What's new for T1 Internet version 10.23?

The latest DT Max program update is now available. It features the fully functional T1/TP-1 program for tax years 1996 to 2006 and fully supports T1/TP-1 Efile.

In this version...

Modified form
New diagnostic messages
New option for T4 slip notes - Quebec
Reminders

Verifying carryforwards
T5013 and T5013A slips

Modified form

Federal

T2038(IND) - Investment Tax Credit (ITC) (Individuals)

Version 10.23 is characterized by the release of a new version of form T2038(IND), made available March 30th 2007, which integrates on the one hand the particulars of the apprenticeship job creation tax credit.

On the other hand, changes implemented on the CRA form could have an impact on the tax return of taxpayers subject to minimum tax who have foreign tax credits. The new calculations allow in these situations, for a greater ITC claim, which reduces the amount of minimum tax payable.

Formerly, the additional tax paid in those cases could be deducted from the tax payable over the seven subsequent years, as long as the taxpayer would not be subject to the alternative minimum tax.

New diagnostic messages

Two new diagnostic messages have been added to DT Max, one that relates to the handling of the spouse's return not being processed, which is entered with the RelatedParty keyword, and the other that pertains to the processing of home office expenses when the Spouse share - generate business statement with same data option of the Spouse-Partner% keyword is selected.

New option for T4 slip notes - Quebec

The Note - Income not eligible for the Quebec deduc. for worker option has been added to the Footnotes.t4 keyword in order to allow the input of an amount that is not eligible to the deduction for workers on line 201 of the Quebec return.

DT Max automatically excludes employment income that only includes taxable benefits for reason of a past employment, if the amount entered in Relevé 1 is only made up of amounts entered under the Medical-InsQ , or Employ-Stock , or OtherTaxBen keywords.

For the other situations, use this new option to indicate the employment income not eligible to the deduction for workers.


Here is the list of income types that are ineligible to the Quebec deduction for workers:

Employment income received as:

• an elected member of a municipal council;
• a member of the council or executive committee of a metropolitan community or a regional county municipality;
• a member of a municipal utilities commission or corporation;
• a member of a school board;
• a member of the National Assembly, the House of Commons or the Senate of Canada, or a legislative assembly of another province.
  

Reminders

Verifying carryforwards
As always, we recommend that you verify your carryforwards carefully before processing your client files.


T5013 and T5013A slips
The support group has responded to a considerable number of requests regarding data entry of partnership slips. We would like to remind all our users of the following:

• For 2006, the T5013 slip has undergone major amendments. CRA has also spread the partnerships information's onto two slips, the T5013 and the new T5013A, which reports amounts relative to tax shelters and renounced resource expenses.

 

• Data entry in DT Max follows the new 2006 version of the T5013 and also includes the new T5013A slip.

 

• Due to the late release of the new slips, many issuers used the old 2004 version that the CRA will accept this year only. We have produced a practical correspondence table which will guide you for the data entry, and that is available in the Frequently asked questions (FAQ) section of the knowledge base T5013 concordance table.

 

• Note that the lower section (tax shelters and renunciations) of the 2004 version of the T5013 is now located on the T5013A and all of the partnership information can be entered, where applicable.

 

• Be sure to enter all identification data of the partnership in DT Max, the program manages the presence of the slips' boxes intelligently, meaning only the boxes relevant to the situation will be visible.