CRA Mandate for Electronic Filing
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 want to have this information handy.
Download the latest release of the ProFile Suite, version 2014.1.0.
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.
(New!) Consolidation of ProFile Premier and ProFile Basic
We are pleased to announce that for ProFile 2014 or later, ProFile Premier and ProFile Basic have become just one ProFile. Your ProFile 2014 license gets you everything ProFile has to offer--in most cases for a lower price.
Features previously restricted to Premier include:
Note: You still need separate licenses for different modules (T1/TP1, T2, and so on). Also, when working with files for previous taxation years, Basic licenses are still limited to Basic functionality for those years.
(New!) Carry forward T1/TP1 DT Max(TM) files to ProFile 2014
You can now carry forward 2013 DT Max TM files to the 2014 taxation year in ProFile as follows:
(New!) Chat live with ProFile care representatives from within ProFile
You can now access our technical support representatives in a chat window directly from ProFile. To do so, go to the Help menu and choose Live chat, or click the Live chat button on the toolbar.
(New!) ProFile alerts
On rare occasions, there are important events and situations that we want to tell our users about. (For example, notification of an unplanned outage from the CRA's EFILE servers.) As long as you're connected to the Internet, these alerts will appear as popup windows when you start ProFile.
We intend to limit these alerts to deadline reminders, emergency situations that require immediate actions, and important messages from the CRA and other government entities.
To view the most recent alerts, click the Alerts button on the toolbar (the bell button).
(Improved!) 2013-2014 Carryforwards
Remember, when carrying forward ProFile files from previous years, you can specify options to customize the information that gets carried forward in the Module Options window. To see these options, go to the Options menu and click Module, then click the tab for the module that you want to configure (such as 2012-2015 T2). In the options list below, click the General tab, then look under the Carry forward files folder.
For complete instructions on carrying forward all types of files within ProFile, search "carryforward" in the in-product help.
The 2014 version of ProFile T1/TP1 now carries forward information from 2013 T1/TP1 files created with TurboTax, TaxprepTM 2013 v4.3 and CantaxTM version 13.6.303.128.
New for this release, you can now carry forward T1 returns created in DT MaxTM (Dr TaxTM) version 17.30. To do so, you must first extract information from the returns in DT Max into a *.DAT file. You can then carry forward that file into ProFile. For more details, search for "DT Max carryforward" in the in-product help.
Full carryforward functionality of files created with ProFile 2013 is now available (batch carryforward, disabled in version 2014.0.0, has been restored in ProFile Premier).
ProFile Forms Expert (FX/Q):
The 2014 version of ProFile FX/Q now carries forward information from 2013 files created with ProFile; Cantax - FormMasterTM 2013 v1.1, v2.0, v3.0, v4.0; and TaxprepTM Forms 2013 v1.1, v2.0, v3.0, and v4.0 (formerly Taxprep ? FormulaTrixTM).
This version of ProFile T2 carries forward information from 2013 T2 files created with ProFile. It also carries forward information from corporation files created from:
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.
(Improved!) Updated ProFile Connect app for 2014
The ProFile Connect app is updated for the 2014 taxation year. The app now supports 2013 and 2014 T1/TP1 returns.
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 a new Intuit account, that will be used by ProFile Connect and future Intuit mobile and web apps. For more details on setting up a new Intuit Online Account, see Setting up an account to view returns online in the in-product help. (You do not need to set up a new account if you used ProFile Connect 2013, but you do need to upgrade to the 2014 version.)
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".
(Improved!) Streamlined setup for syncing files with ProFile Review and ProFile Connect
You can now set up your Intuit online account while you're activating your 2014 ProFile license. You use this account to sync your client's files with secure online servers, from which you can access them from anywhere. The activation process is also streamlined to be much faster.
In addition, after you set up your Intuit account, ProFile automatically syncs any T1 returns that you carry forward from a previous taxation year.
New T1/TP1 forms
Schedule 1-A: Family Tax Cut
This release includes new form S1A - Family Tax Cut. Use this form to calculate the taxpayer's Family Tax Cut credit, which takes effect starting in the 2014 tax year.
The Family Tax Cut is a federal non-refundable tax credit worth up to $2,000 for couples with children under the age of 18. A qualifying individual may share, for the purposes of this credit only, the lessor of $50,000 or 50% of the difference between the individual's and his or her eligible spouse or common-law partner's taxable income. Tax relief is based on the difference in federal tax before and after the effective transfer of income.
Taxpayers can claim this credit if they were married or living in a common-law partnership, and if both spouses or common-law partners
Taxpayers cannot claim the credit if:
ProFile displays additional questions on the form to make sure that amounts and claims are entered correctly. These questions do not appear on the form from the CRA.
Note: Only one spouse or common-law partner can claim this credit. If the taxpayer is claiming the credit and you are not preparing a coupled return, make sure that the spouse is not also claiming the credit.
In a coupled return, ProFile fills in the form based on amounts on other forms. If the return is not coupled, ProFile fills in amounts for the spouse or common-law partner (Column 2) based on information in S2 - Federal Amounts Transferred From Your Spouse or Common-law Partner. In this case, we suggest preparers compare these amounts to the spouse or common-law partner's return.
ProFile carries the calculated credit to line 423 on Schedule 1. For more details, see information in the form itself.
T1256-2 - Manitoba Employee Share Purchase Tax Credit
This release includes a new form, T1256-2 - Manitoba Employee Share Purchase Tax Credit, based on changes from the CRA.
A new tax credit, the Manitoba Employee Share Purchase Tax Credit, is available for 2014. This credit can be claimed by those who received an employee share ownership plan (ESOP) receipt.
The first $27,000 of credits earned in a year are refundable. Claim any unused amount as a non-refundable tax credit in the year, carry it forward for ten years, or carry it back for three years. However, the credit cannot be carried back to a tax year before 2014.
Updated T1/TP1 forms
T1 General - Income Tax and Benefit Return
This release includes an updated T1 General - Income Tax and Benefit Return, based on changes from the CRA.
In addition to minor cosmetic changes, a new area is added to enter an email address. This lets users register for online mail from the CRA and view their secure information on the CRA's "My Account" service. Make sure that the taxpayer understands the terms and conditions in the CRA's General Income Tax and Benefit Guide.
Also, since it is no longer necessary to apply for the credit, the GST/HST credit application area is removed. When the return is filed, the CRA will determine eligibility and let taxpayers know if they are entitled to receive the credit.
Important: When assigning the GST/HST credit, the CRA will pay the credit to the spouse or common-law partner whose return is assessed first. Preparers should be aware of this situation, especially when preparing an uncoupled return.
Schedule 1 - Federal Tax
This release includes an updated Schedule 1 - Federal Tax, based on changes from the CRA. In addition to some cosmetic changes, these updates are as follows:
Improved GST/HST CCA calculations in business statements
This release includes improvements to federal and provincial business statements. In the Capital cost allowance (assets owned by partner) section of these forms, you now enter the date on which the asset was acquired in the Date acquired field.
ProFile uses this date when calculating eligible GST/HST rebates on CCA for class 10 and 10.1 assets that are owned by partners. Specifically, when the HST rate for a province changes during the year, ProFile now calculates the rebate based on the asset acquisition date instead of the rate in effect at the end of the year.
This affects partner GST/HST rebate calculations on the following forms:
Newfoundland and Labrador
NL428 - Newfoundland and Labrador Tax and Credits
This release includes an updated form, NL428 - Newfoundland and Labrador Tax and Credits, based on changes from the Province of Newfoundland/Labrador and the CRA.
In addition to minor cosmetic changes, two new sections are added:
NS428 - Nova Scotia Tax and Credits
This release includes an updated form, NS428 - Nova Scotia Tax and Credits, based on changes from the Province of Nova Scotia and the CRA.
In addition to minor cosmetic changes, the following are implemented:
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, 2015.
Updated T2 forms
Online Web access code (WAC) request
This release includes information on Online Web service code (WAC) requests, based on changes from the CRA.
The Online WAC service lets users request and obtain a WAC online through ProFile, without having to call the CRA. In ProFile, preparers are given the opportunity to make a request when they use EFILE to file a return. This service is available at any time and is not dependent on the CRA's CIF Help Desk hours of service.
Users will be asked to provide the following authentication information:
Users will also be asked for the name and position of a contact person in case there are issues with the request.
ProFile fills in these fields from the return. If the authentication information matches the CRA's records, and the request is successful, the return will be filed by EFILE. If the information does not match, the CRA's servers return an error message asking for the correct information. Users are limited to five attempts, then must call the CRA.
Schedule 2 - Charitable donations and gifts
This release includes an updated Schedule 2 - Charitable donations and gifts, based on changes from the CRA.
In addition to minor cosmetic changes, the following two lines are new:
In addition, Line 510 was renamed. Instead of one line for current year gifts, users must now indicate whether they were made before Feb 11, 2014 or after Feb 10, 2014. Gifts made up until Feb 10, 2014 have a 5 year carry forward period, while gifts made after Feb 10, 2014 can be carried forward for 10 years.
Schedule 5 - Tax Calculation Supplementary ? Corporations
This release includes an updated Schedule 5 - Tax Calculation Supplementary ? Corporations, based on changes from the CRA.
In addition to minor cosmetic changes, the following lines are new:
Schedule 8 - Capital Cost Allowance (CCA)
This release includes an updated Schedule 8 - Capital Cost Allowance (CCA), based on changes from the CRA.
In addition to minor cosmetic changes, there is a new table for Class 43.1 and 43.2 assets.
For each Class 43.1 or 43.2 asset reported in Line 200 that has new additions during the year in Line 203, additional information must be reported for those assets.
S381 - Manitoba Manufacturing Investment Tax Credit
This release includes an updated S381 - Manitoba Manufacturing Investment Tax Credit, based on changes from the CRA.
In addition to minor cosmetic changes, this form has been updated to reflect the extension of this credit to qualified property before 2018.
S500 - Ontario Corporation Tax Calculation
This release includes an updated S500 - Ontario Corporation Tax Calculation , based on changes from the 2014 Ontario budget.
Part 3 of the form has been updated to reflect the phase out of the Small Business Deduction for Canadian-Controlled Private Corporations (CCPCs) and associated groups of CCPCs with more than $10 million in capital employed in Canada in the previous year.
When the taxable capital is over $15 million, the SBD is fully eliminated. This parallels the Federal phase-out of the Small Business Deduction already in effect (T2 line 425).
This rule is effective for taxation years that end after May 1, 2014, (and it is pro-rated for taxation years that straddle May 1, 2014).
S552 - Ontario Apprenticeship Training Tax Credit
This release includes an updated S552 - Ontario Apprenticeship Training Tax Credit, based on changes from the Government of Ontario.
For expenditures incurred after March 31, 2014, trade numbers 634a, 634d, and 634e will not be qualifying skilled trades, and won't be eligible for the ATTC. The 2013 Ontario Economic Outlook and Fiscal Review announced that the government will provide qualifying employers with some transitional support.
Special audit messages now appear when these trade numbers are chosen in Part 4 - Calculation of the Ontario apprenticeship training tax credit.
T1135 - Foreign Income Verification Statement
This release includes a new version of T1135 - Federal Tax, based on changes from the CRA.
This new version applies to tax years ending in 2014 and later. The T2 module currently supports two other versions of the T1135. A checkbox in the module defaults to checked, selecting this new version, when the tax year end date is after Dec 31, 2014.
The form itself contains a new Part 7, "Property held in an account with a Canadian registered securities dealer or a Canadian trust company."
Additional minor form updates
The following forms have been updated with minor changes to reflect the latest government updates.
|FX/FX-Q (Forms Expert)||
ProFile FX certifications
The following slips are updated and certified by the CRA:
Other slips have no changes and maintain certification from the previous release.
Updated FX/Q forms and slips
Additional minor form updates
The following forms have been updated with minor changes to reflect the latest government updates.
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 22.
Look for the following in a future release: