DT Max version 14.30 is a CD release that features the T1/TP-1 program for the tax years 2001 to 2010 as well as the 2011 planner, in addition to fully supporting T1/TP1 efile. Version 14.30 also features T3/TP-646 program for tax years ending from 2003 to 2011. Please note that all program versions are first made available on the Internet.
In this version...
New forms Modified forms Warning : verifying carryforwards New options DT Max T1Version highlightsImplementation of announced tax changesSince our last release, the following budgets were announced: Alberta - February 24, 2011British Columbia - February 15, 2011 Federal - June 6, 2011 Manitoba - April 12, 2011 New Brunswick - March 22, 2011 Newfoundland and Labrador - April 19, 2011 Northwest Territories - February 3, 2011 Nunavut - March 1, 2011 Ontario - March 29, 2011 Quebec - March 17, 2011 Saskatchewan - March 23, 2011 At the time of writing, the majority of the above-mentioned budget speeches were tabled in their respective legislatures. The 2011 DT Max tax planner takes into consideration the basic tax changes announced in each budget, allowing you for more effective planning opportunities, as well as the ability to perform cost projection calculations. Please refer to these topics from our Knowledge Base for a detailed review of the tax changes: Notes and diagnostics, optimization and error prevention reportsAs part of our continuing commitment to meet our clients' needs and in order to make your job as easy as possible, the notes and diagnostics as well as the optimization report and the error prevention report will be from now on displayed after the Executive Summary. 2011 Planner Standard CaveatWe would like to remind our users that the planner is equipped with the most recent information available at the time of our production process. This information includes the 2011 non-refundable tax credits and tax rates indexed to reflect the 2011 amounts. In some cases, instead of an indexation factor, we have implemented the amounts prescribed by the taxing jurisdiction depending on the availability of the information. However, please note that due to various factors beyond our control, credits such as the federal art and cultural activity tax credit are not included in our planner version. Should you require a precise projection (rather than an estimate) of your client's 2011 tax liability, we strongly suggest that you review our planner's results with care. NotesDeceased or bankrupt taxpayersAlthough the tax planner might not be appropriate to prepare 2011 income tax returns, it may be used legally to prepare returns on behalf of deceased or bankrupt taxpayers. Pursuant to DT Max's calculations, tax plans will appear as preliminary updates of tax forms for the new tax year. However, the returns of deceased or bankrupt taxpayers will be displayed on approved forms from the prior tax year, in conformity with the government's instructions. For more details, please consult the following "in-house" documents from the Knowledge Base: "Preparing the return of a deceased taxpayer" and "Preparing a bankruptcy return". Printing prescribed forms for 2011 returnsYear after year, there is a certain level of confusion among tax preparers in regard to the forms versions. Administrative policies differ from one level of government to the other as for the validity of the prescribed forms. DT Max was programmed in accordance to these administrative policies. QuebecWhen a 2011 tax return is produced before the official annual forms are made available, depending on whether the Quebec form is prescribed or not, the year that is printed may be 2010 or 2011. Even though the system's calculation engine is calibrated for tax year 2011, only a complete paper certification process (performed in the fall) allows the preparers to use the 2011 prescribed forms. In addition, the authorization number (RQ10-TP75) displayed on all prescribed forms, is not and should not be printed on these types of returns. FederalOn all federal forms, the year is changed to 2011. EnhancementsAutomated T1-ADJ / TP-1.R adjustment requestsWe have implemented a feature in the keyword group T1-Adjust that will allow our users to efficiently perform either a federal T1-ADJ and/or a Quebec TP-1.R calculation. You will have the ability to automatically adjust income tax returns for the 2008 and later taxation years from within the 2010 or 2011 planner tax files. For further information, see the document Automated T1-ADJ / TP-1.R adjustment requests. Gradual implementation of new forms under the DISPLAY-OV keywordSeveral clients have requested that we implement a feature that would allow them to view forms that are not required for filing, in order for them to review with the taxpayer the calculations automatically performed by DT Max. To this extent, we will gradually introduce new forms to the various forms already available for the Display-OV keyword. The following forms have been added: Federal basic schedules
T1 Schedule 3 - Disp. of capital property T1 Schedule 5 - Details of dependant T1 Schedule 6 - Working income tax benefit T1 Schedule 8 - CPP/QPP contributions T1 Schedule 9 - Donations and gifts T1 Schedule 10 - EI and PPIP Premiums T1 Schedule 11 - Tuition/education amounts T1 Schedule 13 - EIP on self-employment T1 Schedule D - Information about residency status Provincial
Other federal schedules
T778 - Child care expenses T936 - CNIL calculation Quebec basic schedules
TP1 Schedule D - Solidarity tax credit TP1 Schedule E - Tax adjustments and credits TP1 Schedule F - Contribution to the health services fund TP1 Schedule G - Capital gains and losses TP1 Schedule N - Adjustment of investments expenses TP1 Schedule Q - Retirement inc. transferred to your spouse TP1 Schedule S - Post-secondary studies TP1 Schedule T - Tuition or examination fees Other Quebec schedules
TP-726.7 - Capital gains exemption TP-776.42 - Alternative minimum tax Quebec health care fee increasedThis version of DT Max will include the revised amount for the Quebec health care fee. The fee for 2011 will amount to $100 per eligible taxpayer who has an income above a certain threshold. No keyword is required to obtain this amount. The amount will be automatically calculated by DT Max. DT Max T3Enhancement: automated T3-ADJ adjustment requestsThe same new powerful feature that has been implemented in the T1 program has been added to the T3 trust return in order to automatically fill the federal T3-ADJ form, as well as to adjust the income tax return for the 2011 and later taxation years. The difference between the T1 and the T3 is that the T3 is year-specific. You must access the specific tax year in which the adjustments apply and follow the same steps as outlined for T1 here. New formsQuebec: - Schedule A - Supplement (in-house form) Modified formsFederal: - Schedule 11 - Federal Income Tax - Schedule 12 - Minimum Tax All provincial tax calculation schedules: - T3AB - Alberta Tax - T3BC - British Columbia Tax - T3MB - Manitoba Tax - T3NB - New Brunswick Tax - T3NL - Newfoundland Tax - T3NS - Nova Scotia Tax - T3NT - Northwest Territories Tax - T3NU - Nunavut Tax - T3ON - Ontario Tax - T3PE - Prince Edward Island Tax - T3SK - Saskatchewan Income Tax - T3SK(CG) - Saskatchewan Farm and Small Business Capital Gains Tax Credit - T3YT - Yukon Tax Quebec: - Schedule A - Taxable Capital Gains and Designated Net Taxable Capital Gains - MR-14.A - Notice Before Distribution of the Property of an Estate - MR-14.B - Notice Before Distribution of Property - MR-69 - Power of Attorney, Authorization to Communicate Information, or Revocation - RL-16 slip (Relevé 16) - for Non-Resident Beneficiaries Warning : verifying carryforwardsAs always, we recommend that you verify your carryforwards carefully before processing your client files. New optionsFor keyword Line-Number in the T3-Adjust group, regarding Schedule 11: For "Schedule 11 - Donations and gifts tax credit": 11121 Eligible amount of all donations made after 200411122 Eligible amount of cultural, ecological, govt gifts 11120 Donations and gifts tax credit For "Schedule 11 - Federal tax": 11090 Tax adjustments11108 Dividend tax credit for eligible dividends 11109 Dividend tax credit for other than eligible dividends 11130 Minimum tax carryover from previous years 11150 Basic federal tax 11160 Surtax on income not subject to provincial/territorial tax 11180 Federal foreign tax credit 11190 Allowable federal political contribution tax credit 11200 Investment tax credit 11210 Federal logging tax credit for British Columbia 11213 Federal environmental trust tax credit 11214 Federal logging tax credit for Quebec June 21, 2011 |
