ProFile T2 -- S141 Line 111

Forum|Forum|2 years ago
December 13, 2023
1 reply
6 views

Update to the S141, Part 1, newly added Line 111 says "can you identify the person* specified in the heading of Part 1?" but Profile does not show a heading IN part 1? If you print the form (does not appear when viewing the form in the software) there is a heading on the form ABOVE Part 1, but even then it's the corporations name, not one of the officers or the contact person listed on the INFO tab. So who exactly is the person being referred to in the 'heading', or where is 'heading of Part 1'?

The * does give some more info, specifying that it's asking about a person primarily involved with the financial info -- by why is there nowhere to actually enter this person’s name so there is less confusion as to who we are 'identifying'?

CRA does not reference Line 111 here: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/corporations/corporation-income-tax-return/completing-your-corporation-income-tax-t2-return/general-index-financial-information-gifi/what-schedule-141-notes-checklist.html

CPA Canada has some instructions from June of 2022, but the specify that at the time of writing the article the form had not been released, is this still the most comprehensive guide available? https://www.cpacanada.ca/en/business-and-accounting-resources/taxation/canadian-tax-news/20220608-new-t2-schedule-141-included-in-may-tax-software-updates

ProFile (Canada)

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Best answer by Mario B

Hi, the heading in part 1 says : Part1 - Information on the person primarily involved with the financial statements.

and there is an asterix (*) the paragraph explans what is a person primarily involved just underneath box 97 ... its a person that has more then 50% involvment etc...

Therefore, the question on line 111 is : Can you identify the person primarily involved in the financial statements, yes or no

If the name was required, then you can be sure that CRA would ask for it, but as per the form, they are not asking for the name.

M

Mario BAnswer

Level 11

Hi, the heading in part 1 says : Part1 - Information on the person primarily involved with the financial statements.

and there is an asterix (*) the paragraph explans what is a person primarily involved just underneath box 97 ... its a person that has more then 50% involvment etc...

Therefore, the question on line 111 is : Can you identify the person primarily involved in the financial statements, yes or no

If the name was required, then you can be sure that CRA would ask for it, but as per the form, they are not asking for the name.

H

Hunt4Author

Level 2

Thanks Mario, I appreciate the second set of eyes on this. Now that I read your response it seems obvious that the "heading of Part 1" is quite simply: "Part 1 – Information on the person primarily involved with the financial information".

When I was reading "identify the person specified in the heading" I was thinking there had to be a spot to identify / specify who the person primarily involved is!

I wish the question was worded as clearly as you put it "Can you identify the person primarily involved i~~n the financial statements~~ [in preparing the financial information], yes or no" as that is much more straightforward.

Thanks again for clarifying!

L

Louis Kam

Level 5

In essence, even if I just prepare & report the T2 (no financial statements or others), I should still click "Yes" to line 111 AND choose "1" in part 5, line 110. Correct?

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