DT Max version 8.10 features the T1/TP1 program for tax years 1996 to 2004 and fully supports T1 efile. V8.10 also includes the T2 program for fiscal periods ending from 1994 to 2005 and fully supports corporation Internet filing and Ontario CT23 D-File. Please note that it features the same additions and improvements as version 8.01. In this edition...DT Max T1
Efile changes New tax features Keyword highlights New forms Forms under review Reminders DT Max T1
System changesThe screen titled Printing of tax returns (accessible with [Ctrl+P]) has been revamped and improved. New options are available in the section Authorization form. To view them, go to Preferences -> User's defaults -> Tax return. EFile changesThe efile setup screens have been simplified. There is a new Efile defaults tab available under Efile setup in the Efile menu. Its features allow you to: Once completed, your selections will be implemented for all applicable clients within the database. Should you wish to override one or more of these options, you may do so through the Efile keyword group. Note that in order to represent your client on income tax matters, you must now specify this within your Efile defaults. Also note that once the chosen T183 expiry date has been reached, DT Max will increment it but it is up to you, the user, to save this new date so that it may be acknowledged by the program. Keep in mind that when efiling Quebec returns, the Quebec Ministry of Revenue will require a signature for Part 3 of form TP-1000 even if you have already obtained one for form MR-69. New tax featuresA new diagnostic is available in cases where a capital loss or non capital loss occurs in the year. The program now verifies eligibility to a labour-sponsored tax credit for taxpayers age 55 to 64. Starting with tax year 2004, the name of the issuer of a T3 or T5 slip will be carried forward together with other information. A new diagnostic was incorporated to the child tax benefit (CTB) workchart to compare the amount of CTB supplement for children under the age of 7 with the amount of child care expenses. A diagnostic is now generated if employment expenses are limited by commission income. A diagnostic will be generated to indicate from what amount a taxpayer can now benefit from a real estate tax refund (Quebec) in cases where no data was entered to that effect. A diagnostic is generated to indicate the amount of medical expenses required in order to be able to claim the tax credit for medical expenses (federal and Quebec). A diagnostic is generated if T5003 and T5013 slips are entered for the same tax shelter. A diagnostic is generated if, in the keyword Drug-Insur, you select the option Quebec prescription drug insurance plan, all year and an amount has been entered in RL-1 box J, or in RL-1 box P and RL-22 box B. A diagnostic is now generated for any Business group without income. Subsections 20(11) and 20(12) deductions have been added to form T2209 (Foreign income diagnostics). A diagnostic is generated if you use the keyword Spouse-Partner% in the Business group with the option Spousal share - generate business statement with same data, and the spouse has data for the same type of business. The breakdown of the tuition amounts transferred from a dependant has been added to the federal workcharts. Keyword highlightsUse the keyword SAFETYDEPOSIT to enter the rental charge for a safety deposit box. This amount is deductible on the federal return only. The keyword Medical now allows you to enter the date that a medical expense was incurred together with the description of the expense. Use the keyword Amended to enter a text that you want to appear as watermark on each page of the tax return. The keyword QDrugInsurCF.m has been added to the Medical group for optimal input of the carryforward of the undeducted premium to the Quebec prescription drug insurance plan paid in the previous year. The keyword group AMT-CF has been restructured according to provinces. The keyword T1-Adjust now displays a list of line numbers and descriptions. The keyword Letter-Data now has a tree structure with the list of variables for the client letter. The keyword T5004 is used to produce the Statement of tax shelter losses or deductions. The keyword Spouse-Partner% in the Business group gives you two options: New forms
T1258 - New Brunswick small business investor tax credit T5004 - Statement of tax shelter loss or deduction (federal) TP-1079.6 - Statement of losses and deductions respecting a tax shelter (Quebec) Schedule N - Adjustment of investment expenses (Quebec) New Quebec child support calculation worksheet (in-house) Forms under reviewAt the time of release the government had not yet, or had just recently published the following forms. They should therefore not be used unless otherwise noted. FederalAT60 - Alberta royalty creditDC905 - Bankrupt taxpayer identification (federal) NR6 - Rent of non-resident T78 - Manitoba mineral tax rebate T626 - Overseas employment tax credit T1136 - Old age security T1141 - Non resident transfers T1142 - Non resident trusts T1159 - Election under section 216 T1172 - Tax on RESP's T1198 - Retroactive lump-sum payment T1219 -ON - Ontario minimum tax carryover T2036 - Provincial foreign tax credit T2038 - Investment tax credit T2203 - Multiple jurisdictions T5004 - Tax shelter loss or deduction QuebecTP-22S - Business outside QuebecTP-22 - Business outside Quebec TP-25 - Business in Quebec TP-726.7.S - Exempt capital gains balance TP-776.42 - Alternative minimum tax TP-1079.6 - Tax shelter losses, deductions RemindersIf you file a paper return, note that you are only required to submit forms TPF-1.W Keying summary for the income tax return and TPF-1.U titled Income tax return data. Do not submit the jacket (general or simplified) to the MRQ. Forms that are stamped "Preliminary" indicate that final versions were not yet published by the government at the time of release and are therefore not available in v8.10. You should avoid filing tax returns with them until a DT Max update including final forms is available. DT Max T2Program 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, 2005. GIFI The CRA has issued new specifications requiring that GIFI notes be formatted with fixed pitch font with a maximum of 78 characters per line. This limitation has been implemented in v8.10. Users may notice that when they cut and paste notes into the GIFI-Notes dialogue box, or when they are importing the GIFI, the notes are no longer properly formatted. We strongly recommend that the GIFI notes be reviewed and that users reformat them if needed before submission to the government. Schedule 8 New class 45 (general-purpose electronic data processing equipment at a rate of 45%) and new class 46 (data network infrastructure equipment at a rate of 30%) have been implemented in v8.10. Note that if former class 8 (30%) or class 10 (45%) existed in a prior version, DT Max will automatically convert these two classes into their new corresponding class. AlbertaDT Max is certified for RSI's under Alberta Revenue's new specifications. Revised versions of Alberta schedule 5 (Alberta royalty tax deduction) and Alberta schedule 8 (Alberta political contributions tax credit) have been incorporated into v8.10. ManitobaDT Max is certified under the new specifications of Manitoba Finance with respect to the Corporation capital tax return. QuebecDT Max is newly certified under the MRQ's CO-17 (2004-12) version specifications. CO-17.SP Non-profit corporations are required to file a corporate tax return even though they are generally exempt from paying tax and tax on capital. Moreover, a tax-exempt entity must file an Information return for tax-exempt entities (TP-997.1) if the entity has filed such a return in the past, or the value of its assets is higher than $200,000 or its property income exceeds $10,000. The MRQ has published a new corporate tax form intended for the clientele of non-profit corporations: the Information and income tax return for non-profit corporations (CO-17.SP). The data required to process this return are part of the Sommaire des champs à saisir de la déclaration de revenus des sociétés (COR-17.W). The CO-17.SP return allows the corporation to fulfill two tax requirements within one same document, namely the obligation to file a corporate tax return, and the obligation to file an information return for tax-exempt entities by filling out part 4 of form CO-17.SP. Certain non-profit corporations are eligible for tax credits. These corporations will have to continue to file a Corporation income tax return (CO-17) in order to claim the tax credits to which they are entitled. DT Max will generate the return (CO-17 or CO-17.SP) that is applicable to the corporation based on the information entered. Other supporting schedules may be generated by DT Max based on information entered that may not be required for filing. Please verify the data entry. CO-1137.A and CO-1137.E The maximum amount of the deduction with respect to the calculation of paid-up capital is set to $1 Million for the 2005 calendar year and for subsequent years. New keywordsUse NAL-TRANSFGAIN within the CCA-Class group to enter the non-arm's length transferor's gain realized on the transfer of an eligible capital property to the corporation after December 20, 2002, for purposes of federal schedule 10. Use the keyword CEASED-CEC within the CCA-Class group to enter the amount of cumulative eligible capital for a property no longer owned after ceasing to carry on that business for purposes of federal schedule 10. Use the keyword DATE-FIRSTEXP within the Cred-Film group to enter the date of the earliest labour expenditures in order to determine the applicable tax credit calculation on federal schedule 47. Use the keyword ELECTION.F within the Cred-Film group if the corporation elects to apply the rules in effect on or after November 14, 2003, for purposes of federal schedule 47. Use the keyword R&DPreparer within the SR&ED group to enter the name of the tax preparer who completed the SR&ED form. Use the keyword FIRSTCLAIM within the SR&ED group to indicate whether this is the first time the corporation is making an SR&ED claim. Use the keyword LASTYR-CLAIM within the SR&ED group to indicate the year that the last SR&ED claim was made. The gross income from the operations of an IFC refers to the gross income that results from the activities of this IFC in a taxation year. Use the keyword GrossRev-IFC within the QCompens-Tax group to enter this information for purposes of Quebec schedule CO-1140. Use the keyword Part-GrossRev within the RelatedParty group to enter the corporation's share of the partnership's gross revenue for purposes of Quebec schedule CO-1140. Use the keyword Partner-Sal within the RelatedParty group to enter the corporation's share of the partnership's salaries for purposes of Quebec schedule CO-1140. The keyword CO17-OV enables you to override Quebec's CO-17.SP-V return and force the display of the CO-17-V return instead. Use the keyword Trust-Return within the Jurisdiction group to indicate whether or not the corporation is required to file form TP-646-V. The keyword OdourControl opens up the group to enter information relating to federal schedule 385 (Manitoba odour control tax credit). Use the keyword SharesOfCorps within the TaxOnCapital group to enter the name of the issuing corporation and the amount of shares of other corporations. Use the keyword BondsOfCorps within the TaxOnCapital group to enter the name of the issuing corporation and the amount of bonds of other corporations. Use the keyword Oth-Loans&Adv within the TaxOnCapital group to enter the name of the issuing corporation and the amount of other loans and advances to other corporations. Use the keyword TRANS-RESPOOL within the Royalty group to indicate whether a transfer of resource pools occurred during the year due to a disposition of all or substantially all of the Canadian resource properties, a change of control, or ceasing to be exempt from tax under subsection 20(14), for purposes of Alberta schedule 5. Use the keyword SUCCESSION to indicate whether the resource property pool balance is successored or unsuccessored, for purposes of Alberta schedule 5. Federal formsNewSchedule 384 - Manitoba co-operative education tax creditChoosing the option Manitoba co-operative education tax credit within the keyword Employment opens up the group to enter information relating to schedule 384. T1174 - Agreement between associated corporations to allocate salaries or wages of specified employees for SR&ED carried on in Canada Choosing the option SR&ED salaries/wages of specified employees - T1174 within the keyword Agreement opens up the group to enter information relating to form T1174. UpdatedSchedule 5 - Tax calculation supplementarySchedule 7 - Calculation of aggregate investment income and active business income Schedule 10 - Cumulative eligible capital deduction Schedule 23 - Agreement among associated Canadian-controlled private corporations to allocate the business limit Schedule 31 - Investment tax credit Schedule 32 - Claim for SR&ED carried out in Canada Schedule 47 - Claiming a Canadian film or video production tax credit Schedule 200 - T2 corporation income tax return Schedule 342 - Nova Scotia tax on large corporations Schedule 366 - New Brunswick corporation tax calculation Schedule 383 - Manitoba corporation tax calculation Schedule 402 - Saskatchewan manufacturing and processing investment tax credit Schedule 440 - Yukon manufacturing and processing profits tax credit ObsoleteSchedule 41 - Agreement among related deposit-taking institutionsSchedule 401 - Saskatchewan manufacturing and processing tax credit Alberta formsUpdatedAT1 schedule 5 - Alberta royalty tax deductionNote that two versions of AT1 schedule 5 exist. DT Max will generate the correct version depending on the beginning of the corporation's taxation year. Manitoba formsUpdatedManitoba corporation capital tax returnQuebec formsNewCO-17.SP-V - Information and income return for non-profit organizationsNew "in-house"CO-17.supp - Reduction for investments, loans and advancesUpdatedCO-17-V - Corporation income tax returnCOR-17.W - Sommaire des champs à saisir des déclarations des sociétés (French only) CO-771-V - Calculation of the income tax of the corporation CO-771.R.3-V - Proportion of business carried on in Québec and elsewhere CO-786 - Déduction pour des ristournes (French only) CO-1029.8.33.6-V - Tax credit for an on-the-job training period CO-1029.8.33.13-V - Tax credit with respect to the reporting of tips CO-1029.8.35 - Crédit d'impôt pour les productions cinématographiques québécoises (French only) CO-1132-V - Tax on paid-up capital CO-1137.A-V - $1 Million deduction CO-1137.E-V - Agreement respecting the $1 Million 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 MR-69-V - Power of attorney, authorization to communicate information, or revocation ObsoleteCOR-17.X - Sommaire des champs à saisir des formulaires connexes au CO-17ReminderIn order to implement certain rules of the Charte de la langue française, the ministère du Revenu du Québec requires that corporations established in Quebec file their annual income tax return using the official forms, which are drafted in French only. Consequently, DT Max prints all Quebec forms in French when launching a Quebec production print job. |