The latest DT Max program update v7.20 is now available for downloading. Version 7.20 contains the T1/TP1 program for tax years 1996 to 2003 and is fully certified for efile. It also includes the T2 program for fiscal periods ending from 1994 to 2004 and supports corporation Internet filing and Ontario CT23 D-file. In this edition...DT Max T1 DT Max T2Reminders DT Max T1Latest known issues
Medical expenses incurred outside of the area (fixed in 7.20) Schedule K line 36 (fixed in 7.20) Loss of forms manager settings or billing setup Producing forms T5004 and TP-1079.6 Incorrect amount for retirement income (fixed in 7.20) T5003 slip - tax shelters Quebec taxThe 1% limit on expenses for meals and entertainment does not apply to expenses for food and beverages that were incurred in the course of activities related to the business, at a site located 40 kilometres or more from the place of business. In order to apply only the 50% limit to these expenses on form TP-80 (Income and expenses relating to a business or profession), use the keyword Expenses with the option Meals expenses (regular travel) within the Business group. New keywordsUse the keyword Patronage-Div to enter the amount of patronage dividends received from a co-operative as indicated in box 9 of RL-15. DT Max will report this amount on line 154 of the Quebec income tax return. If the note "Deduction for patronage dividends received from a co-operative" appears in the centre of RL-15 followed by an amount, use the keyword Footnotes.t to get a deduction on line 297 of the Quebec tax return. Use the keyword PART11-REF to enter the amount of refund payable to the taxpayer as calculated on line 38 of form AT245 (Calculating the Alberta tax refunds). DT Max will enter this amount on line 18 of form AT60 (Alberta royalty credit and Alberta tax refunds application for individuals). FormsUnder reviewT5004 - Statement of tax shelter loss or deductionUpdated/modifiedAT60 - 2003 Alberta royalty credit and Alberta tax refunds application for individualsNR-5 - Application by a non-resident of Canada for a reduction in the amount of non-resident tax required to be withheld T1219-ON - Ontario minimum tax carryover T1033-WS - Worksheet for calculating 2004 instalment payments (converted to an in-house worksheet) DT Max T2Program certificationQuebecThe DT Max T2 program is newly certified under the MRQ's CO-17 (2003-12) version specifications. 2003-2004 budgetThe additional reduction of the rate of the tax on capital for corporations other than financial institutions or insurance corporations, for calendar years 2004 and subsequent, has been suspended. Therefore, the rate stays at 0.6%. The principle of deduction in the calculation of paid-up capital remains. For calendar year 2004, the maximum deduction is increased to $600,000 instead of the $500,000 originally expected. Deduction increases that were initially planned for 2005 and 2006 have been suspended. The additional reduction of the rate of the tax on capital for corporations that are financial institutions, for calendar years 2004 and subsequent, has been suspended. Therefore, the rate remains at 1.2%. Moreover, the $300,000 deduction from the paid-up capital of savings and credit unions is abolished as of June 12, 2003 (CO-1140 line 30). The $500 million deduction from the paid-up capital of certain financial institutions is also abolished (CO-1140 line 26). Should a fiscal period include June 12, 2003, the calculation of the deduction will be prorated by the number of days in the fiscal period that precede June 12, 2003. Also note that...In order to implement certain rules of the Charte de la langue française, the ministère du Revenu du Québec will require that corporations established in Quebec file their annual income tax return using the official forms, which are drafted in French only. However, an English specimen may be available for some of the forms. In this case, it will be identified as such with the word "specimen" appearing at the centre of each page. Corporations will therefore be able to use this specimen for reference purposes but will have to file their return using the official French form. Consequently, DT Max will print all Quebec forms in French when launching a Quebec production print job. The identification of corporations in the MRQ's systems now relies on an identification number rather than the registration number normally used by corporations. Pursuant to this change, corporations will now have only one identification number at the MRQ. Most of the corporations that file a corporate tax return already know their new identification number as it is the same number used with respect to consumer tax and source deductions rebates. The identification and file number must comply with the format 9999999999 IC 0001 (i.e 10 numeric characters followed by the file number, which does not vary). In order to implement the June 12 budget changes with respect to scientific research and experimental development tax credits, new options have been added to the SR&EDTaxCrQ keyword group. If the keyword SR&EDTaxCrQ is already present in the data, you will be prompted to make a selection in order to indicate if the SR&ED expenses or the SR&ED contract entered into began before June 13, 2003, or after June 12, 2003. The option chosen will determine the appropriate tax credit rate. New options have been added to the keyword Consent in order to be able to grant or revoke a power of attorney on Quebec form MR-69-V. SaskatchewanDT Max is newly certified under the specifications of Saskatchewan Finance with respect to the Corporation capital tax return.New keywordsUse the keyword ACT-LOCATION to indicate whether the corporation carries out its principal activities in one of the new economy or international trade locations designed by the Quebec government (e.g. Cité du multimédia). This information will be shown on page 1 of the C0-17. Use the keyword Life-Ins-Ded to enter the amount of deduction applicable to a major investment project. This information is used to calculate the amount of tax on capital for life insurers on Quebec form CO-1175.4. Use the keyword REMOTE-REGION if a training period took place in a Quebec remote resource region for purposes of Quebec form CO-1029.8.33.6. Use CONTR-PERIOD to indicate when an outside consulting contract began for purposes of the tax credit for a design activity. The keyword MultiMedia opens up a group to enter information concerning the Quebec tax credit for the production of multimedia titles. The identification number entered in QC-PIN-Id, if this keyword group relates to a partnership, will appear on all schedules where this information is requested. Use the keyword Name.rep to enter the name of the person to whom a power of attorney has been granted for purposes of Quebec form MR-69-V. If a capital dividend account includes a dividend that was received from another corporation, enter the identification number of that other corporation with the keyword Ident-#. This information is required for purposes of form CO-502. Quebec formsNew formsCO-1029.8.36.PM-V- Tax credit for corporations specialized in the production of multimedia titlesCO-1029.8.36.TM-V - Tax credit for multimedia titles Quebec tax deductions work chart (line 422) Updated formsCO-17-V - Corporation income tax returnCO-737.18.18 - Exonération pour les PME manufacturières des régions ressources éloignées (in French only) CO-771 - Calcul de l'impôt sur le revenu d'une société (in French only) CO-1027.VE - Table of instalments and per-month breakdown of the amount deemed paid by a corporation CO-1029.8.33.6 - Crédit d'impôt pour stage en milieu de travail (in French only) CO-1029.8.33.13-V - Tax credit with respect to the reporting of tips CO-1029.8.35-V - Application for a tax credit for Quebec film productions CO-1029.8.36.5-V - Tax credit for a design activity carried out by an outside consultant CO-1029.8.36.7-V- Tax credit for an in-house design activity CO-1132-V - Tax on paid-up capital CO-1137.A-V - $600,000 deduction CO-1140-V - Paid-up capital CO-1140.A-V - Paid-up capital to be used for purposes other than the calculation of tax on capital CO-1159.2-V - Compensation tax for financial institutions CO-1167 - Société d'assurance (in French only) CO-1175.4 - Société d'assurance vie (in French only) RD-222-V - Deduction respecting scientific research and experimental development expenditures RD-1029.7 - Crédit d'impôt relatif aux salaires (in French only) RD-1029.7.8-V - Agreement between associated corporations regarding the expenditure limit RD-1029.8.6 - Crédit d'impôt pour la recherche universitaire ou la recherche effectuée dans un centre de recherche public ou un consortium de recherche (in French only) RD-1029.8.9.03 - Crédit d'impôt relatif aux cotisations et aux droits versés à un consortium de recherche (in French only) RD-1029.8.10 - Crédit d'impôt pour la recherche précompétitive (in French only) RD-1029.8.16.6-V-Add - Additional tax credit for experimental research and development MR-69-V - Power of attorney, authorization to communicate information, or revocation Obsolete formCO-776.1.5.6-V - Tax deductionsSaskatchewan formsUpdated formSaskatchewan corporation capital tax returnRemindersOverridesPlease 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. |
