Working with Tax Returns
Working with your tax returns in TaxTron is generally much the same
as working with the forms in a traditional paper return, with the advantage
of having the software do all the calculations which saves you time and
effort. This reduces errors in your return and speeds up processing.
Basic Workflow
When preparing a new return the workflow is generally as follows:
- Enter the appropriate information regarding your corporation in
the Identification window.
- Enter appropriate information in the "GIFI" forms, E.g.
G100, G125, G140. These forms translate the information from your
corporation's financial statements into a standardized form suitable
for submission to CRA.
- Fill out the form named "S50
Shareholders".
- Fill out the required information on the Corporation Identification
Form.
- Fill out any additional required forms such as S500 for Ontario
corporations, S8 for claiming Capital Cost Allowance, etc.
- Correct any error diagnostics in your
return. Errors are signified by red icons.
- Print and/or File your return.
Rolling a Return
Forward from a previous year
To roll a return forward from the previous year:
- Instead of creating a new return at the opening screen, select
the Roll Forward option or go to the File menu and select Roll Forward.
- Select the file that contains the return from last year and click
"Open".
- The program will perform operations of a few seconds and the result
will be a return for this year ready to be filled with last year's
amounts automatically showing in the fields for last year.
For more information, check out our demo:
Importing GIFI files
from your accounting software
General Index of Financial Information (GIFI) files are a standardized
index of codes used to translate a company's financial statements into
a CRA-acceptable format. Most accounting packages can export a GIFI file,
or such files can even be created in comma-separated format in a program
like Excel or even Notepad.
To import your corporation's financial statements:
- Go to the File menu and select "GIFI Import"
- When the file browser window appears, select the appropriate file
(with a .GFI or CSV extension) and click "Open".
For more information, check out our demo:
Adding
Forms to a Return
To add a form to the return:
- Either scroll in the list of available forms, or type the name
of the form you are searching for into the search box. (Hitting return/enter
afterward is not necessary)
- Double click on the specific form in the Form Manager to add it
to the return and make it the active form.
E.g.
Double click on the form named "S500 Ontario Tax" in the Form
Manager to add Schedule 500 to the return and make it the active form.
Removing
Forms from a Return
To remove a form from the return:
- Either scroll in the list of available forms, or type the name
of the form you are searching for into the search box. (Hitting return/enter
afterward is not necessary)
- Double click on the specific form in the Form Manager to add it
to the return and make it the active form.
E.g.
Double click on the form named "S500 Ontario Tax" in the Form
Manager to add Schedule 500 to the return and make it the active form.
Zooming
in and Out of a Return
Currently
there is no way to zoom in and out of a return. This feature is planned
for a future release.
Saving a Return
To save the return, go to the File menu,
and select "Save". If the file has not been previously saved,
it will prompt you to enter the name of the file.
By default
the program will save the .T215 file in:
"My
Documents\TaxTron\TaxTronT2\2015\T215"
Printing a Return
To print a return go to the File
menu and select "Print".
The Diagnostics
window will appear. Any diagnostics marked as errors should be corrected
before you file. In most cases, you can select the diagnostic in the window,
and click on the green "jump" arrow under the "Explore"
section, and it will take you to where the error is located. Once these
are corrected, click the "OK"
button.
The Print Format Selection will appear. Check
the box to the left of the desired print format, which depends on the
reason you are printing the return. E.g. CRA submission, record keeping,
etc.
If you
wish to print to a PDF file instead of a paper hard-copy, check
the box to the right of the same print format under the column labelled
"PDF".
By
default the program will save the .PDF file in:
"My
Documents\TaxTron\TaxTronT2\2015\PDF"
Click the "Print" button to print
your return.
Electronically
Filing a Return
Note: You must
correct any error diagnostics before you are able to e-file your return.
For a Federal T2 return:
Go to
the Transmission menu and select "Transmit - CIF".
The .COR file used for submission to CRA will
be generated and saved.
The program will then ask if you wish to transmit
now. If you select "yes" the software will transmit the return
to CRA automatically.
For an Alberta AT1 return:
Note: The form "Alberta EDI" must
be completed before you can successfully NETFILE your Alberta return.
Failing to do so produces an error diagnostic.
Go to
the Transmission menu and select "AT1 Netfile".
The .XML file used for submission to the Alberta
Treasury Board will be generated and saved.
The program will then ask if you wish to transmit
now. If you select "yes" the software will transmit the return
to the Alberta Treasury Board automatically.
Filing
via NETFILE
Filing
via EFILE
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