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Print this pageForward this document  What's new for T3/T5013 Internet version 27.05?

The latest DT Max program update is now available for downloading. It features the T3/TP-646 program for the tax years ending from 2012 to 2023 inclusively, as well as the fully functional T5013 program for paper and electronic filing of the Partnership Information Return (T5013 forms) for fiscal periods ending from 2015 to 2023. Installing this version will update your version of DT Max to 27.05.

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

In this version...

For DT Max T3 and T5013

  1. Mandatory efiling criteria

DT Max T3

  1. Program certification
  2. EFILE
  3. Version highlights
    1. New trust filing and information reporting rules
    2. First home savings account (FHSA)
    3. Safe Drinking Water trust
    4. Residential Property Flipping Rule
    5. Electronic remittance or payments above $10,000
    6. British Columbia clean buildings tax credit (extended to 2027)
    7. Yukon mining carbon price rebate
    8. Return of fuel charge proceeds to farmers tax credit
    9. T3 printed tax returns
    10. Capital gains eligible for deduction - T3 slip box 30
  4. New forms
  5. Revised forms
  6. Deleted forms
  7. New keywords
  8. Deleted keywords
  9. New options
  10. Deleted options

DT Max T5013

  1. Program certification
  2. Version highlights
    1. Increase of the ceiling for CCA for passenger vehicles and zero-emission passenger vehicles
    2. T661: Increase in CPP pensionable earnings
  3. Revised forms
  4. New keywords
  5. New options

 

For DT Max T3 and T5013

  1. Mandatory efiling criteria

    For T3

    For federal slip types filed after 2023, the Canada Revenue Agency (CRA) introduced a reduction in the mandatory electronic filing threshold, from 50 (fifty) to 5 (five). If, for example, a preparer was to paper file 6 (six) or more T3 slips with the trust return, then that preparer could be imposed a penalty by the CRA.

    In addition, starting in 2024, tax preparers who file more than 5 (five) federal trust returns must file them electronically.

    Revenu Québec has mandated the same requirement with respect to RL slips. As of January 1, 2024, if you have to file more than 5 (five) RL-16 slips, you must file them online in an XML file.

    To file RL-16 slips online (in an XML file), you must have a transmitter number (the letters NP followed by six digits). If you do not have a transmitter number, you must complete and send Revenu Québec the Transmitter Registration Form (ED-430-V) to get one.

    For T5013

    For federal slip types filed after 2023, the Canada Revenue Agency (CRA) introduced a reduction in the mandatory electronic filing threshold, from 50 (fifty) to 5 (five). If, for example, a preparer was to paper file 6 (six) or more T5013 slips with the return, then that preparer could be imposed a penalty by the CRA. Revenu Québec has mandated the same requirement with respect to RL slips.

DT Max T3

  1. Program certification

    DT Max T3 is certified under the following authorization numbers:

    Paper filing

    N.B. : Federal schedules and slips no longer require authorization numbers. See T3 printed tax returns under our Version highlights section below for details.

    Quebec schedules: RQFI-2302

    Quebec slips: FS2216001

    MR-69: RQ19-MR69-201911-FI001

    Electronic filing

    Quebec RL-16 slip: RQ-23-16-017

  2. EFILE

    DT Max T3 efile service is currently pending.

    We intend to release a fully approved federal and Quebec efile version in February.

    The Canada Revenue Agency's T3 EFILE and T1135 web services will re-open at 8:30 a.m. (Eastern Time) on Monday, February 19, 2024.

    Please do not attempt any federal or Quebec transmissions until our February version has been installed and the websites have been opened.

  3. Version highlights

    1. New trust filing and information reporting rules

      Federal Bill C-32 received Royal Assent on December 15, 2022. This Bill implements the new trust tax return filing and information requirements. The new rules involve the obligation of filing a T3 Trust Income Tax and Information Return for certain trusts and bare trusts that had previously not been required to file. The Bill also outlines the reporting requirements of the additional beneficial ownership information of all trustees, beneficiaries, settlors as well as other controlling entities, on an annual basis.

      The new rules will apply to taxation years ending after December 30, 2023.

      In order to comply with these new obligations, DT Max T3 will prompt the user through the "Error and warning messages" to enter the required information. All trusts mandated to file under these new rules should enter the keyword File-BenOwnership and choose the applicable jurisdiction. Based on this information, certain keywords within each beneficial owners group will become necessary to enter. Please refer to the section on New keywords for further information.

      The CRA and Revenu Québec's reporting requirements for the additional beneficial information differ. The new CRA rules oblige the trusts to produce a tax return and Schedule 15 annually. However, the beneficial ownership information should only be captured if it is the first time the trust is reporting the information or if the beneficial ownership has changed during the tax year. For the CRA, previously reported entities will be automatically carried forward. As for Revenu Québec, they require the information to be entered yearly on the TP-646, regardless of whether the entity has been previously entered.

    2. First home savings account (FHSA)

      The first home savings account (FHSA) is a new registered plan to help individuals save for their first home. An FHSA can be opened starting April 1, 2023. If an FHSA holder dies during the year, there may be FHSA implications for their estate. A new trust type 342, Tax-Free First Home Savings Account, is available for the 2023 taxation year.

    3. Safe Drinking Water trust

      The Safe Drinking Water for First Nations Act was created to support the development of federal regulations to support First Nations' access to clean, reliable drinking water and effective treatment of wastewater. Beginning in 2023 the new trust type 340, Safe Drinking Water Trust, is now available.

    4. Residential Property Flipping Rule

      Starting on January 1, 2023, the new deeming rule applies to flipped property to ensure that profits are subject to full income inclusion. Under the new rule, any gain from the disposition of a housing unit or a right to acquire a housing unit, located in Canada (including a rental property) that was owned for less than 365 consecutive days before the disposition is deemed to be business income and not a capital gain. Where the new deeming rule applies, profits on the sale cannot be treated as a capital gain (50-per-cent income inclusion) and the Principal Residence Exemption is not available.

      Please refer to the CRA's Residential Property Flipping Rule page for more details.

    5. Electronic remittance or payments above $10,000

      As of January 1, 2024, payments or remittances to the Receiver General of Canada should be made as an electronic payment if the amount is more than $10,000. Payers may face a penalty, unless they cannot reasonably remit or pay the amount electronically.

      This information has been added to the client letter to inform them of this new requirement.

    6. British Columbia clean buildings tax credit (extended to 2027)

      The clean buildings tax credit is a refundable income tax credit for qualifying retrofits that improve the energy efficiency of eligible commercial and multi-unit residential buildings with four or more units. The retrofit must improve the energy efficiency of an eligible building and meet energy-use targets. The credit amount is 5 percent of qualifying expenditures paid on the retrofit.

      Claim this credit on line 65 of the T3 return through the keyword Other-credits within the Tax-Credits group.

    7. Yukon mining carbon price rebate

      The mining carbon price rebate is a refundable credit for qualifying clean technology assets that reduce fossil fuel consumption. Claim this credit on line 68 of the T3 return through the keyword Other-credits within the Tax-Credits group.

    8. Return of fuel charge proceeds to farmers tax credit

      This refundable tax credit provides a return of a portion of the fuel charge proceeds from the federal carbon pollution pricing system directly to farming businesses in provinces that do not currently have a system that meets the federal requirements. For 2023, the CRA have added four additional designated provinces which are Newfoundland and Labrador, New Brunswick, Nova Scotia and Prince Edward Island.

    9. T3 printed tax returns

      Effective in 2023, an approval code is no longer required for T3 trust income tax and information returns, schedules and related forms.

      Based on the CRA document IC97-2R20-23, the printing order of T3 forms has been modified to accelerate the processing of the tax returns. The order in which the forms should be attached is as follows:

      1. T3SCH15 - Beneficial ownership information of a trust

      2. Form T1055, Summary of Deemed Dispositions

      3. All remaining schedules in numerical order

      4. Form T3FFT, T3 Federal Foreign Tax Credits

      5. Form T3MJ, T3 Provincial and Territorial Taxes - Multiple Jurisdictions

      6. Provincial or territorial tax forms

      7. Form T3PFT, T3 Provincial or Territorial Foreign Tax Credit

      8. Form T184, Capital Gains Refund for a Mutual Fund Trust

      9. T2038-IND, Investment Tax Credit (Individuals)

      10. Information slips for income received

      11. All other documents in any order

    10. Capital gains eligible for deduction - T3 slip box 30

      Where the amount in box 30 includes an amount that relates to a capital gain reserve claimed in the trust's prior tax year and which is brought into the trust's income in the current year, a footnote must be included outlining the nature of the property disposed of, the amount(s) in Box 30 and the year of disposition.

      In the case where there is a single prior year reserve being added to the current year income, DT Max T3 will automatically generate a footnote with the required information. A manual entry will be required for multiple reserves using the keyword Footnotes within the T3-Slip keyword group found in the Beneficiary group header.

  4. New forms

    Federal

    • Schedule 15 - Beneficial Ownership Information of a Trust

  5. Revised forms

    Federal

    • T3 Trust Income Tax and Information Return

      • Addition of questions 13 and 14 related to the new rules regarding the requirement to file beneficial ownership information.

      • New line for the Yukon mining carbon price rebate.

    • Schedule 1 - Dispositions of Capital Property

      • Line 23 now also applies for non-qualified investments held by first home savings account (FHSA) trust.

      • New instructions on property flipping.

    • Schedule 1A - Capital Gains on Gifts of Certain Capital Property

    • Schedule 2 - Reserves on Dispositions of Capital Property

    • Schedule 3 - Eligible Taxable Capital Gains

    • Schedule 4 - Cumulative Net Investment Loss

    • Schedule 7 - Pension Income Allocations and Designations

    • Schedule 8 - Investment Income, Carrying Charges, and Gross-up Amount of Dividends Retained by the Trust

    • Schedule 9 - Income Allocations and Designations to Beneficiaries

      Special rules apply where the trust is allocating an amount relating to capital gain reserves as well as for eligible taxable capital gains.

    • Schedule 10 - Part XII.2 Tax and Part XIII Non-Resident Withholding Tax

    • Schedule 11 - Federal Income Tax

    • Schedule 11A - Donations and Gifts Tax Credit Calculation

      Increase of the income threshold to $235,675.

    • Schedule 12 - Minimum Tax

    • All provincial tax calculation schedules (T3AB, T3MB, T3NB...) and T3MJ - Information on Form T3MJ, T3 Provincial and Territorial Taxes - Multiple Jurisdictions

      All provinces, except Nova Scotia and Prince Edward Island have indexed their base amounts. Please refer to the knowledge base for a detailed list:

      Tax brackets and rates (2023)

      T3AB - Alberta Tax

      Increased donations and gifts tax credit rate from 10% to 60%.

      T3NB - New Brunswick Tax

      • New Brunswick's income tax rates have been reduced for 2023, with one bracket being eliminated.

      • The rate change does not affect the rate for donations in excess of $200, which remains as 17.95%.

      T3MB - Manitoba tax

      Line 14022, Manitoba recovery tax, has been removed.

    • NR4 Slip - Statement of Amounts Paid or Credited to Non-Residents of Canada

      New Type of income codes:

      • 74 - Taxable FHSA withdrawals

      • 75 - FHSA beneficiary distributions received

      • 76 - Amount deemed received on FHSA cessation

    • NR4 Summary - Summary of Amounts Paid or Credited to Non-Residents of Canada

    • T3 Slip - Statement of Trust Income Allocations and Designation

      New footnotes have been added to report the year of disposition and the amount in box 30 that relates to a capital gain reserve claimed in the trust's prior tax year and which is brought into the trust's income in the current year.

    • T3 Summary - Summary of Trust Income Allocations and Designations

    • T3A - Request for Loss Carryback by a Trust

    • T3-ADJ - T3 Adjustment Request

    • T3APP - Application for Trust Account Number

      Additional trust information required.

    • T3-DD - Direct Deposit Request for T3

    • T3FFT - T3 Federal Foreign Tax Credit for Trusts

    • T3PFT - T3 Provincial or Territorial Foreign Tax Credit for Trusts

    • T3M Environmental Trust Income Tax Return

      New requirement to complete Schedule 15 and send it with this return.

    • T3P - Employees' Pension Plan Income Tax Return

      • New requirement to complete Schedule 15 if return is being filed by a trust.

      • Modified layout of the Trustee information.

      • Added question related to the filing of a T3RET, T3 Trust Income Tax and Information Return and the associated trust account number.

      • New line 102 for the refund code.

    • T3QDT - Joint Election for a Trust to be a Qualified Disability Trust

    • T3QDT-WS - Recovery Tax Worksheet

      In Part 2 - Provincial or territorial recovery tax calculation, new line 32 for the gross-up amount of dividends attributable to taxable income.

    • T3-RCA - Retirement Compensation Arrangement (RCA) Part XI.3 Tax Return

      Step 1 - Supporting documents : new question 11 related to the filing of Schedule 15.

    • T183 Trust - Information Return for the Electronic Filing of a Trust Return

    • AUT-01 - Authorize a Representative for Offline Access

    • AUT-01X - Cancel Authorization for a Representative

    • T184 - Capital Gains Refund to a Mutual Fund Trust

    • T776 - Statement of Real Estate Rentals

    • T1055 - Summary of Deemed Dispositions

    • T1079 - Designation of a Property as a Principal Residence by a Personal Trust

    • T1079-WS - Principal Residence Worksheet

    • T1139 - Reconciliation of 2023 Business Income for Tax Purposes

    • T1163 - 2023 Statement A - AgriStability and AgriInvest Programs Information and Statement of Farming Activities for Individuals

    • T1164 - 2023 Statement B - AgriStability and AgriInvest Programs Information and Statement of Farming Activities for Additional Farming Operations

    • T1172 - Additional Tax on Accumulated Income Payments from RESPs

    • T1175 - 2023 Farming - Calculation of Capital Cost Allowance (CCA) and Business-Use-of-Home Expenses

    • T1229 - Statement of Resource Expenses and Depletion Allowance

    • T1273 - Statement A - Harmonized AgriStability and AgriInvest Programs Information Statement of Farming Activities for Individuals

    • T1274 - Statement B - Harmonized AgriStability and AgriInvest Programs Information Statement of Farming Activities for Additional Farming Operations

    • T2038 - Investment Tax Credit

      • Major changes in Part D - Calculating an allowable claim and in Part E - Calculating a carryback and refund of an ITC.

      • Part F - Carryforward chart has been removed and replaced by a calculation to arrive at the Total available amount and carryforward to subsequent tax year.

    • T2042 - Statement of Farming Activities

    • T2121 - Statement of Fishing Activities

    • T2125 - Statement of Business or Professional Activities

    Quebec

    • TP-646 - Trust Income Tax Return

      • The 2023 tax brackets have been updated.

      • New line added for the Date of birth of the trustee or liquidator of the succession.

      • For question 32, a space was created on the return to enter the information concerning shares held by trust in one or more private corporation.

      • Section 6, Additional information about the trust, has been renumbered to section 5 and placed above the certification signature.

    • Schedule A - Taxable Capital Gains and Designated Net Taxable Capital Gains

      • Schedule A has been reformatted and now extends to four pages.

      • Non qualified investments under FHSA can be entered on line 209.

    • Schedule B - Investment Income, Gross-Up of Dividends Not Designated and Adjustment of Investment Expenses

      • Line 301a and line 301b have been removed.

      • Section 2, Amount of the gross-up of dividends not designated and dividend tax credit, has been modified to reflect the tax credit rates available for Ordinary dividends remaining in the trust.

    • Schedule C - Summary of Allocations and Designations

    • Schedule D - Carry-Back of a Loss

    • Schedule E - Income Tax on the Taxable Distributions Amount and Calculation of Eligible Dividends to Be Designated

    • Schedule F - Income Tax Payable by a Specified Trust for a Specified Immovable

    • TP-646.W - Keying Summary for the Trust Income Tax Return

      • The following new lines have been added to the keying summary:

        – TP-646 Line 2b.1
        – TP-646 Line 13b
        – TP-646 Line 13c
        – TP-646 Line 32.1a, b, c, d
        – TP-646 Line 32.2a, b, c, d
        – TP-646 Line 32.3a, b, c, d

      • The following lines have been deleted:

        – Schedule B Line 301a
        – Schedule B Line 301b
        – Schedule B Line 327a
        – Schedule B Line 327b

    • TP-646.X - Keying Summary for Schedules A and F of the Trust Income Tax Return

      All lines and references to Schedule G were removed.

    • TP-646.Y - Keying Summary for Forms TP-80 and TP-128.F filed with the Trust Income Tax Return

    • TP-646.Z - Keying Summary for Forms Filed with the Trust Income Tax Return

    • MR-14.A - Notice Before Distribution of the Property of a Succession

    • TP-80 - Business or Professional Income and Expenses

      • Line 122, Work in progress at the beginning of the fiscal period, was deleted. 2022 is the last year of eligibility for contractors and professionals who have opted to exclude the value of the work in progress (WIP).

      • Line 238, Telecommunications expenses, electricity, heating and water was shortened to Telecommunications expenses and line 239, Electricity, heating and water, was added.

    • TP-80.1 - Calculation of Business or Professional Income, Adjusted to December 31

    • TP-726.30 - Income Averaging for Forest Producers

      • New lines 28.3 and 28.4 added in Part 5 for amounts deducted in 2022.

      • New lines added in Part 6 for amounts to include in the taxable income for 2023 coming from amounts deducted in 2022.

      • New line 83 in Table 7.2 for amounts that can be averaged over ten years.

    • TP-776.42.F - Alternative Minimum Tax of a Trust 2023

    • TP-1012.B - Carry-Back of a Deduction or Tax Credit

    In-house forms

    • Allocation of Expenses - QC

      The line pertaining to ordinary dividends received in a prior year has been eliminated.

    • Assembly Instructions

      New table added with mailing addresses for Quebec Form TP-1012.B.

    • Beneficiary Income Allocation - Federal

      Other allocations section:

      • Information was modified to exclude the prior year qualified capital property reserves included in the income.

      • 3 additional lines have been added in the Other allocations section related to Qualified capital property reserves to be allocated.

    • Beneficiary Income Allocation - QC

      The line for ordinary dividends received in a prior year has been eliminated.

    • Workcharts - Federal

      New table added for details of shares held in a private corporation.

    • Client letter

      New paragraph stating the requirement of electronic payment if the amount due surpasses $10,000 as of January 1, 2024.

  6. Deleted forms

    Quebec

    • Schedule G - Additional Information - Trust Resident in Québec That Owns a Specified Immovable

  7. New keywords

    1. In the new keyword group Share-Info , pertaining to the shares held by a personal trust in a private corporation:

      1. Share-Info : Trust holds shares in private corporation

        Use the keyword Share-Info to enter the information for each private corporation in which the trust holds shares. This information is required if question 8 on the T3 trust return and/or question 32 of the TP-646 return applies.

      2. Corp-Name.sh : Name of private corporation

        Use the keyword Corp-Name.sh to enter the name of the private corporation in which the personal trust holds shares. This information will be captured on the Federal Work Chart and on the Quebec TP-646, in the table for question 32.

      3. Business-Number.sh Business number of private corporation

        Use the keyword Business-Number.sh to enter the business number of the private corporation.

      4. NEQ.sh : Quebec enterprise number (NEQ)

        Use the keyword NEQ.sh to enter the Quebec enterprise number of the private corporation.

      5. Class-Type.sh : Share class

        Use the keyword Class-Type.sh to enter the class of the shares held by the trust.

      6. No-Shares.sh : Number of shares held by the trust

        Use the keyword No-Shares.sh to enter the total number of shares held in a private corporation.

    2. In the File-BenOwnership keyword group, pertaining to federal Schedule 15, Beneficial Ownership Information of a Trust:

      1. First-TimeReport : Whether providing beneficial ownership info for the first time

        Use the keyword First-TimeReport to indicate whether this is the trust's first time providing the CRA the beneficial ownership information.

        If this is the first time, the trust must identify all the reportable entities of the trust. A reportable entity is a trustee, a settlor, a beneficiary or a controlling person.

      2. Change-In-BenOwn : Whether there has been a change in beneficial ownership info

        Use the keyword Change-In-BenOwn to indicate whether there has been a change in the beneficial ownership information and to answer the question on Schedule 15, Part A. Previously reported entities will be carried forward by the CRA to the current tax year unless the information is modified in Part B.

      3. Unknown-Entities : Details for beneficiaries that cannot be listed

        Use the keyword Unknown-Entities to provide the details of the terms of the trust that extends the class of beneficiaries to unknown entities.

        Provide relevant information regarding any beneficiaries that cannot be listed by name because they are unknown at the time of filing the trust return.

    3. In the Other-Trustee subgroup of the Trustee keyword group, pertaining to the federal Schedule 15, Beneficial Ownership Information of a Trust:

      1. BenOwnInfo.s : Whether the trustee's information should be reported on Schedule 15

        Use the keyword BenOwnInfo.s to indicate whether the other trustee's information should be reported on Schedule 15.

        If the trust is required to file Schedule 15, it must report the identity of all trustees. The schedule must be filed every year. However, entities that have been previously reported will be carried forward by the CRA. Once an entity has been reported, DT Max T3 will convert the option for this keyword in the following year to indicate that it has been reported.

        To modify or remove a previously reported entity, change the option for this keyword. In both cases, the complete information on the entity must be entered.

    4. In the Trustee keyword group, pertaining to the federal Schedule 15, Beneficial Ownership Information of a Trust:

      1. BenOwnInfo.tr : Whether the trustee's information should be reported on Schedule 15

        Use the keyword BenOwnInfo.tr to indicate whether the trustee's information should be reported on Schedule 15.

        If the trust is required to file Schedule 15, it must report the identity of all trustees. The schedule must be filed every year. However, entities that have been previously reported will be carried forward by the CRA. Once an entity has been reported, DT Max T3 will convert the option for this keyword in the following year to indicate that it has been reported.

        To modify or remove a previously reported entity, change the option for this keyword. In both cases, the complete information on the entity must be entered.

    5. In the Beneficiary keyword group, pertaining to the federal Schedule 15, Beneficial Ownership Information of a Trust:

      1. BenOwnInfo : Whether the beneficiary's information should be reported on Schedule 15

        Use the keyword BenOwnInfo to indicate whether the beneficiary's information should be reported on Schedule 15.

        If the trust is required to file Schedule 15, it must report the identity of all beneficiaries. The schedule must be filed every year. However, entities that have been previously reported will be carried forward by the CRA. Once an entity has been reported, DT Max T3 will convert the option for this keyword in the following year to indicate that it has been reported.

        To modify or remove a previously reported entity, change the option for this keyword. In both cases, the complete information on the entity must be entered.

    6. In the Settlor keyword group, pertaining to the federal Schedule 15, Beneficial Ownership Information of a Trust:

      1. BenOwnInfo.set : Whether the settlor's information should be reported on Schedule 15

        Use the keyword BenOwnInfo.set to indicate whether the settlor's information should be reported on Schedule 15.

        If the trust is required to file Schedule 15, it must report the identity of all settlors. The schedule must be filed every year. However, entities that have been previously reported will be carried forward by the CRA. Once an entity has been reported, DT Max T3 will convert the option for this keyword in the following year to indicate that it has been reported.

        To modify or remove a previously reported entity, change the option for this keyword. In both cases, the complete information on the entity must be entered.

    7. In the Control-Entity keyword group, pertaining to the federal Schedule 15, Beneficial Ownership Information of a Trust:

      1. BenOwnInfo.ce : Whether the controlling entity's information should be reported on Schedule 15

        Use the keyword BenOwnInfo.ce to indicate whether the controlling entity's information should be reported on Schedule 15.

        If the trust is required to file Schedule 15, it must report the identity of all controlling entities. The schedule must be filed every year. However, entities that have been previously reported will be carried forward by the CRA. Once an entity has been reported, DT Max T3 will convert the option for this keyword in the following year to indicate that it has been reported.

        To modify or remove a previously reported entity, change the option for this keyword. In both cases, the complete information on the entity must be entered.

    8. In the Allocation-OV subgroup within the Beneficiary group, pertaining to the T3 slip Box 30 footnote:

      1. QSBCSReserve.OV : Override the year and/or amount of QSBCS reserves to be allocated

        Use the keyword QSBCSReserve.OV to override the automatic calculation of the income to be allocated to the beneficiary on the Beneficiary Income Allocation form.

        The year and the amount will be entered on the beneficiary's T3 slip in the footnote section.

      2. QFPReserve.OV : Override the year and/or amount of QFP reserves to be allocated

        Use the keyword QFPReserve.OV to override the automatic calculation of the income to be allocated to the beneficiary on the Beneficiary Income Allocation form.

        The year and the amount will be entered on the beneficiary's T3 slip in the footnote section.

      3. QXPReserve.OV : Override the year and/or amount of QXP reserves to be allocated

        Use the keyword QXPReserve.OV to override the automatic calculation of the income to be allocated to the beneficiary on the Beneficiary Income Allocation form.

        The year and the amount will be entered on the beneficiary's T3 slip in the footnote section.

    9. In the T3P keyword group, pertaining to the federal T3P, Employees' Pension Plan Income Tax Return:

      1. File-T3return : Whether a related T3 Trust Income Tax Return is being filed

        Use the keyword File-T3return to indicate whether the trust also filed a related T3 Trust Income Tax and Information Return. This information will be captured on the T3P Return with the accompanying trust account number.

      2. Trust-Acct-Num.p : Trust account number

        Use the keyword Trust-Acct-Num.p if the trust is also filing a related T3RET, T3 Trust Income Tax and Information Return.

      3. Refund-Code.p : Refund code

        Use the keyword Refund-Code.p if the trust is entitled to a refund.

    10. In the Apply-TrustAcct# keyword group, pertaining to the federal Form T3-APP, Application for Trust Account Number:

      1. NR-Elections.app : Non-resident trust registering solely for certain special elections or returns

        Use the keyword NR-Elections.app to indicate whether the non-resident trust is registering solely for the purpose of filing certain special elections or returns.

  8. Deleted keywords

    1. In the Business group, pertaining to the deleted line 122 of Quebec Form TP-80:

      1. Work-in-Prog: Work in progress at beginning and end of fiscal period

  9. New options

    1. For the keyword Share-Info pertaining to shares held by a personal trust in a private corporation (Quebec TP-646 return, question 32):

      Shares held in a private corporation

    2. For the keyword Business , pertaining to the T1273, Harmonized AgriStability and AgriInvest Programs Information, which now applies to the Northwest Territories:

      T1273/T1274 harmonized - Farming (cash-basis)
      T1273/T1274 harmonized - Farming (accrual-basis)

    3. For the keyword Trust-Type :

      Tax-Free First home savings account (FHSA)

      The first home savings account (FHSA) is a registered plan to help individuals save for their first home. An FHSA can be opened starting April 1, 2023.

      An FHSA trust has to complete and file a T3 return if the trust carried on a business or held non-qualified investments during the tax year. The trust will then be taxable to the extent of the income earned from that business or those investments (Type of trust code 342 on the T3 return).

      When the last holder of an FHSA dies, and the trust still exists after the exempt period, it is deemed to dispose of all its property at fair market value and immediately reacquire it at the same value on January 1 following the end of the exempt period. The trust loses its FHSA status, becomes a taxable inter vivos trust from that point on and is subject to the normal rules for inter vivos trusts.

      Safe Drinking Water trust

      The Safe Drinking Water for First Nations Act was created to enable the development of federal regulations to support First Nations' access to clean, reliable drinking water and effective treatment of wastewater. Beginning in 2023, the new trust type, 340 - Safe Drinking Water Trust, is available.

    4. For the keyword Trust-Info , pertaining to questions 13 and 14 on the T3 trust income tax return:

      Asset value under par.150(1.2)(b) less than $50,001(F. Q13)
      Required to hold funds for purposes of activity (Fed Q14)

    5. For the keyword Post-DeathIncome within the Distribution-Type. subgroup of the Clearance group header pertaining to the Quebec Form MR-14.A, line 97:

      Amount from a Tax-Free First home savings account

    6. For the keyword Expenses.bu of the Business group, pertaining to the annual NEQ registration fee paid in the prior year:

      Annual registration fee paid (NEQ)

    7. For the keyword Other-credits of the Tax-Credits group, pertaining to line 924 of the T3 trust income tax return:

      Yukon mining carbon price rebate

      A trust can claim the Yukon mining carbon price rebate for qualifying clean technology assets that reduce fossil fuel consumption.

    8. For the keyword Income.bus of the Business group, pertaining to federal Form T2125:

      Profits from property flipping

    9. For the keyword Documentation of the T3-RCA group, pertaining to federal T3-RCA, Retirement Compensation Arrangement (RCA) Part XI.3 Tax Return:

      RCA Trust meets one of the exceptions for filing Sch. 15

    10. For the keyword Income-Code.nr4 within the NR4-Slip-OV subgroup of the Beneficiary group header, pertaining to the new Income codes on the NR4 slip:

      74 Taxable FHSA withdrawals
      75 FHSA beneficiary distributions received
      76 Amount deemed received on FHSA cessation

    11. For the keyword File-BenOwnership , pertaining to federal Schedule 15:

      Federal and Quebec
      Federal

    12. For the keywords GrossInc-Alloc and Salaries-Alloc within the FuelCharge-Cr subgroup of the Business group, pertaining to federal Form T2043:

      Newfoundland and Labrador
      Prince Edward Island
      Nova Scotia
      New Brunswick

    13. For the keyword FarmerFuelCharge within the Partnership group, pertaining to the federal Form T2043:

      NS - Claim credit and include in business income
      PE - Claim credit and include in business income
      NL - Claim credit and include in business income
      NB - Claim credit and include in business income
      NS - Claim credit only (already included in bus. income)
      PE - Claim credit only (already included in bus. income)
      NL - Claim credit only (already included in bus. income)
      NB - Claim credit only (already included in bus. income)

  10. Deleted options

    1. From the keyword Trust-Type :

      Health & Welfare trust (HWT)

    2. From the keyword QC-Dividends.OV within the Allocation-OV subgroup of the Beneficiary group header:

      Actual amount of ordinary dividends (2022)
      Taxable amount of ordinary dividends (2022)
      Taxable amount of eligible dividends (2022)

DT Max T5013

  1. Program certification

    DT Max T5013 is certified for paper filing under the following authorization numbers:

    Federal:

    T5013-FIN and schedules: RC-23-P001

    Quebec:

    TP-600 and schedules: RQSP-2301

    RL-15 slips: FS2315002

    MR-69: RQ-19MR69-201911-SP001

    TP-529: TP-529-202009-SP003

    TP-614: TP-614-202201-SP001

    DT Max T5013 is certified for electronic filing under the following authorization numbers:

    Federal: RC-23-P001

    Quebec slips: RQ-23-15-001

  2. Version highlights

    1. Increase of the ceiling for CCA for passenger vehicles and zero-emission passenger vehicles

      The ceiling for CCA for zero-emission passenger vehicles has increased from $59,000 to $61,000 and the ceiling for CCA for passenger vehicles will increase from $34,000 to $36,000 effective as of January 1, 2023.

    2. T661: Increase in CPP pensionable earnings

      Please note that for Form T661, Scientific Research and Experimental Development (SR&ED) Expenditures Claim, the pensionable earnings for 2024 have increased from $66,600 to $68,500.

  3. Revised forms

    Federal

    • Schedule 8 - Capital Cost Allowance (CCA)

      A new table has been added, in Part 2, to replace column 12, Income earned from the business or property in which the DIEP is used.

      New Part 2 - Income earned from the source in which the designated immediate expensing property (DIEP) is used has been added with the following lines:

      • Line 150 - Are you a Canadian partnership of which all of the members were, throughout the fiscal period, Canadian-controlled private corporations (CCPC), individuals (other than trusts) resident in Canada or a combination thereof? If you answered "Yes", complete Part 2. Otherwise, go to Part 3.

      • Line 155 - Is there more than one source of income?

      • Line 156 - If you answered "No", enter the income of that source of income (net income for income tax purposes before any CCA deductions). If the answer is "Yes", complete the table below.

      A table was added with the following lines:

      • Line 160 - Source of income

      • Line 165 - Income before any CCA deductions from each source. If the income is a loss or nil, enter "0"

      • Line 170 - Aggregate amount of DIEP used for each source

      The following line has been deleted: Line 237 - Income earned from the business or property in which the DIEP is used.

      Use the keyword DIEP-Multi-Income to complete the table mentioned above.

      If this form was completed using a previous version, it is recommended that you review the form before filing.

    • Schedule 52 - Summary Information for Partnerships that Allocated Renounced Resource Expenses to their Members

      In Part 1 - Renounced Canadian exploration expenses and Canadian development expenses, for the table Summary of qualified expenses for provincial tax credit purposes broken down by the expenses' eligibility for the federal METC and federal CMETC, the following lines have been revised:

      – Line 402 - British Columbia METC
      – Line 404 - Saskatchewan METC
      – Line 406 - Manitoba METC
      – Line 408 - Ontario METC

      The following lines have been added:

      – Line 403 - British Columbia CMETC
      – Line 405 - Saskatchewan CMETC
      – Line 407 - Manitoba CMETC
      – Line 409 - Ontario CMETC

      If this form was completed using a previous version, it is recommended that you review the form before filing.

    • Schedule 141 - General Index of Financial Information (GIFI) - Additional Information

      This form has been updated by CRA and significant changes have been made.

      • In Part 1 - Information on the person primarily involved with the financial information:

        The question for line 111 has been changed to Can you identify the person specified in the heading of Part 1? This question is answered with the new keyword ID-Person-FinInfo within the GIFI-Form subgroup (option "141 Notes checklist") of the GIFI group. Please note that with the previous version, Part 2 and 3 could not be completed unless the question for line 111 was answered with "Yes". With this version, Part 2 and 3 can be completed regardless of whether line 111 is answered "Yes" or "No".

      • In Part 2 - Type of involvement:

        These options regarding involvement have been added:

        – Provided accounting services
        – Provided bookkeeping services
        – Other (specify)

        Please note that in the previous version only one option could be selected. With this version, multiple options can be selected. Also, if you had chosen the option "Other" in a previous version, you will now be required to specify the type of involvement.

      • In Part 5 - Information on the person who prepared the Partnership return:

        The following options have been added:

        – 312 Prof. design. who prepared return (client provided TB)
        – 313 Prof. design. who prepared return (client provided G/L)
        – 314 Prof. design. who prepared return - other (specify)

      We strongly suggest that you verify the data entry and adjust accordingly.

    • T2058 - Election on Disposition of Property by a Partnership to a Taxable Canadian Corporation

      • In Part 3 - Information required, more than one corporation can now be listed when shares of the capital stock of a private corporation are included in the property disposed of.

      • In Part 5 - Election and certification, for Section A - Transferor (partnership information), the following lines were added:

        – Line 300 - Is there an authorizing agreement?
        – Line 340 - Taxation year-end

      • In Schedule A - Information on the property disposed of and consideration received, the table Capital property (other than shares and depreciable property) was modified, and a new table, Capital property (shares only), was added.

        If this form was completed using a previous version, it is recommended that you review this form and the Quebec TP-529, Transfer of Property by a Partnership to a Taxable Canadian Corporation, if applicable, before filing.

    • T2059 - Election on Disposition of Property by a Taxpayer to a Canadian Partnership

      • In Part 3 - Information required, more than one corporation can now be listed when shares of the capital stock of a private corporation are included in the property disposed of.

      • In Part 4 - Election and certification, for Section A - Transferor, the following lines were added:

        – Line 305 - Is there an authorizing agreement?
        – Line 340 - Taxation year-end

      • In Schedule A - Information on the property disposed of and consideration received, the table Capital property (other than shares and depreciable property) was modified, and a new table, Capital property (shares only), was added.

        If this form was completed using a previous version, it is recommended that you review this form and the Quebec TP-614, Transfer of Property to a Canadian Partnership, if applicable, before filing.

    • Schedule 444 - Eligible Yukon Mining UCC and Eligible Yukon UCC Worksheet for Partnerships

      Three new sections have been added:

      • Part 1 - Eligible Yukon mining UCC for eligible Yukon mining assets. Within the applicable CCA-Class group, use the keyword Mining-CarbonReb and select "Yes" to complete this section.

      • Part 2 - Eligible Yukon mining UCC allocated from partnerships. Select "Elig. mining UCC allocation from other partnership - Sch. 444" in the Partnership-Info group to complete this section.

      • Part 4 - Allocation of eligible Yukon mining UCC to qualifying members of a partnership

    • AUT-01 - Authorize a Representative for Offline Access

    • AUT-01X - Cancel Authorization for a Representative

    Quebec

    • TP-600 - Partnership Information Return

      In Part 2 - Information about the partnership, the following line has been removed:

      – Line 10 - Province, territory or country code if partnership carries on its principal activity outside Quebec

    • Schedule B - Capital Cost Allowance (CCA)

    • Schedule E - Summary of Certain Information to Enter on RL-15 Slips

    • Schedule F - Net Income for Income Tax Purposes

  4. New keywords

    1. In the Partners group when the option "Corporation" is chosen, pertaining to federal Schedule 8 and Quebec Schedule B:

      1. CCPC : Whether the partner is a CCPC (Canadian-controlled private corporation)

        Use the keyword CCPC to indicate if the partner is a CCPC (Canadian-controlled private corporation). This information is required if the partnership is claiming immediate expensing on DIEP (designated immediate expensing property).

    2. In the CCA-Class group, pertaining to federal Schedule 8 and Quebec Schedule B:

      1. DIEP-Multi-Inc : Whether there are multiple sources of income relating to DIEP

        Use the keyword DIEP-Multi-Inc to indicate if there are multiple sources of income relating to DIEP.

      2. DIEP-Sequence.cca : Sequence number corresponding to source of income in the DIEP-Multi-Income group

        If you have answered "Yes" to the keyword DIEP-Multi-Income , use the keyword DIEP-Sequence.cca to enter the sequence number corresponding to the source of income in the DIEP-Multi-Income group.

      3. FactorOV : Relevant factor variable/ov

        Use the keyword FactorOV to override the relevant factor determined by DT Max.

        This keyword will be needed when there is more than one AIIP addition for a given CCA-Class group which has different relevant factors. In order to determine the appropriate relevant factor, use the following formula for that CCA-Class group:

        (AIIP additions in 2023 X Relevant factor for 2023) +
        (AIIP additions in 2024 X Relevant factor for 2024) +
        (AIIP additions in 2025 X Relevant factor for 2025) +
        (AIIP additions in 2026 X Relevant factor for 2026) +
        (AIIP additions in 2027 X Relevant factor for 2027)

        Divided by

        The total of AIIP additions.

    3. New keyword pertaining to federal Schedule 8 and Quebec Schedule B:

      1. Immed-Exp-Elig : Whether the partnership is eligible to claim immediate expensing on DIEP

        Use the keyword Immed-Exp-Elig to indicate if the partnership is eligible to claim immediate expensing on DIEP (designated immediate expensing property). This would be a Canadian partnership consisting of only individuals (other than trusts) and CCPCs.

    4. New keyword pertaining to federal Schedule 8 and Quebec Schedule B:

      1. DIEP-Multi-Income : Whether there is more than one source of income relating to DIEP

        Use the keyword DIEP-Multi-Income to indicate if there is more than one source of income relating to the DIEP.

    5. In the new DIEP-Multi-Income group, pertaining to federal Schedule 8 and Quebec Schedule B:

      1. DIEP-Sequence : DIEP sequence number

        The keyword DIEP-Sequence is used to link CCA-Class keyword groups to a particular income source related to DIEP. Please begin with the number 1 and increment it by 1 for each additional income source. In the CCA-Class keyword groups, choose "Yes" for the keyword DIEP-Multi-Inc and enter the matching sequence number within the keyword DIEP-Sequence.cca .

      2. Source&Income : Source of income and net income before CCA deductions

        Use the keyword Source&Income to enter the source of income and net income before CCA deductions relating to DIEP.

      3. Net-Income.diep : Net income before deductions for CCA

        Use the keyword Net-Income.diep to enter the net taxable income before CCA deductions.

    6. In the GIFI group, pertaining to federal Schedule 141:

      1. ID-Person-FinInfo : Whether or not you can identify person primarily involved with financial information (more than 50%)

        Use the keyword ID-Person-FinInfo to indicate whether or not you can identify the person primarily involved with financial information.

        A person primarily involved with the financial information is a person who has more than a 50% involvement in preparing the financial information that the T2 return is based on. For example, if three persons prepared the financial information by doing respectively 30%, 30%, and 40% of the work, answer "No" at line 111. If they did respectively 10%, 20%, and 70% of the work, answer "Yes" at line 111 and complete Part 1 by referring only to the third person.

    7. In the CCA-Class group, pertaining to federal Schedule 444:

      1. Mining-CarbonReb : Eligible for the Yukon mining business carbon price rebate?

        Use the keyword Mining-CarbonReb to indicate if the asset is eligible for the Yukon mining business carbon price rebate for mining businesses.

      2. Quartz-Mining : Whether mining business carries a specified quartz mining business (Schedule 444)

        Use the keyword Quartz-Mining to indicate if the specified placer mining business carries a specified quartz mining business.

    8. In the Partners group, pertaining to federal Schedule 444:

      1. YT-Mining-UCC-OV : Partner's percentage of eligible Yukon mining UCC - override

        Use the keyword YT-Mining-UCC-OV to override the partner's share of the eligible Yukon mining UCC.

    9. In the Elect-On-Disp group when either the option "Partnership to a taxable Canadian Corp. (T2058)" or the option "Taxpayer to a Canadian partnership (T2059)" is selected, pertaining to federal Forms T2058 or T2059:

      1. Amended.t : Filing an amended election

        Use the keyword Amended.t to indicate if you are filing an amended election.

      2. Signing-Date : Signing date of election

        Use the keyword Signing-Date to enter the signing date of the election.

      3. FirmName.cp : Firm name of contact person

        Use the keyword FirmName.cp to enter the firm name of the contact person.

      4. Extension.cp : Extension number of contact person

        Use the keyword Extension.cp to enter the extension number of the contact person.

      5. Consideration : Consideration received

        Use the keyword Consideration to enter a description of the consideration received.

    10. In the Elect-On-Disp group, when the "Partnership to a taxable Canadian Corp. (T2058)" option is selected, pertaining to federal Form T2058:

      1. Non-Resident.tr : Whether transferor is a non-resident of Canada

        Use the keyword Non-Resident.tr to indicate if the transferor is a non-resident of Canada.

      2. Common-Shares.r : Whether shares received are common shares

        Use the keyword Common-Shares.r to indicate if the shares received are common shares.

      3. Class-Non-Common : Class of shares if not common shares

        Use the keyword Class-Non-Common to enter the class of shares that are not common shares.

    11. In the Elect-On-Disp group, when the "Taxpayer to a Canadian partnership (T2059)" option is selected, pertaining to federal Form T2059:

      1. Transferor-TIN : Transferor's taxpayer identification number

        Use the keyword Transferor-TIN to enter the transferor's taxpayer identification number.

      2. Partnership-Num.tr : Partnership number

        Use the keyword Partnership-Num.tr to enter the partnership number of the transferring partnership.

      3. Transf-Partnership : Whether the transferor is a partnership.

        Use the keyword Transf-Partnership to indicate if the transferor is a partnership.

      4. Partners-Transf : Type of partner of transferring partnership

        Use the keyword Partners-Transf to select the type of partner of the transferring partnership.

      5. Officer-Transferor : Name of transferor or authorized signing officer

        Use the keyword Officer-Transferor to enter the name of the transferor or authorized signing officer.

      6. Position.tr : Position or office of transferor

        Use the keyword Position.tr to enter the position or office of the transferor.

      7. Date-Transfer : Date of transfer

        Use the keyword Date-Transfer to enter the date of the transfer.

      8. Transfer-Agree : Whether there is an authorizing agreement

        Use the keyword Transfer-Agree to indicate if there is an authorizing agreement.

      9. SIN.tr : SIN of partner

        Use the keyword SIN.tr to enter the SIN of the member of the transferring partnership.

      10. BusNum.tr : Business number of partner

        Use the keyword BusNum.tr to enter the business number of the member of the transferring partnership.

      11. Partnersh-Num.tr : Partnership number of partner

        Use the keyword Partnersh-Num.tr to enter the partnership number of the member of the transferring partnership.

      12. Trust-Num.tr : Trust account number of partner

        Use the keyword Trust-Num.tr to enter the trust account number of the member of the transferring partnership.

      13. Name.tr : Name of partner

        Use the keyword Name.tr to enter the name of the member of the transferring partnership.

      14. Year-End.tr : Taxation year end of partner

        Use the keyword Year-End.tr to enter the taxation year end of the member of the transferring partnership.

      15. Date.tr : Signing date of partner

        Use the keyword Date.tr to enter the signing date of the member of the transferring partnership.

      16. Cons-Non-Part-Int : Consideration received (non-partnership interest)

        Use the keyword Cons-Non-Part-Int to enter a description and FMV of consideration received that is not a partnership interest.

      17. Partnership% : Percentage of partnership interest received

        Use the keyword Partnership% to enter the percentage of partnership interest received.

      18. Partnership-FMV : FMV of consideration received (partnership interest)

        Use the keyword Partnership-FMV to enter the FMV of the partnership interest received.

  5. New options

    1. For the keyword DIEP-Multi-Income , pertaining to federal Schedule 8 and Quebec Schedule B:

      There is only one source of income where DIEP is used
      There is more than one source of income where DIEP is used

    2. For the keyword Prov-Res-Exp , pertaining to federal Schedule 52:

      British Columbia METC
      British Columbia CMETC
      Saskatchewan METC
      Saskatchewan CMETC
      Manitoba METC
      Manitoba CMETC
      Ontario METC
      Ontario CMETC

    3. For the keyword Partnership-Info , pertaining to federal Schedule 444:

      Elig. UCC allocation from other partnership - Sch. 444

    4. For the keyword Checklist in the GIFI group, pertaining to federal Schedule 141:

      Provided accounting services
      Provided bookkeeping services
      Other (specify)

    5. For the keyword Prop-Transferred pertaining to federal Forms T2058 or T2059:

      Shares
      Inventory - real property

    6. For the keyword Account pertaining to the federal Forms AUT-01 and AUT-01X :

      LT Luxury tax
      RU Underused Housing Tax
      ZA Canada Emergency Rent Subsidy & Recovery Programs

 

 

January 30, 2024