What's new for T2 Internet version 7.25?

The latest DT Max program update v7.25 is now available for downloading.

Version 7.25 includes the T2 program for fiscal periods ending in 2003 and 2004, and supports corporation Internet filing and Ontario CT23 D-file.

In this edition...

Known issues fixed in v7.25

Incorrect allocation of business limit on schedule 23 (T2)
Non deductible meal and entertainment expenses (CO-17)
Deduction for farming or fishing business (CO-17)

New features

Improvements have been made to the GIFI data entry. You now have the option to display all GIFI totals (shown in bold) that are automatically updated as each GIFI item is entered. This feature is not enabled by default; it can be activated by selecting Show automatically calculated GIFI totals in the editor, under the User interface option of the Preferences menu. Any GIFI total overridden by the user will be flagged by DT Max and identified by the override icon (a pencil).

DT Max now remembers the clients you most recently worked with. The names of the last 12 corporations (T2) or individuals (T1) are shown on the end of the File menu. Simply click a name to jump directly to that particular client.

Program certification

Federal

DT 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 October 31, 2004.

The corporate Internet filing system has recently been modified by the CRA to accept either a Web access code or an EFILE Online number and password. Tax preparers who currently transmit personal returns may therefore use the same number and password to transmit their corporate returns.

Ontario

DT Max is also certified under the new specifications of the Ontario Ministry of Finance with respect to the 2003 CT23 (short and long forms).

New keywords

Use the keyword Accountant in the GIFI group to indicate the type of accounting involved in the preparation of the corporation's financial statements and whether they are connected with the corporation.

Use the keyword Discontinuance in the CorpType group to indicate whether a certificate of discontinuance was issued to the non-resident corporation incorporated in Canada, for purposes of schedule 97.

Use the keyword NR-Income in the CorpType group to identify the situation of the non-resident corporation depending on the Canadian income earned, for purposes of schedule 97.

Use the keyword DIRECT-EQUITY to open a group to enter information relating to the Newfoundland and Labrador direct equity tax credit.

Federal forms

New

Schedule 97 - Additional information on non-resident corporations in Canada
Schedule 303 - Newfoundland and Labrador direct equity tax credit


Updated / Revised

Schedule 33 - Part I.3 tax on large corporations
Schedule 34 - Part I.3 tax on financial institutions
Schedule 35 - Part I.3 tax on large insurance corporations
Schedule 36 - Agreement among related corporations - Part I.3 tax
Schedule 38 - Part VI tax on capital of financial institutions
Schedule 141 - Notes checklist
Schedule 422 - British Columbia film and television tax credit (now available in French)
Schedule 423 - British Columbia production services tax credit (now available in French)


Obsolete

Schedule 40 - Agreement among related life insurance corporations

Ontario forms

Updated / Revised

2003 CT23 Short-form corporations tax and annual return
2003 CT23 Corporations tax and annual return
Schedule 17 - Additional deduction for credit unions
Schedule 161 - Ontario scientific research and experimental development expenditures

Quebec forms

New in-house form

CO-17.A.1 supplementary - Calculation of the non-deductible meals and entertainment deduction


This form (NOT to be filed with the corporate income tax return) shows the detailed calculation of the non-deductible portion of meals and entertainment expenses.

The changes introduced in the Quebec budget of March 30, 2004, with respect to the meals and entertainment expenses have been implemented in this version of DT Max (7.25).

Updated / Revised

RD-1029.8.10-V - Tax credit for pre-competitive research
RD-1029.8.9.03-V - Tax credit for fees and dues paid to a research consortium

Reminders

Overrides

Please keep in mind that as a general rule, you should not use overrides unless otherwise instructed by a software support technician or a DT Max help document (e.g. FAQ).

Carryforwards

As always, we strongly recommend that you verify your carryforwards carefully before processing client files.