News Bulletin - Feb. 15,  2007

T1-2006 Update - Feb 15, 2007

To download the latest update, close the T1-2006 program first and then click here T1UpdF23.exe 

The update includes a few refinements as listed below:

Tax Summary: Showed 366 instead of 365.

RPP form: Revised the RPP form and linked automatically to T4 past service contributions.

Viewing Last Year Data: You can concurrently view the current and last year's forms and data. To view last year’s data, right click the body of a form (not the white boxes) and select ‘Show Last year’s data’. The provincial Tax/credits, T183 and TL2 will not show since form names have been changed from last year. This feature is of value only to users who used VisualTax last year and have the T1-Power version. To be able to view last year's forms/data follow the two steps below:
- Step 1. Use the Windows Explorer and delete the file called 'Forms-2005' from C:\T1-2006
- Step 2: Download ‘Forms-2005.exe’ from http://www.visualtax.com/downloads/forms-2005.exe and select Run or Open and then Unzip it into the folder name C:\T1-2006\Forms-2005 (assuming C:\T1-2006 was the folder where the T1 2006 was installed). If you do not delete the file in step one, the Unzip may not work.

Form Tabs in re-opening a return: Option to show on opening a return the forms you used last time the return saved (See Configure | General Options | Display). Up to 15 forms will appear on the forms tabs. In addition there is another option to specify that you want to open automatically the last form you displayed upon previous closing of the return. The default will be the ‘Info’ form. 

Decimal Assume: Option to use Assumed Decimal. (See Configure | General Options | Defaults). Do not tick this option, unless you are used to it. Example: If ‘Decimal Assume’ is ticked, then when you enter 123456 in a dollar box, the program assumes a decimal position and it will interpret it as 1234.56 (you are saving a keystroke).

Business Assets: This form is a revision of what we had last year. It is offered in multiple pages so you can keep inventory of all the depreciable assets that you use in the various self-employment and rental schedules. The form will calculate the CCA and as an option it can post the CCA and additions/disposals details into the respective self-employment statements or rental.  In this program version, posting the CCA automatically is available only for small number of assets. We plan to remove this restriction in a future release. The rollover process will bring forward all Business Assets from the VisualTax data you used last year.

T2-2007

As a result of the recent dividend changes (eligible and other than eligible) CRA is planning to release the following new forms: 
Schedule 53 - GRIP: Determine the general rate income pool (GRIP) if you are a Canadian-controlled private corporation (CCPC) or a deposit insurance corporation (DIC).
Schedule 54 - LRIP: Calculate the balance of the low rate income pool (LRIP) at any time in the tax year if you are a corporation resident in Canada that is:
- a corporation other than a Canadian-controlled private corporation (CCPC) or a deposit insurance corporation (DIC); or
-a corporation that elects under subsection 89(11) not to be a CCPC.
Schedule 55 - Part III.1 Tax on excessive eligible dividends designations. Every corporation resident in Canada that pays a taxable dividend (other than a capital gains dividend) in the tax year must file this schedule.

We have seen a draft version of the above schedules and we plan to add them to the T2-2007 program as soon as the forms are finalized. (End of February or beginning of March).

Yours truly
VisualTax