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T2
575 Quebec credits and deductions
  CO-771 - Quebec small business deduction for tax years ending after March 27, 2018 |
| Program(s) affected: |
T2 |
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Document created: |
06 06, 2018 |
| Tax year(s): |
2018 |
Document last modified: |
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| Version(s): |
21.01, 21.15, 21.20 |
Problem status: |
Fixed in v21.30 |
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In the March 27, 2018 Quebec budget, the small business deduction was increased from 3.7% to 4.7% for days in the tax year after March 27, 2018 and before January 1, 2019. Also, the additional reduction for small and medium businesses in the primary and manufacturing sectors decreases from 4% to 3% for days in the tax year after March 27, 2018 and before January 1, 2019. These changes will be incorporated in the next version of DT Max.
As a workaround, to correct the small business deduction of a corporation that is not eligible for the additional deduction for small and medium businesses in the primary and manufacturing sectors, right-click on line 105 of the CO-771, select "Override this field" and enter the correct amount.
As a workaround for corporations eligible for the additional deduction for small and medium businesses in the primary and manufacturing sectors, first right-click on line 215 of the CO-771, select "Override this field" and enter the correct amount. Then right-click on line 219 of the CO-771, select "Override this field" and enter the correct amount.
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