What's new for T1/T3 Internet version 27.12?

The latest DT Max program update is now available for downloading. It features the T1/TP-1 program for the tax years 2012 to 2023 inclusively and fully supports T1/TP-1 EFILE. It also features the T3/TP-646 program for the tax years ending from 2012 to 2023 inclusively. Installing this version will update your version of DT Max to 27.12.

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

In this version...

DT Max T1

1. Known issues fixed in version 27.12
   1. Climate action incentive and supplement for residents of small and rural communities
2. Version highlights
   1. British Columbia family benefit (formerly known as BC child opportunity benefit)
3. Revised forms

DT Max T3

1. Version highlights
   1. Known issues fixed in version 27.12
      1. Incorrect business number entered on the Federal Workchart
   2. New federal and Quebec remittance vouchers T3AO and TPF-1026.0.1.P
   3. 2024 tax brackets and rates
      1. T3PE – Prince Edward Island Tax
      2. Saskatchewan's non-eligible dividend tax credit rate
2. New forms

DT Max T1

1. Known issues fixed in version 27.12

   1. Climate action incentive and supplement for residents of small and rural communities

2. Version highlights

   1. British Columbia family benefit (formerly known as BC child opportunity benefit)

      Beginning July 2024, eligible families will receive a British Columbia family benefit bonus (25% increase) with their monthly British Columbia family benefit payment. The British Columbia family benefit bonus continues through June 2025. The British Columbia family benefit bonus will be included in the monthly British Columbia family benefit payment.

      The maximum annual benefit, including the proposed British Columbia family benefit bonus payment, that you may receive is:

      • $2,188 for your first child

      • $1,375 for your second child

      • $1,125 for each additional child

      If your adjusted family net income for the 2023 tax year is less than $35,902, you'll receive the maximum annual benefit.

      If your adjusted family net income for the 2023 tax year is between $35,902 and $114,887, you'll receive a reduced amount of at least:

      • $969 for your first child

      • $937 for your second child

      • $906 for each child

      If your adjusted family net income for the 2023 tax year is more than $114,887, you'll receive a reduced amount of up to:

      • $969 for your first child

      • $937 for your second child

      • $906 for each additional child

      These amounts are reduced by 4 percent of the portion of income over $114,887 until they are reduced to zero.

      The British Columbia family benefit payment amounts will return to the usual levels for July 2025.

3. Revised forms

   Quebec

   • TP-517.5.5 – Designating a Deemed Capital Gain Further to the Transfer of a Family Business

     For line 99, the capital gain deduction should not take into account the reserves that were added or subtracted.

   In-house forms

   • Estimated calculation for the Canada child benefit (CCB) for the period from July 2024 to June 2025

     New amounts for the period from July 2024 to June 2025 for the British Columbia family benefit, as per the 2024 BC budget.

DT Max T3

1. Version highlights

   1. Known issues fixed in version 27.12

      1. Incorrect business number entered on the Federal Workchart

         DT Max T3 was incorrectly capturing the NEQ (the Quebec business number) rather than the federal business number on the Federal Workchart in the section on shares held in a private corporation. This issue has been resolved in version 27.12.

   2. New federal and Quebec remittance vouchers T3AO and TPF-1026.0.1.P

      The new remittance slips for trusts have been added to DT Max T3 to allow clients to make payments electronically without delay. It is recommended that tax preparers always provide trusts with the remittance slip so that they have the information needed to make their payments.

      The remittance slips will only be generated when the trust has a balance due and a payment enclosed has been indicated. If an amount is due, the trust can use one of the following payment methods:

      1. For the federal T3AO, Trust Amount Owing Remittance Voucher:

         –  online or by phone using a Canadian financial institution's services;

         –  online at canada.ca/cra-my-payment;

         –  online at canada.ca/taxes-representatives;

         –  in person with the new remittance voucher at a Canadian financial institution or at a Canada Post outlet;

         –  by cheque or money order payable to the Receiver General. Mail the payment with the new remittance voucher to the Canada Revenue Agency address.

      2. For the Quebec TPF-1026.0.1.P, Remittance slip – Trusts:

         –  Via Internet, through the online services of a financial institution

         This is the recommended method by the government. If the financial institution has a payment code option, then the payment code found on the remittance slip should be entered. If the payment is made online, the remittance slip must not be sent by mail.

         –  By mail

         The user must print and attach the remittance slip generated to the payment (cheque or money order) and mail to the pre-printed address on the slip.

         The mailing address is either the Québec City or Montreal office. This is determined using the trustee's or liquidator's postal code. If the first letter of the postal code is H or J, then the Montreal address will be printed. In all other cases, the Québec City address will be used.

         Montreal area:  Revenu Québec  C.P. 8025, succursale Place-Desjardins  Montreal (Québec)  H5B 0A8

         Québec City area:  Revenu Québec  C.P. 25500, succursale Terminus  Québec (Québec)  G1A 0A9

         
         

         –  At a financial institution

         This new slip cannot be used at a financial institution. The only slip that can be used is the TPZ-1026.0.1.F which must be ordered online or by telephone.

   3. 2024 tax brackets and rates

      All federal and provincial tax brackets have been updated in DT Max T3 for 2024. The rates are based on information available as of March 1, 2024.

      1. T3PE – Prince Edward Island Tax

         For 2024 and subsequent taxation years, the Government of Prince Edward Island has announced the addition of two new tax brackets and the abolition of the surtax.

         The tax brackets for Graduated Rate Estates (GRE) and Qualifying Disability Trusts (QDT) for 2024 are as follows:

         Tax brackets	Rates
         Taxable income that is $32,656 or less	9.65%
         Taxable income over $32,656 up to $64,313	13.63%
         Taxable income over $64,313 up to $105,000	16.65%
         Taxable income over $105,000 up to $140,000	18%
         Taxable income over $140,000	18.75%

         The tax rate for trusts other than GRE and QDT has been increased from 16.7% to 18.75%.

         Consequently, the donations and gifts tax credit on the first $200 or less has been lowered from 9.8% to 9.65% and the tax rate for donations over $200 has been adjusted to the highest tax rate of 18.75%.

      2. Saskatchewan's non-eligible dividend tax credit rate

         The rate of the tax credit for other than eligible dividends has been revised for 2024 from 16.14% to 22.525% of the federal gross-up amount.

         Saskatchewan	2023	2024	2025
         Applicable to the federal gross-up  amount of non-eligible dividends	16.14%	22.525%	25.773%
         Applicable to the grossed-up amount of  non-eligible dividends	2.105%	2.938%	3.362%

      Please refer to the DT Max knowledge base link below for additional details on the new federal and provincial tax brackets.

      Tax brackets and rates (2024)
      

2. New forms

   Federal

   • T3AO – Trust Amount Owing Remittance Voucher

   Quebec

   • TPF-1026.0.1.P - Remittance slip - Trusts