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Save time and achieve superior results Corporate Taxprep. Canada’s most comprehensive T2 tax return
software program for preparing federal and provincial tax forms and tools designed to simplify complex
preparation requirements.
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“In my role at Suncor, I prepare the tax returns for several of our larger entities. When preparing a corporate tax
return, I always review the diagnostics before submitting for review as the diagnostics in Corporate Taxprep as they
often identify minor errors that can be fixed quickly before submission. These errors are not always picked-up with
an eyeball review.
Further, because the diagnostics provide a listing of program overrides, we can review these to make sure they make
sense or are intended as the case may be.
Further, when GIFI versus Schedule 1 amounts do not equal, the diagnostic produced by Taxprep forces us to take a
second look to ensure we are getting the result we intended.
We also had a situation arose where a Taxprep diagnostic advised that we could use different CCA class with a better
write off rate if certain conditions were met.
The organization did meet the conditions and thus moved our new equipment to the class advised by the diagnostics
thus increasing our CCA claim and reducing our current year tax liability.”
R. Hardy, CGA
Income Tax Analyst
Suncor Energy
Simplify the returns process for related and associated corporations with T2 Data Connection
Preparing returns for related and associated corporations is time consuming and complicated and there is a solution to
help you reduce your tax preparation time by as much as 50 per cent.
The T2 Data Connection feature in Corporate Taxprep significantly reduces your tax preparation time and
improves the accuracy of your multi-corporation returns. T2 Data Connection helps you optimize allocations and
simplifies the compliance process by keeping all information synchronized within the group.
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Automatic data import. When you’re preparing returns for multiple corporations within a corporate group,
certain data from every corporation in the group have to be reported in each tax return. T2 Data Connection
cuts your data entry time by automatically importing relevant data from each of the corporate returns in the group.
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Intelligent synchronization and diagnostics. T2 Data Connection links all the files within a corporate
group and flags any discrepancies between the information entered in the Schedule 9 workchart and in each source
file. T2 Data Connection even helps you determine the appropriate data to be reported when your associated or
related returns have different year-ends.
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Optimized allocations within the group. T2 Data Connection includes the innovative Allocation
Scenarios features so you can easily optimize the allocation of various amounts between the corporations in
the group. The software allows you to test allocation amounts and retrieve the results for each of the
corporations in the group. You can easily create several scenarios and find the one that delivers the best results.
GIFI data transfers to multiple tax forms means fewer repetitive tasks
With Corporate Taxprep, you can transfer more than 750 different items from the General Index of Financial
Information (GIFI) into 25 different tax forms, saving time and minimizing data entry errors. Import GIFI information
from most accounting and working papers programs. Side-by-side views of prior and current year amounts speed up review
and selection of GIFI codes.
Reduced errors and rejects with diagnostics
Corporate Taxprep has more than 1,600 diagnostics and edit checks that help you avoid costly filing errors, processing
delays or even return rejections. The diagnostics are displayed for quick reference as you work on returns. You can also view a
complete list of diagnostics and click for comprehensive explanations.
Specialized Information Module makes compliance easier
Sold separately, this optional module contains forms and calculations for the special compliance needs of the resource
industry, credit unions or financial institutions.
The Specialized Information Module gives you access to:
- 19 federal and provincial forms for specialized returns
- 28 federal and provincial capital tax forms
- 3 federal and provincial forms for credit union filings
- 10 federal and provincial forms required for filing returns for the resource industry
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1 form that allows you to include in income any tax credit amount, deduction or any other amount that is deemed
to be an inducement or government assistance, and that also allows you to keep track of tax credits that should
reduce the capital cost of property.
Save time with flexible data import system
Import data from other sources such as spreadsheets, databases and text files to reduce data entry time. You can also
easily export data from one Taxprep file to another – useful when part of a return is being prepared by an outside
consultant.
Intelligent T2 File Open
Each version of Corporate Taxprep can be used to handle multiple tax year ends. When you click on a file, this
feature will automatically launch the appropriate version of Corporate Taxprep for that year end.
Tax planning aids help you serve your clients better
A tax rate table shows the relevant federal and provincial tax rates and allows them to be overridden so you can quickly
calculate the impact of proposed tax rate changes – especially if you are calculating a tax provision. The Five-Year Summary
feature gives you a quick overview of federal and provincial returns for the last five tax years – a useful tool for tax
planning and a good overview of the corporation’s tax filings.
Corporate Electronic Filing
Most corporations with revenues greater than $1 million are now required to file their T2 returns electronically for
taxation year ends after 2009. Electronic filing has also become mandatory for Québec CO-17 returns for year ends after
May 31, 2010. Using the Corporation Internet Filing Module, Corporate Taxprep makes it easy to comply with these
requirements.
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Smart diagnostics. Returns subject to mandatory electronic filing are flagged with a diagnostic to ensure
that you are alerted to this filing requirement.
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Minimized errors and rejections. Corporate Taxprep prevents rejections by running a comprehensive set
of tests to identify potential errors, ensuring they are corrected before you transmit. As a result, Corporate
Taxprep users experience a very high acceptance rate for their electronic T2 transmissions.
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Easy tracking and follow-ups. Corporate Taxprep makes it easy to follow up on your returns by offering T2
and CO-17 EFILE status as optional columns in your Client Manager view. The EFILE Log allows you to easily monitor your
transmissions, sort and filter by date, or find transmission details and confirmation numbers simply by entering a
company name.
A seamless process for Québec CO-17 returns
Corporate Taxprep lets you file T2 and CO-17 returns at the same time for clients that are required to file Québec
CO-17 returns. You can also attach .jpg, .gfi or .pdf files to your Taxprep data files as supporting documents for
electronically filed Québec CO-17 returns.
Links to CCH Tax Research
Get your questions answered and stay up-to-date with links to Income Tax Act and Preparing Your Corporate Tax
Returns (both sold separately). No more searching around for answers. No more uncertainty about the latest tax
changes. With links in Corporate Taxprep to these authoritative sources, all the information you need is just a
few clicks away.
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