What's new for T3 Internet version 15.12?

The latest DT Max program update is now available for downloading. It features the fully functional T3/TP-646 program for tax years ending from 2003 to 2011. Installing this version will update your version of DT Max to 15.12.

Please note that all program versions are always made available on the Internet.

In this version...

1. Program certification
2. New features and technical changes

i. Tagging keywords for review
ii. Field review feature
iii. Right-click menus on the Tax return screen

3. Reminder
4. Warning: verifying carryforwards
5. Modified forms
6. New keywords
7. New options

1. Program certification

DT Max is certified for paper filing under the following authorization numbers:
Federal schedules: CRA-11-501
Quebec schedules: RQSF-1103
Federal slips: RC-11-119
Quebec slips: FS1116041

2. New features and technical changes

i. Tagging keywords for review

A new option has been added to the mouse right-click menu. The ? icon enables you to tag a keyword for review. Tag it by either right-clicking and choosing "Tag keyword "For review"", or by pressing the "?" sign. The icon will appear on the right of the amount that has been tagged and will also be part of the data editor’s Error and warning messages.

ii. Field review feature

This new feature allows you to tag fields for review on screen and save time and paper.

The aim of this feature is to provide a system for users to tag fields on a tax return when reviewing for accuracy and completeness. The system is built around the concept of "Tags" attached to fields in the tax return. The following tags are available:

For review

The reviewer sees a potential problem and requires that checks be made to see if the information entered in the field is correct.

Error

The reviewer has determined that the information entered in the field is incorrect.

Checked OK

The reviewer has checked the return and believes that the information entered in the field is correct.

Final Check

The reviewer has checked the return and confirmed that the information entered in the field is correct. If the DT Max security features are being used, then only a user with the "Verify data and completed tax return" security right will be able to apply this tag.

Besides being able to tag a field on the tax return, it is also possible to attach a brief note to the field (maximum of 400 characters). This can be used to provide details on why a field was tagged for revision or in error, for example.

Please refer to the DT Max Knowledge base for additional details on the Field Review Feature.

iii. Right-click menus on the Tax return screen

Further to the implementation of the DT Max review feature, there are now two different menus available on tax return pages when you click with the right button of your mouse (right-click). One type of menu is presented whenever you right-click on a field (field menu). The other type of menu is presented whenever you click anywhere on a tax return page other than on a field (page menu). Please refer to the DT Max Knowledge base for additional details on the Right-click menus on the tax return.

3. Reminder

As 2012 is a leap year, trusts whose fiscal year end on December 31, 2011 have until March 30, 2012 to file their returns.

4. Warning: verifying carryforwards

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

5. Modified forms

Federal:

– T3 - Trust income tax and information return

– Schedule 1A - Capital gains on gifts of certain capital property

– Schedule 2 - Reserves on dispositions of capital property

– Schedule 4 - Cumulative net investment loss

– Schedule 5 - Spousal or common-law partner trust's capital gains deduction in year of beneficiary's death

– Schedule 8 - Investment income, carrying charges and gross-up amount of dividends retained by the trust

– Schedule 9 - Income allocations and designations to beneficiaries

– Schedule 11 - Federal income tax

– Schedule 12 - Minimum tax

– NR4 Slip and summary

– T3 Slip and summary

– TX19 - Asking for a clearance certificate

– T3-RCA - Part XI.3 tax return Retirement compensation arrangement (RCA)

– T3M - Environmental trust income tax return

– T3MJ - T3 Provincial and territorial taxes for 2011 - Multiple jurisdictions

– T184 - 2011 Capital gains refund to a mutual fund trust

– T776 - Statement of real estate rentals

– T1013 - Authorizing or canceling a representative

– T1139 - Reconciliation of 2011 business income for tax purposes

– T1163 - Statement A - AgriStability and AgriInvest programs information and statement of farming activities for individuals

– T1172 - Additional tax on accumulated income payments from RESPs

– T1175 - 2011 Farming - Calculation of capital cost allowance and business-use-of-home expenses

– T1273 - Statement A - Harmonized AgriStability and AgriInvest programs information and statement of farming activities for individuals

– T2036 - Provincial or territorial foreign tax credit

– T2038 - Calculating an investment tax credit (ITC)

– T2042 - Statement of farming activities

– T2121 - Statement of fishing activities

– T2125 - Statement of business or professional activities

– T2209 - Federal foreign tax credits

– All provincial tax calculation schedules (T3AB, T3MB, T3NB...)

Quebec:

– TP-646 - Trust income tax return 2011

– Schedule A - Taxable capital gains and designated net taxable capital gains

– Schedule B - Investment income, gross-up of dividends not designated and adjustment of investment expenses

– Schedule C - Summary of allocations and designations

– Schedule D - Carry-back of a loss

– Schedule E - Income tax on allocated non-portfolio earnings and amounts to be designated as eligible dividends

– RL-16 slip (Relevé 16) - Trust income

– TP-668.1 - Taxable capital gains of a trust that qualify for a deduction

– TP-729 - Carry-Forward of Net Capital Losses

– TP-776.47 - Alternative Minimum Tax of a Trust

– TP-1012.B - Carry-back of a deduction or tax credit

– TP-1086.R.23.12 - Costs incurred for work on an immovable

In-house forms:

– Beneficiary income allocation (QC) (Note: A new line was added to allocate donations to religious organizations.)

– Carryforward schedules

6. New keywords

1. In the Trust keyword group, under Trust-Type :

   CODE-NUMBER : Code number for other inter vivos trust

   If a trust is filing a return for an RRSP or a RRIF to report tax payable for an advantage under section 207.05 of the Act, enter code 301 for an RRSP trust and code 302 for a RRIF trust.

2. In the Business keyword group:

   Rest-Farm-Losses : Indicate whether restricted farm losses apply

   If farming is not the taxpayer's main source of income, select "Yes" in Rest-Farm-Losses so that DT Max may properly restrict farm losses where necessary. Each year the taxpayer has a farm loss, a review of the situation is necessary to determine if farming is the taxpayer's main source of income. It is important to do this, since a farming loss may be restricted in one year but not in another.

   N. B.: This keyword replaces the former keyword HOBBY-FARM to better reflect its functionality.

7. New option

1. For the keyword Other-credits , in the Tax-Credits group:

   Green Energy equipment tax credit

   This option pertains to the Manitoba Green Energy Equipment Tax Credit. A trust can claim this credit on line 91 of the federal trust return if, in 2011, it installed a geothermal heat pump system or specified solar heating equipment.

2. For the keyword Expenses.c , in the Total-Inc-Ded group:

   Reimbursement of salaries or wages (QC)

   Use this option to enter on line 70 of the Quebec trust return the amount of salaries or wages that the legal representative of the deceased individual reimbursed, where the salaries and wages were included in the individual's income from an office or employment for a previous year.

   Reimbursement of certain govt benefits (QC)

   Use this option to enter on line 70 of the Quebec trust return the amount of any government benefit that the legal representative of a deceased individual reimbursed, where the amount was included in the calculation of the individual’s income for a previous year.

3. For the keyword Donations :

   Gifts to certain Quebec political education organizations
   Donations made to prescribed universities outside Canada
   Donations made to the United Nations and its agencies