DT Max version 7.10 contains the T1/TP1 program for tax years 1996 to 2003 as well as the T2 program for fiscal periods ending from 1994 to 2004. It incorporates all the additions and improvements of Internet v7.01. DT Max T1 v7.10 is certified for efile, and the Dr Tax transmission service is ready to receive your efile transmissions. The CRA's EFILE Online service opened on Monday February 9, 2004, and the MRQ's NETFILE Québec service opens on Tuesday February 10, 2004. DT Max T2 v7.10 supports corporation Internet filing and Ontario CT23 D-file. In this edition...DT Max T1DT Max T2
Program certification Federal forms Ontario forms Manitoba forms Quebec forms New keywords Miscellaneous Reminder DT Max T1
HighlightsKeywordsUse the keyword Teacher to enter the amount of expenses incurred by a teacher to purchase specified school supplies with their own funds. This tax credit can only be claimed by residents of Prince Edward Island. Use CED-TaxCr to claim the Community enterprise development tax credit for Manitoba resident investors. The credit is shown on slip T2CEDTC(MAN). Use the keyword LOAN-PRINCIPAL to enter the amount of principal paid on a student loan under the Canada Student Loans Act. The student loan tax credit for Newfoundland and Labrador residents will be calculated by multiplying the principal amount paid by the rate determined. Use the keyword Proceeds-Disp to enter the proceeds of disposition or the settlement amount from box 21 of the T5008 slip or RL-18. The T5008 slip does not show the amount to be included in the taxpayer's income. This amount must be calculated by subtracting the cost of acquisition from the proceeds of disposition. Use the keyword Cost-Value to enter the adjusted cost base of securities disposed of. This amount may be found in T5008 box 20. The keyword Residency-Status is used to enter information in the residency status section of the tax return for non-residents and deemed residents of Canada. The keywords LEASING, Leasing-Cost, Leasing-Date, List-Price, DEEMED-INT, Leasing-Reimb and Leasing-OV have been added to the motor vehicle subgroup within the keyword groups EMPLOY-EXP and Business. These keywords are used to enter the information required for the calculation of car leasing expenses on form T777, workcharts A, B and C for businesses, and form TP-421.6. They replace the motor vehicle expense option Total leasing costs. The 2003 version of the form MR-69 Power of attorney, Authorization to communicate information, or Revocation has required modifications in the program. The Authorize keyword has been expanded to better allow for complete entry of the information required on the federal and Quebec authorization forms, and the Preferences menu no longer provides the option to cancel the appointment of a representative.
The new option Deceased - spouse remarried same year has been added to the keyword StatusChange. New formsMB (S2) - Provincial amount transferred from your spouse or common-law partner - ManitobaMB (S11) - Provincial tuition and education amounts - Manitoba TP-421.6 - Motor vehicle leasing expenses TPF-1.U - Income tax return data Forms under reviewAt the time of release, the government had just recently published the following forms. They should not be used unless otherwise noted. T1170 - Capital gains on gifts of certain capital propertyT1248 - Schedule D - Information about your residency status T2203 - Provincial and territorial taxes for 2003 - Multiple jurisdictions TP-231 - Capital gain resulting from the donation of certain property Obsolete formsNB 479 - New Brunswick creditsT1219 - Provincial and territorial alternative minimum tax T1238 - Equity in education tax credit (EETC) RemindersWhen filing a paper Quebec return, do not submit the jacket (general or simplified) to the MRQ. You must submit form TPF-1.W-V titled Keying summary for the income tax return. We strongly recommend that you verify your carryforwards carefully before processing client files. Forms stamped with "Preliminary" indicate that final forms were not yet published by the government at the time of release and are therefore not available in this version. You should avoid filing tax returns with these forms until a DT Max update including final forms is available. DT Max T2
New featuresFor corporate tax planning purposes, DT Max now offers the option to display a tax planning summary for the federal, Quebec, Ontario and Alberta jurisdictions. Where data exists, users can view production information for the current taxation year and 6 tax plans all on one page. Program certificationFederalDT Max is fully certified for both RSI's and corporate Internet filing under the CRA's new specifications. Users can file returns with year-ends up to April 30, 2004. Please note that the CRA has terminated corporate efile services on December 31, 2003. As a result, DT Max has permanently removed all support for this feature starting with Internet version 7.01. Former corporate efile users are invited to file their income tax returns using the CRA's new corporation Internet filing service. ManitobaDT Max is newly certified under the specifications of Manitoba Finance Taxation with respect to the Corporation capital tax return.
OntarioDT Max is newly certified under the new specifications of the Ontario Ministry of Finance with respect to the 2003 CT23 return (short and long form). On November 24, 2003, the Ontario government introduced the Fiscal Responsibility Act, 2003 (Bill 2) which proposed certain corporate tax changes. On December 19, 2003, Bill 2 received Royal Assent. The changes are as follows: These changes will affect corporations with fiscal periods ending after December 31, 2003. They have been incorporated into this version. Please note that at present time, the calculation of the Ontario Incentive deduction for small business corporations cannot be performed in compliance with current Ontario tax provisions. The Ministry of Finance is preparing to publish a revised, accurate form, which will be incorporated into DT Max as soon as it is available. Federal formsNewThe notes to the financial statements will no longer appear on RSI schedule 100. The notes will now be seen on a new form called Notes to the financial statements, which is implemented in this version of DT Max. UpdatedCapital dividend account balanceT2 Corporation income tax return Schedule 5 - Tax calculation supplementary Schedule 7 - Calculation of aggregate investment income and active business income Schedule 8 supplementary - Reconciliation of fixed assets Schedule 12 - Resource-related deductions Schedule 23 - Agreement among associated CCPC's to allocate the business limit Schedule 27 - Calculation of Canadian M&P profits deduction Schedule 31 - Investment tax credit Schedule 43 - Calculation of Parts IV.1 and VI.1 taxes Schedule 48 - Claiming a film or video production services tax credit Schedule 49 - Agreement among associated CCPC's to allocate the expenditure limit Schedule 70 - Active business income for the purposes of the accelerated tax reduction for corporations with specified partnership income Schedule 342 - Nova Scotia tax on large corporations Schedule 360 - New Brunswick R&D tax credit Schedule 366 - New Brunswick corporation tax calculation Schedule 381 - Manitoba M&P tax credit Schedule 383 - Manitoba corporation tax calculation Schedule 411 - Saskatchewan corporation tax calculation Schedule 422 - British Columbia film and television tax credit Schedule 423 - British Columbia production services tax credit Schedule 427 - British Columbia corporation tax calculation Schedule 441 - Yukon mineral exploration tax credit ObsoleteSchedule 80 - Industry Canada - Annual return - Canada Business Corporations Act These schedules are not included in this version of DT Max. The Corporations Canada branch of Industry Canada and the CRA have decided to discontinue the joint filing of the annual return and the corporate income tax return. If you need to file either of these schedules for your client, you must refer to the Corporations Canada electronic filing centre. Ontario formsNewSchedule 591 - Capital tax election of associated group agreement for allocation of $5,000,000 exemptionUpdated2003 CT23 Short-form corporations tax and annual return2003 CT23 Corporations tax and annual return Schedule 17 - Additional deduction for credit unions Schedule 18 - Ontario capital gains refund Schedule 111 - Ontario foreign tax credit Manitoba formsUpdatedCorporation capital tax returnObsoleteDeclaration of exemption from corporation capital taxQuebec formsUpdatedCO-771-V - Calculation of the income tax of a corporationNew keywordsThe keyword ELECT-EXEMPT in the RelatedParty group can be used to make an election to file Ontario schedule 591, under CTA subsection 69(2.1). Use the keyword ONT-ALLOC in the CorpHistory group to enter the previous year's Ontario allocation of the corporation for purposes of the schedule 591 net deduction calculation Use the keyword ONT-ALLOC.RE in the RelatedParty group to enter the previous year's Ontario allocation of the associated corporation for purposes of the schedule 591 net deduction calculation. Use the keyword NET-ALLOC in the RelatedParty group to enter the allocation of net deduction to claim for the associated corporation for purposes of schedule 591. The keyword Contribution.b in the Book-Publish group can be used to enter the amount of contribution to the book publishing industry development program in order to obtain the British Columbia book publishing tax credit which will appear on federal schedule 5. Use the keyword Days-Photo found in the Cred-Film group to enter the total number of days of principal photography in British Columbia outside of the designated Vancouver area, as well as the total number of days of principal production in B.C. This information is required on federal schedules 422 and 423. Use the keyword NAME.F in the Cred-Film group to enter the name of the corporation from the accreditation certificate, if other than its legal name. This information is required on federal schedules 422 and 423. Use the keyword Title-Cert in the Cred-Film group to enter the title of the production from the accreditation certificate, if other than the actual title of the production. This information is required on federal schedules 422 and 423. Use the keyword Labour-Exp.f in the Cred-Film group to indicate the type of labour expenditures that were incurred in the year. Use the keyword Associated in the CorpHistory group to indicate whether the corporation was associated with another corporation in a prior year in order to calculate the large corporation tax on line 415 of the T2 return (schedule 200). Use the keyword Farming.R&D in the SR&ED group to indicate that the corporation has paid a contribution to an agricultural organization whose goal is to finance SR&ED activities. Use the keyword TRUST in the IncomeSource group to indicate whether the capital gain dividend was received from a trust. Use the keyword MCT1-OV to generate the Manitoba MCT 1 return despite any exemption from filing. MiscellaneousAs a result of the modifications made to the CDA (capital dividend account) form, the previous year information with respect to eligible capital property must be re-entered under the keyword CDA-ECP within the CDA-Balance group. At the CRA's request, we wish to remind you that you need not file a new RC-59 Business consent form for the current taxation year if one was already submitted in a prior year and was applicable to all future years. In December 2003, the MRQ replaced the corporations' registration number by a new identification number. Its format will be 9999999999IC0001 within the new version of the Corporation income tax return (CO-17-V 2003-12). Since the current form does not include this new format, the MRQ recommends that you enter the registration number until the new form is available in DT Max. ReminderThe CRA has informed us that they have been receiving corporate tax returns
with the corporation business number 123456782RC001. Users are not to use
this business number. Although this is a valid business number, these returns
are sustaining processing delays since the information for the particular
corporation is fictitious. If the corporation is not a registered corporation,
enter NR where a business number is requested. If the corporation
is registered, then enter the proper business number applying to that corporation. |