Version 9.27 includes the T2 program for fiscal periods ending from 1994 to 2006 and fully supports corporation Internet filing (T2 and CO-17) and Ontario CT23 diskette filing (D-File). In this version...Program certificationNew feature - template clients Changes to the federal capital tax Filing the Québec annual return - administrative details on the LE-630 Carry forward of multiple jurisdiction information - change in DT Max assumptions Reminder Keywords Courtesy translations available List of forms that have been modified in this version Program certificationFederalFor DT Max T2 version 9.27, the federal RSI's (Return and Schedule Information) and the corporation Internet filing module have received full CRA certification valid through taxation year-ends until October 31, 2006, under the DT13 stamp. AlbertaAlberta Finance has also granted DT Max a new certification also labelled DT13. New feature - template clientsTwo template clients have been added to the T2 program to help you with the data entry process. They are available in the right-hand side menu. These templates are designed to help users of the DT Max T2 program familiarize themselves with the data entry process for research and development (SR&ED) tax credits. Changes to the federal capital taxThe 2006 budget proposes to eliminate the federal capital tax as of January 1, 2006, two years earlier than initially planned. Version 9.27 of DT Max T2 reflects this change and prorates the tax for taxation years that do not coincide with the calendar year. Filing the Québec annual return - administrative details on the LE-630The MRQ has recently provided us with tax return processing feedback under the new filing requirements. Reports highlight that in many cases, the form is erroneously entirely filled out by accountants even if there is no change to report. The LE-630 should only have the identification and signature areas completed. We wish to advise our users who submit LE-630s where no change has occurred that only the following AnnualReturn group keywords are required for the Quebec jurisdiction. There is no need to fill out all the fields of the group. Data entry in such cases should hence be restricted to these keywords:
REFERENCE-NUMBER InfoChanges.o (No) Carry forward of multiple jurisdiction information - change in DT Max assumptionsIn generating Schedule 5 entitled Tax Calculation Supplementary - Corporations, please be advised that DT Max, following user suggestions, no longer carries forward allocation keywords to next year since the data must be changed. The following keywords from the Jurisdiction group are affected by this change: ReminderBefore starting a return for a given year please check your carry forwards for accuracy. KeywordsModified keywordsNet Income group ( Schedule 1 / CO-17.A.1) The Net-Inc-Add keyword has an new option that populates the new line 128 of schedule 1 entitled Non-deductible fines and penalties under section 67.6. Section 67.6 prohibits deductions for fines and penalties, including municipal parking tickets but does not apply to interest, including interest on penalties. Manufacturing and processing benefits deduction (Schedule 27) The NI-Resource group has a new item on its list of choices, Net resource adjustment per Reg. 5203(3.1). This will appear in Part 3 of schedule 27 that handles the calculation of adjusted business income. Scientific research and experimental development (SR&ED - Schedule 32) The method the NUMBER.C keyword data is entered has been modified. Formerly a pull-down list of two options from which you picked the number of contracts for the purposes of schedule 32, you are now required to enter the said number of contracts. Consent form (RC-59 / QC MR-69 / ON / BC Schedule H) Following the DT Max T1 model, a Consent to release of information option has been added to the list of options of Authorize.rep to allow the name of an individual representative to take precedence over entries made at the preferences level. Consequently to this new approach, the following address detail keywords have also been added: Use the keyword Street.rep to enter the street of the individual who is a representative of the corporation. The SUITE.REP keyword is for the suite, City.rep for the city, Province.rep the province and PostalCode.rep is for the individual's postal code. Identification numbers relative to the individual representative can be entered under these keywords: (MR-69 only)
ID-Num.rep to enter the identification number Quebec credits Que-Credits group has three new types of entries as follows:
Installation of pig manure processing Pre-competitive research in private partnership Patronage dividend deduction (Schedule 16) In order to populate the fields related to the tax-deferred co-operative shares that are issued after 2005 and before 2016 by an agricultural co-operative corporation to a person or partnership, the following four options have been added to the Patron-Divs keyword:
Non member customers of the year (agri. co-op) Member customers of the prev. year (agri. co-op) Non member customers of the prev. year (agri. co-op) These are patronage dividend payments that will be used to calculate the patronage dividend deduction. New keywordsFilm and video production credit (Schedule 47) The new keyword Production-Date of the Cred-Film group will present you with the following options to select from:
First script labour expenses incurred Production rights acquired Two years before start of principal photography All of the above to assess the commencement time of the film or video. Shareholder information (Schedule 50) CRA has modified the schedule for it to accommodate the eventuality of a shareholder being a trust. Please use the TrustNumber as applicable in the CorpOfficers group. The format of the trust number is TNN NNNN NN. If the shareholder is a trust who does not have a trust number, NA must be entered. Foreign Tax credit (Schedule 21) Use the keyword ForeignBank to indicate whether or not the corporation is an authorized foreign bank for purposes of federal schedule 21. Furthermore, new keyword For115-OV allows you to override the federal ITA subparagraph 115(1)(a)(vii) addition to taxable income for foreign tax deductions. Courtesy translations availableSince version 9.25, the following forms that have recently been modified now have an English translation: CO-17.SP - Non Profit organization Return CO-771 - Income Tax Calculation CO-1029.8.33.6 - On the job training credit CO-1029.8.33.13 - Tax credit respecting the reporting of tips List of forms that have been modified in this versionFederal
Schedule 015 Schedule 016 Schedule 021 Schedule 027 Schedule 032 Schedule 033 Schedule 034 Schedule 035 Schedule 047 Schedule 050 Schedule 097 Schedule 361 Schedule 411 Alberta
Schedule 1 |
