LoggingReturnUse the keyword LoggingReturn to generate an information return for the logging operations.The following options are applicable for the keyword LoggingReturn.
Amended-ReturnUse the keyword Amended-Return to indicate that the logging operations information return has been amended.The following options are applicable for the keyword Amended-Return.
Ident-NumberUse the keyword Ident-Number to enter the identification number of logging operations information return.
PartnershipIf the corporation is a member of a partnership, use the keyword Partnership to indicate whether the corporation is filing solely as a member of a partnership or filing for corporation and as a member of a partnership.The following options are applicable for the keyword Partnership.
StartDate-OpUse the keyword StartDate-Op to enter the starting date for the logging operations.
Ceased-OpUse the keyword Ceased-Op to indicate whether or not the corporation has ceased its logging operations.The following options are applicable for the keyword Ceased-Op.
DateCeasedIf the corporation has ceased its logging operations, use the keyword DateCeased to enter the date these operations were ceased.
Type-OperationUse the keyword Type-Operation to enter the type of operations carried on.
Log-InformationUse the keyword Log-Information to enter information about the logging operations.The following options are applicable for the keyword Log-Information.
Name.lUse the keyword Name.l to enter the name of the limit holder, name of purchaser or name of seller, as applicable.
Street.logUse the keyword Street.log to enter the street number and name.
Suite.logUse the keyword Suite.log to enter the suite number.
POBox.logUse the keyword POBox.log to enter the post office box number.
City.logUse the keyword City.log to enter the name of the city.
Province.logUse the keyword Province.log to enter the province.The following options are applicable for the keyword Province.log.
PostCode.logUse the keyword PostCode.log to enter the postal code.
Location.lUse the keyword Location.l to enter the location of the logging operations.
Rights-PaidUse the keyword Rights-Paid to enter the amount of timber-cutting rights paid in respect of the location of the logging operations.
Qty-ForestProdUse the keyword Qty-ForestProd to enter the quantity of forest products obtained at the location.
QtyForestProdUse the keyword QtyForestProd to enter the type and quantity of forest products obtained at the location.
Income.logUse the keyword Income.log to enter the amount of income from logging operations at the location.
SubcontractorUse the keyword Subcontractor to indicate whether or not the corporation has subcontracted out the logging operations to another company.The following options are applicable for the keyword Subcontractor.
Name.suUse the keyword Name.su to enter the name of the subcontractor hired by the corporation.
Street.subUse the keyword Street.sub to enter the street address of the subcontractor hired by the corporation.
Suite.subUse the keyword Suite.sub to enter the suite number of the subcontractor hired by the corporation.
POBox.subUse the keyword POBox.sub to enter the post office box number of the subcontractor hired by the corporation.
City.subUse the keyword City.sub to enter the city of the subcontractor hired by the corporation.
Province.subUse the keyword Province.sub to enter the province of the subcontractor hired by the corporation.The following options are applicable for the keyword Province.sub.
PostCode.subUse the keyword PostCode.sub to enter the postal code of the subcontractor hired by the corporation.
AmountPaid-SubUse the keyword AmountPaid-Sub to enter the amount paid to the subcontractor by the corporation for subcontracted logging operations.
TownshipUse the keyword Township to enter the township in which the logging operations are located.
CountyUse the keyword County to enter the county in which the logging operations are located.
Log-IncomeUse the keyword Log-Income to enter the type of logging income.The following options are applicable for the keyword Log-Income.
Capital-GainsUse the keyword Capital-Gains to enter the amount of capital gains derived from forest products.
Gross-IncomeUse the keyword Gross-Income to enter the logging income derived from forest products.
Expenses.logUse the keyword Expenses.log to enter the expenses related to the forest products.
NetIncome.logUse the keyword NetIncome.log to enter the net income or loss from sources other than forest products or logging operations.
Capital.logUse the keyword Capital.log to enter the amount of capital invested.
Cost-Prop.logUse the keyword Cost-Prop.log to enter the cost of property used in the logging operations.The following options are applicable for the keyword Cost-Prop.log.
Unit-MeasureUse the keyword Unit-Measure to enter the unit of measure used for forest products in the logging operations.The following options are applicable for the keyword Unit-Measure.
QuantityUse the keyword Quantity to enter the quantity of forest products used in the logging operations.The following options are applicable for the keyword Quantity.
Tax-ReductionUse the keyword Tax-Reduction to enter the amount by which the tax payable is reduced in regards to the logging operations.The following options are applicable for the keyword Tax-Reduction.
LogTaxPay-CFUse the keyword LogTaxPay-CF to enter the end date of the previous taxation year from which a tax amount payable is carried forward as well as the tax amount payable carried forward from a past year. This refers to the amount on line 106 of Form COZ-1179 completed for the previous taxation year.
Amount.lUse the keyword Amount.l to enter the amount of tax payable carried forward from the previous taxation year that has already been used to reduce the tax payable for another taxation year, as well as the portion of the excess balance that can be deducted for the given taxation year.The following options are applicable for the keyword Amount.l.
Instal-PaidUse the keyword Instal-Paid to enter the amount of logging tax paid by instalments by the corporation involved in the logging operations.The following options are applicable for the keyword Instal-Paid.
PaymentEnclosedUse the keyword PaymentEnclosed to enter the amount being paid to the Minister of Revenue of Quebec, by cheque or money order, in the case of a balance due by the corporation involved in the logging operations.
Log-Exp-CFUse the keyword Log-Exp-CF to enter the type of development work expenses carried forward from previous years.This information will be used on Quebec form FM-220.3 to calculate the forest producer's real estate tax refund. The following options are applicable for the keyword Log-Exp-CF.
Amount.logUse the keyword Amount.log to enter the year and amount of development work expenses that have been carried forward from previous years.This information will be used on Quebec form FM-220.3. The following options are applicable for the keyword Amount.log.
LogIncomeEnter all logging income earned in and taxes paid to the specified province in the LOGINCOME group. DT Max will then calculate the federal logging tax credit on schedule 21. The Quebec credit is calculated on the CO-17 return and the B.C. credit on schedule 5.The following options are applicable for the keyword LogIncome.
See the Taxnet Pro™ T2 Line-by-Line Guide (subscription required):
See the CRA's general income tax guide: LogTaxPaidEnter the amount of logging tax paid to the province entered in LogIncome in this group. This amount will print on schedule 21 where the logging income tax credit is calculated.
LogCrOV-FedLogCrOV-Fed will override the amount of the federal logging tax credit claimed on the T2 return.If no override is entered, DT Max will calculate the maximum allowable logging credit on schedule 21.
LogCrOV-ProvLogCrOV-Prov will override the amount of the provincial logging tax credit claimed on the CO-17 return.If no override is entered, DT Max will calculate the maximum allowable logging credit according to the provincial income tax rules.
Log-ExpenseUse the keyword Log-Expense to enter the development work expenses for the current year, per box A of the forest engineer's report.This information is used to calculate the forest producer's real estate tax refund on Quebec form FM-220.3.
Real-EstateUse the keyword Real-Estate to specify the type of real estate taxes paid that are eligible for a real estate tax refund.A corporation that holds a forest producer's certificate issued by the Minister of Forests, pursuant to sections 120 to 124 of the Forest Act, may obtain from the Minister of Revenue a refund of the real estate taxes that it paid on land included on the assessment roll and listed on the certificate.
MunicipalTaxUse the keyword MunicipalTax to enter the amount of municipal taxes that are payable for a municipal fiscal period, for each assessment unit on the assessment roll.This information will be used on Quebec form FM-220.3-V to calculate the real estate taxes that were paid and not refunded with respect to each assessment unit.
School-TaxUse the keyword School-Tax to enter the amount of school taxes that are payable for a school fiscal period, for each assessment unit on the assessment roll.This information will be used on Quebec form FM-220.3-V to calculate the real estate taxes that were paid and not refunded with respect to each assessment unit.
Refunded-TaxUse the keyword Refunded-Tax to identify the source of the real estate tax refund.The following options are applicable for the keyword Refunded-Tax.
Roll-ValueUse the keyword Roll-Value to enter the total value of the assessment unit as entered on the roll.The following options are applicable for the keyword Roll-Value.
LogOperationUse LogOperation to enter information relating to Quebec form CO-726.PF (Income- averaging deduction for forest producers).The following options are applicable for the keyword LogOperation.
Forest-locationUse Forest-location to enter the location of the private forest.
Partner-Info.lUse the keyword Partner-Info.l to indicate whether the partnership is an eligible partnership whereby the corporation is a member, an intermediary partnership whereby the corporation is a member, or an eligible partnership whereby the corporation is a member by an intermediary partnership.The following options are applicable for the keyword Partner-Info.l.
Partner-Name.lEnter the name of the partnership using the keyword Partner-Name.l, for purposes of the CO-726.PF form. The same name must also be entered in the keyword Name.re within the RelatedParty group in order to allow entry of other data pertaining to the partnership.
Forest-Aver-IncUse Forest-Aver-Inc to enter the income(loss) from the corporation and partnership's certified commercial activities for the corporation's taxation year.The following options are applicable for the keyword Forest-Aver-Inc.
Portion-DedUse Portion-Ded to enter the amount of the income-averaging deduction for forest producers.
Inc-Avg-DedUse Inc-Avg-Ded to enter the income averaging deduction included in the taxable income in the current tax year and prior years.DT Max will carryforward the deduction included in the current year's income as a carryforward to next year. The following options are applicable for the keyword Inc-Avg-Ded.
InclusionAn amount representing at least 10% of the deduction must be included in calculating the corporation's taxable income for each of the six taxation years following the year in which the deduction was allowed. The amount by which the amount of the deduction exceeds the total of the amounts included in calculating the corporation's taxable income for previous years must be included in calculating the corporation's taxable income for the seventh year following the year in which the deduction was allowed.Use Inclusion to enter the amount to be included in taxable income for the current tax year. DT Max will carry forward this information to the following tax year. The following options are applicable for the keyword Inclusion.
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