are in Draft status for this release. They will display a DRAFT watermark when printed. You can enter amounts in these forms, but cannot file them yet. Note that some calculations might change when the final versions are complete.
New FX/FX-Q forms and slips
T5013 Worksheet - Partnership Information and amounts to be allocated to the partners
This release includes a new form T5013Worksheet - Partnership Information and amounts to be allocated to the partners, based on changes from the CRA.
The purpose of the T5013 worksheet is to collect all partnership information. Some of the information is entered directly into the worksheet, while the rest is transferred from other related schedules.
You can use the Expand boxes to show or hide sections you're interested in.
When the worksheet information is completed, the data is transferred to the T5013 Detail.
Updated FX/Q forms and slips
T4 - Statement of Remuneration Paid
This release includes updated versions of forms for T4 - Statement of Remuneration Paid slips, based on changes from the CRA.
In the T4Detail worksheet, code 71 is now called "71 Indian (exempt income)?Employment". Code 88 "Indian (exempt income)?Self-employment" is added.
T4A - Statement of Pension, Retirement, Annuity, and Other Income
This release includes updated form T4A - Statement of Pension, Retirement, Annuity, and Other Income, based on changes from the CRA.
In addition to several cosmetic changes, this form has the following updates:
The following codes are added for tables in the T4ADetail worksheet:
In addition, if you select code 032 in Other Income, a new option is now available in the Code column: Pre-1990 past service contributions while a contributor.
GST/HST New Residential Rental Property Rebate Application
Based on changes from the CRA, this release includes updates to the GST/HST New Residential Rental Property Rebate Application form.
In addition to several cosmetic changes, the changes reflect the 14% HST rate and the related rebate rate, plus the addition of Section G, "Direct Deposit Request."
Information in Section D, Parts II and III is updated to reflect rebate rate changes.
In addition, checkboxes are added to Parts I and III, as well as Section E, to enable the calculation relating to the rebate rate.
FX - Information Worksheet
This release includes updates to the FX Information form.
In addition to several cosmetic changes, the following line is updated: For premier license users, the "Are you magnetic media or internet filing slips?" question now has YES selected as the automatic default.
In addition, a new field, Nominee/Agent Name, is added. This is to reflect the upcoming changes to the T5013Fin and Schedules.
RL2 - Retirement and annuity income
This release includes updates to the Relev? 2 slip - Retirement and annuity income.
In addition to several cosmetic changes, the following lines are updated:
A new code, PRPP Pooled registered pension plan, now appears in the dropdown list for Source of income. Several of the dropdown code descriptions for Additional information have also changed
Line G of the RL2 Detail, Amount that is taxable because of the revocation of the registration of an RRSP or an RRIF. is now updated to match Line G of the RL2 slip.
RL8 - Amount for post-secondary studies
This release includes updated form RL8 Detail - Amount for post-secondary studies. Based on changes from Revenu Qu?bec, Field B is now divided into the following fields for tuition and fees that entitle the taxpayer to a non-refundable tax credit:
Additional minor form updates
The following forms have been updated with minor changes to reflect the latest government updates.
The following forms have been removed from the FX/FX-Q module:
Holiday hours at Intuit Canada
Our office and call centre are closed December 25, 26, and January 1. Please take advantage of our online resources if you require assistance on these days. We have discussion forums, the ProFile InfoBase, a Document Library with valuable PDF documents, and in-product Help files (all accessible through the ProFile QuickStart!).
This release will be shipped to all ProFile customers who requested CDs by courier delivery. The expected delivery date for this ProFile package is during the week of December 16.
Look for the following in a future release: