Have the following questions with regards to Schedule 7 for Adjusted Aggregative Investment Income (on a T2):
- Will Profile be removing the "If this is your first year starting after 2018, complete the following portion" for 2020 and subsequent year T2 files?
- Will Profile carryforward the Adjusted Aggregative Investment Income amounts from a 2019 T2 into the 2020 T2?
Based upon the most recent update (2020.3.5) these issues have not been addressed.
Hi, thank you for using Intuit ProFile Community
The section:" If this is your first tax year starting after 2018, complete the following portion", only relates to lines 2A to 2C and will be required for all returns prepared for the first year after 2018. Also, this is the current CRA schedule 7. ProFile will update when CRA issues an updated schedule 7.
Schedule 7, starting at line 2D, must be reviewed every year with reference to note 14 and any other CRA guidance. Carryforwards are not planned at this time
Hope this helps
But why does line 745 or 744 from Schedule 7 not migrate automatically to line 417 of the T2 form. It's very dangerous to miss this amount and get an incorrect line 430 on the T2 form as we are so used to amounts migrating automatically from schedules to the main T2 form.