DT Max version 13.30 is a CD release that features the T1/TP-1 program for tax years 1999 to 2009 as well as the 2010 planner, in addition to fully supporting T1/TP-1 efile. Version 13.30 also features the T3/TP-646 program for tax years ending from 2003 to 2010 inclusively. Please note that all program versions are always made available on the Internet.
In this version...
2010 tax brackets and rates affecting trusts Ontario and British Columbia : replacement of the Provincial Sales Tax (PST) Modified forms Warning : verifying carryforwards New keywords Deleted keywords DT Max T1Version highlightsImplementation of announced tax changesSince our last release, the following budgets were announced: Federal - March 4, 2010Newfoundland and Labrador - March 29, 2010 Prince Edward Island - April 23, 2010 Nova Scotia - April 6, 2010 New Brunswick - December 1, 2009 Quebec - March 30, 2010 Ontario - March 25, 2010 Manitoba - March 23, 2010 Saskatchewan - March 24, 2010 Alberta - February 9, 2010 British Columbia - March 2, 2010 Northwest Territories - January 28, 2010 Nunavut - March 8, 2010 Yukon - March 25, 2010 At the time of writing, the majority of the above-mentioned budget speeches were also tabled in their respective legislatures.The 2010 DT Max tax planner takes into consideration the tax changes announced in each budget, allowing you for more effective tax-planning opportunities, as well as the ability to calculate cost projections. Please refer to these knowledge base topics for a detailed review of the tax changes implemented: Changes and enhancementsCapital gains exemption versus capital gains deferralAs of version 13.30, any disposition of shares eligible for deferral of the capital gains should either be deferred or be subject to the capital gains exemption, not both. DT Max will not split single transactions into two separate portions with one portion eligible for deferral and another eligible for the capital gains exemption. Once a single transaction is entered and the sub-keyword Defer-Gain is used, then the entire transaction will be reported on Part 3 instead on Part 1 of schedule 3. Should the amount of capital gain you choose to defer be lower than the total capital gain eligible for deferral, you will be provided with a diagnostic message to this effect. Alternatively, if any portion of the disposition is eligible for deferral, and another transaction is eligible for the capital gains exemption, then this information must be entered as two separate transactions in the CAPITAL-GAIN keyword group. New Quebec health care fee
Quebec schedule J - new diagnosticsWe have added two new diagnostic messages in our Error prevention report to alert users about the possibility of obtaining a credit for senior taxpayers residents in Quebec who incurred expenses for home-support services. One diagnostic message will appear for all clients 70 years of age or older without an entry in the keyword Home-Support . Another message will appear if you have entered an amount in the T-Slip keyword group (when the option "RL-19" is selected from the drop-down menu) for advance payments relating to this credit with no home-support credit being claimed. Ontario and British Columbia : replacement of the Provincial Sales Tax (PST)
IMPORTANT: Please take note that this tax change will also affect trusts (T3). DT Max T3Known issues fixed in version 13.302010 tax brackets and rates affecting trustsPlease refer to the following knowledge base topic for a detailed review of the updated tax brackets and rates for 2010 that affect trusts: Ontario and British Columbia : replacement of the Provincial Sales Tax (PST)
Modified forms
Federal: - Schedule 11 - Federal Income Tax For Schedule 11, the rate for the dividend tax credit for eligible dividends has been modified. - Schedule 12 - Minimum Tax Workchart 5 (Supplement) has been modified to better reflect the calculation of the carrying charges related to acquiring a partnership interest. - T184 - 2009 Capital Gains Refund to a Mutual Fund Trust Due to its late release from the CRA, the above form has been modified in year 2010. Anyone required to file this form in 2009 should verify and make the relevant adjustments to the form. - T1142 - Information Return in Respect of Distributions from and Indebtedness to a Non-Resident Trust Quebec: - TP-776.47 - Alternative Minimum Tax of a Trust Workchart supplement has been created to calculate the carrying charges related to acquiring a partnership interest. Provincial forms Provincial tax forms were modified to reflect the changes in the tax rates and income thresholds previously announced. The following provincial forms have been modified in order to reflect changes announced in 2010 provincial budgets: Ontario: - T3ON 2010 - Ontario Tax The tax credit rate for eligible dividends has been changed from 20.62% to 20.95% due to the federal changes. Manitoba: - T3MB 2010 - Manitoba tax - T3MBMJ 2010 - Multiple jurisdictions, Section T3MBMJ, Manitoba tax Please note that the planned changes to income tax thresholds and rates for Manitoba were not implemented because the requirements for a balanced budget were not met. Therefore, the thresholds and rates in DT Max T3 have been returned to their 2009 amounts. Note: Any 2010 tax returns for Manitoba trusts calculated with a version prior to version 13.30 should be reviewed. Newfoundland and Labrador: - T3NL 2010 - Newfoundland and Labrador Tax Effective July 1, 2010, tax rates will be reduced as follows: Note: No changes have been made to the dividend tax credit for Newfoundland and Labrador, although the 2010 budget does mention an increase in credit from 9.75% to 11% as of July 1, 2010. Nova Scotia: - T3NS 2010 - Nova Scotia Tax Effective January 1, 2010, and until the budget is balanced, the province will have a fifth income tax bracket. Taxable income in excess of $150,000 will be taxed at a marginal rate of 21%. As a result of this new tax bracket, Nova Scotia will suspend the high-income surtax. Warning : verifying carryforwardsAs always, we recommend that you verify your carryforwards carefully before processing your client files. New keywordsPertaining to federal NR4 Summary, Return of Amounts Paid or Credited to Non-Residents of Canada: NR601/NR602-OV : Amount to be entered on the NR4 Summary, box 26 and box 28 Use the keyword NR601/NR602-OV to enter on the NR4 Summary, the amounts reported on form NR601 or NR602. Deleted keywordsa) From the Business group: DEBTS.BUS : Debts related to the rental property at the end of the year. Please note that all the keywords pertaining to Quebec dividends have been removed. DT Max will automatically use the federal amount for the Quebec calculations. If a different amount is required, use Alt+J to enter the appropriate provincial amount. b) From the IncomeSource group: DIVIDENDS-QC : Actual amount and source of dividends c) From the T-Slip group: DIVIDEND-QC.T : Actual amount of dividends received d) From the Partnership group: i) DIVIDEND-ACTQUE : Actual amount of ordinary dividends ii) ELIGDIV-ACTQUE : Actual amount of eligible dividends June 22, 2010 |
