Version 10.12 includes the T2 program for fiscal periods ending from
1994 to 2007 and fully supports corporation Internet filing (T2 and CO-17)
as well as Ontario CT23 diskette filing (D-File).
DT Max T2 v10.12 has undergone an authorization process with Revenu Quebec
for the paper (including barcode form COR-17.U) and efile versions of the
CO-17 return, and has been approved under number RQCO-0603.
Form TP-985.22 entitled Information return for registered charities and
certain recognized organizations, has been authorized under number RQRM-0601.
Version 10.12 has also received certification for the Manitoba corporation
capital tax return, form MCT 1.
Please be advised that DT Max calculations have been updated to reflect the
latest legislative changes for Alberta and Ontario as described below. The
forms could not be edited to reflect these latest changes since form certification
procedures are required.
- Alberta: The business limit for the small business deduction has been
increased to $430,000 January 1 2007, i.e. 215%.
- Ontario: The capital deduction has been increased to $12,500,000 on January
1, 2007; the capital tax rate has been reduced by 5% starting January 1,
2007.
Federal - modified schedules
Schedule 200 - Corporation Income Tax Return
Schedule 422 - British Columbia Film and Television Tax Credit
In order to reflect form changes, the following keywords have been added
to the Cred-Film group:
Prod-Complete
Respond to this keyword by YES or NO whether production was completed in
the taxation year.
T1174 - Agreement Between Associated Corporations to Allocate Salary or Wages
of Specified
Employees for SR&ED
CAIS 2006 Statement A - Corporations/Co-operatives and Special Individuals
(Harmonized)
In order to reflect form changes, the following keyword has been added
to the CAIS group:
Prog-Benefits
Use this keyword to indicate whether or not a copy of the Calculation of
Program Benefits (COB) is to be sent to the contact person. If "No"
is entered or the question is left blank, then a copy of the COB will not
be sent to the contact person.
BandFarm-Num
If the farming business is operating as a Status Indian Band Farm, use this
keyword to enter the Band number.
Whole-Farm
Select Whole farm combining approach from this keyword if applicable. The
following two new sub-keywords have been added:
PIN-Added
PIN(s) of other operations to be added
PIN-Removed
PIN(s) of other operations to be removed
The CROP-INVENTORY-A for List A and CROP-INVENTORY-B for List B subgroups
have the following additions:
EndInventory
Column f - crop inventory - ending inventory
YearEndPrice
Column g - crop inventory -year end price ($)
The LIVESTOCK-INV-A and LIVESTOCK-INV-B groups have the following
keyword additions:
EndInventory.c
Column c - livestock inventory - ending inventory
YearEndPrice.c
Column d - livestock inventory - end of year price ($)
A detailed listing of various crops, livestock and more with their respective
code was updated and can be found in the Farming Income and the CAIS Program
Harmonized Guide - Joint Forms and Guide - 2006 - RC4408
Manitoba - modified schedule
MCT 1 - Corporation Capital Tax Return
New keyword CapAlloc-MB accepts the amount of capital deduction for the
year allocated to the associated corporation. For a taxation year that begins
before January 2, 2007, the capital deduction is $5,000,000. For a taxation
year that begins after January 1, 2007, the capital deduction is $10,000,000.
Quebec - modified schedules
CO-17 - Corporation Income Tax Return
CO-17.SP - Non-profit Organization Return
COR-17.W - Keying Summary of the Income Tax Return
CO-17.A.1 - Reconciliation of Net Income
CO-17.A.1 has undergone a major redesign. This now 3-page schedule has
dedicated codes and line numbers to describe taxable and non-taxable tax
credits. Furthermore, in regards to R&D expenditures deducted according
to the financial statements, CO-17.A.1 breaks down the amounts as follows:
- Wages paid for support
- Amounts paid to subcontractors established in Québec
- Other expenditures
- R&D report preparers fees.
There are two new keywords to enter the information:
Tax-Credit-Add
Use this keyword to enter taxable tax credits added to net income (loss)
per financial statements.
Tax-Credit-Ded
Use this keyword to enter non-taxable tax credits deducted from net income
(loss) per financial statements.
CO-130.A - Capital Cost Allowance
CO-130.B - Deduction Respecting Cumulative Eligible Property
CO-737.18.18 - Exemption for Small and Medium-Sized Manufacturing Businesses
in Remote Resource Regions
CO-771 - Calculation of the Income Tax of a Corporation
CO-786 - Patronage Dividend Deduction
CO-1012 - Request for Loss Carry-Back
CO-1029.8.33.13 - Tax Credit with Respect to the Reporting of Tips
CO-1029.8.36.DF - Tax Credit for Film Dubbing
CO-1139 - Capital Tax Credit Respecting Investment
RD-222 - Deduction Respecting Scientific Research and Experimental Development
Expenditures
RD-1029.7* - Credit Respecting Scientific Research and Experimental Development
Salaries and Wages
In order to reflect form changes, the following keyword has been added
to the RelatedParty group:
BeginAssets.re
Use this keyword to enter the assets of the associated corporation at the
beginning of the first tax year. The amount will be reported on line 213
of the RD-1029.7.
RD-1029.8.6 - University and Consortium and Research Tax Credit
TP-985.22 - Information Return for Registered Charities
In order to reflect form changes, the following keyword has been added
to the CharityReturn group:
Regist-Num.c
This keyword is used to enter the Revenu Quebec assigned registration number
of the recognized organization.
*Form available only in French
Quebec
CO-1136.CS - Paid-Up Capital for Purposes of Calculating the Income Tax of
Certain Corporations
Keywords associated to this new form are as follows:
FirstYr-Info
If this is the corporation's first taxation year, this group must be completed.
Barring a few exceptions, the keywords in this group are identical to their
TaxOnCapital counterpart, the only difference being that the paid-up
capital information entered in this new group pertains to the beginning
of the first taxation year. In SmartStart mode, the FirstYr-Info group
appears right after the TaxOnCapital group.
Please note that there is no data synchronization available from GIFI form
101, the opening balance sheet to the FirstYr-Info group.
The secondary keywords are as follows:
PaidUpCap.f
Use this keyword to enter all elements of paid-up capital at the beginning
of the tax year by selecting the appropriate caption in the pull-down
menu and entering the amount, as many times as necessary.
OthSurplus.f
Use this keyword to enter other surpluses at the beginning of the tax
year which are not in the PaidUpCap.f keyword.
OthDebt.f
Use this keyword to enter other debts at the beginning of the tax year
which are not in the PaidUpCap.f keyword.
MiningOpDed.f
This is the deduction allowed from Quebec paid-up capital for active
mining corporations. See QTA Regulation 1137R1 for details on the calculation
of this deduction.
Assistance.f
Use this keyword to input the amount of government and non government
assistance received. Eligible costs for the acquisition or conversion
of a vessel or acquisition of certain qualified property are reduced by
the amount of assistance received.
Provision.f
Use this keyword to enter amount and description of provisions or reserves
at the beginning of the tax year.
EligInvest.f
Use this keyword to enter eligible property or investments at the beginning
of the tax year for purposes of the allowance or deduction from paid-up
capital.
SharesOfCorps.f
Use this keyword to enter the name of the issuing corporation and the
amount of shares of other corporations at the beginning of the tax year.
This information is used as a reduction from paid-up capital.
BondsOfCorps.f
Use this keyword to enter the name of the issuing corporation and the
amount of bonds of other corporations at the beginning of the tax year.
This information is used as a reduction from paid-up capital.
Oth-Loans&Adv.f
Use this keyword to enter the name of the issuing corporation and the
amount of other loans and advances to other corporations at the beginning
of the tax year. This information is used as a reduction from paid-up
capital.
Assets.f
Use this keyword to enter the total of assets of the corporation at the
beginning of the tax year.
AdjAssets.f
Use this keyword to enter adjustments to the assets at the beginning
of the tax year.
PaidUpCapDed.f
Use this keyword to enter the type of eligible deduction from the calculation
of paid-up capital at the beginning of the tax year.
Furthermore, for cases with associated corporations, calculation requirements
linking the CO-1136.CS to the CO-771.1.3 require the addition of the following
keywords in the RelatedParty group:
FirstYr.re
Respond by YES or NO to this keyword to indicate whether or not this
is the first tax year of the associated corporation. If "Yes"
is selected, enter the assets and paid-up capital at the beginning of
the tax year.
BeginPUC.re
Use this keyword to enter the paid-up capital of the associated corporation
at the beginning of the first tax year. This amount comes from Québec
form CO-1136.CS-T line 99 without taking into account the $1 million deduction
at line 47.
CO-726.30 - Income Averaging Deduction for Forest Producers *
Keywords associated to this new form are as follows:
LogOperation
This is the keyword group that needs to be entered in order to make a claim
on form CO-726.30.
The secondary keywords are as follows:
WOODLOT#
Use this keyword to enter the sequence number of the private woodlot.
DT Max will use this information in order to carryforward amounts to the
applicable private woodlot.
Partner-Name.l
Enter the name of the partnership using this keyword for purposes of the
CO-726.30 form. The same name must also be entered in the keyword Name.re
within the RelatedParty group in order to allow entry of other data
pertaining to the partnership.
NET-INCOME
Use this keyword to enter the net income made by the corporation in timber
sales from exploiting a private woodlot. The applicable options are:
- Income eligible for deduction
- Income not eligible for deduction
The income of an eligible owner derived from the sale to individuals,
for instance firewood will not give rise to a deduction in the calculation
of taxable income.
INCOME-DED%
Use this keyword to enter the percentage of income eligible to the deduction
below 80%. DT Max will default to 80% if no percentage is entered with
this keyword.
Inc-Avg-Ded
Use this keyword to enter the the income averaging deduction included
in taxable income in the current tax year and prior years. DT Max will
carryforward the deduction included in income in the current year as a
carryforward to next year. There are 4 prior year options for the keyword.
Inclusion
Any amount granted as a deduction in the calculation of taxable income
of an eligible owner must be included, in whole or in part, in the calculation
of the taxable income for one of the four following years following the
one in which such a deduction is allowed.
Use Inclusion to enter the amount to be included in taxable income for
the current tax year. DT Max will carry forward this information to the
following tax year. The following options are applicable for the keyword:
- Deduction included in income - current year
- Deduction included in income - previous years
