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e-Bulletin # 20180406-3
Date: 2018-Apr.-6

Corporate Taxprep
Troubleshooting Memo Update

An updated Troubleshooting Memo is available in the Professional Centre and on our Web site.

New items in the Troubleshooting Memo:

  • Schedule 566, Ontario Innovation Tax Credit (Jump Code: 566) – Enhanced rate for scientific research and experimental development (SR&ED) qualified expenditures incurred after March 27, 2018
  • Schedule 508, Ontario Research and Development Tax Credit (Jump Code: 508) – Increase in the rate of the tax credit for eligible SR&ED expenditures incurred after March 27, 2018, when the eligible SR&ED expenditures incurred in the year are over $1,000,000
  • CO-1029.8.33.13, Tax Credit for the Reporting of Tips (Jump Code: 102983313) – Modification to the Health Services Fund contribution rate for the 2018 calendar year for a total payroll of less than $5,000,000
  • CO-1159.2, Compensation Tax for Financial Institutions (Jump Code: 11592) – Adjustment to the rates of the compensation tax on paid wages of financial institutions and addition of a maximum amount of paid wages subject to the compensation tax for the taxation year
  • 2018 Québec Budget – New measures with respect to Forms CO-1029.8.33.6, CO-1029.8.36.DF and CO-1029.8.36.XM
  • Schedule 8 Workchart, Capital Cost Allowance (CCA) Workchart (Jump Code: 8 WORKCHART) – Incorrect information relating to the additional capital cost allowance for property in CCA classes 50 and 53 acquired after March 27, 2018
  • CO-771, Calculation of the Income Tax of a Corporation (Jump Code: 771) – Incorrect tax calculation for a Canadian-controlled private corporation (CCPC) that qualifies for the small business deduction (SBD) and whose taxation year ends after March 27, 2018

Please refer to this document to see if these topics affect any of your clients' corporate tax returns.

To view the Corporate Taxprep Troubleshooting Memo, consult the Professional Centre of the program or our Web site.