Budget Changes
There are several budget announcements from both Federal and Provincial governments.
Click to see a summary of budget announcements that may come into effect in the T1-2007 tax preparation.
VisualTax - T1-2007
Changes are being made to the T1 program for the 2007 tax season. The main changes are described below:
- Pension Income Splitting and Family Optimization: It
covers Pension Splitting and Credit Splitting between spouses.
- Automobiles: Expenses and CCA: All automobile expenses and related CCA are entered on a new form. You can use multiple automobile forms and you can allocate the expenses and CCA to one or multiple statements or you can claim multiple automobiles for the same statement. The program automatically posts them to the various statements based on percentage usage that you enter on this form. Affected statement may be: T2124, T2032, T2121, T2042, T1163, T1273, T776 anf T777. Last year’s fifth page of T2124, T2032, T2121 and T2042 has been removed.
- Business Assets: The tabular form used last year has been discontinued. Instead the new form allows only one asset per form but you can have multiple forms (assets). You can allocate the expenses and CCA to one or multiple statements or you can claim multiple assets for the same statement.
- Shared T3 and T5 slips: You can enter all such slips in any one of the spousal returns with share % ranging from 0 to 100%. In addition you can use a % in a box called ‘claimed by others’ in the event a slip is shared with a taxpayer other than the spouse.
- Help System: With the introduction of VISTA, Microsoft has practically given up support of the help files with extension HLP. Instead Microsoft advises to start using the HTML based Help files with extension CHM. We are converting the HLP files to the HTML based format in all our products.
- Data Directories: In the 'Save As..' window you can change the Data Directory without having to pre-configure it via Configuration. You can save the same return in multiple data directories or drives which in effect is similar to copying the return from one directory to another. This feature can also be useful when you open a return, made changes to it but you do not want to disturb the tax return in the original data directory.
- Automatic Web Update: Routines have been re-written to accommodate Vista and some other versions of Windows. This will allow users of all windows versions to get automatic updates via web.
- Other changes: We are looking at our user feedback and we will be responding based on priorities.