I currently have a full paid subscription to both Profile an Taxcycle. My Profile subscription expires at the end of December and I don’t think I will renew. Last tax season I used both Profile and Taxcycle for T1 returns. There was not much of a learning curve in switching from Profile to Taxcycle. There are, however, many more configurable settings in Taxcycle which may take more time to set up. Taxcycle is quite intuitive and includes many settings that I would miss if I had to use Profile again.
The biggest difference I noticed between the two pieces of software was with the AFR. Taxcycle’s Auto Fill My Return import routine beats Profile’s lame import function by a factor of at least 10. I thought Profile did a decent job of AFR until I used Taxcycle… after which I couldn’t believe the lack of thought Profile had put into the design. I originally thought the AFR limitations were CRA imposed but it turns out they were Profile software limitations.
I haven’t ever used tapes in Profile but I do know that Memos do carry forward to Taxcycle. I carried forward and prepared just less than 500 T1 returns from Profile to Taxcycle and did not come across any field that did not carry forward properly.
I started filing T2 returns with Taxcycle earlier this month. I found the T2 carry forward to be quite seamless as well. I deliberately carried forward my nastiest T2 return (4 Associated Corporations, Rental property, Investment income, GRIP, over 500k in taxable income, Eligible Dividends, Sale of Eligible Capital Property, Capital Gains on Real Estate) and Taxcycle handled the files more efficiently than Profile. I do like the fact that you can list asset additions and disposals in the T2 module.
I am having some issues in the T5018 and T4 modules that I expect to get sorted out.
I was likely one of the biggest skeptics … had been loyal to Profile since 2000 … and I don’t really like change. I can honestly say that I don’t have any regrets in switching to Taxcycle. I wish I had of made the switch to Taxcycle a few years earlier, at the same time that colleagues such as James, Bert, Joe, JohnV, and Kevin climbed on board.