  What's new for T1/T2 Internet version 17.01? |
The latest DT Max program update is now available for downloading. It features the T1/TP-1 program for the tax years 2002 to 2013 inclusively and the T2 program for fiscal periods ending from 2001 to 2014 and fully supports Corporation Internet Filing (T2, CO-17 and AT1).
Please note that in regards to the T1/TP-1 program, version 17.01 supports paper filing but does not support EFILE transmission due to its early release date. The EFILE module will be integrated in the next version of DT Max that will be stamped 17.10 and made available on CD-ROM and via www.dtmax.ca to all DT Max clients. This will take place as soon as we receive all relevant certifications towards the end of January or early February 2014.
Furthermore, please be advised that this issue is an abridged version of the standard T1 "What's New" release notes as it only provides a basic recap of changes implemented. Detailed keyword and tax change information will be released with version 17.10 of DT Max T1.
In this version...
Known issue fixed in version 17.01 (T1 and T2)
DT Max T1
1. Program certification
DT Max is certified for paper filing under the following authorization numbers:
Federal: RC-13-119
Quebec: RQ13-TP54
2. Version highlights
a) Enhancements
i. Schedule A – Amount Transferred by a Child 18 or over Enrolled in Post-Secondary Studies
You can now claim the amount on Part B of Schedule A for a child that is not processed. This has been made possible and implemented by adding a second option, "Post-secondary studies amount transferred by the child (Sch. S)", to the keyword Tuition-Dep-Que . When this option is selected, the program will generate all the required keywords to fill out Part B of Schedule A. For more details, we invite you to consult the New options section in the upcoming issue of the "What's new".
ii. Schedule H – New approach
Keyword ELIGIBLE.H has been removed from DT Max and replaced by the keyword UNABLELIVEALONE in the INFIRMITY group. Therefore, as for the tax credit that a natural caregiver caring for a spouse or a natural caregiver who is living with an eligible relative may claim, the credit will not be granted if the keyword UNABLELIVEALONE is not used, and an error prevention report will be generated. For more details, consult the Error prevention report section below.
iii. Charitable Donations Schedule – Federal (In-house form)
Given the changes to the tax credit for donations and gifts, the in-house form for charitable donations has changed accordingly. From now on, donations will be listed one by one into their appropriate category with the description of each donation and their proper amount.
3. Pre-assessment and post-assessment review contact methods (Federal)
The CRA has removed option "Contact with the electronic filer by fax". As a result, this option will no longer be available within the keywords Fed-Pre-Assess and Fed-Post-Assess as well as within the DT Max EFILE defaults. If you were using this option in a prior version, please choose a new keyword option (if applicable) and access your EFILE defaults to select a new review contact method.
4. Deadline to transmit a 2012 federal tax return electronically (EFILE)
IMPORTANT NOTES:
If you are planning on transmitting T1 federal 2012 tax returns by the end of the year (December 31st), you should wait until January 1, 2014 before installing version 17.01 because this version does not support the electronic transmission (EFILE) of 2012 tax returns.
Although the CRA has made the decision to keep their EFILE system open for the transmission of 2012 returns until January 17, 2014, your version of DT Max won't support it during this period. Please contact our Support team if you have to file T1 2012 returns using the EFILE system between January 1, 2014 and January 17, 2014.
5. New forms
Federal:
-
Federal T1 – Prince Edward Island (T1-PE)
The federal tax return for Prince Edward Island residents has been added in 2013.
-
T2210 - Verification of Policy Loan Interest by the Insurer
Beginning with tax year 2013, DT Max will generate form T2210, "Verification of Policy Loan Interest by the Insurer". This form allows you to deduct the interest paid on a policy loan. To generate this form, simply use the new keyword group Interest-Loan. For more details, we invite you to consult the New options section in the upcoming issue of the "What's new".
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RC381 – Inter-Provincial Calculation for CPP and QPP Contributions and Overpayments in 2013 (not available)
This form is used by Quebec residents who have contributed to the Canada Pension Plan (CPP) or for residents of provinces other than Quebec who have contributed to the Quebec Pension Plan (QPP). As such, this new form will be used to calculate CPP overpayments, as well as contributions for self-employment income and other income. Please note that this form is not yet supported by DT Max, but will be for version 17.10.
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RC383 – Information on Tax-Exempt Income earned for a Pooled Registered Pension Plan
This form is intended to be used by a taxpayer who has Indian status (as defined by the Indian Act) who earned tax-exempt income and wishes to calculate the maximum non- deductible amount that can be contributed to a pooled registered pension plan (PRPP). In fact, starting in 2013, the Income Tax Act allows the tax-exempt income that is earned by an Indian to be included in the calculation of his or her maximum non-deductible amount to a PRPP for the year.
Quebec:
- Schedule V – Tax Credits for Donations and Gifts (preliminary)
Schedule V has been created following the announcement published in the BI 2013-6. In order to stimulate cultural gifts and donations, the following four new tax measures have been implemented:
- an additional 25% tax credit for an initial large cultural donation;
- a tax credit for large cultural patronage donations by individuals;
- an increase of the eligible amount for a gift of a public work of art;
- an increase of the eligible amount for a gift of an immovable intended for cultural purposes.
Schedule V has been designed to take into account the three types of tax credits for donations and gifts (namely the tax credit for charitable donations and other gifts, the additional tax credit for a large cultural donation and the tax credit for cultural patronage donations). For more details, we invite you to consult the New options section in the upcoming issue of the "What's new".
- LE-35 – Contribution to the QPP for Self-Employment and Overpayment to the QPP and CPP (preliminary)
This new form is intended for taxpayers who have contributed to the Canada Pension Plan (CPP) and have earned income from self-employment or as the head of a family-type resource or an intermediate resource in order to determine the contribution payable under the QPP for self-employment (line 445) instead of filling out Work Chart 445.
This form is also used to calculate the deduction for QPP (line 248) and the overpayment to the QPP or CPP (line 452).
TP-1029.ER – Tax Credit for Eco-Friendly Home Renovation (EcoRenov) for 2013 (not available)
This new form is intended for any taxpayer who wishes to claim the tax credit for Eco-Friendly Home Renovation (EcoRenov) on line 462 of the 2013 tax return.
More precisely, for the years 2013 and 2014, the taxpayer may benefit from this new refundable tax credit, if he or his spouse have paid eligible expenses related to eco-responsible renovation of the taxpayer's main residence or cottage, following an agreement entered into after October 7, 2013 and before November 1, 2014 with a qualified contractor.
The tax credit is equal to 20% of the portion of eligible expenses that exceeds $ 2,500. The maximum tax credit that may be granted for the years 2013 and 2014 is $ 10,000 per dwelling.
Please note that this form is not yet supported by DT Max, but will be for version 17.10. - TP-163.1 - Interest Paid on a Loan Taken Out on a Life Insurance Policy
Beginning with tax year 2013, DT Max will generate Form TP-163.1, "Interest Paid on a Loan Taken Out on a Life Insurance Policy". This form is intended for anyone who wishes to deduct, as expenses incurred to earn income from a business or property, the interest paid in a year on a loan taken out on a life insurance policy. To generate this form, simply use the new keyword group Interest-Loan . For more details, we invite you to consult the New options section in the upcoming issue of the "What's new".
- Quebec payment form (replaces the former TPZ-1026.0.1 M – Remittance Slip)
This new form is generated by the program when the taxpayer has a balance owing. It contains information on how to proceed according to the preferred method of payment.
In-house forms:
6. Deleted forms :
- T1-DD(1) - Direct Deposit Request
When the taxpayer wants to submit direct deposit information with the printed return, entries for Fields 460, 461 and 462 must always be included in the 2D bar code record and printed via the EFILE/NETFILE software on the last page of the T1 return. Form T1-DD(1) should never be printed for a software-generated return.
- Schedule 6 – ON – Working Income Tax Benefit
Beginning with tax year 2013, the regular Schedule 6 should be used for residents of Ontario.
7. New diagnostics
- Notes and diagnostics:
SC ISP-3025 - Application for the guaranteed income supplement or statement of income for the allowance or allowance for the survivor
The program has detected that the taxpayer may be eligible for the Guaranteed Income Supplement (GIS), the allowance or the allowance for the survivor (see in-house worksheet).
Note that if the taxpayer already receives the GIS, the allowance or the allowance for the survivor, he must not apply again and simply file his tax return on time each year. The CRA will then use this information and send a letter in July telling the taxpayer whether the benefit will be renewed.
See http://www.servicecanada.gc.ca/eng/services/pensions/oas/gis/index.shtml
to find out how to complete and mail the Guaranteed Income Supplement or Statement of Income for the Allowance or Allowance for the Survivor application form (SC ISP-3025).
462 - [Code 25] Tax credit for children's activities
DT Max did not allow the tax credit for children's activities. This credit can be claimed only if the family income does not exceed $130,000 on December 31.
- Error prevention reports:
No income
The program has detected the presence of income in the file even though you indicate with the keyword No-Income that the client has no income to report (no entries are being made in lines 101 to 150). Please verify.
BC - Residency information for tax administration agreements
You mentioned that the taxpayer resides within Nisga'a Lands on December 31, 2013, but you did not mention if the taxpayer is a citizen of the Nisga'a Nation. Use the keyword Nisgaa-Citizen to answer the question.
BC - Residency information for tax administration agreements
You mentioned that the taxpayer is a citizen of the Nisga'a Nation, but you did not mention if the taxpayer resides within Nisga'a Lands on December 31, 2013. Use the keyword NisgaaLands to answer the question.
343 First-time donor super credit (FDSC)
The taxpayer is not entitled to the first-time donor super credit (FDSC) because DT Max has determined that the taxpayer claimed a charitable donations tax credit for one of the taxation years from 2008 to 2012.
343 First-time donor super credit (FDSC)
The taxpayer is entitled to the first-time donor super credit (FDSC), but DT Max has reduced the claim for charitable donations on the federal return, as the amount entered is not needed in its entirety to minimize your taxes. The excess has been carried forward and can be used to reduce taxes in future years.
Thus, new donors should therefore consider accumulating donations and claim the credit with respect to all these gifts, but no later than the 2017 tax return.
343 First-time donor super credit (FDSC)
The amount for gifts of money made after March 20, 2013 that are eligible for the first-time donor super credit (FDSC) is lesser than $1,000. The first-time donor super credit can be claimed only once in respect of any one taxation year from 2013 to 2017. Thus, new donors should therefore consider accumulating donations made after March 20, 2013 until they reached $1,000 and claim the credit with respect to all these gifts, but no later than the 2017 tax return.
343 First-time donor super credit (FDSC)
The taxpayer is entitled to the first-time donor super credit (FDSC), but you did not specify with the keyword Donation-Type the gifts of money made after March 20, 2013 that are eligible for the first-time donor super credit (FDSC).
290 Net capital losses from other years
The deduction for net capital losses from other years that you are claiming on line 290 of your return is higher than is needed. You can use the keyword Net-Cap-Loss in order to limit the deduction for net capital losses of other years and carry forward to a subsequent year the amount that remains unused this year.
Schedule H - Tax credit for caregivers
Tax credit for caregivers of a spouse
According to information provided, DT Max considers that you may be eligible to claim the tax credit for caregivers of a spouse. If you are eligible to claim this credit, please use the keyword UNABLELIVEALONE in the spouse's file so that DT Max can claim the credit.
You can claim this refundable tax credit if:
- your spouse was 70 or older at the end of 2013 and had a severe and prolonged impairment in mental or physical functions that rendered your spouse unable to live alone as certified by a physician;
- your spouse lived with you in Canada for at least 365 consecutive days, including at least 183 days in 2013. You must have lived together in a dwelling that is not located in a senior citizens' residence. You, your spouse or both of you, independently or with another person, must have owned, rented or sublet the dwelling.
Schedule H - Tax credit for caregivers
Tax credit for caregivers of a spouse
The tax credit for caregivers of a spouse has not been granted. You indicated with the keyword UNABLELIVEALONE that the person was unable to live alone as certified by a physician but you indicated with the keyword Disability-Q that the person was not entitled to the amount for severe and prolonged impairment in mental or physical functions.
Schedule H - Tax credit for caregivers
Tax credit for caregivers of an eligible relative
According to information provided, DT Max considers that you may be eligible to claim the tax credit for caregivers of an eligible relative. If you are eligible to claim this credit, please use the keyword UNABLELIVEALONE in the eligible relative's file so that DT Max can claim the credit.
You can claim this refundable tax credit if:
the eligible relative was at least 18 or older at the end of 2013 and had a severe and prolonged impairment in mental or physical functions that rendered him or her unable to live alone as certified by a physician.
Schedule H - Tax credit for caregivers
Tax credit for caregivers of an eligible relative
The tax credit for caregivers of an eligible relative has not been granted. You indicated with the keyword UNABLELIVEALONE that the person was unable to live alone as certified by a physician but you indicated with the keyword Disability-Q that the person was not entitled to the amount for severe and prolonged impairment in mental or physical functions.
Schedule H - Tax credit for caregivers
According to information provided, DT Max considers the taxpayer eligible to claim the tax credit for caregivers housing an eligible relative or cohabiting with an eligible relative. However, you should use the keyword START-DATE in the dependant's file if the period in which the relative lived with the taxpayer is different. To be eligible to this tax credit, you should normally have lived with the relative in Canada for at least 365 consecutive days, including at least 183 days in 2013.
Schedule V - Part C, Tax credit for cultural patronage
The cultural patronage donation is lesser than $250,000. You must use the keyword PROMESE_REG_NO.P and enter the registration number of the promise. A cultural patronage donation is a monetary gift of at least $250,000 made after July 3rd, 2013 to certain organizations operating in Quebec in the arts or culture sector. If the payment of the amount is spread over more than a year, a promise of donation must be registered with the Minister of Culture and Communications.
8. Preliminary status advisory
Development and testing of sweeping tax changes require that we recommend users to hold off filing returns with tax profiles which include one or several forms marked < Preliminary version of form > in the upper section of the form until they update their software to version 17.10. Here is the list of the key forms bearing this mark:
Federal:
- T2203 – Multiple Jurisdictions
- T691 – Alternative Minimum Tax
- Schedule 8 - CPP Contributions on Self-Employment and Other Earnings
- Schedule 8 - QPP Contributions on Self-Employment and Other Earnings
- GST 370 - Employee and Partner GST/HST Rebate Application
- RC381 - Instruction Sheet for the Inter-Provincial Calculation for CPP and QPP Contributions and Overpayments
- T657 - Calculation of Capital Gains Deduction for 2013
- T691 - Alternative Minimum Tax
- T2038 - Investment Tax Credit (Individuals)
- T2201 - Disability Tax Credit Application
- T2203 - Provincial and Territorial Taxes for 2013 - Multiple Jurisdictions
- T2204 - Employee Overpayment of 2013 Canada Pension Plan Contributions and 2013 Employment Insurance Premiums
-
Forms pertaining to :
- Farming and fishing business (T1163, T1164, T1273, T1274, T2042 et T2121)
- Non-residents
- Immigrants
Quebec:
- TP-776.42 – Alternative Minimum Tax
- Schedule V - Tax Credits for Donations and Gifts
- MR-69 - Power of Attorney, Authorization to Communicate Information, or Revocation
- TP-726.7 - Capital Gains Deduction on Qualified Property
- TP-752.0.14 - Certificate Respecting an Impairment
- TP-776.42 – Alternative Minimum Tax
- TP-1026 - Calculation of Instalment Payments to Be Made by Individuals – 2014
- VD-358 - Québec Sales Tax Rebate for Employees and Partners
In-house forms
- Estimated GST/HST Tax Credit for the Period July 2014 to June 2015
- Estimated Saskatchewan Low-Income Tax Credit for the Period July 2014 to June 2015
- Estimated British Columbia Low Income Climate Action Tax Credit for the Period July 2014 to June 2015
- Estimated Ontario Trillium Benefit (OTB) for July 2014 to June 2015 and the Ontario Senior Homeowners' Property Tax Grant (OSHPTG) for 2014
- Estimated Prince Edward Island HST Credit for the Period July 2014 to June 2015
- Estimated Newfoundland and Labrador HST Credit and Seniors' Benefit For the Period July 2014 to June 2015
- Estimated Nova Scotia Affordable Living Tax Credit and Poverty Reduction Credit For the Period July 2014 to June 2015
- Estimation of the calculation of federal instalment payments for 2014 using the government method
- Estimation of the calculation of Quebec instalment payments for 2014 (government method)
- Estimated calculation for the child assistance payment (Quebec) for the period July 2014 to June 2015
9. DT Max references (links to our Knowledge Base)
Please refer to these knowledge base topics for a detailed review of tax changes implemented::
10. Reminder
Please refer to the edition of "What's new for T1/T3 Internet version 16.30?" to learn about other enhancements, diagnostics, forms, keywords and options implemented for tax year 2013 that could have a significant impact on your preparation of personal income tax returns.
DT Max T2
1. Program certification
Federal:
For DT Max T2 version 17.01, the federal barcodes and the Corporation Internet Filing module have received full CRA certification valid for taxation years ending up to and including April 30, 2014 under the DT28 stamp.
Alberta:
Likewise, this version has received full certification for the RSI (Return and Schedule Information), as well as for the Net File module that allows the electronic filing of Alberta corporate tax returns, from Alberta's Tax and Revenue Administration (TRA) under the DT28 stamp.
Quebec:
Version 17.01 has also undergone an authorization process with Revenu Québec for the paper (including barcode form COR-17.U) and EFILE versions of the CO-17 return, and has been approved under number RQCO-1302.
2. Version highlights
- New feature: Ctrl+F3 keys
A new feature available to DT Max users has been added to the "Data entry" screen. By using the Ctrl+F3 keys, you will be able to display the "View or print blank forms" menu.
- Changes affecting keyword fields
Given that several forms have undergone changes pertaining to their entry fields, these changes are therefore reflected in the entry fields of the corresponding keywords.
- New options for keyword SR&EDTaxCrQ
In regards to the Quebec form RD-1029.7 (Tax Credit for Salaries and Wages - R&D), two new options have been added to keyword SR&EDTaxCrQ:
- RD-1029.7 - biopharmaceutical corp. (before 21-11-2012)
- RD-1029.7 - biopharmaceutical corp. (after 20-11-2012)
Should either one of these options apply to your client, you would need to switch the option "RD-1029.7" that you were selecting previously to either of the options above.
- Changes affecting paragraph keywords related to Part 2 (Project information - Schedule 60) of federal Schedule 32 (T661)
Federal Schedule 32 (T661), more specifically Part 2 (Project Information – Schedule 60) has undergone some changes affecting lines 242 and 244, as well as the new line 246.
If you are filing returns for 2013, the keywords pertaining to the project information for these lines are TECH-ADV , TECHSCI-LEVEL , TECH-WORK , SCIENTIFIC-ADV and SCIENTIFIC-WORK in the SR&EDProject keyword group. If you had already completed your 2013 tax return, the data in the keywords remains unchanged. However, we strongly suggest that you verify the information you entered for these keywords.
Please note that the keyword TECH-LEVEL has been changed to TECHSCI-LEVEL to better reflect the description for line 242 (pertaining to "scientific or technological uncertainties").
However, if you are working in tax year 2014, the project information pertaining to lines 242, 244 and 246 are:
These new keywords have been introduced to better reflect the descriptions for the above lines. If data for 2014 had previously been entered, you must re-enter the information using the three keywords above. It is strongly recommended that you verify the information and make the applicable adjustments.
- Registration fee for the enterprise register (REQ) (Quebec line 441b)
The registration fee for the enterprise register (line 441b of the Quebec Corporation Income Tax Return) will be indexed on January 1st, 2014, as follows:
- $84.00 for a corporation or a for-profit legal person, a mutual insurance company or other (formerly $83.00);
- $40.00 for a cooperative (unchanged);
- $34.00 for a non-profit legal person (incorporated association), a condominium association or other (unchanged).
- Changes affecting Quebec form MR-69
Changes have been brought to this form. To account for these changes, new items have been integrated in the Preferences menu, when you select "Identification", and then the "Main name and address", "Alternate name and address”" and "Identification numbers" tabs from the "Tax preparer identification" window. These items are:
- Under the "Main name and address" and "Alternate name and address" tabs, the designation to be used for the contact person: Mr. or Mrs./Miss;
- Under the "Identification numbers" tab:
- the social insurance number of the designated individual;
- the Quebec professional representative number of the designated individual for the purposes of online access to the file.
- New CCA Class 41.2
A new CCA Class 41.2 has been added in the options for keyword CCA-Class .
Class 41.2 (25 per cent CCA rate) includes property other than an oil sands property or eligible mine development property,
- that is acquired by a taxpayer after March 20, 2013 and before 2021 and that, if acquired on March 20, 2013, would be included in paragraph (a) or (a.1) of Class 41; or
- that is acquired by a taxpayer after 2020 and that, if acquired on March 20, 2013, would be included in paragraph (a) or (a.1) of Class 41.
These separate classes of properties remain eligible for the full accelerated CCA until 2016. Beginning with 2017, accelerated CCA is phased out and the amount of the additional allowance will be reduced each year, regardless of whether the constraint is the level of project income or the amount of the undepreciated capital cost. The percentage allowed, as accelerated CCA, in each calendar year will be 90% for 2017, 80% for 2018, 60% for 2019 and 30% for 2020 of the amount otherwise allowable as accelerated CCA. No accelerated CCA will be allowed and only the regular 25% CCA rate will apply for assets in this Class after 2020.
Eligible mine development property acquired after March 20, 2013 and before 2018 can be included in Class 41.
- Federal and Quebec SR&ED claims – Penalties for missing, incomplete or inaccurate information
For SR&ED claims (Sch. 32 and Quebec form RD-222) filed on or after January 1st, 2014, there will be a penalty of $1,000 in respect of each SR&ED claim made by a taxpayer for whom prescribed information about tax preparation is missing, incomplete or inaccurate. If a tax preparer participates in the preparation of the claim, the tax preparer will be jointly and severally, or solidarily, liable with the taxpayer for the penalty.
Moreover, the March 21, 2013 Federal Budget announced that the CRA requires additional prescribed information in respect of SR&ED claim preparers. The CRA has introduced new Part 9 to capture SR&ED claim preparer information. Part 9 must be completed for claims filed on or after the later of January 1, 2014 and the day on which the enacting legislation received royal assent.
- Federal EFILE eligibility requirements
Beginning with version 17.01, all non-resident corporations can now file by Internet.
3. New forms:
Federal:
- Schedule 392 - Manitoba Data Processing Centre Investment Tax Credit (2012 and later tax years)
4. Revised forms:
Federal:
- Schedule 2 - Charitable Donations and Gifts (2007 and later tax years)
- Schedule 4 - Corporation Loss Continuity and Application (2013 and later tax years)
- Schedule 5 - Tax Calculation Supplementary - Corporations (2013 and later tax years)
- Schedule 6 - Summary of Dispositions of Capital Property (2011 and later taxation years)
- Schedule 7 - Aggregate Investment Income and Active Business Income (2011 and later tax years)
- Schedule 15 - Deferred Income Plans (2013 and later tax years)
- Schedule 17 - Credit Union Deductions (2013 and later tax years)
- Schedule 32 - Scientific Research and Experimental Development (SR&ED) Expenditures Claim
- Schedule 43 - Calculation of Parts IV.1 and VI.1 Taxes (2010 and later tax years)
- Schedule 72 - Income Inclusion for Corporations that are Members of Multi-Tier Partnerships (2011 and later tax years)
- Schedule 322 - Prince Edward Island Corporation Tax Calculation (2013 and later tax years)
- Schedule 341 - Nova Scotia Corporate Tax Reduction for New Small Businesses (2013 and later tax years)
- Schedule 346 - Nova Scotia Corporation Tax Calculation (2013 and later tax years)
- Schedule 366 - New Brunswick Corporation Tax Calculation (2013 and later tax years)
- Schedule 383 - Manitoba Corporation Tax Calculation (2014 and later tax year)
- Schedule 393 - Manitoba Nutrient Management Tax Credit (2012 and later tax years)
- Schedule 427 - British Columbia Corporation Tax Calculation (2013 and later tax years)
- T1135 - Foreign Income Verification Statement
Québec :
- CO-17.R - Demande de redressement d'une déclaration de revenus ou d'une déclaration de revenus et de renseignements (Adjustment Request for an Income Tax return or an Information and Income Tax Return) (N.B. This form is currently available in French only. An English translation will be available for consultation in the near future.)
- CO-17S.43 - Calculation of Parts IV.1 and VI.1 Taxes (2010 and later tax years)
- CO-17S.137 - Deferred Income Plans
- CO-17S.232 - Summary of Dispositions of capital Property
- CO-1012 - Application by a Corporation to Carry Back a Loss
- CO-1029.8.33.13 - Tax Credit for the Reporting of Tips
- CO-1029.8.36.EM - Tax Credit Relating to Resources
- CO-1029.8.36.IN - Tax Credit for Investment
- CO-1159.2 - Compensation Tax for Financial Institutions
- CO-1175.4 - Life Insurance Corporation: Calculation of the Tax on Capital
- MR-69 - Power of Attorney, Authorization to Communicate Information, or Revocation
- RD-1029.7 - Tax Credit for Salaries and Wages (R&D)
- RD-1029.8.16.1 - Tax Credit for Private Partnership Pre-Competitive Research
Manitoba:
- Authorization or Cancellation of a Representative
5. Deleted forms:
Federal:
- Schedule 426 - British Columbia Manufacturing and Processing Tax Credit
- Schedule 501 - Ontario Adjusted Taxable Income of Associated Corporations To Determine Surtax RE Ontario Small Business Deduction
Quebec:
- CO-1132- Tax on Paid-Up Capital
6. New keywords
- In the Tips keyword group, pertaining to Quebec form CO-1029.8.33.13 (Tax Credit for the Reporting of Tips) :
QPP-Rate-OV : Override QPP levy rate (CO-1029.8.33.13 - line 28)
- In the T2-Adjust keyword group, pertaining to Quebec form CO-17.R (Adjustment Request for an Income Tax return or an Information and Income Tax Return):
CODE.Q : Code number (if applicable) on the return regarding the adjustment
Enter the code number (if applicable) on the return regarding the adjustment on CO-17.R.
- In the Que-ITC keyword group, pertaining to Quebec form CO-1029.8.36.IN (Tax Credit for Investment) :
JobCreation-TaxCr : Whether job creation tax credit is claimed by corporation or by an associated corporation (CO-1029.8.36.RO):
Did the corporation or an associated corporation claim the "Tax Credit for Job Creation in the Resource Regions, Vallée de l'Aluminium, Gaspésie and Certain Martime Regions of Québec" (CO-1029.8.36.RO)? This information is required to claim Quebec Investment Tax Credits for East Bas-Saint-Laurent and Intermediate zones.
- In the Resource-Type keyword group, pertaining to Quebec form CO-1029.8.36.EM (Tax Credit Relating to Resources):
DATE-INCURRED : Date the eligible expenses were incurred
Use the keyword DATE-INCURRED to indicate when the eligible expenses were incurred. For eligible expenses incurred and paid before January 1, 2008, the corporation may request a temporary non-refundable tax credit.
- In the CapitalProp keyword group, pertaining to federal Schedule 6 (Summary of Dispositions of Capital Property):
-
FlowThroughShare : Deemed capital gain from donation of property included in a flow-through share
Select "YES" if the corporation has a deemed capital gain from the donation of property included in a flow-through share class of property to a qualified donee under section 40(12) of the Act.
ExemptThreshold : Exemption threshold at time of disposition
If you have selected "YES" for the keyword FlowThroughShare , enter the exemption threshold at the time of disposition.
- In the Foreign-Info keyword group, pertaining to federal form T1135 (Foreign Income Verification Statement) :
-
DESCRIPTION.T : Description of property
-
COUNTRYCODE.T : Country code
AMOUNT-MAX : Maximum cost amount during the year
Use the keyword AMOUNT-MAX to indicate the maximum cost amount during the year. The cost amount is defined in subsection 248(1) of the Act and generally would be the acquisition cost of the property.
If the taxpayer immigrates to Canada, the cost amount is the fair market value of the property at the time of immigration. Similarly, if the taxpayer received Specified Foreign Property as a gift, or inheritance, the cost amount is its fair market value at the time of the gift or inheritance.
AMOUNT-END Cost amount at year end
Use the keyword AMOUNT-END to indicate the cost amount at year end. The cost amount is defined in subsection 248(1) of the Act and generally would be the acquisition cost of the property.
If the taxpayer immigrates to Canada, the cost amount is the fair market value of the property at the time of immigration. Similarly, if the taxpayer received Specified Foreign Property as a gift, or inheritance, the cost amount is its fair market value at the time of the gift or inheritance.
INCOME-LOSS : Income or loss
-
INCOMERECEIVED : Income received
-
CAPITALRECEIVED : Capital received
GAIN-LOSS : Gain or loss on disposition
-
EXCLUSION-PROP : Is any of the Specified Foreign Property held during the year subject to the exclusion? (Yes/No)
Where the reporting taxpayer has received a T3 or T5 from a Canadian issuer in respect of a specified foreign property for a taxation year, that specified foreign property is excluded from the T1135 reporting requirement for that taxation year.
Use the keyword EXCLUSION-PROP if any of the Specified Foreign Property held during the year is subject to the above exclusion.
-
In the IncomeSource keyword group, pertaining to federal Schedule 7 (Aggregate Investment Income and Active Business Income):
RetiredPartner-Inc : Allocation of share of income to retiring partner.
Use the keyword RetiredPartner-Inc to enter the income allocated to the corporation under subsection 96(1.1).
In the SR&EDProject keyword group, pertaining to federal Schedule 32/60 (Scientific Research and Experimental Development (SR&ED) Expenditures Claim, Part 2 – Project Information):
R&D-UNCERT : Scientific or technological uncertainties of the project [F242]
Describe the scientific or technological uncertainties you attempted to overcome, uncertainties that could not removed using standard practice.
R&D-WORK : Scientific or technological work of the project [F244]
Describe the work performed in the tax year to overcome the scientific or technological uncertainties described above. Summarize the systematic investigation or search.
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R&D-ADVANCE : Scientific or technological advancements of the project [F246]
Describe the scientific or technological advancements achieved as a result of the work described above.
In the SR&EDProject keyword group, pertaining to federal Schedule 32 (Scientific Research and Experimental Development (SR&ED)):
ClaimPreparer : Was a claim preparer engaged in any aspect of the preparation of this SR&ED claim? [F935]
Select "Yes" if a claim preparer engaged in any aspect of the preparation of this SR&ED claim.
Name.cl : Name of claim preparer (company or individual) [F940]
Enter the name of company or individual who prepared this claim.
BUS-NUMBER.CL : Business number of corporation, NR if an individual or corp. not registered [F945]
Enter the business number of corporation. Enter "NR" if the corporation is not registered, an individual was entered or there is no business number.
BILLING-CODE : Billing arrangement code [F950]
Select the billing arrangement code.
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PERCENTAGE : Percentage fee is based on [F955]
Enter the percentage the contingency fee is based on.
BILLING-RATE : Hourly rate, daily rate or lump sum [F955]
Enter the hourly rate, daily rate or flat fee arrangement (lump sum).
Enter the hourly rate, daily rate or flat fee arrangement (lump sum).
Enter the total fee paid, payable or expected to pay.
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OTH-ARRANGEMENT :Describe other billing arrangement(s) [F960]
Use the keyword OTH-ARRANGEMENT to describe other billing arrangement.
In the Efile-Federal keyword group, pertaining to federal form T183 (Information Return for Electronic Filing of an Individual's Income Tax and Benefit Return) and the Quebec form CO-1000.TE (Online Filing of the Corporation Income Tax Return by an Accredited Person):
Efiler-Name : Name to be displayed on the T183/CO-1000.TE
Use the keyword EFILER-NAME to indicate which name to display on the T183 and CO-1000.TE forms. The applicable options are contact person or company.
If no entry is specified, then DT Max will refer to the Preferences/Identification menu to determine the applicable name.
In the Consent group, pertaining to Quebec form MR-69 (Power of Attorney, Authorization to Communicate Information, or Revocation) :
QC-RepID : Representative identification number
Use the keyword QC-REPID to enter the 7-character alphanumeric code that identifies the representative.
FILE-NUMBER.A : File or account number
Use the keyword FILE-NUMBER.A to specify the file number being assigned to a representative under the authorization request.
DESIGNATION.REP : Title used for the designated person
Use the keyword DESIGNATION.REP to specify the way you want to address the designated person.
DESIGNATION.E : Title used for the designated person
Use the keyword DESIGNATION.E to specify the way you want to address the designated person.
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REPID.E : Representative identification number
Use the keyword REPID.E to enter the 7-character alphanumeric code that identifies the representative.
SIN.REP : Social insurance number of the representative
Use the keyword SIN.rep to enter the social insurance number of the representative.
SIN.E : Social insurance number of the representative
Use the keyword SIN.E to enter the social insurance number of the representative.
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SPECIFIED-YEARS : Taxation years covered by the authorization
Use the keyword SPECIFIED-YEARS to enter the taxation years applicable to this authorization or power of attorney. This information will be entered on the MR-69 form.
SPECIFIED-PERIOD : Taxation period covered by the authorization
Use the keyword SPECIFIED-PERIOD to enter the taxation period applicable to this authorization or power of attorney. This information will be entered on the MR-69 form.
7. Deleted keywords
In the RelatedParty group, pertaining to federal Schedule 501 (Ontario Adjusted Taxable Income of Associated Corporations To Determine Surtax RE Ontario Small Business Deduction):
ADJ-TAX-INC : Adjusted taxable income
In the Foreign-Info group, pertaining to federal form T1135 (Foreign Income Verification Statement):
PROP-INCOME : Income from foreign property reported on tax return TOTAL-COST : Cost amount of the property at year-end PROP-LOCAL : Location of foreign property holdings
In the SR&EDProject group, pertaining to federal Schedule 32/60 (Scientific Research and Experimental Development (SR&ED) Expenditures Claim, Part 2 – Project Information):
WORK-CARRIEDOUT : SR&ED work carried out
8. New options
For keyword SR&EDTaxCrQ , pertaining to Quebec form RD-1029.7 (Tax Credit for Salaries and Wages (R&D)):
RD-1029.7 - biopharmaceutical corp. (before 21-11-2012)
RD-1029.7 - biopharmaceutical corp. (after 20-11-2012) For keyword Region-Code , pertaining to Quebec form CO-1029.8.36.IN (Tax Credit for Investment):
East Bas-Saint-Laurent (invest. after Nov. 20, 2012)
Mauricie (invest. after Nov. 20, 2012)
RCM of Antoine-Labelle (invest. after Nov. 20, 2012)
RCM of Vallée-de-la-Gatineau (after Nov. 20, 2012)
RCM of Pontiac (invest. after Nov. 20, 2012)
Saguenay - Lac-Saint-Jean (invest. after Nov. 20, 2012)
For keyword Net-Inc-Add, pertaining to federal Schedule 5 (Tax Calculation Supplementary – Corporations):
Nutrient management tax credit - Sch. 393
Data processing centre ITC - Sch. 392 For the new keyword DATE-INCURRED , pertaining to Quebec form CO-1029.8.36.IN (Tax Credit for Investment) :
Before January 1, 2014
After December 31, 2013 without credit rate increase
After December 31, 2013 with credit rate increase
After December 31, 2013 For keyword Program.c , pertaining to federal Schedule 428 (British Columbia Training Tax Credit) :
Industrial electrician
Petroleum equipment installer
Petroleum equipment service technician
Professional cook For keyword ProvCreditOV , pertaining to federal Schedule 5 (Tax Calculation Supplementary – Corporations) and Schedule 392 (Manitoba Data Processing Centre Investment Tax Credit):
Rental housing construction tax cr. - Man.
Rental housing construction refundable tax cr. - Man. For keyword ProvITCExp , pertaining to federal Schedule 5 (Tax Calculation Supplementary – Corporations) and Schedule 392 (Manitoba Data Processing Centre Investment Tax Credit):
Data processing buildings purchased - Man.
Data processing buildings leased - Man.
Data processing centre equipment purchased - Man.
Data processing centre equipment leased - Man. For keyword DeferIncPlan , pertaining to federal Schedule 15 (Deferred Income Plans):
Pooled registered pension plan For the new keyword Billing-Code , pertaining to Schedule 32 (Scientific Research and Experimental Development (SR&ED) Expenditures Claim):
1 Contingency fee arrangement
2 Hourly rate
3 Daily rate
4 Flat fee arrangement (lump sum)
5 Other arrangements For the new keyword Efiler-Name :
Contact person
Company For keyword Account , pertaining to the Manitoba "Authorization or Cancellation of a Representative" form:
Emissions tax on coal (Manitoba)
Mining Tax (Manitoba)
Credit unions/caisses populaires profits tax (Manitoba) For keyword Account , pertaining to Quebec form MR-69 (Power of Attorney, Authorization to Communicate Information, or Revocation):
All files held by RQ on tax legislation and Excise tax
Source deductions and employer contributions For keyword Que-Credits , pertaining to the Quebec Corporation Income Tax return (CO-17):
Damage insurance firms For keyword Special-Tax , pertaining to the Quebec Corporation Income Tax return (CO-17):
Large investment project
Damage insurance firms For keyword Tax-Inc-Ded , pertaining to the Quebec Corporation Income Tax return (CO-17):
Large investment projects For keywords Tax-Credit-Add and Tax-Credit-Ded , pertaining to Quebec form CO-17.A.1 (Net Income for Income Tax Purposes):
Hiring of employees for financial services corp.
New financial services corporation
Diversification of markets
Modernization of tourist accommodations
Production of multimedia events and environments
Share issue expenses (REA II)
Damage insurance firms
For keyword CCA-Class , pertaining to federal Schedule 8 (Capital Cost Allowance (CCA)):
Class 41.2 - 25% DB
9. Deleted options
For the keyword CSST-CONTRIB , pertaining to Quebec form CO-1029.8.33.13 (Tax Credit for the Reporting of Tips):
Estimated tips to be received by employees (2010)
Estimated tips to be allocated to employees (2010) For the keyword SR&EDINFO , pertaining to Quebec form RD-1029.7 (Tax Credit for Salaries and Wages (R&D)):
M&P tax credit - British Columbia For keyword ProvCreditOV , pertaining to federal Schedule 5 (Tax Calculation Supplementary – Corporations) and Schedule 392 (Manitoba Data Processing Centre Investment Tax Credit):
Data processing buildings purchased - Man. For keywords ProvITC-OV , ProvITCExp , ProvITC-CF and ProvITC-CB , pertaining to federal Schedule 5 (Tax Calculation Supplementary – Corporations) and Schedule 392 (Manitoba Data Processing Centre Investment Tax Credit):
December 17, 2013
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