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Print this pageForward this document  What's new for T1/T2/T3/T5013 Internet version 27.30/31?

The latest DT Max program update is now available for downloading. It features the T1/TP-1 program for the tax years 2013 to 2023 inclusively as well as the 2024 planner, in addition to fully supporting T1/TP1 EFILE.

Version 27.30 also features the T2 program for fiscal periods ending from 2013 to 2024 and fully supports Corporation Internet Filing (T2, CO-17 and AT1).

Also featured is the T3/TP-646 program for tax years ending from 2013 to 2024 inclusively (keeping in mind that the 2024 tax returns for trusts prepared with this version will be using the 2023 tax forms).

Finally, version 27.30 features the fully functional T5013 program for paper and electronic filing of the Partnership Information Return (T5013 forms) for fiscal periods ending in 2024.

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

In this version...

For all DT Max programs

  1. Thomson Reuters two-factor authentication
  2. Implementation of announced tax changes
  3. 2024 Planner Standard Caveat

DT Max T1

  1. Version highlights
    1. Federal
      1. Alternative minimum tax
      2. Capital gains inclusion rate
      3. Home buyers' plan
      4. Employee ownership trust tax exemption
    2. Prince Edward Island
      1. Introduction of two additional tax brackets
    3. Nova Scotia
      1. Extension of the innovation equity tax credit end date
      2. Extension of the venture capital tax credit end date
    4. New Brunswick
      1. New volunteer firefighter and search and rescue volunteers tax credit
    5. Quebec
      1. Postponing the application of the rule limiting eligibility for the non-refundable tax credit for a labour-sponsored fund
    6. Ontario
      1. Increase of the Guaranteed Annual Income System (GAINS) maximum benefit amounts
    7. Manitoba
      1. Increase of the tax bracket thresholds
    8. Alberta
      1. Alberta is Calling attraction bonus
    9. British Columbia
      1. Extension of the training tax credit for individuals
      2. Extension of the shipbuilding and ship repair industry tax credit
      3. Mining exploration tax credit: Oil and gas exploration expenditures no longer qualified
  2. Notes
    1. Deceased or bankrupt taxpayers
    2. Printing prescribed forms for 2024 returns
      1. Quebec
      2. Federal
  3. Revised forms
  4. New keywords
  5. Changes pertaining to billing

DT Max T2

  1. Program certification
  2. Version highlights
    1. Known issues fixed in version 27.30
      1. Federal instalment payments when provincial tax is less than or equal to $3,000
      2. Schedule 3 - Part IV tax - Rounding error for Part IV tax calculation
    2. Alberta Tax and Revenue Administration and the mandatory electronic filing threshold of $1 million in gross revenue
    3. Schedule 307 - Newfoundland and Labrador small business tax rate reduction
    4. Schedule 411 - Maintaining the small business tax rate at the current rate until June 30, 2025
    5. Schedule 31 changes and message from the CRA
    6. New CCA classes
    7. Increase of the ceiling for CCA for passenger vehicles
    8. New warning messages for VOTINGSHARES, SIN, TRUSTNUMBERQ, TAX-ACCTQ and NEQ-SH keywords
    9. New warning messages affecting RELATEDPARTY options "Partnership" and "Joint venture"
    10. Reminder: Transition to Ontario's Non-for-Profit Corporations Act, 2010
  3. New forms
  4. Revised forms
  5. New keywords
  6. Revised keywords
  7. Deleted keywords
  8. New options
  9. Revised options
  10. Deleted options

DT Max T3

  1. Version highlights
    1. 2024 federal and provincial tax calculation forms
    2. Optimization of losses applied against taxable capital gains
    3. 2024 automobile deduction limits and expense benefit rates for businesses
  2. New forms
  3. Revised forms
  4. New keywords
  5. New options

DT Max T5013

  1. Version highlights
    1. Known issue fixed in version 27.30: Negative value in column 12 of federal Schedule 8
    2. Increase of the ceiling for CCA for passenger vehicles
  2. Revised forms
  3. New keywords
  4. New option

 

For all DT Max programs

  1. Thomson Reuters two-factor authentication

    On July 17, 2024, a new two-factor authentication will be coming to Onvio. This new authentication is gradually being implemented in all Thomson Reuters (TR) products. The objective is to have a common and secure login, no matter which TR product you use. Starting on this date, all Onvio staff and clients will be required to use two-factor authentication to log into Onvio Centre and Client Centre.

    As a result, we will be releasing a version of DT Max which will be compliant with this new two-factor authentication on that same date. Most DT Max users won't notice any difference. Only people who also use Onvio, or who had previously enabled multi-factor authentication (MFA) in DT Max will notice a change.

    To make way for the new two-factor authentication in DT Max, we will be discontinuing the previous optional MFA system.

    Two-factor authentication options

    Multiple options will be available to implement the second authentication factor. You can select just one or several of them. They include the following:

    • Guardian Auth0 app (recommended)

    • Third-party authentication app

    • SMS (text)

    • Email

    • Phone call (voice)

    DT Max changes

    • The new two-factor authentication will be needed the first time you access an Onvio-related feature in DT Max (e.g., printing a tax return to Onvio, sending e-signature request, linking a DT Max client to an Onvio client, etc.).

    • The authentication will remain in effect until you close DT Max.

    • The old MFA (if enabled) will no longer be required to start DT Max.

    • The Onvio staff credentials will be removed from the Preferences > Onvio window (the Firm ID, however, will remain).

    Onvio changes

    • Your username and password will stay the same.

    • You'll be prompted to set up two-step verification for enhanced security (this applies even to people who had previously enabled MFA in Onvio).

    • The sign-in page will have a new look.

    • These changes will also apply to Client Centre.

    To summarize, you can expect the following changes in DT Max depending on which of the four situations applies to you.

    1 - DT Max only, with neither Onvio nor MFA

    • No change.

    2 - DT Max with Onvio, but not MFA

    • You will be required to authenticate the first time you try to use any Onvio feature in DT Max.

    • You will only have to do this once per session (i.e. until you restart DT Max).

    3 - DT Max with MFA, but not Onvio

    • Multi-factor authentication will no longer take place when you start DT Max.

    4 - DT Max with both Onvio and MFA

    • You will be required to authenticate the first time you try to use any Onvio feature in DT Max.

    • You will only have to do this once per session (i.e., until you restart DT Max).

    • Multi-factor authentication will no longer take place when you start DT Max.

    We hope that you will appreciate our efforts to increase the security of TR products. We sincerely apologize for any inconvenience and appreciate your understanding and support.

  2. Implementation of announced tax changes

    Since our last release, the following budgets were announced:

    Federal - April 16, 2024
    Alberta - February 29, 2024
    British Columbia - February 22, 2024
    Manitoba - April 2, 2024
    New Brunswick - March 19, 2024
    Newfoundland & Labrador - March 21, 2024
    Northwest Territories - May 24, 2024
    Nova Scotia - February 29, 2024
    Nunavut - February 26, 2024
    Ontario - March 26, 2024
    Prince Edward Island - February 29, 2024
    Quebec - March 12, 2024
    Saskatchewan - March 20, 2024
    Yukon - March 7, 2024

    At the time of writing, all of the above-mentioned budget speeches were tabled in their respective legislatures.

    The 2024 DT Max tax planner takes into consideration the basic tax changes announced in each budget, allowing you for more effective planning opportunities, as well as the ability to perform cost projection calculations.

    Please refer to these topics from our knowledge base for a detailed review of the tax changes implemented:

  3. 2024 Planner Standard Caveat

    We would like to remind our users that the planner is equipped with the most recent information available at the time of our production process.

    This information includes the 2024 tax rates and the 2023 non-refundable tax credits and tax brackets indexed to reflect the 2024 amounts.

    In some cases, instead of an indexation factor, we have implemented the amounts prescribed by the taxing jurisdiction depending on the availability of the information.

    However, please note that due to various factors beyond our control, certain new tax measures are not included in our planner version. Should you require a precise projection (rather than an estimate) of your client's 2024 tax liability, we strongly suggest that you review our planner's results with care.

DT Max T1

  1. Version highlights

    1. Federal

      1. Alternative minimum tax

        The Alternative Minimum Tax (AMT) is a parallel tax calculation that allows fewer tax credits, deductions, and exemptions than under the ordinary personal income tax rules. Taxpayers pay either regular tax or AMT, whichever is highest.

        Budget 2023 announced amendments to the Income Tax Act that would change the AMT calculation. Draft legislative proposals to implement these changes were published for consultation in the summer of 2023.

        Budget 2024 proposes to make further changes to the AMT proposals, as described below.

        Changes to the tax treatment of charitable donations

        Budget 2024 proposes that the tax treatment of charitable donations be revised to allow individuals to claim 80 per cent (instead of the previously proposed 50 per cent) of the Charitable Donation Tax Credit when calculating AMT.

        Additional amendments

        Budget 2024 proposes several additional amendments to the AMT proposals. These amendments would:

        • fully allow deductions for the Guaranteed Income Supplement, social assistance, and workers' compensation payments;

        • allow individuals to fully claim the federal logging tax credit under the AMT;

        • fully exempt Employee Ownership Trusts from the AMT; and

        • allow certain disallowed credits under the AMT to be eligible for the AMT carry-forward (i.e., the federal political contribution tax credit, investment tax credits, and labour-sponsored funds tax credit).

        Budget 2024 also proposes several technical amendments to the AMT legislative proposals.

      2. Capital gains inclusion rate

        Budget 2024 proposes to increase the capital gains inclusion rate from one half to two thirds for corporations and trusts, and from one half to two thirds on the portion of capital gains realized in the year that exceed $250,000 for individuals, for capital gains realized on or after June 25, 2024.

        The $250,000 threshold would effectively apply to capital gains realized by an individual, either directly or indirectly via a partnership or trust, net of any:

        • current-year capital losses;

        • capital losses of other years applied to reduce current-year capital gains; and

        • capital gains in respect of which the Lifetime Capital Gains Exemption, the proposed Employee Ownership Trust Exemption or the proposed Canadian Entrepreneurs' Incentive is claimed.

      3. Home buyers' plan

        Increasing the withdrawal limit

        Budget 2024 proposes to increase the withdrawal limit from $35,000 to $60,000. This increase would also apply to withdrawals made for the benefit of a disabled individual. This measure would apply to the 2024 and subsequent calendar years in respect of withdrawals made after Budget Day.

        Temporary repayment relief

        Budget 2024 proposes to temporarily defer the start of the 15-year repayment period by an additional three years for participants making a first withdrawal between January 1, 2022, and December 31, 2025. Accordingly, the 15-year repayment period would start the fifth year following the year in which a first withdrawal was made.

      4. Employee ownership trust tax exemption

        Budget 2023 proposed tax rules to facilitate the creation of employee ownership trusts (EOTs). These legislative proposals are currently before Parliament in Bill C-59. The 2023 Fall Economic Statement proposed to exempt the first $10 million in capital gains realized on the sale of a business to an EOT from taxation, subject to certain conditions.

        Budget 2024 provides further details on the proposed exemption and conditions.

        This measure would apply to qualifying dispositions of shares that occur between January 1, 2024, and December 31, 2026.

    2. Prince Edward Island

      1. Introduction of two additional tax brackets

        Two additional tax brackets have been introduced, with lower tax rates for the first 3 brackets.

        Prince Edward Island Tax Rates Before Surtax
        Surtax Eliminated for 2024 and Later Years
        2024 Taxable Income 2024 Tax Rates 2023 Taxable Income 2023 Tax Rates

         first $32,656

         9.65%

         first $31,984

         9.8%

         over $32,656 up to $64,313

         13.63%

         over $31,984 up to $63,969

         13.8%

         over $64,313 up to $105,000

         16.65%

         over $63,969

         16.7%

         over $105,000 up to $140,000

         18.00%

         over $140,000

         18.75%

         

    3. Nova Scotia

      1. Extension of the innovation equity tax credit end date

        The end date for the innovation equity tax credit has been extended to March 1, 2029.

      2. Extension of the venture capital tax credit end date

        The end date for the venture capital tax credit has been extended to March 30, 2029.

    4. New Brunswick

      1. New volunteer firefighter and search and rescue volunteers tax credit

        The budget proposes a new, non-refundable personal income tax credit of $5,000 for eligible volunteer firefighters and search and rescue volunteers, effective for the 2024 taxation year.

    5. Quebec

      1. Postponing the application of the rule limiting eligibility for the non-refundable tax credit for a labour-sponsored fund

        On March 1, 2024, the Quebec government announced in its Information Bulletin 2024-3 that tax legislation will be amended to postpone for three years the measure providing that only individuals whose taxable income in Quebec for a given taxation year was below the last tax bracket of the reference year will be eligible for the non-refundable tax credit relating to the Fonds de solidarité FTQ and Fondaction.

    6. Ontario

      1. Increase of the Guaranteed Annual Income System (GAINS) maximum benefit amounts

        Starting in 2024, the maximum benefit amounts from the Guaranteed Annual Income System (GAINS) program are increased and will be adjusted to inflation annually.

    7. Manitoba

      1. Increase of the tax bracket thresholds

        Tax bracket thresholds are increased to $47,000 and $100,000 in 2024, and will return to annual indexing in 2025.

    8. Alberta

      1. Alberta is Calling attraction bonus

        Starting in 2024, the Government of Alberta is implementing the Alberta is Calling attraction bonus. This one-time initiative will provide a $5,000 refundable tax credit to individuals working in eligible occupations who move to Alberta after the program start date in April 2024 and meet additional eligibility criteria. These requirements will include working full time in a specified occupation, filing their 2024 taxes in Alberta and living in the province for at least 12 months.

    9. British Columbia

      1. Extension of the training tax credit for individuals

        The training tax credit for individuals will be extended for one year to the end of 2025.

      2. Extension of the shipbuilding and ship repair industry tax credit

        The shipbuilding and ship repair industry tax credit is extended for two years to the end of 2026.

      3. Mining exploration tax credit: Oil and gas exploration expenditures no longer qualified

        Effective February 23, 2024, oil and gas exploration expenditures will no longer qualify for the mining exploration tax credit.

  2. Notes

    1. Deceased or bankrupt taxpayers

      Although the tax planner might not be appropriate to prepare 2024 income tax returns for living taxpayers, it may be used legally to prepare returns on behalf of deceased or bankrupt taxpayers. Pursuant to DT Max's calculations, tax plans will appear as preliminary updates of tax forms for the new tax year. However, the returns of deceased or bankrupt taxpayers will be displayed on approved forms from the prior tax year, in conformity with the government's instructions.

      For more details, please consult the following "in-house" documents from the knowledge base: Preparing the return of a deceased taxpayer and Preparing a bankruptcy return.

    2. Printing prescribed forms for 2024 returns

      Year after year, there is a certain level of confusion among tax preparers in regard to the forms' versions. Administrative policies differ from one level of government to the other as for the validity of the prescribed forms. DT Max was programmed in accordance with these administrative policies.

      1. Quebec

        When a 2024 tax return is produced before the official annual forms are made available, depending on whether the Quebec form is prescribed or not, the year that is printed may be 2023 or 2024. Even though the system's calculation engine is calibrated for tax year 2024, only a complete paper certification process (performed in the fall) allows the preparers to use the 2024 prescribed forms.

      2. Federal

        On all federal forms, the year is changed to 2024.

  3. Revised forms

    Federal

    • T657 - Calculation of Capital Gains Deduction

      • Maximum deduction of $508,418 added for 2024.

      • Maximum deduction deleted for 2014.

    • T776 - Statement of Real Estate Rentals

      New amounts for calculating eligible leasing costs for passenger vehicles.

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

      New amounts for calculating eligible leasing costs for passenger vehicles.

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

      New amounts for calculating eligible leasing costs for passenger vehicles.

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

      New amounts for calculating eligible leasing costs for passenger vehicles.

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

      New amounts for calculating eligible leasing costs for passenger vehicles.

    • T2017 - Summary of Reserves on Dispositions of Capital Property

      Amount of 2023 reserve added.

    • T2042 - Statement of Farming Activities

      New amounts for calculating eligible leasing costs for passenger vehicles.

    • T2121 - Statement of Fishing Activities

      New amounts for calculating eligible leasing costs for passenger vehicles.

    • T2125 - Statement of Business or Professional Activities

      New amounts for calculating eligible leasing costs for passenger vehicles.

    • Federal Worksheet

      Addition of Line 22215 - Second QPP/CPP contributions for employment income (For the portion of salary between $68,500 and $73,200) and Line 44800 - Second QPP/CPP contributions on income from self-employment (For self-employment income between $68,500 and $73,200).

    Provincial

    • PE428 - Prince Edward Island Tax and Credits

      Two new tax brackets were added.

    • NB428 - New Brunswick Tax and Credits

      Lines 58315 and 58316 were added, pertaining to the volunteer firefighters' amount and the search and rescue volunteers' amount.

    Quebec

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

      New amounts for calculating eligible leasing costs for passenger vehicles.

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

      New amounts for calculating eligible leasing costs for passenger vehicles.

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

      New amounts for calculating eligible leasing costs for passenger vehicles.

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

      New amounts for calculating eligible leasing costs for passenger vehicles.

    • T2042(Q) - Statement of Farming Activities

      New amounts for calculating eligible leasing costs for passenger vehicles.

    • T2121(Q) - Statement of Fishing Activities

      New amounts for calculating eligible leasing costs for passenger vehicles.

    • TP-80 - Business or Professional Income and Expenses

      New amounts for calculating eligible leasing costs for a motor vehicle.

    • TP-128 - Income and Expenses Respecting the Rental of Immovable Property

      New amounts for calculating deductible motor vehicle leasing expenses.

    • Quebec Work Charts

      Addition of Second QPP/CPP contributions for employment income (For the portion of salary between $68,500 and $73,200) and Second QPP/CPP contributions on income from self-employment (For self-employment income between $68,500 and $73,200) in Section 445.

    • Work Chart - Eligible automobile leasing expenses

      (This work chart is used only to calculate the eligible leasing expenses incurred with respect to an automobile used to earn income from an office or employment.)

      New amounts for calculation parameters.

    • TP-726.7 - Capital Gains Deduction on Qualified Property

      Maximum cumulative limit of $508,418 added for 2024.

    In-house forms

    • Estimated Old Age Security (OAS) Payments (Amount effective April 2024)

      New amounts for the second quarter (April-June 2024).

    • Employment income summary - 2024

      Boxes 16A and 17A from the T4 slip were added.

    • Capital gains (losses) history (Federal)

      Year 2023 added.

    • Capital gains (losses) history (Quebec)

      Year 2023 added.

    • 2024 Summary of Reserves and Capital Gains on Dispositions of Capital Property

      Year 2024 added.

    • 2024 Summary of Reserves and Capital Gains on Dispositions of Capital Property (Quebec)

      Year 2024 added.

  4. New keywords

    1. In the T-Slip keyword group, pertaining to the federal T4 slip:

      1. CPP2-Contrib : T4 Box 16A - Employee's second CPP contributions [Fed. L.30800] <Q [Que. L.96] />

        Use CPP2-Contrib to enter the second Canada Pension Plan contributions deducted at source from box 16A on the T4 slip. DT Max will calculate the allowable amounts and refunds if applicable.

        DT Max will enter the deductible amount on line 22215 of the federal tax return. The CPP overpayment will be entered on line 44800 of the federal tax return.

        DT Max will prorate the amounts due for persons reaching the ages of 18 or 70, as well as for persons beginning to receive CPP disability or retirement pensions during the year.

        When a taxpayer below the age of 70 begins receiving his retirement or disability pension from the Canada or Quebec Pension Plans during the year, the policy of the CRA and the Ministère du Revenu du Québec is to prorate both the income for the year and the basic CPP/QPP exemption amount. The prorated amount is the pensionable income amount, as it was earned throughout the year. If you enter the true pensionable income for the year (the amount earned before retirement or before the taxpayer begins to receive CPP or QPP) using the keywords CPP-EarnOV or QPP-EarnOV , DT Max may calculate a different pensionable amount. If you wish for this base to be accepted, you will have to include a note explaining your amounts and indicating why the proration is not accurate. Because the taxpayers' computers are set up to prorate as indicated above, if you insist on the taxpayer accepting this calculation, the tax return should not be efiled because your amounts will be deemed incorrect.

        The number of months for such prorating is indicated on the T4A(P) slips issued by the CRA and is entered in DT Max as PensionMonth . Make sure that this is entered correctly for DT Max to be able to calculate correctly.

      2. QPP2-Contrib : T4 Box 17A - Employee's second QPP contributions [Fed. L.30800] (RL-1 box B) <Q [Que. L.98] />

        Use the keyword QPP2-Contrib to enter the Quebec Pension Plan contributions deducted at source from box 17A on the T4 slip and box B on the RL-1 slip. DT Max will calculate the allowable amounts and refunds if applicable.

        DT Max will enter the deductible amount on line 22215 of the federal tax return. The contributions overpaid to the QPP will be entered on line 452 of the Quebec return. The employee's QPP contributions will be entered on line 98 of the Quebec tax return.

        DT Max will prorate the amounts due for persons reaching the age of 18. See CPP-Contrib for more information.

  5. Changes pertaining to billing

    New items

    The keyword group TaxReview-For was included.

DT Max T2

  1. Program certification

    Federal

    For DT Max T2 version 27.30, the federal barcodes and the Corporation Internet Filing module have received full CRA certification valid for taxation years ending up to and including October 31, 2024, under the DT48 stamp.

    This new version of DT Max T2 has also undergone a certification process with the CRA for Form T1135, Foreign Income Verification Statement.

    Alberta

    This version has received full certification for the RSI (Return and Schedule Information), as well as for the Net File module that allows the electronic filing of Alberta corporate tax returns, from Alberta's Tax and Revenue Administration (TRA) under the DT48 stamp.

    Quebec

    Revised Forms CO-1029.8.36.II, Tax Credit for Investment and Innovation (2024-04) and CO-1029.8.36.IK, Cumulative Limit Allocation Agreement for the Tax Credit for Investment and Innovation (2024-04), have also been certified by the government and included in this DT Max T2 version.

  2. Version highlights

    1. Known issues fixed in version 27.30

      1. Federal instalment payments when provincial tax is less than or equal to $3,000

        In a situation where provincial tax is less than or equal to $3,000, DT Max was adding the provincial tax to the federal instalment base in determining instalment payments. However, the provincial tax should not be added when it is less than or equal to $3,000.

        This issue has been fixed in this DT Max T2 version for both monthly and quarterly instalments payments.

      2. Schedule 3 - Part IV tax - Rounding error for Part IV tax calculation

        DT Max T2 was computing Part IV tax on dividends by using 0.3833333 as the percentage of tax payable under Part IV. This was affecting lines 265, 275, 351, 475 and 485 of Schedule 3.

        This rounding issue has been fixed with this DT Max T2 version 27.30.

    2. Alberta Tax and Revenue Administration and the mandatory electronic filing threshold of $1 million in gross revenue

      The What's New for version 27.01 stated that the Canada Revenue Agency, Revenu Québec, and the Alberta Tax and Revenue Administration had all eliminated the mandatory electronic filing threshold of $1 million in gross revenue.

      We were subsequently informed by the Alberta Tax and Revenue Administration that they delayed their change to a tax year starting after December 31, 2024 (instead of a tax year starting after December 31, 2023).

      As we already implemented the change in version 27.01, and because the Canada Revenue Agency and Revenu Québec will not be implementing a similar delay, we have decided to leave our programming code as is.

      Please note that a corporation with a tax year starting in 2024, and which has earned less than $1 million in gross revenue, can choose to paper file their Alberta corporate income tax return without incurring a penalty.

    3. Schedule 307 - Newfoundland and Labrador small business tax rate reduction

      As announced in Newfoundland and Labrador's March 21, 2024, budget, the rate for tax at the lower rate for Newfoundland and Labrador and its offshore area was reduced from 3% to 2.5% for the number of days in the tax year after December 31, 2023.

      The rate for tax at the lower rate for Newfoundland and Labrador and its offshore area for the number of days in the tax year before January 1, 2024, will remain at 3%.

    4. Schedule 411 - Maintaining the small business tax rate at the current rate until June 30, 2025

      The small-business rate was previously set to increase to 2.00% on 1 July 2024.

      Saskatchewan's Budget 2024 maintains the small business tax rate at the current rate of 1% until June 30, 2025, and will increase to 2% on July 1, 2025.

    5. Schedule 31 changes and message from the CRA

      A new section for the Clean technology ITC has been added. New line 155 allows you to enter the amount of the investment tax credit. Use the keyword Amount.itc within the new Clean-ITC keyword group (option "Clean technology ITC").

      Also, a new section for Carbon capture, utilization and storage ITC has been added. New line 200 allows you to enter the amount of the investment tax credit. Use the keyword Amount.itc within the new Clean-ITC keyword group (option "Carbon capture, utilization and storage ITC").

      Bill C-59 includes the two following investment tax credits (ITCs) and while the Bill has not yet received Royal Assent, the CRA wants to ensure that corporations have an opportunity to claim these credits as soon as Royal Assent is received.

      • T2 Schedule 31 new line 155: Clean Technology ITC

      • T2 Schedule 31 new line 200: ITC for Carbon Capture, Utilization and Storage

      As mentioned above, this DT Max T2 version has been updated to reflect the above changes. However, CRA cannot process claims with these items until Royal Assent has been received. If you plan on claiming these credits, please be aware that there will be potential processing delays. In addition, if either line 155 or 200 of Schedule 31 is used, the corporation will be required to provide documentation supporting the credit. To do this, within the Efile-Federal group, use the FedEfile-Attach keyword in order to use the Attach-a-doc web service and select the option "Elections" as the type of attachment for the keyword Doc-ID .

    6. New CCA classes

      Four CCA classes have been created as a part of the carbon capture, utilization, and storage (CCUS) legislative proposals.

      Class 57 (8%)

      Class 57 should be used for property acquired on or after January 1, 2022, that is part of a carbon capture, utilization, and storage (CCUS) project.

      Class 58 (20%)

      Class 58 should be used for equipment that is used solely to use carbon dioxide (CO2) in industrial production.

      Class 59 (100%)

      Class 59 should be used for intangible property acquired after 2021 for determining the existence, location, extent or quality of a geological formation to permanently store captured carbon in Canada, including property acquired as a result of undertaking environmental studies or community consultations.

      Class 60 (30%)

      Class 60 should be used for intangible property acquired after 2021 for drilling, converting or completing a well in Canada to permanently store captured carbon.

    7. Increase of the ceiling for CCA for passenger vehicles

      Following the government announcement on December 18, 2023, the ceiling for CCA for passenger vehicles will increase from $36,000 to $37,000 effective as of January 1, 2024.

      These changes have been implemented on Federal Schedule 8, AT1 Schedule 13 and Quebec Form CO-130.A.

    8. New warning messages for VOTINGSHARES, SIN, TRUSTNUMBERQ, TAX-ACCTQ and NEQ-SH keywords

      As requested by Revenu Québec, new warning messages were added in the data entry in order to address completeness rules for lines 206, 207 and 208 of the CO-17. When a corporation is a CCPC, RQ requests that the information for the three shareholders that hold the most shares with voting rights be provided.

      Therefore, in the CorpOfficers group, if one indicates that the individual, trust, corporation or partnership is a shareholder, DT Max will prompt you with a warning message for the keyword VotingShares if it has not been entered. DT Max will also prompt you with warning messages for the keywords SIN , TrustNumberQ , Tax-AcctQ and NEQ-Sh if they have not been entered for that shareholder.

    9. New warning messages affecting RELATEDPARTY options "Partnership" and "Joint venture"

      As requested by Revenu Québec, new warning messages were added in the data entry when a corporation enters amounts on lines 54 or 122 of Form CO-17.A.1 and selects "No" for line 43 of the CO-17 return.

      DT Max will now generate a warning message and prompt you to enter the RelatedParty keyword option "Partnership - corp is partner" if income or loss from partnerships has been entered in the keywords Net-Inc-Add or Net-Inc-Ded within the NetIncome group.

      Similarly, DT Max will generate a warning message and prompt you to enter the RelatedParty keyword option "Joint venture - corp is venturer" if income or loss from joint ventures has been entered in the keywords Net-Inc-Add or Net-Inc-Ded within the NetIncome group.

    10. Reminder: Transition to Ontario's Non-for-Profit Corporations Act, 2010

      The Government of Ontario has updated rules for not-for-profit corporations subject to Ontario's Not-for-Profit Corporations Act, 2010 (ONCA).

      If the registered charity is incorporated under Ontario's Corporations Act, review the impact of the new ONCA provisions and determine whether you need to make any changes to your charity's incorporating and other documents, including your purposes, before the end of the transition period on October 18, 2024.

      In general, the provisions of ONCA automatically apply to Ontario not-for-profit corporations as of October 19, 2021, subject to the transition provision in s. 207, which provides for a three-year transition period.

      If you are considering making changes to your governing document, including the charitable purposes, please contact the Charities Directorate first.

      For more information on the Transition to Ontario's Not-for-Profit Corporations Act, click here.

  3. New forms

    Federal

    • Schedule 1 Supplementary (in-house) - Non-deductible Automobile Expenses (leasing start after 2023)

      A new page was added for the federal in-house form for non-deductible automobile expenses for leases starting after 2023. This is to take into account the deductible leasing costs increase from $950 to $1050 per month, before tax, for new leases entered into after 2023.

    • Schedule 56 - Part II.2 Tax on Repurchases of Equity (2024 and later tax years)

      This is a brand-new form from the CRA.

      Schedule 56 calculates the tax on repurchases of equity for a corporation resident in Canada (other than a mutual fund corporation) that redeemed, acquired or cancelled equity listed on a designated stock exchange in the tax year. The 2% tax applies to repurchases of equity that occur after December 31, 2023.

      If the corporation is subject to Part II.2 tax, use the keyword Part-II2 that will open the group to enter information relating to this new federal Schedule 56.

    • T1135 (notes) - Foreign Income Verification Statement

      N.B.: No calculation support is available for this form.

    Quebec

    • CO-17.A.1 Supplementary (in-house) - Non-deductible Automobile Expenses (leasing start after 2023)

      A new page was added for the Quebec in-house form for non-deductible automobile expenses for leases starting after 2023. This is to take into account the deductible leasing costs increase from $950 to $1050 per month, before tax, for new leases entered into after 2023.

  4. Revised forms

    Federal

    • T2 Corporation Income Tax Return (2024 and later tax years)

      • In the Attachments section of the return on page 3, a new tick box has been added to account for Schedule 56 (line 277).

      • A new tick box has been added to the Additional information section on page 3: Did the corporation meet the definition of substantive CCPC under section 248(1) at any time during the tax year?

      • In the Small business deduction section, the lines pertaining to Taxable capital business limit reduction for tax years starting before April 7, 2022, have been removed.

      • The following sections have been modified to include substantive CCPCs:

        – General tax reduction for Canadian-controlled private corporations on page 5;

        – Refundable portion of Part I tax on page 6.

        – Calculation for the refundable tax on the Canadian-controlled private corporation's (CCPC) or substantive CCPC's investment income on page 8.

      • New line 705, Part II.2 tax payable from Schedule 56, has been added in the Summary of tax and credits section of the return on page 9.

    • Schedule 200 Summary for 2024 taxation year (Federal 5-year summary)

      This form has been revised for tax year 2024. A new line has been added in the Summary of tax and credits section of the form due to the addition of the new line 705, Part II.2 tax payable from Schedule 56, on the T2 return.

    • Planning Summary - Federal 2024

      A new line has been added in the Summary of tax and credits section of the form due to the addition of the new line 705, Part II.2 tax payable from Schedule 56, on the T2 return.

    • T2 Barcode Return (BCR)

      In the Certification section of the return, a new line has been added for Part II.2 tax payable from Schedule 56.

    • Schedule 2 - Charitable Donations and Gifts (2023 and later tax years)

      The section for Additional deduction for gifts of medicine available for carryforward has been removed from Part 6 - Amount available for carryforward by year of origin.

    • Schedule 7 - Aggregate Investment Income and Income Eligible for the Small Business Deduction (2019 and later tax years)

      Due to the addition of substantive CCPCs, Schedule 7 is now generated when a substantive CCPC has investment income or capital gains.

    • Schedule 8 - Capital Cost Allowance (CCA) (2021 and later tax years)

      This schedule has been updated by the CRA and, as such, columns 13, 16 and 19 have been modified.

    • Schedule 31 - Investment Tax Credit - Corporations (2022 and later tax years)

    • Schedule 63 - Return of Fuel Charge Proceeds to Farmers Tax Credit (2023 and later tax years)

      • In Part 10, Return of fuel charge proceeds to farmers tax credit, lines 150, 160, 170 and 180 are now transmitted to the CRA for barcode and EFILE purposes.

      • In Part 11, Total return of fuel charge proceeds to farmers tax credit, lines 350, 360, 370 and 380 also are now transmitted for barcode and EFILE purposes.

    • Schedule 307 - Newfoundland and Labrador Corporation Tax Calculation (2020 and later tax years)

    • Schedule 385 - Manitoba Odour-Control Tax Credit (2023 and later tax years)

      This form has been revised by the CRA.

      Lines pertaining to the calculation of the total eligible expenditures made in the current tax year have been removed. In addition, all lines relating to the refundable tax credit for agricultural corporations have also been removed. Lastly, all lines to request a carryback of the credit have been deleted.

    • Schedule 394 - Manitoba Rental Housing Construction Tax Credit (2021 and later tax years)

      In Part 1, Manitoba rental housing construction tax credit, lines 100, 110, 120, 130, 140, 150 and 190 that pertain to the refundable tax credit have been deleted.

    • Schedule 411 - Saskatchewan Corporation Tax Calculation (2022 and later tax years)

    • Schedule 444 - Yukon Business Carbon Price Rebate (2023 and later tax years)

      This form has been updated by the CRA so that certain lines in Parts 1, 2 and 3 are now transmitted to the CRA for barcode and EFILE purposes.

      • In Part 1, Eligible Yukon mining UCC for eligible Yukon mining assets, lines 50, 100, 105, 108, 110, 115, 120 and 130 are now transmitted.

      • In Part 2, Eligible Yukon mining UCC allocated from partnerships, line 150 is transmitted.

      • In Part 3, Yukon mining business carbon price rebate, line 175 is transmitted.

    • Schedule 554 - Ontario Computer Animation and Special Effects Tax Credit (2017 and later tax years)

      All the lines for the calculation of the Ontario labour expenditures before April 24, 2015, and all the lines for the calculation of the assistance before April 24, 2015, have been deleted.

      In addition, lines 600, 610 and 612 pertaining to the tax credit calculation have also been removed.

    • Schedule 556 - Ontario Film and Television Tax Credit (2017 and later tax years)

      • In Part 6, Qualifying labour expenditures (QLE) for the tax year, lines 680 and 685 have been deleted which were used to indicate the pre-2008 portion of QLE for the tax year and the post-2007 portion of the QLE for the tax year.

      • In Part 7, Tax credit calculation for a first-time production, lines 705, 710, 715, and 720 have been deleted as well.

      • Lastly, in Part 9, Tax credit calculation for an eligible Ontario production other than a first-time production, line 900 has been deleted.

    • Schedule 572 - Ontario Made Manufacturing Investment Tax Credit (2023 and later tax years)

      This form has been updated and, as such, the information is now transmitted to the CRA for barcode and EFILE purposes.

    • T1134 - Information Return Relating to Controlled and Non-Controlled Foreign Affiliates (2021 and later taxation years)

      The functional currency "JPY - for Japanese yen" is now available for the keyword Elect-Currency within the Foreign-Info group for this form.

    • AgriStability/AgriInvest - Harmonized 2024 Statement A, Corporations/Co-operatives and Special Individuals

    • T1375 - AgriStability and AgriInvest Additional Information and Adjustment Request

      N.B.: No calculation support is available for this form.

    • T2WS1 - Calculating your estimated tax payable and tax credits for 2025

      N.B.: No calculation support is available for this form.

    • T2WS2 - Calculating your monthly instalment payments for 2025

      This form has been updated by the CRA.

      New Part II.2 tax is now taken into consideration when calculating the federal monthly instalments payments.

      As such, a new option "Part II.2 tax" has been added to the keyword InstalBaseCF within the InstalRec group when the option "Federal - monthly" is chosen.

    • T2WS3 - Calculating your quarterly instalment payments for 2025

      This form has been updated by the CRA.

      New Part II.2 tax is now taken into consideration when calculating the federal quarterly instalments payments.

      As such, a new option "Part II.2 tax" has been added to the keyword InstalBaseCF within the InstalRec group when the option "Federal - quarterly" is chosen.

    Quebec

    • CO-17.S137 - Deferred Income Plans

      This in-house form has undergone several changes due to Revenu Québec's CO-17 guide requirements. The information on this form now more closely resembles federal Schedule 15.

      Note that the keyword Regn#-Que has been removed when the option "Employee profit-sharing plan" is chosen for the keyword DeferIncPlan .

    • CO-1029.8.36.II - Tax Credit for Investment and Innovation

      This form has been revised as per Measure 1 from Information Bulletin 2023-6.

      Following the extension of the tax credit, the January 1, 2025, date has been changed to January 1, 2030.

      • Part 5.1

        Lines 51 to 54 have been modified. For a taxation year beginning after December 31, 2023, the $100 million cumulative limit is now calculated over a 36-month period, rather than 48 months.

      • Part 6

        A new column has been added to reflect the new rates for expenses incurred after December 31, 2023.

      • Part 7

        For specified expenses incurred in a taxation year beginning after December 31, 2023, the tax credit becomes fully refundable.

        This section is completely new and its goal is to determine the portion of the tax credit for which refundability is to be assessed.

      • Part 10

        New line 137a has been added to include the portion that is fully refundable in the year (line 103).

    • CO-1029.8.36.IK - Cumulative Limit Allocation Agreement for the Tax Credit for Investment and Innovation

      This form has been updated by Revenu Québec as per Measure 1 from Information Bulletin 2023-6.

      For a taxation year beginning after December 31, 2023, the $100 million cumulative limit is now calculated over a 36-month period, rather than 48 months.

    • CO-1029.8.36.PR - Tax Credit for the Digital Transformation of Print Media Companies

      The credit has been extended by one year to include days in the tax year before January 1, 2025. Line 54 in Part 5, Eligible digital conversion costs, has been revised accordingly.

    • COZ-1179 - Logging Operations Return

    Alberta

    • AT1 Alberta Corporate Income Tax Return - AT1 for 2004 and Subsequent Taxation Years

      • The Japanese yen has been added as an option for functional currency. Use the keyword Funct-Currency within the Jurisdiction group where the option "Federal" has been selected.

      • The deduction for the Agri-processing Investment Tax credit (APITC) is now included in line 076.

    • AT1 Filing Exemption Checklist

      The exemption criteria for filing the Alberta return have been revised. The Agri-Processing Investment Tax Credit (APITC) has been added to the checklist.

    • AT1 Schedule 3 - Alberta Other Tax Deductions and Credits

      The Alberta government has introduced the Agri-Processing Investment Tax Credit (APITC) for investments made after February 6, 2023.

      The Agri-Processing Investment Tax Credit (APITC) provides a 12% non-refundable tax credit when corporations invest $10 million or more in a project to build or expand a value-added agri-processing facility in Alberta. Up to $175 million in tax credits is available for each project. Corporations have 10 years to claim the tax credit against their provincial income tax.

      Select the option "Agri-Processing Investment Tax Credit" for the keyword Alb-TaxCr to open the group for this credit.

    • AT1 Schedule 12 - Alberta Income/Loss Reconciliation

      This schedule has been updated by the TRA.

      On page 1, lines 10 and 11 that relate to the cumulative eligible capital deduction have been deleted. In addition, lines 12 and 13 that relate to the gain on the sale of eligible capital property have also been deleted.

    • AT1 Schedule 20 - Alberta Charitable Donations & Gifts Deduction

      Additional deduction for gifts of medicine can no longer be carried forward to future tax years.

    In-house forms

    • Statement of Real Estate Rentals

    • Carryforward Schedule (Multiple jurisdictions and Quebec)

      For the multiple jurisdictions' carryforward schedule, the federal and Alberta carryforward amounts for Gifts of Medicine have been deleted.

      For the Quebec-only carryforward schedule, the federal carryforward amount for Gifts of Medicine has been deleted.

      These in-house changes were needed due to the revisions on federal Schedule 2.

  5. New keywords

    1. In the Que-ITC keyword group, pertaining to Quebec Form CO-1029.8.36.II:

      1. Refundable-TaxCr : Portion of the tax credit that is entirely refundable

        Use the keyword Refundable-TaxCr to enter the portion of the tax credit that is entirely refundable.

    2. In the Part-II2 group, pertaining to federal Schedule 56:

      1. Part-II2 : Corporation subject to Part II.2 tax

        Schedule 56 calculates the tax on repurchases of equity for a corporation resident in Canada (other than a mutual fund corporation) that redeemed, acquired or cancelled equity listed on a designated stock exchange in the tax year. The 2% tax applies to repurchases of equity that occur after December 31, 2023.

        If the corporation is subject to Part II.2 tax, the keyword Part-II2 opens the group to enter information relating to federal Schedule 56.

      2. FMV-Equity : Fair market value of equity

        Use the keyword FMV-Equity to enter the fair market value of equity that is needed for the calculation of Part II.2 tax on repurchases of equity.

    3. In the CorpType group, pertaining to federal Schedule 200 (T2 return):

      1. Substantive-CCPC : Whether the corporation was a substantive CCPC at any time during the tax year

        Use the keyword Substantive-CCPC to indicate if the corporation was a substantive CCPC (SCCPC) at any time during the tax year.

        A substantive CCPC is a private corporation (other than a Canadian-controlled private corporation) that:

        • is controlled directly or indirectly in any manner whatever, by one or more Canadian resident individuals, or

        • would, if each share of the capital stock of a corporation that is owned by a Canadian resident individual were owned by a particular individual, be controlled by the particular individual.

    4. In the Clean-ITC group, pertaining to federal Schedule 31:

      1. Clean-ITC : Type of clean economy investment tax credit

        Use the keyword Clean-ITC if you wish to claim the Clean technology investment tax credit or the Carbon capture, utilization, and storage investment tax credit.

      2. Amount.itc : Amount of clean economy investment tax credit

        Use the keyword Amount.itc to enter the amount of the clean technology investment tax credit or the Carbon capture, utilization, and storage investment tax credit. The amount will appear on federal Schedule 31.

  6. Revised keywords

    1. In the Alb-TaxCr group, pertaining to the Alberta AT1 Schedule 3:

      1. Alb-TaxCr : Alberta other tax deductions and credits

        Use the keyword Alb-TaxCr to enter information relating to the Alberta investor tax credit (AITC), the Alberta capital investment tax credit (CITC), the Alberta qualifying environmental trust tax credit (QET), the Alberta Film and Television tax credit (FTTC) or the Alberta Agri-processing investment tax credit.

        The AITC offers a 30% tax credit for investments made in eligible Alberta businesses by corporations. The AITC is available for investments in "non-traditional" sectors of Alberta's economy. In particular, it is aimed at small Alberta businesses substantially engaged (at least 50% of the business activities) in eligible business activities such as tourism activities, research, development and commercialization of proprietary technologies, development of interactive digital media in Alberta and post-production, visual effects and digital animation.

        The CEDC tax credit offers a 30% tax credit for investments in shares in a Community economic development corporation (CEDC) that has registered with the program. The CEDC will then provide capital to Eligible Community Businesses that are undertaking initiatives to develop and grow their rural economy or address a social challenge in their community.

        The CITC provides a non-refundable tax credit valued at 10 per cent of a corporation's eligible capital expenditures, up to $5 million per year. The CITC encourages companies to make timely investments by returning a percentage of the company's capital costs on expenditures such as the purchase of machinery, equipment and buildings.

        The Alberta qualifying environmental trust (QET) tax credit can be claimed by a corporation that is a beneficiary of a QET. The corporation can claim a credit equal to the amount of Alberta tax paid by the QET on the corporation's share of the QET's income.

        The FTTC offers a refundable Alberta tax credit certificate on eligible Alberta production and labour costs to corporations that produce films, television series and other eligible screen-based productions in the province. Applicants may apply for either a 22% or 30% tax credit rate.

        The Agri-Processing Investment Tax Credit (APITC) provides a 12% non-refundable tax credit when corporations invest $10 million or more in a project to build or expand a value-added agri-processing facility in Alberta. Corporations have 10 years to claim the tax credit against their provincial income tax.

      2. CurrYr-Credit.a : Amount shown on all tax credit certificates issued to the corporation during the year

        Use the keyword CurrYr-Credit.a to enter the total amounts shown on all investor tax credit certificates issued to the corporation during the year. If you are claiming the Alberta capital investment tax credit, enter the total amounts shown on all capital investment tax credit certificates issued to the corporation during the year. For the Agri-processing investment tax credit, enter the amounts shown on all Agri-processing investment tax credit certificates issued by the appropriate ministry.

      3. Amount-CF.a : Amount carried forward from prior years and transfers

        Use the keyword Amount-CF.a to enter the total amounts carried forward from prior years and transfers on eligible amalgamation or eligible winding-up of a subsidiary.

        The Alberta investor tax credit is non-refundable and may be carried forward for up to four years.

        The Capital investment tax credit is non-refundable and may be carried forward for up to 10 years.

        The Agri-processing investment tax credit is non-refundable and may be carried forward for up to 10 years.

    2. In the CCA-Class group, pertaining to the federal Schedule 8, the Alberta AT1 Schedule 13 and the Quebec Form CO-130.A:

      1. Addition-Car : Non-accelerated investment incentive property (AIIP) addition of car (before sales tax)

        The addition of an automobile to Class 10.1 can only be entered once since separate classes are required for Class 10.1 property.

        Enter the cost of the car excluding GST, PST and HST. The amount of GST, PST or HST paid on the cost should be entered in the keyword GSTPSTCost ($37,000 after 2023, $36,000 in 2023, $34,000 in 2022, $30,000 if in 2021 or before).

      2. Addition-Car-AIIP : Accelerated investment incentive property (AIIP) addition after November 20, 2018 (before sales tax)

        The accelerated investment incentive property (AIIP) addition of an automobile to Class 10.1 can only be entered once since separate classes are required for Class 10.1 property.

        Enter the cost of the car excluding GST, PST and HST. The amount of GST, PST or HST paid on the cost should be entered in the keyword GSTPSTCost ($37,000 after 2023, $36,000 in 2023, $34,000 in 2022, $30,000 if in 2021 or before).

        Under the Accelerated Investment Incentive, capital investments will generally be eligible for a first-year deduction for depreciation equal to up to three times the amount that would otherwise apply in the year an asset is put in use. Tripling the current first-year rate will allow businesses to recover the initial cost of their investment more quickly.

        The Accelerated Investment Incentive will apply to qualifying assets acquired after November 20, 2018. It will be gradually phased out starting in 2024, and no longer in effect for investments put in use after 2027.

      3. GSTPSTCost : GST, PST or HST on cost of car on the allowable cost (up to $37,000 after 2023, $36,000 in 2023, $34,000 in 2022)

        The GST, PST or HST on the allowable cost (up to a maximum of $37,000 after 2023, $36,000 in 2023, $34,000 in 2022, $30,000 in 2021 or before) of the car is added to Class 10.1. Enter the lesser of the taxes paid on the purchase of the car and the taxes payable on a $37,000 car if acquired after 2023, $36,000 car if acquired in 2023, $34,000 car if acquired in 2022, $30,000 car if acquired in 2021 or before.

        Use the keyword GSTPSTRebate , GSTPSTReb-AIIP or GSTPSTReb-DIEP to enter the amount of the GST, PST or HST rebate claimed on the vehicle.

  7. Deleted keywords

    1. From the OdourControl group, pertaining to federal Schedule 385:

      1. Amount-CB.o: Tax year the credit was applied to and desired carryback amount

      2. Amount-Exp: Eligible expenditures of corporation

      3. EligExp-Alloc: Amount and source of eligible expenditures allocated

  8. New options

    1. For the keyword Expense-Alloc , pertaining to Quebec Form CO-1029.8.36.II:

      Area low economic vitality expenses after 31/12/23
      Area intermediate econ. vital. expenses after 31/12/23
      Area high economic vitality expenses after 31/12/23

    2. For the new keyword Refundable-TaxCr , pertaining to Quebec Form CO-1029.8.36.II:

      Portion of credit for exp. after 31/12/23 - corporation
      Portion of credit for exp. after 31/12/23 - partnership

    3. For the new keyword Part-II2 , pertaining to federal Schedule 56:

      Part II.2 tax on repurchases of equity (Schedule 56)

    4. For the new keyword FMV-Equity in the Part-II2 group, pertaining to federal Schedule 56:

      Equity excl. subst. debt redeem/acq. excl. reorg. trans.
      Equity excl. subst. debt redeem/acq. in reorg. trans.
      Equity cons. for equity redeem/acq. in reorg. trans.
      Equity excl. subst. debt issued in qualifying issuance
      Equity excl. subst. debt disposed by specified affiliate

    5. For the new keyword Clean-ITC , pertaining to federal Schedule 31:

      Clean technology ITC
      Carbon capture, utilization and storage ITC

    6. For the keyword Alb-TaxCr , pertaining to Alberta's AT1 Schedule 3:

      Agri-processing investment tax credit

    7. For the keyword InstalBaseCF in the InstalRec group, pertaining to the federal T2WS2 and TWS3 worksheets for calculating your monthly and quarterly instalment payments for 2025:

      Part II.2 tax

    8. For the keyword Program-Pymt , pertaining to the federal AgriStability/AgriInvest - Harmonized 2024 Statement A, Corporations/Co-operatives and Special Individuals:

      2021 Canada - BC wildfire & drought recovery (allow.)
      2021 Canada - BC flood recovery program for food
      2021 Canada - MB herd mgt drought assistance program
      2021 Canada - ON dry weather AgriRecovery initiative
      2023 Canada - MB bee mortality assistance program
      Canada - ON overwinter bee colony loss replacement
      Canada - ON grapevine winter injury initiative
      Fiona agriculture support program (PEI)
      2021 Canada - BC wildfire/drought recovery (non-allow)

    9. For the keyword DeferredIncome , pertaining to the federal AgriStability/AgriInvest - Harmonized 2024 Statement A, Corporations/Co-operatives and Special Individuals:

      2021 Canada - BC wildfire & drought recovery (allow.)
      2021 Canada - BC flood recovery program for food
      2021 Canada - MB herd mgt drought assistance program
      2021 Canada - ON dry weather AgriRecovery initiative
      2023 Canada - MB bee mortality assistance program
      Canada - ON overwinter bee colony loss replacement
      Canada - ON grapevine winter injury initiative
      Fiona agriculture support program (PEI)
      2021 Canada - BC wildfire/drought recovery (non-allow)

    10. For the keyword CCA-Class , pertaining to the federal Schedule 8, the Alberta AT1 Schedule 13 and the Quebec Form CO-130.A:

      Class 57 - 8% DB (after December 31, 2021)
      Class 58 - 20% DB (after December 31, 2021)
      Class 59 - 100% DB (after December 31, 2021)
      Class 60 - 30% DB (after December 31, 2021)

  9. Revised options

    1. For the keyword Investments in the Que-ITC group and the keyword Investments.re in the RelatedParty group, pertaining to Quebec Forms CO-1029.8.36.IK and CO-1029.8.36.II:

      Specified expenses - certain previous taxation years
      Eligible expenses - tax yr covered/certain prev. tax yrs

    2. For the keyword Expense-Alloc , pertaining to Quebec Form CO-1029.8.36.II:

      Area low economic vitality expenses before 26/03/21
      Area intermediate econ. vital. expenses before 26/03/21
      Area high economic vitality expenses before 26/03/21

    3. For the keyword Alb-TaxCr , pertaining to Alberta's AT1 Schedule 3:

      Investor tax credit

    4. For the keyword CCA-Class , pertaining to the federal Schedule 8, the Alberta AT1 Schedule 13 and the Quebec Form CO-130.A:

      Class 10.1 - 30% DB

  10. Deleted options

    1. From the keyword SR&EDInfo , pertaining to federal Schedule 385:

      Odour-control tax credit - Manitoba

    2. From the deleted keyword EligExp-Alloc within the OdourControl group, pertaining to federal Schedule 385:

      Elig. expenditures allocated from partnership
      Elig. expenditures allocated from trust

    3. From the keyword Labour-Exp.f in the Cred-Film group, pertaining to federal Schedule 554:

      Qualified labour expenditures before April 24, 2015

    4. From the keyword Labour-Exp.f in the Cred-Film group, pertaining to federal Schedule 556:

      Qualified labour expenditures before Jan. 1, 2008

DT Max T3

  1. Version highlights

    1. 2024 federal and provincial tax calculation forms

      All federal and provincial tax calculation forms have been updated to reflect the 2024 tax brackets and rates.

      Prince Edward Island

      For 2024 and subsequent taxation years, the Government of Prince Edward Island has announced the addition of two new tax brackets for Graduated Rate Estates (GRE) and Qualifying Disability Trusts (QDT), as well as the abolition of the surtax.

      The tax rate for trusts other than GRE and QDT has been increased to the highest tax rate of 18.75%.

      The rate applied to calculate the donations and gifts tax credit has consequently been modified to reflect the new lower and higher tax rates.

      Saskatchewan

      The rate of the tax credit for other than eligible dividends has been revised for 2024 to 22.525% of the federal gross-up amount.

      Please refer to the DT Max knowledge base link below for additional details on the new federal and provincial tax brackets:

    2. Optimization of losses applied against taxable capital gains

      DT Max T3 automatically applies losses against taxable capital gains before allocating the income to the individual beneficiaries. To better optimize the capital gains deduction available to the beneficiaries, the order in which the losses are applied to the capital gains has been modified, leaving the eligible taxable gains to be reduced at the end.

    3. 2024 automobile deduction limits and expense benefit rates for businesses

      On December 18, 2023, the Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2024.

      The following changes to limits and rates will take effect as of January 1, 2024:

      • The ceiling for capital cost allowances (CCA) for Class 10.1 passenger vehicles will be increased from $36,000 to $37,000, before tax, in respect of vehicles (new and used) acquired on or after January 1, 2024.

      • Deductible leasing costs will be increased from $950 to $1050 per month, before tax, for new leases entered into on or after January 1, 2024.

  2. New forms

    Federal

    • T2000 - Calculation of Tax on Agreements to Acquire Shares (section 207.1(5) of the Income Tax Act)

    • T3PRP - T3 Pooled Registered Pension Plan Tax Return

    • T3S - Supplementary Unemployment Benefit Plan Income Tax Return

  3. Revised forms

    Federal

    The tax calculation forms below have been modified to reflect the 2024 tax rates and thresholds.

    • Schedule 11 - Federal Income Tax

    • T3BC - British Columbia Tax

    • T3MB - Manitoba Tax

    • T3NB - New Brunswick Tax

    • T3NL - Newfoundland and Labrador Tax

    • T3NT - Northwest Territories Tax

    • T3NU - Nunavut Tax

    • T3ON - Ontario Tax

    • T3PE - Prince Edward Island Tax

    • T3SK - Saskatchewan Tax

    • T3YT - Yukon Tax

    • T3MJ - T3 Provincial and Territorial Taxes for 2023 - Multiple Jurisdictions

    • AUT-01 - Authorize a Representative for Offline Access

    • AUT-01.X - Cancel Authorization for a Representative

    • T776 - Statement of Real Estate Rentals

      New amounts for calculating eligible leasing costs for passenger vehicles.

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

      New amounts for calculating eligible leasing costs for passenger vehicles.

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

      New amounts for calculating eligible leasing costs for passenger vehicles.

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

      New amounts for calculating eligible leasing costs for passenger vehicles.

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

      New amounts for calculating eligible leasing costs for passenger vehicles.

    • T2121 - Statement of Fishing Activities

      New amounts for calculating eligible leasing costs for passenger vehicles.

    • T2125 - Statement of Business or Professional Activities

      New amounts for calculating eligible leasing costs for passenger vehicles.

    • T2042 - Statement of Farming Activities

      New amounts for calculating eligible leasing costs for passenger vehicles.

    Quebec

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

      New amounts for calculating eligible leasing costs for passenger vehicles.

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

      New amounts for calculating eligible leasing costs for passenger vehicles.

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

      New amounts for calculating eligible leasing costs for passenger vehicles.

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

      New amounts for calculating eligible leasing costs for passenger vehicles.

    • T2042(Q) - Statement of Farming Activities

      New amounts for calculating eligible leasing costs for passenger vehicles.

    • T2121(Q) - Statement of Fishing Activities

      New amounts for calculating eligible leasing costs for passenger vehicles.

    • TP-80 - Business or Professional Income and Expenses

      New amounts for calculating eligible leasing costs for a motor vehicle.

    • TP-128.F - Income Earned by a Trust From the Rental of Immovable Property

      New amounts for calculating deductible motor vehicle leasing expenses.

    In-house forms

    • Assembly instructions

      • The order of assembly of the federal tax return has been modified to reflect the changes in the CRA's IC97-2.

      • New tables have been added for these new forms:

        1. T2000 - Calculation of Tax on Agreements to Acquire Shares

        2. T3PRP - T3 Pooled Registered Pension Plan Tax Return

        3. T3S - Supplementary Unemployment Benefit Plan Income Tax Return

    • Client letter

      • The paragraphs referring to the balance due on the federal tax return, as well as the Quebec tax return, have been updated to list the different payment options available to the client.

      • A new paragraph has been added for each of the new forms, to inform the client to sign and mail these forms if applicable.

    • Invoice

      The following new forms have been added to the automatic billing setup:

      – T2000 - Calculation of Tax on Agreements to Acquire Shares (section 207.1(5) of the Income Tax Act)

      – T3PRP - T3 Pooled Registered Pension Plan Tax Return

      – T3S - Supplementary Unemployment Benefit Plan Income Tax Return

  4. New keywords

    1. In the new T2000 keyword group, pertaining to federal Form T2000:

      1. T2000 : Whether form T2000 should be completed

        Use the keyword T2000 to indicate whether the form T2000, Calculation of tax on agreements to acquire shares (section 207.1(5) of the Income Tax Act), should be completed.

        This form should be completed if a taxpayer agreed to acquire shares of the capital stock of a corporation from someone other than the corporation, at a price different from the fair market value of the shares when they were acquired.

      2. ID-Name.t2000 : Identification of the taxpayer who entered into an agreement

        Use the keyword ID-Name.t2000 to identify the taxpayer who agreed to acquire shares of the capital stock of a corporation. This information will be captured in Area 1 of the form.

      3. Acct-Number.t2000 : Account number

        Use the keyword Acct-Number.t2000 to enter the taxpayer's account number.

      4. Plan-Name.t2000 : Name of plan or fund

        Use the keyword Plan-Name.t2000 to enter the name of the plan, fund or amateur athlete for the associated T3ATH-IND, T3D, T3GR, T3P, T3PRP or T3S income tax return.

      5. Agreement-Info : Date the agreement was entered into

        Use the keyword Agreement-Info to indicate the date in which the agreement was entered into so that columns B to H in area 2 of the form can be filled accordingly.

      6. Acct-Payment.t2000 : Payments on account

        Use the keyword Acct-Payment.t2000 to enter any payments that have already been paid on this account.

      7. Month-Amount : Month and amount required to pay for the shares

        Use the keyword Month-Amount for agreements made before July 14, 1990, to enter the monthly maximum amount required to pay for the shares.

      8. FMV-Shares : Month and FMV of the shares at the time of the agreement

        Use the keyword FMV-Shares to enter the monthly fair market value of the shares at the time of the agreement.

      9. Dividends-paid : Month and total amount of dividends paid on the shares

        Use the keyword Dividends-paid to enter the month and the total amount of dividends which were paid on the shares.

      10. Div-Received : Month and total amount of dividends received

        Use the keyword Div-Received to enter the month and the total amount of dividends received from the shares.

      11. TrustAcctNo.t2000 : Trust account number

        Use the keyword TrustAcctNo.t2000 to enter the trust account number affiliated with the plan or fund.

    2. In the ID-Name.t2000 keyword subgroup within the T2000 group, pertaining to the identification section of Form T2000:

      1. Name.t2000 : Name of taxpayer who entered into an agreement

        Use the keyword Name.t2000 to enter the name, or last name if an individual, of the taxpayer who entered into an agreement to acquire shares.

      2. First-Name.t2000 : First name of taxpayer who entered into an agreement

        Use the keyword First-Name.t2000 to enter the first name, if applicable, of the taxpayer who entered into an agreement to acquire shares.

      3. Street.t2000 : Number and street name

      4. Suite.t2000 : Suite number

      5. City.t2000 : Name of the city

      6. Province.t2000 : Name of the province

      7. Postal-Code.t2000 : Postal code

      8. State.t2000 : Name of the state

      9. Zip-Code.t2000 : U.S.A. zip code

      10. ForPost-Code.t2000 : Postal code for mailing address outside of Canada

      11. Country.t2000 : Name of the country

      12. Telephone.t2000 : Home phone number [e.g. (123) 456-7890]

    3. In the new T3PRP group, pertaining to federal Form T3PRP:

      1. T3PRP : Whether the T3PRP tax return should be completed

        Use the keyword T3PRP to indicate whether Form T3PRP, Pooled Registered Pension Plan Tax Return, should be completed. This form should be completed for a qualifying pooled registered pension plan (PRPP).

        If the plan is not registered under the Income Tax Act throughout its period of operation or existence during the year, the income may be taxable. To report taxable income and to complete the T3 Trust Income Tax and Information Return, a distinct client should be entered with the pertinent information.

      2. Plan-Number.prp : Plan registration number

        Use the keyword Plan-Number.prp to enter the pension plan's registration number.

      3. File-T3return.prp : Whether a related T3 Trust Income Tax Return is being filed

        Use the keyword File-T3return.prp to indicate whether the trust also filed a related T3 Trust Income Tax and Information Return. This information will be captured on the T3PRP Return with the accompanying trust account number.

      4. Transfer-Asset.prp : Name of new trust or insurance company to which assets were transferred

        If the trust company transferred the plan assets use the keyword Transfer-Asset.prp to enter the name of the new trust, or insurance company to which the funds were transferred.

      5. S207-1-5-OV.prp : Tax under subsection 207.1(5) on agreements to acquire shares (override)

        Use the keyword S207-1-5-OV.prp to manually enter the tax payable under subsection 207.1(5) on agreements to acquire shares.

        If the trust or pension corporation entered into an agreement to acquire shares of the capital stock of a corporation at a price that differed from their fair market value when acquired, it may have to pay tax under subsection 207.1(5). In this case, complete Form T2000, Calculation of tax on agreements to acquire shares, and attach it to this return.

      6. Acct-Payments.prp : Payments on account

        Use the keyword Acct-Payments.prp to enter any payments that have already been paid on this account.

      7. Refund-Code.prp : Refund code

        Use the keyword Refund-Code.prp if the trust is entitled to a refund.

    4. In the new T3S group, pertaining to federal Form T3S:

      1. T3S : Whether the T3S tax return should be completed

        Use the keyword T3S to indicate whether Form T3S, Supplementary Unemployment Benefit Plan Income Tax Return, should be completed. This form should be completed for registered plans.

        If the plan is not registered under the Income Tax Act throughout its period of operation or existence during the year, the income may be taxable. To report taxable income and to complete the T3 Trust Income Tax and Information Return, a distinct client should be entered with the pertinent information.

      2. Plan-Number.s : Plan registration number

        Use the keyword Plan-Number.s to enter the plan's registration number.

      3. File-T3return.s : Whether a related T3 Trust Income Tax Return is being filed

        Use the keyword File-T3return.s to indicate whether the trust also filed a related T3 Trust Income Tax and Information Return. This information will be captured on the T3S Return with the accompanying trust account number.

      4. S207-1-5-OV.s : Tax under subsection 207.1(5) on agreements to acquire shares (override)

        Use the keyword S207-1-5-OV.s to manually enter the tax payable under subsection 207.1(5) on agreements to acquire shares.

        If the trust or pension corporation entered into an agreement to acquire shares of the capital stock of a corporation at a price that differed from their fair market value when acquired, it may have to pay tax under subsection 207.1(5). In this case, complete Form T2000, Calculation of tax on agreements to acquire shares, and attach it to this return.

      5. Acct-Payments.s : Payments on account

        Use the keyword Acct-Payments.s to enter any payments that have already been paid on this account.

      6. Refund-Code.s : Refund code

        Use the keyword Refund-Code.s if the trust is entitled to a refund.

  5. New options

    1. For the keyword Agreement-Info :

      Agreement before July 14, 1990
      Agreement after July 13, 1992, and before 1993
      Agreement after 1992 and before April 26, 1995
      Agreement after 1995

    2. For the keywords Month-Amount , FMV-Shares , Dividends-paid and Div-Received :

      January
      February
      March
      April
      May
      June
      July
      August
      September
      October
      November
      December

    3. For the keyword ID-Name.t2000 :

      Trust name and address
      Trustee name and address
      Other name and address

    4. For the keyword Plan-Name.t2000 :

      Trust name
      Other name (specify)

    5. New variables added for the keyword Letter-Data :

      %105 T2000 - Calculation of tax on agreements [0=No, 1=Yes]
      %104 TPF-1026.0.1.F - Remittance Slip [Payment code]
      %106 T3PRP - Pooled registered pension plan tax return [0=No, 1=Yes]
      %107 T3PRP - Pooled registered pension plan tax return owing [$]
      %108 T3PRP - Pooled registered pension plan tax return refund [$]
      %109 T3S - Supplementary unemployment benefit plan [0=No, 1=Yes]
      %110 T3S - Supplementary unemployment benefit plan owing [$]
      %111 T3S - Supplementary unemployment benefit plan refund [$]

    6. New year added for the keyword Hist-ForestAver :

      8th prior year

DT Max T5013

  1. Version highlights

    1. Known issue fixed in version 27.30: Negative value in column 12 of federal Schedule 8

      A negative value was being generated in column 12, Immediate expensing, of federal Schedule 8, Capital Cost Allowance (CCA), when the partnership had a loss and there was a designated immediate expensing property (DIEP) acquisition. This issue was fixed in version 27.30.

    2. Increase of the ceiling for CCA for passenger vehicles

      The ceiling for CCA for passenger vehicles will increase from $36,000 to $37,000 effective as of January 1, 2024.

  2. Revised forms

    Federal

    • Schedule 8 - Capital Cost Allowance (CCA)

      After clarification from the CRA, Part 2, Income earned from the source in which the designated immediate expensing property (DIEP) is used, will only be completed if there is an acquisition of designated immediate expensing property (DIEP).

    • T106 - Information Return of Non-Arm's Length Transactions with Non-Residents (2022 and later tax years)

      The functional currency "JPY - for Japanese yen" is now available for the keyword CurrencyCode within the NonRes-Trans group.

    • T1134 - Information Return Relating To Controlled and Non-Controlled Foreign Affiliates (2021 and later taxation years)

      The functional currency "JPY - for Japanese yen" is now available for the keyword Elect-Currency within the Foreign-Info group.

    • T1135 - Foreign Income Verification Statement

      The functional currency "JPY - for Japanese yen" is now available for the keyword Elect-Currency within the Foreign-Info group.

    • AUT-01 - Authorize a Representative for Offline Access

    • AUT-01X - Cancel Authorization for a Representative

  3. New keywords

    1. New keywords pertaining to federal Schedule 63:

      1. Rate-1stPartYr-OV : Fuel charge payment rate first part of year or calendar year /ov

        Use the keyword Rate-1stPartYr-OV to override the fuel charge payment rate if the partnership has a calendar year or the first part of the fiscal year if the partnership has a non-calendar fiscal year.

      2. Rate-2ndPartYr-OV : Fuel charge payment rate second part of fiscal year /ov

        Use the keyword Rate-2ndPartYr-OV to override the fuel charge payment rate for the second part of fiscal year if the partnership has a non-calendar fiscal year.

  4. New option

    1. For the keyword CurrencyCode in the NonRes-Trans group, pertaining to federal Form T106 and for the keyword Elect-Currency in the Foreign-Info group, pertaining to federal Forms T1134 and T1135:

      JPY - for Japanese yen

 

 

June 19, 2024