Bulletin - Dec 21, 2009

As the new season starts we would like to wish you happy holidays and bring you up to date with some news from VisualTax and CRA.

1. Order form (2009/2010)

The 2009/2010 Order Form is on our web site (on the 'Order' page) and you can use it for ordering products for the upcoming tax year. The Order Form will not be mailed out.

You can print the Order form by clicking here http://www.visualtax.com/price-2009.pdf

You will enjoy again this year great savings with our top of the line T1 + T2 + TR bundle at $698. They include Unlimited T1 returns with Efile online and Batch, Unlimited T2's with Corporate Internet Filing (CIF) and Tax Research module (TR).

2. VtScan (New product):

As we move more into a paperless processing, we have introduced vtScan and a 'Client Documents' folder where you can store the printed tax return in PDF format or scan client documents into it, such as T4 slips or other correspondence/documents related to your clients.

To this effect the following have been implemented:

a. vtScan: This new facility has been introduced to allow you to scan client documents and attach them to the tax return. VtScan is fully integrated with the T1 program so the scanning process of one or multiple documents can be done practically with one keystroke. The program is automatically taking care of the ClientDocs folder where documents are scanned into and provides facilities to view the documents on-line by document category.

b. ClientDocs: Facility to set up a 'Client Documents' folder. The Client Documents folder should not be confused with the Current Data Directory/Default Data Directory. These folders contain the raw data of the tax returns and most offices use it as a central place to store all returns for the year.

c. Save a tax return in PDF format: The return by default will be saved in the Client Documents folder of a specific client. The program automatically sets up a distinct folder for each client and tax year based on the ClientDocs folder. Storing the PDF version of the tax return can be requested upon completion of the return, so a final printout is saved in PDF format, instead of keeping a full hard copy.

d. Scan/Review/list/show the Client Documents while the tax return is being prepared.

Please see more at http://www.visualtax.com/vtscan.asp

3. Latest program updates

See updates at: http://www.visualtax.com/download.asp

T1-2009: As of Dec 15, 2009 (includes full calculations and forms, including the new forms RC267, RC268 and RC269). When preparing returns with the T1Draft09 version, DO NOT set it in planner mode, as planner mode refers to next year (2010). This draft version will be fully replaced by the production version Jan 31, 2010. Returns prepared with the draft version will be readable by the production version.

T2-2009: Last Update: As of Dec 20, 2009

4. Program improvements

Some improvements that required data re-structuring are already implemented in the T1Draft09 (such as splitting dispositions item by item on S3, Multiple T3'slips on a single form, etc). We will be digging into your feedback to implement more improvements for the production version. We want to thank users who took the time to provide their feedback last season.

5. Expected release dates for the new season: Click here: http://www.visualtax.com/release.asp

6. Conversion from last year

Preliminary conversion from VisualTax and Profile are included in the T1Draft09 program. In addition, a build-in conversion from CanTax-T1 is expected to be released by the end of December.

7. New Mailing address

Please note our new Mailing Address when sending mail orders or other correspondence.

Microsophic Inc.
4141 Dixie Rd,
P.O. Box 41118
Mississauga, ON, L4W 5C9

8. Corporate Internet Filing becomes mandatory. It may affect you..

See info here: http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqt2-eng.html#q1

and here: http://www.cra-arc.gc.ca/nwsrm/txtps/2009/tt091110-eng.html

9. New account numbers for filing T5 and other slips/summaries

Beginning January 1, 2010, you will be required to use your BN with a new RZ account number to file the following information returns with the CRA:

Return of Investment Income (T5)

Return of Benefits (T5007)

Return of Securities Transactions (T5008)

Partnership Information Return (T5013)

Contract Payments Information Return (T5018)*

Registered Retirement Savings Plan (RRSP) Contribution Receipts Return and

the new Tax-Free Savings Account (TFSA) Annual Information Return

The programs will be adjusted to accommodate the new account requirements

VisualTax...The Best Return For Your Money.
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