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T2SCH10 Cumulative Eligible Capital (CEC) Deduction is incorrectly calculated for corporations

Description

 T2SCH10 Cumulative Eligible Capital (CEC) Deduction is incorrectly calculated for corporations with taxation years that end on or after January 1, 2017 and include December 31, 2016.


Issue

For a corporate tax year that ends on or after January 1, 2017 and includes December 31, 2016, there should be no current year cumulative eligible capital (CEC) deduction. 
 
However, ProFile currently calculates CEC deduction for partial year up to December 31, 2016 on the following:
  • Schedule 10, line 250
  • AT1 Schedule 14, line 024
  • CO-130.B (QS10), line 36 

Workaround

If a corporation has a tax year that straddles 2016 and 2017, override the current year CEC deduction amounts to a value of ?0? on the following:
  • Schedule 10, line 250
  • AT1 Schedule 14, line 024 (if applicable)
  • CO-130.B (QS10), line 36 (if applicable)
Then, enter the closing CEC balance (Schedule 10, line 300) on line 201 of Schedule 8 in respect of Class 14.1.
 

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