What's new for T2/T3 Internet version 17.15?

The latest DT Max program update is now available for downloading. It features the T2 program for fiscal periods ending from 2001 to 2014 and fully supports Corporation Internet Filing (T2, CO-17 and AT1). It also features the T3/TP-646 program for tax years 2003 to 2013 inclusively. Installing this version will update your version of DT Max to 17.15.

Please note that all program versions are first made available on the Internet.

In this version...

1. Program certification
2. Version highlights
1. Quebec form MR-69: Change affecting Part 4
2. MCT1: New keywords required for breakdown of non-deductible reserves and paid-up capital deductions
3. Quebec Tax Credit Relating to Resources: one-year deferral for reduction or increase of rates
4. Entry field format modified for keyword DAYS-PHOTO
3. New forms
4. Revised forms
5. Deleted forms
6. New keywords
7. New options
8. Deleted options

1. Version highlights
1. Federal and provincial tax rates updates
2. T1013 updates
2. New forms
3. Revised forms
4. New keywords
5. New options
6. Warning: verifying carryforwards
7. User's defaults

DT Max T2 & T3

DT Max T2

1. Program certification

2. Version highlights

1. Quebec form MR-69: Change affecting Part 4

   Pursuant to a change that has been brought to Part 4 of Quebec form MR-69 (Power of Attorney, Authorization to Communicate Information, or Revocation) regarding the expiration date, we have added the keyword Consent-Expire so that you may specify the expiration date, if any. If no date is entered, the program will assume that the authorization or power of attorney will remain valid indefinitely. We recommend that you double-check the form to ensure that the information entered for Part 4 is correct.

2. MCT1: New keywords required for breakdown of non-deductible reserves and paid-up capital deductions

   If you are preparing a Manitoba Banks, Trusts and Loan Corporations Return or a Crown Corporations Return (MCT1) and you have selected the option "Reserves not deductible for tax" for the keyword Provision in the TaxOnCapital group, you will need to re-enter this information in the keyword NonDedReserves , because a breakdown of these reserve amounts is required.

   Likewise, in the TaxOnCapital group, if you have selected the option "Amounts deducted for tax > per books" for the keyword PaidUpCap , you will also need to re-enter the information in the keyword OthPUC and provide a breakdown of the paid-up capital deduction amounts.

3. Quebec Tax Credit Relating to Resources: one-year deferral for reduction or increase of rates

   If you are claiming the Quebec Tax Credit Relating to Resources (Form CO-1029.8.36.EM) and you have entered the keyword DATE-INCURRED in the Resource-Tax-Cr group, we recommend that you verify your data entry to ensure that the appropriate option has been chosen. This is due to the tax change described in the December 20, 2013 Information Bulletin below:

   Reduction and increase in the rates of the resources credit deferred for one year

   Since the resources credit can stimulate exploration activities in a particular way, it is appropriate to suspend, for one year, the application of the reduction in the rates of the resources credit, including the reduction related to cut stones, and consequently the implementation of the increase.

   Accordingly, the various rates of the resources credit currently stipulated in the tax legislation will continue to apply regarding eligible expenses incurred after December 31, 2013, but before January 1, 2015.

4. Entry field format modified for keyword DAYS-PHOTO

   If you are claiming the British Columbia Film and Television Tax Credit or the British Columbia Production Services Tax Credit and you have entered the keyword Days-Photo in the Cred-Film group, note that the keyword entry format has decreased from 4 numeric characters to 3. Please verify your data and adjust accordingly. This modification affects federal Schedules 422 and 423.

3. New forms

4. Revised forms

5. Deleted forms

6. New keywords

1. In the keyword group Consent :

   1. Consent-Expire : Date the authorization or power of attorney of MR-69 Form expires

      Use the keyword Consent-Expire if the authorization or power of attorney indicated on the MR-69 form is to expire on a particular date. The authorization or power of attorney will remain valid until the specified date unless it is revoked by the person identified in Part 1 of the MR-69 form or by that person's legal or authorized representative.

      If no entry is made for this keyword, the authorization or power or attorney will remain valid indefinitely.

2. In the keyword group TaxOnCapital :

   1. NonDedReserves : Amount & description - non-deductible reserves for tax purposes

      Use NonDedReserves to enter the reserves not allowed as a deduction for income tax purposes.

      Include the amount by which U.C.C. of depreciable assets exceeds N.B.V., excluding appraisals. Include the amount by which the tax position for tax purposes of deferred development and exploration costs exceeds N.B.V.

      The information entered here will appear on the Manitoba capital tax return (M.C.T).

   2. OthPUC : Amount & description - amounts deducted for income tax > amounts booked (M.C.T)

      Use OthPUC to enter the amount deducted for income tax purposes that is in excess of amounts booked.

      Include the amount by which N.B.V. of depreciable assets, excluding appraisals, exceeds U.C.C. Include the amount by which N.B.V. of deferred development and exploration costs exceeds the tax position for income tax purposes.

      The information entered here will appear on the Manitoba capital tax return (M.C.T).

3. In the keyword group Activity :

   1. InternetBus-Inc : Whether the corporation earned income from one or more webpages or websites

      Use the keyword InternetBus-Inc to indicate whether or not the corporation earned income from one or more webpages or websites for purposes of federal Schedule 88.

   2. No-WebPages : Number of Internet webpages or websites from which the corporation earned income

      Use the keyword No-WebPages to enter the number of Internet webpages or websites from which the corporation earned income.

   3. Web-GrossRev : Percentage of the corporation's gross revenue generated from the Internet

      Use the keyword Web-GrossRev to enter the percentage of the corporation's gross revenue generated from the Internet in comparison to the corporation's total gross revenue.

   4. Web-Address : Provide the Internet webpage or website addresses (also known as URL addresses)

      Use the keyword Web-Address to enter the Internet webpage or website address.

      If the corporation has more than five websites, enter the addresses of those that generate the most Internet income. If the corporation does not have a website but has created a profile or other page describing the business on blogs, auction, market place, or any other portal or directory websites, enter the addresses of the pages if they generate income.

4. In the keyword group Construct-Cr :

   1. CapitalCost : Capital cost of eligible rental housing project

      Use the keyword CapitalCost to enter the capital cost of the eligible rental housing project.

      When calculating the capital cost, deduct the amount of government assistance.

   2. NumberUnits : Number of residential units

      Use the keyword NumberUnits to enter the number of residential units in eligible rental housing project.

   3. Cert-Number.c : Certificate number of housing project

      Use the keyword Cert-Number.c to enter the certificate number of eligible rental housing project.

   4. Amount-CF.co : Amount and year of origin of tax credit to carry forward

      Use the keyword Amount-CF.co to enter the amount of the rental housing construction tax credit to carry forward into the current year and the year in which the credit originated.

      The corporation may carry forward the tax credit for a maximum of 10 years.

   5. Cr-Trans.co : Credit transferred on amalgamation or wind-up of subsidiary

      Use the keyword Cr-Trans.co to enter the amount of credit transferred on an amalgamation or the wind-up of a subsidiary.

   6. Credit-OV.co : Credit claimed in the current year / ov

      Use the keyword Credit-OV.co to override the rental housing construction tax credit claimed in the current year as calculated by DT Max.

5. In the keyword group Agri-Program :

   1. UnseedableAcres : Column e - number of unseedable acres

      Used to complete corresponding questions in Section 8.

7. New options

1. For the new keyword OthPUC :

   Amt deducted for tax in excess of amt booked (MB) - specify

2. For the keyword Construct-Cr :

   Refundable rental housing construction tax cr. - MB
   Non-refundable rental housing construction tax cr. - MB

3. For the keyword Net-Inc-Add :

   Rental housing construction tax credit - Sch. 394

8. Deleted options

1. For keyword SUBMITTING :

   CWB receivables adjustment worksheet

2. For keyword Other-Acres :

   Number of unseedable acres (too wet/too dry)

DT Max T3

1. Version highlights

1. Federal and provincial tax rates updates

   All federal and provincial tax rates have been updated in DT Max T3 for 2014. The rates are based on information available as of March 1st, 2014. Please refer to the DT Max knowledge base for additional details on the new federal and provincial tax rates.

   Federal gross-up rate for dividends

   For dividends paid after 2013, the gross-up rate for dividends other than eligible dividends has been adjusted from 25% to 18% of the dividends received and the corresponding credit is calculated at 11.0169% of the grossed-up dividends.

   British Columbia

   British Columbia has introduced a new top income tax bracket for the 2014 and 2015 tax years only. The income threshold for the new top bracket will be set at $150,000 in 2014. Taxable income exceeding $150,000 will be subject to a provincial income tax rate of 16.80%. This will increase the rate of tax from 14.70% to 16.80% on taxable income over $150,000.

   This two-year temporary measure will expire December 31, 2015.

   This new tax bracket and rate will be reflected only in the calculation of income tax for British Columbia until the new 2014 T3BC form becomes available from the government.

2. T1013 updates

   Starting with version 17.15, the user may now fill out Part 2a of the T1013 when authorizing a representative for a T3 account. This will allow registered representatives who have a Business Number (BN), a Representative ID or a Group ID to be authorized on a T3 account. New keywords Online-Access , RepID , GroupID , Bus-Number.rep and Group-Name.rep were added to reflect these updates. However, even though authorized, please note that there will be no online access available to representatives for T3 accounts.

2. New forms

3. Revised forms

Federal:

• T1163 - 2013 Statement A - AgriStability and AgriInvest Programs Information and Statement of Farming Activities for Individuals

• T1164 - 2013 Statement B - AgriStability and AgriInvest Programs Information and Statement of Farming Activities for Additional Farming Operations

• T1175 - 2013 Farming - Calculation of Capital Cost Allowance (CCA) and Business-Use-of-Home Expenses

• T1273 - 2013 Statement A - Harmonized AgriStability and AgriInvest Programs Information and Statement of Farming Activities for Individuals

• T1274 - 2013 Statement B - Harmonized AgriStability and AgriInvest Programs Information and Statement of Farming Activities for Additional Farming Operations

• T3-RCA - Retirement Compensation Arrangement (RCA) Part XI.3 Tax Return

• T2038 - Investment Tax Credit

• T2042 - Statement of Farming Activities

• T2121 - Statement of Fishing Activities

• T1135 – Foreign Income Verification Statement

Quebec:

• TP-80 - Business or Professional Income and Expenses

• T1163 (QC) - 2013 Statement A - AgriStability and AgriInvest Programs Information and Statement of Farming Activities for Individuals

• T1164 (QC) - 2013 Statement B - AgriStability and AgriInvest Programs Information and Statement of Farming Activities for Additional Farming Operations

• T1175 (QC) - 2013 Farming - Calculation of Capital Cost Allowance (CCA) and Business-Use-of-Home Expenses

• T1273 (QC) - 2013 Statement A - Harmonized AgriStability and AgriInvest Programs Information and Statement of Farming Activities for Individuals

• T1274 (QC) - 2013 Statement B - Harmonized AgriStability and AgriInvest Programs Information and Statement of Farming Activities for Additional Farming Operations

• T2042 (QC) - Statement of Farming Activities

• T2121 (QC) - Statement of Fishing Activities

In-house forms:

• SIFT Workcharts

• Billing module - Added option for TP-646.1

4. New keywords

1. For the keyword group Authorize , pertaining to federal form T1013 (Authorizing or Cancelling a Representative):

   1. Online-Access : Authorization for online access

      Use the keyword Online-Access if you are authorizing your representative to deal with the CRA through their online services or to grant the designated person online access to the file of the person identified in Part 1 of the MR-69 authorization form.

      The user may now fill out Part 2a of the T1013 when authorizing a representative for a T3 account. This will allow registered representatives who have a Business Number (BN), Representative ID or Group ID to be authorized on a T3 account. However, even though authorized, there will be no online access available to representatives for T3 accounts.

   2. RepID : Representative identification number

      Use the keyword RepID to enter the 7-character alphanumeric code that identifies the representative.

      If the representative does not have an identification number, they can register for one online at https://www.canada.ca/en/revenue-agency.html.

   3. GroupID : Representative's group identification number

      Use the keyword GroupID to enter the 6-character alphanumeric code, starting with the letter G, that identifies a group of representatives.

      If the representative does not have an identification number, they can register for one online at https://www.canada.ca/en/revenue-agency.html.

   4. Bus-Number.rep : Representative's business identification number

      Use the keyword Bus-Number.rep to enter the 9-digit number that identifies the business or firm chosen to represent the trust.

   5. Group-Name.rep : Group name

2. For information purposes only in the Partnership keyword group :

   1. Tax-Shelter : Tax shelter identification number (TSNNNNNN)

      Use Tax-Shelter to enter the tax shelter number (8 characters in the format TSNNNNNN).

   2. QueTaxShelter.t : Quebec tax shelter identification number (QAF NN NNNNN)

      Use QueTaxShelter.t to enter the Quebec tax shelter number (12 characters in the format QAF NN NNNNN).

   N.B.: All box references in the Partnership group have been modified to reflect the new T5013.

3. For the keyword group Authorize , pertaining to Quebec form MR-69 (Power of Attorney, Authorization to Communicate Information, or Revocation):

   Prof-Rep-No.rep : Professional representative number

   Use the keyword Prof-Rep-No.rep to enter the representative's professional number to grant the designated person online access to the files. This information will be entered on line 16 of the MR-69 only if the designated person's Quebec enterprise number (NEQ) is also entered.

4. For the keyword group Business , when the option "Rental" is selected, pertaining to Quebec form TP-646.1 (Trust Information Return) :

   TP-646-1 : Whether the TP-646.1 Trust Information Return should be completed

   Use the keyword TP-646-1 in order to generate the Trust Information Return.

   A trust, other than an excluded trust, that is resident in Canada, outside Quebec, during a taxation year and that, at some time in that taxation year, owns a specified immovable (or is the member of a partnership that owns such an immovable) must now file the new Trust Information Return (form TP-646.1-V).

5. New options

1. For keyword Trust-Type :

Lifetime Benefit trust
Hepatitis C trust
Indian Residential School

6. Warning: verifying carryforwards

7. User's defaults