CorpHistory

CorpHistory opens a group for each prior taxation year, to give relevant historical data, that will help you compare data upon entry, the results of corporate tax calculations, and assess the financial position of the corporation.

The amounts entered in this group also enable DT Max to refer to prior years' results when required in calculating tax returns for current and future years.

All amounts in this group will be carried forward by DT Max, and should be entered only if DT Max has not been used to calculate previous T2 returns.

There are 10 prior year options for the keyword CorpHistory.

The following options are applicable for the keyword CorpHistory.

Prior years relevant to carryforwards available and other historical items.

1st prior year

2nd prior year

3rd prior year

4th prior year

5th prior year

6th prior year

7th prior year

8th prior year

9th prior year

10th prior year

11th prior year

12th prior year

13th prior year

14th prior year

15th prior year

16th prior year

17th prior year

18th prior year

19th prior year

20th prior year

TaxableInc   

TaxableInc is the taxable income for the year of reference (referred to in CorpHistory) from the T2 return. Use [Alt-J] to enter different values for other jurisdictions.

GrossTaxInc   

Use the keyword GrossTaxInc to enter the grossed-up taxable income of the corporation for the preceding year. Use [Alt-J] to enter different values for other jurisdictions.

RDTOH-CF

RDTOH-CF is the refundable dividend tax on hand account ending balance of the corporation for the year of reference (referred to in CorpHistory). The ending balance entered for the first prior year will be printed on the T2 schedule.

DivRefund.h

DivRefund.h is the dividend refund for the year of reference (referred to in CorpHistory). The amount entered for the first prior year will be subtracted from the corporation's refundable dividend tax on hand account on the T2 return.

CGRefund.h   

Use the keyword CGRefund.h to enter the amount of the federal capital gains refund for the previous taxation year. Use [Alt-J] to enter different values for other jurisdictions.

CGRefund-CF   

Use the keyword CGRefund-CF to enter the amount of the refundable capital gains tax on hand at the end of the previous year. Use [Alt-J] to enter different values for other jurisdictions.

Associated

Use the keyword Associated to indicate if the corporation was associated with another corporation in a prior year.

This information is required in order to calculate the large corporation tax on line 415 of the T2 return (schedule 200).

The following options are applicable for the keyword Associated.

No

Yes

ReduceBusLim   

Use the keyword ReduceBusLim to enter the reduced business limit of the corporation of the prior year. A corporation's business limit is reduced by part I.3 tax for taxation years beginning after February 28, 1995. Use [Alt-J] to enter different values for other jurisdictions.

SBD-Claimed

Use the keyword SBD-Claimed to indicate whether or not the corporation had claimed the small business deduction in the previous tax year. This information is needed for purposes of determining the federal instalments.

The following options are applicable for the keyword SBD-Claimed.

Yes

No

Active-Bus-Inc

Use the keyword Active-Bus-Inc to indicate that the corporation did have active business in prior year as per Quebec form CO-771. This information is required in order to determine whether the corporation is eligible to make Quebec quarterly instalments.

The following options are applicable for the keyword Active-Bus-Inc.

Prior year information.

Active business income earned in prior yr (per CO-771)

This information is derived from line D of Quebec form CO-771.

PartI3Tax

PartI3Tax is the total taxable capital employed in Canada minus $10,000,000 * .225% calculated on schedule 33, 34 or 35 in the immediately preceding taxation year. This amount, if it exists, is needed to determine the reduced business limit for Canadian-controlled private corporations for the purposes of the Federal small business deduction.

If the corporation is an associated corporation, the total part I.3 taxes of the associated group is needed to calculate the reduced business limit. Enter the amount of each associated corporation's part I.3 taxes, if any, in the PartI3Tax.pa keyword in the relevant corporation's RelatedParty group.

Net-PartVITax

Use the keyword Net-PartVITax to enter the net Part VI tax payable for the period before July 1, 2006 (line HH of schedule 38 for the straddle year) and the net Part VI tax payable for the period after June 30, 2006 (line RR of schedule 38 for the straddle year).

The following options are applicable for the keyword Net-PartVITax.

Prior year information.

Net Part VI tax payable - period before July 1, 2006

This is the amount from line HH of schedule 38 for the straddle year in question.

Net Part VI tax payable - period after June 30, 2006

This is the amount from line RR of schedule 38 for the straddle year in question.

QC-Tax-PUC

Use the keyword QC-Tax-PUC to enter the corporation's paid-up capital in the preceding taxation year. This is the amount from line 392 of the CO-1136 for that year.

TaxableCap.h   

For taxation years ending after June, 1994, enter the corporation's Quebec paid-up capital (line 399 of the CO-1136) in the immediately preceding taxation year here. This amount is needed to determine the reduced business limit for Canadian-controlled private corporations for the purposes of the Quebec small business deduction.

If the corporation is an associated corporation, the total Quebec paid-up capital of the associated group is needed to calculate the reduced business limit. Enter the amount of each associated corporation's Quebec taxable paid-up capital, if any, in the TaxableCap keyword in the relevant corporation's RelatedParty group. Use [Alt-J] to enter different values for other jurisdictions.

Cdn-PUC

Use the keyword Cdn-PUC to enter the corporation's paid-up capital calculated on a Canadian basis for the previous tax year.

QC-M&P-Ded

Use the keyword QC-M&P-Ded to enter the amount of deduction for a manufacturing corporation (code 08) claimed on line 393 or line 394 of Quebec form CO-1136 in the preceding tax year.

Allow-Invest

Use the keyword Allow-Invest to enter the amount of allowance for investments in property in Canada claimed in the prior year.

This information is used to determine the net base amount for purposes of federal schedule 20.

PriorYearEnd

Use PriorYearEnd to enter the year-end of the corporation for the year of reference (referred to in CorpHistory). This entry is required if the month and day of the year-end date differ from the current year's YearEnd, i.e. if there has been a change in YearEnd.

CorpType.his

CorpType is the type of corporation for the year of reference (referred to in CorpHistory). This should be entered only if the corporation's type has changed in the year of reference from the following YearEnd.

The following options are applicable for the keyword CorpType.his.

Corporation types used for identification and calculation purposes.

CCPC - entire fiscal period

Whether the corporation was a Canadian-controlled private corporation for the entire prior taxation year is relevant for purposes of the inclusion rate used for the prior year capital gains and losses. This is relevant in the CorpHistory group when the corporation type was different in a prior year.

Other private corporation

Private corporations are subject to part IV tax. They may receive a dividend refund on taxable dividends paid and can have a refundable dividend tax on hand (RDTOH) account. If relevant, enter dividends received in the IncomeSource group, taxable dividends paid in the DividendPaid keyword and the opening RDTOH balance in the RDTOH-CF keyword. Enter investment income subject to refundable part I tax in the IncomeSource group.

Public corporation

Cdn corp contr by public corp

These are other corporation types classified on the federal T2 return. No small business deduction will be calculated for these corporations. If a corporation of this type is a subject corporation for part IV tax purposes, choose "Yes" in the SubjectCorp keyword in the CorpType group.

Co-operative

Credit union

Co-operative corporations and credit unions are eligible for the small business deduction also. DT Max will calculate the deduction for these corporations. These corporations will be classified as "other" on the federal T2 return.

Non resident corporation

This corporation type will be classified as "other" on the federal T2 tax return. Enter the country of the corporation's residence in the Country keyword so it will print on the federal T2 return.

Federal Crown corporation

Federal Crown corporations are exempt from parts I and I.3 tax and deemed not to be private corporations. DT Max will not calculate any federal tax for these corporations. This corporation type will be classified as "other" on the T2 return.

Municipal or provincial corp

Provincial corporations or municipalities are exempt from parts I and I.3 tax and deemed not to be private corporations for part IV tax. DT Max will not calculate any federal tax for these corporations. This corporation type will be classified as "other" on the federal T2 return.

Exempt-NPO SR&ED-ITA 149(1)(j)

Fed ITA 149(1)(j) non profit organizations for SR&ED are classified as tax-exempt on the federal T2 return. DT Max will not calculate federal tax for these corporations.

Exempt - ITA 149(1)(e)

Fed ITA 149(1)(e) tax-exempt corporations consist of agricultural organizations, boards of trade and chambers of commerce.

Exempt - ITA 149(1)(l)

Fed ITA 149(1)(l) tax-exempt corporations consist of clubs, societies or organizations operated solely for social welfare, civic improvement, recreation or any other non profit purpose.

Exempt-farm/fish-ITA 149(1)(t)

Fed ITA 149(1)(t) tax-exempt corporations consist of an insurer that, throughout the period, is not engaged in any business other than insurance of property used in farming or fishing or for the residences of farmers or fishermen.

Exempt other per ITA 149

Exempt under other paragraphs of Fed ITA section 149.

Other type of corp (specify)

This corporation type will be classified as "other" on the federal T2.

Other corp, non share capital

Other corporations which are non share capital are separately classified as non share capital corporations on page 1 of the CT-23 return.

Assets.his   

Quebec uses total assets of the corporation and all associated corporations, according to the immediately preceding taxation year financial statements, to determine which rate is used to calculate the SR&ED salaries and wages tax credit. Enter total assets of each associated corporation in the Tot-Assets keyword in the RelatedParty group of that corporation.

Use [Alt-J] to enter different values for other jurisdictions.

Equity.his

Quebec uses total net share equity, according to the immediately preceding taxation year financial statements, to determine which rate is used to calculate the SR&ED salaries & wages tax credit. Enter total net share equity of each associated corporation in the Tot-Equity keyword in each RelatedParty group which is entered for such corporations.

Small businesses qualify for the higher credit rate if in the immediately preceding taxation year, total assets of the corporation and all associated corporations are less than $25 million and net equity of the corporation and all associated corporations is less than $10 million.

GrossRev.his

Use the keyword GrossRev.his to enter the gross revenue of the corporation for its preceding taxation year.

Wages.his

Use the keyword Wages.his to enter the salaries and wages paid by the corporation in the preceding taxation year. This information will help determine the rate to be used in the calculation of the Ontario co-operative education tax credit.

Ont-Alloc

Use the keyword Ont-Alloc to enter the previous year's Ontario allocation for purposes of schedules 516 and 517.

RegGainAvail

Enter the unused registered gain-sharing plan credit from the prior year's CO-776.1.5.6 form (line 33). The current year CO-776.1.5.6 requires this historical breakdown of the tax credit arising from prior taxation years.

RegGainUsed

Enter the unused registered gain-sharing plan credit claimed in prior taxation year's CO-776.1.5.6 form on line 24. The current year CO-776.1.5.6 requires this historical breakdown of the tax credit arising from prior taxation years.

There are 5 prior year options for the keyword RegGainUsed.

The following options are applicable for the keyword RegGainUsed.

Prior years relevant to carryforwards available and other historical items.

1st prior year

2nd prior year

3rd prior year

4th prior year

5th prior year

PrevYr-BusQ%

PrevYr-BusQ% is relevant for the Quebec income tax calculation on the CO-771.D form. If the corporation is requesting the Quebec tax holiday and has claimed the credit for losses in a prior taxation year, the corporation may have to repay its prior year credit for losses. When the proportion of business carried on in Quebec now is less than in the prior taxation year, the prior year proportion must be used on line 54 of the CO-771.D form.

Use ProvTaxReduc to claim the Quebec tax holiday. Choose "YES" in the CredForLoss keyword (in the ProvTaxReduc group) to indicate the credit for losses was claimed in a prior tax holiday year.

CapHistory   

Amounts entered in CapHistory will be used when the current year capital loss is being carried back to the prior year entered in the CorpHistory keyword in this group. Use [Alt-J] to enter different values for other jurisdictions.

SR&ED.his

Use the keyword SR&ED.his to enter SR&ED historical information requested on Alberta schedule 9 in order to calculate SR&ED tax credit.

The following options are applicable for the keyword SR&ED.his.

Prior year information regarding SR&ED

Federal SR&ED expenses (line 559 - Sch. 32)

Alberta eligible SR&ED expenses