What's new for T2 version 8.35?

In this edition...

Program certification

Federal

The federal RSI's (Return and Schedule Information) and the corporation Internet filing module contained in version 8.35 have received full CRA certification valid through taxation year-ends until April 30th, 2006, under the DT12 stamp.

Alberta

Alberta Finance has also granted DT Max a new certification labeled DT11.

Feature enhancements

Keyword help index (F8)

DT Max's keyword help index has been entirely redesigned for smoother navigation. The new dialog box features improved ergonomics and quicker access to the keywords you need. Furthermore, the airier jacket view now shows the federal T2 line numbers to the left of each item and more closely reflects T2 jacket headings.

New diagnostic messages

Our research and development team strives at each turn to enrich the number and quality of the informational and warning messages issued to users and this version is no exception.

Corporation Internet filing messages (T2, CO-17) as well as Ontario D-File messages now appear in their own groups, distinct from diagnostics pertaining to the actual tax return.

DT Max client list improvements

The processing statuses of Ontario, Alberta, and Quebec corporate tax returns have been added to the DT Max program. If you wish to include them on the client list, select Client list settings from the Preferences menu and tick the applicable check box next to these new items.

Keywords

Modified keywords

BC-TYPES (Cred-Film keyword group)

New item added to list of choices: additional production tax credit

CapitalProp

Item deleted from list of choices: taxable Canadian property

LossCF

Item deleted from list of choices: NROIC - net capital loss (NROIC = Non resident owned investment corporation)

ProvITCExp.r (SR&ED keyword group)

New items added to list of choices:

SR&ED ITC - Manitoba (before Mar. 9/05)
SR&ED ITC - Manitoba (after Mar. 8/05)

ProvCr-Alloc (CCA-Class keyword group)

New items added to list of choices for Manitoba schedule 381:

Qual. prop. from partnership before March 9/05 - sch. 381
Qual. prop. from partnership after March 8/05 - sch. 381
Qual. prop. from trust before March 9/05 - sch. 381
Qual. prop. from trust after March 8/05 - sch. 381

Deleted keywords

Please note that all keywords related to the production of schedule 26 (NROIC-NAME group) have been removed.

New keywords

CONTACT-PERSON: Part of the DividendPaid group, this keyword is required to complete line 24 of form T2054 titled Election for a capital dividend under subsection 83(2).

New CCA classes

Class 43.2 - 50%, declining balance

Class 43.2 includes certain high-efficiency cogeneration systems and renewable energy generation equipment acquired on or after February 23, 2005 and before 2012. This accelerated CCA rate will also apply to biogas production equipment and distribution equipment used in district energy systems that rely on efficient cogeneration, acquired on or after February 23, 2005, and before 2012.

Class 47 - 8%, declining balance

Class 47 includes transmission and distribution equipment and structures (excluding buildings) of a distributor of electrical energy acquired on or after February 23, 2005, that have not been used or acquired for use before February 23, 2005.

Class 48 - 15%, declining balance

Class 48 includes combustion turbines that generate electricity (including associated burners and compressors) for property acquired on or after February 23, 2005, that has not ben used or acquired for use before February 23, 2005. A separate class election (presently available for such equipment eligible for 8% rate) is eliminated for equipment eligible for the 15% (class 48) CCA rate.

Class 49 - 8%, declining balance

Class 49 includes transmission pipelines for petroleum, natural gas, or related hydrocarbons, including control and monitoring devices, valves, and other ancillary equipment. The 8% CCA rate for transmission pipelines will apply to equipment acquired on or after February 23, 2005, that has not been used or acquired for use before that date. A separate class election is generally available for eligible equipment acquired on or after February 23, 2005.

Known issues fixed in v8.35

Why is DT Max not calculating the net deduction properly on Ontario schedule 591?


This concerns the election of a group of associated corporations for the allocation of a taxable capital deduction.

In regards to this known issue, we wish to advise you that it has been addressed in this version. However, since the systems of the Ontario Ministry of Finance are not yet ready to accept and process the revised form 591, DT Max correctly performs the updated calculation on the older form.

Federal forms

Deleted

Schedule 26 - Non-resident owned investment corporation

Updated

Schedule 200 - Corporation income tax return
Schedule 005 - Tax calculation supplementary - corporations
Schedule 320 - Prince Edward Island manufacturing and processing profits tax credit
Schedule 342 - Nova Scotia tax on large corporations

Schedule 346 - Nova Scotia corporation tax calculation

The CRA has issued a new draft of this tax calculation form correcting the omission of the proration fields needed to properly apportion tax according to the dates in the taxation year. Please note that DT Max T2 had already incorporated the most up to date calculations since version 8.10. With this official form modification, users will be able to visually trace the entire calculation.

Schedule 366 - New Brunswick corporation tax calculation
Schedule 380 - Manitoba research and development tax credit
Schedule 381 - Manitoba manufacturing investment tax credit
Schedule 383 - Manitoba corporation tax calculation
Schedule 400 - Saskatchewan royalty tax rebate calculation
Schedule 411 - Saskatchewan corporation tax calculation
Schedule 422 - British Columbia film and television tax credit
Schedule 423 - British Columbia production services tax credit
Schedule 427 - British Columbia corporation tax calculation
Schedule 460 - Northwest Territories investment tax credit

Alberta AT1 forms

Updated

AT1 Schedule 10 - Loss carryback application
AT1 Schedule 14 - Cumulative eligible capital deduction
AT1 Schedule 20 - Charitable donations and gifts deduction

Quebec forms

Updated

CO-1132 Tax on paid-up capital


Blank forms

Please note that new blank forms are not yet supported by the calculation module.

TP-985.22 - Information return for registered charities and certain recognized organizations.

The calculation module for this form is scheduled for a future release.