Prepare next year T3 return using previous year ProFile T3 module

The next year ProFile T3 module is not available until the year after. For example, when 2008 T3 module is the last one released and you need to prepare a T3 return with 2009 year-end, the 2009 T3 module will not be available until January 2010).  In this situation you need to use the previous year T3 module for preparing next year T3 return.

New tax rates are implemented in the previous year T3 module to handle preparation of next year T3 returns. Entering the appropriate year-end on the Info screen will kick in the applicable tax rates for that year. A T3 return filed using previous year tax forms is acceptable to the Canada Review Agency, and they will reassess the return if required.

To prepare next year T3 return using the previous year T3 module:

1. Save a duplicate copy of the previous year T3 return to be used as the next year  T3 return.
2. Open the previous year-end T3 return in ProFile.
3. Enter the appropriate year-end for the trust return T3 to be prepared and this will kick-in next year tax rates.
4. Delete the information pertaining to the previous year-end keeping what is required for the next year-end.
5. Enter the T3 data required for filing the next year trust return, allocate income to beneficiaries and create T3 slips.
6. Print the T3 trust return using File > Print and the T3 slips using File > Print Slips for filing to the CRA.
7. Save the T3 return prepared using a different file name to identify the tax rates for that year.