The latest DT Max release, T1/T2 version 6.20, is now available both for downloading from our Web site and on CD-ROM. Version 6.20 contains the fully functional T1 tax program for tax years 1996 to 2002 as well as the fully functional T2 tax program for fiscal periods ending in 1994 onwards. The MRQ has informed us that several DT Max users are not using the latest program version available to file their corporate tax returns. It is strongly recommended that you install the CD and Internet versions at your disposal as they typically contain updated calculations, improvements and corrections, and failure to use version updates may result in processing delays and even rejections. In this issue...DT Max T1
2003 federal budgetThe changes concerning the national child benefit and the RRSP contribution limit proposed in the federal budget of February 18, 2003, have been incorporated in this version. Known issuesIncomplete phone number on form TP-1000.TE (fixed in v6.20) Repayment of a scholarship in Quebec (fixed in v6.20) Irrelevant Quebec carryforwards KeywordsNew forms
Schedule C - Electing under section 217 of the Income Tax Act T1219-ON - Ontario minimum tax carryover T1237 - Saskatchewan farm and small business capital gains tax credit DC905 - Bankruptcy identification form Revised formsFederalT2121 - Statement of fishing activitiesT2203 - Provincial and territorial taxes for 2002 - multiple jurisdictions QuebecTP-766.2 - Averaging of a retroactive payment or of supportForms under review
T4A-RCA - Statement of amounts paid from a retirement compensation arrangement T2 program
Quebec certificationThe DT Max T2 program is newly certified under the MRQ's CO-17 (2002-12) version specifications. 2002-2003 Quebec budgetKnown issuesKeywordsNew formsFederalT1044 - Non-profit organization (NPO) information returnQuebecCO-737.18.18-V - Exemption for small and medium-sized manufacturing businesses in remote resource regionsCO-1132-V - Tax on paid-up capital (not required for filing) CO-1137.A-V - Progressive deduction (not required for filing) CO-1137.E-V - Agreement respecting the progressive deduction In-houseSuppl. for remote resource region scheduleSchedule for CO-17 line 44b, associated corporations Revised formsFederalSchedule 301 - Newfoundland research and development tax creditSchedule 404 - Saskatchewan manufacturing and processing profits tax reduction (2002 and later taxation years) QuebecCO-17-V - Corporation income tax returnCOR-17.W-V and COR-17.X-V - Keying summary for the corporation income tax return CO-17.A.1-V - Calculation of net income for income tax purposes CO-771-V - Calculation of the income tax of a corporation CO-1029.8.33.6-V - Tax credit for an on-the-job training period CO-1138.1-V - Agreement and election respecting the deduction for farming and fishing corporations CO-1140-V - Paid-up capital for the purpose of determining the amount giving entitlement to the temporary exemption Obsolete formsQuebec - 2003 fiscal year-endsCO-771.10-V - Income from eligible businessCO-771.5-V - Temporary exemption CO-771.6.A-V - Temporary exemption (first taxation year) CO-771.6.B-V - Temporary exemption The last three forms are no longer required by the MRQ as the relevant information is provided on the CO-17 corporation tax return. The forms previously used to calculate the tax payable (CO-771.A, CO-771.B and CO-771.C) have been integrated into one form, CO-771-V - Calculation of the income tax of a corporation. This new form is available for 2003 year-ends. Quebec - 2002 and 2003 fiscal year-endsCO-771.1.3-V - Business limit agreementCO-1029.8.25.F-V - Refundable tax credit for training RemindersOverridesPlease keep in mind that as a general rule, you should not use overrides unless otherwise instructed by a software support technician or pursuant to a DT Max help document. CarryforwardsAs always, we strongly recommend that you verify your carryforwards carefully before processing client files. Backing upLoss of information stored in computers can be very costly because of the large investment in time that it represents. Much of the data may be irreplaceable. When the information is sensitive for your client, it is especially wise to be cautious and back up regularly. Loss of data may be due to a variety of causes, e.g hard disk failure, theft of equipment, careless copying or deletion of files, fire or water damage. You must have a backup that will be able to cope with any of these disasters, one that will be reliable and available for you when you need it. Don't wait for an unfortunate experience to stress the importance of a good backup. There are several methods you can use to back up your data. The easiest and most reliable is to use DT Max's built-in backup utility. It can be used in addition to your system backup. |