What's new for T1/T3 version 17.30?

DT Max version 17.30 is a CD release that features the T1/TP-1 program for the tax years 2004 to 2013 as well as the 2014 planner, in addition to fully supporting T1/TP1 EFILE. Version 17.30 also features the T3/TP-646 program for tax years ending from 2004 to 2014 inclusively (keeping in mind that the 2014 tax returns for trusts prepared with this version will be using the 2013 tax forms).

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

In this version...

DT Max T1

1. Version highlights
   1. Implementation of announced tax changes
   2. 2014 Planner Standard Caveat
2. Notes
   1. Deceased or bankrupt taxpayers
   2. Printing prescribed forms for 2014 returns
3. Enhancements
   1. Enhanced carryforwards of donations and gifts
   2. Boxes added for entering months in the estimation of the Solidarity Tax Credit
4. New diagnostics
   1. Notes and diagnostics
   2. Optimization reports
5. New keywords
6. Revised keyword
7. New options

DT Max T3

1. Version highlights
   1. Tax changes affecting the following forms
      1. T3ON (Ontario Tax) and T3MJON (Ontario Tax - Multiple jurisdictions)
      2. T3BC (British Columbia Tax) and T3MJBC (British Columbia Tax - Multiple jurisdictions)
   2. New feature for tax slips with income greater than $100
   3. Suggestion from our clients added to DT Max T3
2. Revised forms
3. Warning: verifying carryforwards
4. New keywords
5. Deleted keyword
6. New option

DT Max T1

1. Version highlights

1. Implementation of announced tax changes

   Since our last release, the following budgets were announced:

   Alberta – March 6, 2014
   British Columbia – February 18, 2014
   Federal – February 11, 2014
   Manitoba – March 6, 2014
   New Brunswick – February 4, 2014
   Newfoundland and Labrador – March 27, 2014
   Northwest Territories – February 6, 2014
   Nova Scotia – April 3, 2014
   Nunavut – May 26, 2014
   Ontario – May 1st, 2014
   Prince Edward Island – April 8, 2014
   Quebec – June 4, 2014 (Post-electoral budget)
   Saskatchewan – March 19, 2014
   Yukon – March 25, 2014
   
   

   At the time of writing, the majority of the above-mentioned budget speeches were tabled in their respective legislatures.

   The 2014 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 implemented:

   • Non refundable tax credits (2014)
   • Tax brackets and rates (2014)
   • Tax changes in DT Max (2014)
    
   

2. 2014 Planner Standard Caveat

   We 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 2014 tax rates and the 2014 non-refundable tax credits and tax brackets indexed to reflect the 2014 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, certain new tax measures are not included in our planner version. Should you require a precise projection (rather than an estimate) of your client's 2014 tax liability, we strongly suggest that you review our planner's results with care.

2. Notes

1. Deceased or bankrupt taxpayers

   Although the tax planner might not be appropriate to prepare 2014 income tax returns for living taxpayers, 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".

2. Printing prescribed forms for 2014 returns

   Year 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.

   1. Quebec

      When a 2014 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 2013 or 2014. Even though the system's calculation engine is calibrated for tax year 2014, only a complete paper certification process (performed in the fall) allows the preparers to use the 2013 prescribed forms.

      In addition, the authorization number (RQ13-TP54) displayed on all prescribed forms, is not and should not be printed on these types of returns.

   2. Federal

      On all federal forms, the year is changed to 2014.

3. Enhancements

1. Enhanced carryforwards of donations and gifts

   Enhancements have been brought to the carryforwards of donations and gifts, both at the provincial and the federal level. The keyword used to carry forward donations is now separated from the keyword group Donations . Consequently, a new keyword group, Donations-CF , has been created in order to view the different carryforwards of donations or gifts for 2013 according to the type of donation or gift. For more information, consult the "New keywords" section below.

2. Boxes added for entering months in the estimation of the Solidarity Tax Credit

   New boxes have been added to our in-house form "Estimated Calculation for the Solidarity Tax Credit" in order to display the detail for each month for which the taxpayer is eligible to the Solidarity Tax Credit. This will be useful particularly in the case of an individual under 18 years of age who will be eligible to the credit only for a few months after he or she turns 18 years old.

4. New diagnostics

1. Notes and diagnostics

   462 [Code 27] Tax credit for LogiRénov Home Renovation

   The following expenses were excluded from the LogiRénov Home Renovation expenses because they were not incurred during an eligible period. The contract period must be after April 24, 2014, and before July 1, 2015, and the expenses have to be paid in the taxation year and after April 24, 2014.

   Renovation Date	Contractor's name	RBQ license no.	Amount of the contractor's invoices		Amount paid

    
   

2. Optimization reports

   185 UCCB amount designated to a dependant

   The taxpayer was a single parent on December 31, 2014. DT Max has determined that you can choose to include all UCCB amounts you received in 2014 in the income of the dependant for whom the amount for an eligible dependant (line 305 of Schedule 1) is being claimed. If there is no claim for the amount for an eligible dependant, you can choose to include all UCCB amounts in the income of a child for whom the taxpayer received the UCCB. If you choose this option, use the keyword Transfer-OV in the designated child's file and select the option T1 - UCCB designation.

5. New keywords

1. In the keyword group Authorize :

   1. T1013-EXPIRY-DATE : Expiry date of the authorization of Form T1013

   2. MR69-EXPIRY-DATE : Expiry date of the authorization of Form MR-69

2. In the keyword group Renovation , when the option “LogiRénov Home Renovation Tax Credit (TP-1029.LR)” is selected:

   1. Hist-Elig-Expenses : Eligible expenses claimed in 2013 for this dwelling (TP-1029.ER L.103)

3. In the keyword group Tuition-Edu :

   1. Tuition-Que-CF : Unused portion of Quebec tuition or examination fees

      Use the keyword Tuition-Que-CF to enter the unused portion of the Quebec tuition or examination fees.

      Starting in 2013, the rate that applied to the transformation of tuition and examination fees into a tax credit was changed from 20% to 8% after the 2013 winter session. The 20% rate will still apply to the transformation of carried-forward tuition and examination fees into a tax credit, as long as those fees were paid in regards to a tax year prior to tax year 2013 or, if such fees were paid in regards to tax year 2013, that these are fees on which the 20% rate applies.

4. In the keyword Donations :

   1. LargeDonationHist : Registration number of the promise

      Use the keyword LargeDonationHist to enter the registration number of the promise.

   2. LargeDonationAmt : Year and amount of large donation

      Use the keyword LargeDonationAmt to enter the year and the amount of large donation.

5. In the new keyword group Donations-CF :

   1. Donations-CF : Type of donation or gift carried forward

      Use the keyword Donations-CF to specify the type and the donation or gift available in the current tax year. These amounts need only to be entered for new DT Max client files. Amounts required for future years will be generated automatically by DT Max.

   2. Amount-Fed.d : Amount of donation or gift carried forward

      Use the keyword Amount-Fed.d to indicate the amount of donation or gift carried forward.

   3. Amount-Que.d : Amount of donation or gift carried forward

      Use the keyword Amount-Que.d to indicate the amount of donation or gift carried forward.

   4. CR-AMOUNT-QUE.AD : Additional tax credit for a large cultural donation carried forward

      Use the keyword CR-AMOUNT-QUE.AD to indicate the additional tax credit for a large cultural donation carried forward.

   5. CR-AMOUNT-QUE.MD : Tax credit for cultural patronage carried forward

      Use the keyword CR-AMOUNT-QUE.MD to indicate the tax credit for cultural patronage carried forward.

   6. Amount.elig : Portion of the amount of donations or gifts carried forward eligible for the super credit (F343)

      Use the keyword Amount.elig to enter the portion of the amount of donations or gifts of money made after March 20, 2013, carried forward, eligible for the super credit on line 343 of the federal Schedule 9.

6. Revised keyword

7. New options

1. The following option has been added to the drop-down menu of the keyword CarCharge-CF :

   Limit the carrying charges adjustment to be used on Q252

   This option allows you to limit the amount of unused portion of the adjustment of investment expenses on line 252 of the Quebec income tax return. This amount will appear on line 78 of Quebec Schedule N and will be used in the calculation for the amount of investment expenses that may be carried forward.

2. The following option has been added to the drop-down menu of the keyword Renovation :

   LogiRénov Home Renovation Tax Credit (TP-1029.LR)

   Use this option to claim the LogiRénov Home Renovation Tax Credit.

   This tax credit has been implemented to encourage individuals, be they owners or co-owners of a dwelling, to have renovation work done on their principal residence, provided that the initial construction has been completed before January 1st, 2014, and that the dwelling is one of the following:

   • a single-family home
   • a pre-fabricated house or mobile home permanently secured in place
   • a unit in a condominium building
   • a dwelling in a residential duplex or triplex.

   The renovation work must have been done by a qualified contractor under a contract entered into after April 24, 2014, and before July 1st, 2015.

   To qualify for the tax credit, the work done must essentially cover the living space of the home as well as its exterior siding and roofing. In addition, to encourage households to incorporate eco-friendly work into their home renovation projects, all work recognized for the purposes of the EcoRénov tax credit and carried out after that tax credit has expired (that is, work done under a contract entered into after October 31, 2014) will be recognized for the purposes of the LogiRénov tax credit.

DT Max T3

1. Version highlights

1. Tax changes affecting the following forms

   1. T3ON (Ontario Tax) and T3MJON (Ontario Tax - Multiple jurisdictions)

      The taxable income threshold has been lowered for the Ontario 13.16% tax rate from $514,090 to $220,000, and a new tax rate of 12.16% on taxable income between $150,000 and $220,000 has been added.

   2. T3BC (British Columbia Tax) and T3MJBC (British Columbia Tax - Multiple jurisdictions)

      Starting January 1, 2014, there is a temporary two-year increase in the income tax rate applicable to British Columbia trusts earning more than $150,000 a year. The tax rate will increase by 2.1%, from 14.7% to 16.8%, for 2014 and 2015 only, before reverting back to 14.7% in 2016.

2. New feature for tax slips with income greater than $100

   A new feature has been added to DT Max T3 preferences allowing the user to choose, for the entire database, to generate only slips with income greater than $100. This option will apply to both T3 and RL-16 (Relevé 16) slips. Although slips are not mandatory if the income allocated in the year is less than $100, the beneficiary must nonetheless be notified of the allocated income as it still has to be reported on the beneficiary's return.

3. Suggestion from our clients added to DT Max T3

   As per client request, a new option has been added to DT Max T3 in the Preferences menu where the user may choose to automatically inactivate a client's file the year following the wind-up of the trust. If this option is chosen, DT Max T3 will detect the keyword StatusChange with the option "Final return due to wind-up" and will automatically add the keyword Inactive in the following year. This operation will be done for the entire database. The new keyword Inactive can also be added manually by the user on a file by file basis.

2. Revised forms

3. Warning: verifying carryforwards

4. New keywords

1. Inactive : Prevents processing of a client's data

   The keyword Inactive is used to prevent the processing of a client's file. Whenever this keyword is used, the processing status will be changed to "Inactive file" and no calculation of the client's return will be allowed. To remove this restriction, delete the keyword Inactive as you would any other keyword, using Ctrl + Backspace.

2. In the keyword group Beneficiary :

   1. PrintOV-T3Slip : Overrides automatic print setting for T3 slips

      The keyword PrintOV-T3Slip overrides the automatic print setting for the particular beneficiary. This keyword controls the printing of the T3 slip on an individual basis.

   2. PrintOV-RL16 : Overrides automatic print setting for RL-16 slips

      The keyword PrintOV-RL16 overrides the automatic print setting for the particular beneficiary. This keyword controls the printing of the RL-16 slip on an individual basis.

5. Deleted keyword

6. New option