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R
Rick1953
Level 4
August 17, 2020
Question

why do i keep getting a warning about schedule 7 when this company has never reported any investment income? getting really frustrated with these errors

  • August 17, 2020
  • 2 replies
  • 7 views
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2 replies

P
Pro4
Level 8
August 20, 2020

Hi, thank you for using Intuit ProFile Community

The warning will appear for corporations with a start date after 2018. The passive rule changes, found here caused changes to schedule 7. ProFile gives a warning to the preparer to review new sections of the schedule. The warning can be signed off after review.

Hope this helps

R
Rick1953Author
Level 4
August 21, 2020

I UNDERSTAND YOUR EXPLANATION, BUT WHY, OF THE 20 CORPS THAT I PREPARE, THIS IS THE ONLY ONE WITH THIS WARNING...STRANGE.  BUT THANX

P
Pro4
Level 8
August 20, 2020

Hi, thank you for using Intuit ProFile

If the hyperlink does not work try this one:

https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/federal-government-budgets/budget-2018-equality-growth-strong-middle-class/passive-investment-income.html

Hope this helps

 

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