What's New in ProFile...

T1/TP1 highlights include:

• 2019 T1 form updates

ON-CARE, Childcare Access and Relief from Expenses (CARE) tax credit

Effective for the 2019 tax year, if you were a resident of Ontario at the end of the year and claimed child care expenses on line 21400 for one or more eligible children, you may be eligible for the Ontario Childcare Access and Relief from Expenses (CARE) tax credit.

The CARE tax credit supports families with adjusted family incomes of up to $150,000 and would provide them with a credit of up to 75% of their eligible child care expenses.

To calculate the credit, indicate the supporting persons for each eligible child. If there are any supporting persons other than the taxpayer and the spouse, you must enter the net income, childcare expenses deduction, and social assistance benefits repayment from that supporting person’s tax return.

T1/TP1 highlights include:

• first version paper filing release of ProFile for T1/TP1 2019

Schedule 14, Climate Action Incentive (for residents of Alberta)

Commencing with the 2019 tax return the climate action incentive is available to residents of Alberta who qualify.

Schedule YT(14)  - Yukon Government Carbon Price Rebate

The Yukon Government Carbon Price Rebates is an amount paid to individuals and businesses to help offset the cost of the federal carbon pollution pricing levy.

Starting in July 2020 the rebate payments will be issued quarterly to individuals separately from the income tax refund. The taxpayer and their spouse or common-law partner (if applicable) must file a return as a resident of the Yukon every year to continue receiving the rebate.

The taxpayer will receive the basic rebate automatically based on information contained in their return. The Yukon carbon price rebate is the same amount for every resident of Yukon, regardless of age, income, or marital status. The taxpayer may qualify for a 10% remote supplement if, on December 31, 2019, they resided outside Whitehorse.

To claim the remote supplement, indicate “Yes” at Part 1, Line 63790, to the question “Do you reside outside of Whitehorse on December 31 of the tax year?”

To display the estimated rebate that will be paid to the individual, choose “Yes” to the question “Display estimated rebate on this taxpayer’s return?”

To claim the Yukon Business Carbon Price Rebate, complete Part 2. The rebate is a refundable credit based on the UCC and CCA of eligible Yukon assets used to calculate your business income in the year. To calculate the rebate, indicate the amount of eligible UCC and CCA for all eligible assets under Category 1, 2 and/or 3.

ON428A, Low-income individuals and families tax (LIFT) credit

Individuals that were Canadian residents on January 1, 2019 and Ontario residents on December 31, 2019 may be eligible for the non-refundable Low-income Individuals and families tax (LIFT) credit.

The taxpayer could receive up to $850 to be applied against any Ontario tax payable, as long as they have employment income.

If you have a spouse or common-law partner who has employment income, they can also claim this credit on their return.

To claim the credit, complete form ON428A.

Form T90, Income Exempt under the Indian Act

This form calculates the net exempt income for taxpayers registered or entitled to be registered as an Indian under the Indian Act. This income is reported to Canada Revenue Agency to determine the taxpayer’s Canada training credit limit (CTCL) and Canada Workers Benefit (CWB).

For taxpayers with this exempt income, indicate on line 38105 of the Schedule 6, Canada Workers Benefit, if the exempt income should be included in calculating the CWB.

T224, Nova Scotia Venture Capital Tax Credit

Effective for the 2019 tax year, a new non-refundable venture capital tax credit has been introduced for individual investors who invest in a venture capital corporation or fund.

The credit can be claimed for eligible investments made in a qualifying venture capital fund that was acquired in 2019 or in the first 60 days of 2020.

The credit is equal to 15% of eligible investments and can be used to reduce your Nova Scotia tax payable. Any unused credits can be carried forward for seven years.

T225, Nova Scotia Innovation Equity Tax Credit

Effective for the 2019 tax year, a new non-refundable tax credit has been introduced for eligible investors who invest in an approved corporation.

The credit can be claimed for eligible investments made in 2019 or in the first 60 days of 2020.

The maximum annual eligible investment is $250,000.

The credit is equal to 35% of eligible investments made in approved corporations (45% for eligible investments made in approved corporations within the oceans technology and life sciences sectors) up to a maximum claim of $112,500 per tax year and can be used to reduce your Nova Scotia tax payable. Any unused credits can be carried forward for seven years.

Removed Forms

T7DRA pre-print

Pre-printed T1 remittance form is removed from ProFile.

S4, Statement of investment income, carrying charges and interest expenses

CRA has discontinued this form.

The detailed summary of taxable dividends, interest and other investment income included on lines 12010, 12000 and 12100 has been moved to the worksheet “Other income”. Additional investment income not already included on slips can be entered here.

The detailed summary of carrying charges and interest expenses included on line 22100 has been moved to the worksheet “Other deductions”. Any deductions not already included on slips can be entered here.

S12, Home Accessibility Expenses

CRA has discontinued this form.

Home Accessibility Expenses for line 31285 have been moved to the worksheet “Other credits”. Enter eligible home accessibility expenses here if you are claiming this credit.

Updated Forms

T1 Income Tax and Benefit Return

New lines added:

• Line 10105 - Tax-exempt income for emergency services volunteers

Highlights include:

• EFILE performance improvements

T1/TP1 highlights include:

• carry forward information from 2018 TurboTax T1 returns

• this version of the ProFile T1 module carry forward information from 2018 TurboTax T1 returns to create new 2019 ProFile returns (for preview purposes only)

T1 highlights include:

• 2019 form revisions

Highlights include:

• T1 print performance improvements

Highlights include:

• various product improvements

Highlights include:

• updated print technologies to implement T1 CRA forms

Highlights include:

• T2 paper and Internet filing is certified for Federal corporate tax returns

T1/TP1 highlights include:

• T1 planner update

Highlights include:

• various bug fixes, including the known issue "NS428 incorrectly calculates spousal amount"