  Compensation & insurance taxes |
Use the keyword QCompens-Tax to indicate the type of corporation that is subject to the Quebec compensation tax. Tax on capital will also be calculated for these corporations, where applicable.
The following options are applicable for the keyword QCompens-Tax.
Bank Tax information related to these corporations will be printed on part I and V of the CO-1159.2 form.
Loan or trust corporation Tax information related to these corporations will be printed on part I and V of the CO-1159.2 form.
Corporation trading in securities Tax information related to these corporations will be printed on part I of the CO-1159.2 form. If the client corporation is also an insurance corporation, enter the amount of premiums which are subject to the compensation tax in the Premiums keyword in this group; part IV of the form will then be done in addition to part I.
Savings and credit union Tax information related to savings and credit unions wil be printed on part III of the CO-1159.2 form. If the client corporation is also an insurance corporation, enter the amount of premiums which are subject to the compensation tax in the Premiums keyword in this group; part IV of the form will then be done in addition to part III.
Insurance corporation Tax information related to insurance corporations will be printed on part II of the CO-1159.2 form. Do not choose this type if the client corporation is also one of the above types since that part I or III and part IV of the form must then be done. An insurance corporation(within the meaning of section 1166 of the Quebec Taxation Act) that carries on a business in Quebec (that is, exercises one of its corporate rights, powers or objects in Quebec, or has property or an establishment in Quebec, within the meaning of section 1 of the Act) is required to take into account, in computing its income tax payable, the business limit determined on the basis of its paid-up capital. The paid-up capital must be calculated as if the insurance corporation were a bank on form CO-1140.A. Tax information related to insurance corporations will also be printed on the CO-1167 form.
Financial institution by election Tax information related to these financial institutions will be printed on part V of the CO-1159.2 form.
Professional corporation Tax information related to professional corporations will be printed on part IV of the CO-1159.2 form.
Use the keyword Independent-Corp to indicate if the corporation is an independent loan corporation, an independent trust corporation or an independent corporation trading in securities.
The following options are applicable for the keyword Independent-Corp.
Use the keyword FirstYrInfo to indicate if this is the first tax year. In this case, information entered in this group applies to the beginning of this tax year.
If "yes", DT Max will generate Québec form CO-1140.A. Otherwise, DT Max will generate Québec form CO-1140.
The following options are applicable for the keyword FirstYrInfo.
Use the keyword Foreign-Bank to indicate whether or not the corporation is an authorized foreign bank for purposes of Quebec form CO-1140.
The following options are applicable for the keyword Foreign-Bank.
Use the keyword Premiums to specify the type of premiums subject to tax.
The following options are applicable for the keyword Premiums.
Insurance on persons Enter the amount of premiums related to insurance of persons.
Insurance on damage Enter the amount of premiums related to damage insurance.
Premiums on Quebec person - non res Enter the amount of premiums with respect to a person located in Quebec, as set forth in an contract with an insurance corporation that is not resident in Canada and does not maintain an office there, and in respect of which compensation tax has already been paid.
Premiums on Quebec property - non res Enter the amount of premiums with respect to a property located in Quebec, as set forth in an contract with an insurance corporation that is not resident in Canada and does not maintain an office there, and in respect of which compensation tax has already been paid.
Patronage divs & divs to ins policy - persons Enter the amount of patronage dividends and dividends paid or credited to insurance policy holders with respect to the premiums entered in "Insurance on persons".
Patronage divs & divs to ins policy - damage Enter the amount of patronage dividends and dividends paid or credited to insurance policy holders with respect to the premiums entered in "Insurance on damage".
Ocean marine insurance premiums payable Enter the amount of ocean marine insurance premiums payable.
Marine insurance premiums payable Enter the amount of marine insurance premiums payable.
Net ocean marine insurance - Quebec Enter the amount of premiums related to ocean marine insurance paid under a contract underwritten in Quebec.
Net ocean marine insurance - Canada Enter the amount of premiums related to ocean marine insurance paid under a contract underwritten in Canada.
Tax prems paid to corp/agent re Quebec res Enter the amount of taxable premiums paid to the corporation or to its agent in respect of a person who is resident in Quebec at the time of payment.
Prems paid as office/employment inc Enter the amount of taxable premiums paid that corresponds to the payment of an amount that constitutes income from an office or employment for which a contribution under one of the following Quebec laws has been paid: Act respecting industrial accidents and occupational diseases, Act respecting the Régie de l'assurance-maladie du Québec and Act respecting the Quebec Pension Plan.
Tax prems to ins corp paying comp tax Enter the amount of taxable premiums that, after being paid to another insurance corporation, are premiums in respect of which tax is payable.
Use the keyword Marine-Inc to enter the amount of operating income from marine risks in Canada.
Use MembPremiums to enter premiums to be paid by the members during the taxation year.
Use CO1140-Cap to enter all elements of taxable paid-up capital. Amounts entered here will appear on the CO-1140 schedule.
The following options are applicable for the keyword CO1140-Cap.
Paid-up capital stock
10% of the portion of assets/commitments (10a)
Other amounts not related to protection (10b)
Permanent shares
Long-term debt for calcs of base debt ratios
Debts of a corporation
General reserve (banks only)
Other reserves and provisions
Surpluses (all surpluses)
Long-term debt (subordinated)
Future tax liabilities
Assets that constitute tangible property
Other amounts
Use the keyword Subord-Loans to enter the amount of subordinated loans and similar debts (brokers only).
This information will appear on forms CO-1140 and CO-1140-A as an addition in the calculation of paid-up capital.
Use CO1140-Ded to enter all elements of deductions for paid-up capital. Amounts entered here will appear on the CO-1140 schedule.
The following options are applicable for the keyword CO1140-Ded.
Operating loss
Future tax assets
Other amounts
Use the keyword IFCSalary-TaxCr to indicate whether or not the corporation has chosen to claim the Tax Credit for Salaries and Wages - IFC.
A corporation that has chosen to claim the Tax Credit for Salaries and Wages - IFC is not entitled to the deduction for operating an IFC as from the effective date displayed on the certificate of qualification issued in this regard by Investissement Québec, regardless of whether the IFC is operated by the corporation or the partnership of which the corporation is a member.
The following options are applicable for the keyword IFCSalary-TaxCr.
Use the keyword CertDate to enter the effective date displayed on the certificate of qualification issued in this regard by Investissement Québec.
The gross income from the operations of an IFC refers to the gross income that results from the activities of this IFC in a taxation year.
Use the keyword GrossRev-IFC to enter this information for purposes of Quebec schedule CO-1140.
Use the keyword Wages-FinIns to enter the wages and salaries paid in the tax year as a financial institution.
The following options are applicable for the keyword Wages-FinIns.
Total salaries after Dec. 2, 2014 & before April 1, 2018
Total salaries after March 31, 2018 & before April 1, 2019
Total salaries after March 31, 2019 & before April 1, 2020
Total salaries after March 31, 2020 & before April 1, 2022
Total salaries after March 31, 2022
Salaries attributable to operations of IFC
The number of days in the taxation year for which the corporation was a financial institution if for part of the year only.
The following options are applicable for the keyword Days-FinIns.
Days in tax yr after Dec. 2/2014 & before April 1/2018
Days in tax yr after March 31/2018 & before April 1/2019
Days in tax yr after March 31/2019 & before April 1/2020
Days in tax yr after March 31/2020 & before April 1/2022
Days in tax yr after March 31/2022
Use the keyword Tot-Supplies to enter the value of total supplies during the tax year.
Use the keyword Fin-Supplies to enter the value of supplies of financial services during the tax year.
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Independent-Corp