Insuretax | Leads the Way

Getting Started

This is the first step, which must be completed before you can begin to use Insuretax. Creating a company adds the company to the list of available companies. The information provided will flow to all schedules and forms as applicable. Insuretax will load all necessary forms based on company information When changing tax beginning and end year you must change end year first, as the ending date must be greater than the beginning date.

Creating a New Company

At the Main Menu click on the New button, the Add Company dialog box appears.
Enter the full Company Name, Click OK
The Company Data dialog box appears
Depending on the type of company your are filing for choose one of the following:

LIFE INSURER
PROPERTY AND CASUALTY INSURER
HOLDING COMPANY

Then choose

RESIDENT
BRANCH
MULTINATIONAL

Continue to fill in all company information as required.
It is mandatory that you complete the province/state field.
Upon selection of the Country Code the province/state field drop down box will contain the province/state abbreviations.
Fields with black text and yellow background are manual entry.
Fields with red text and grey background are linked to fields above.
Fields with red text and bright yellow background are overridden fields.
When finished entering company information click CLOSE button to save information.
You must enter the valid Business Number provided to you by Revenue Canada in the Income Tax Registration Section; Business Number field to continue creating company
Insuretax will load the necessary forms based on the above information you specified.
A new company will now be added to the main menu.

Using the 'Save As' button

This button is to be used if you want to keep more than one version of a return i.e. Provision, Draft, Final... It allows you to make the distinction between a file name and a company name

At main menu select company.
Click Save As button.
You will be prompted to type Company Name in dialog box (you can now add to the company name or give it a new name). This will be the File Name.
Click OK.
You will see a new file name appear on your list of file names.
The Company name will remain the same. This is the Company name that will be printed on forms.
When using forms the file name appears at the top of your screen.

Editing an Existing Company

From the Main Menu select the company you wish to edit, you may have to scroll to see the company.
In the Company Data dialog box make any necessary changes
Close box

Opening an Existing Company

From the Main Menu highlight the desired company to be opened.
Double click on the Company, or click on the Open button
Once the company file has been opened, the selected company's schedules and forms are now accessible for input.

Deleting an Existing Company

To remove a company that is no longer required.

From the Main Menu highlight the company that will be deleted.
Click the Delete button.
You will be prompted with a confirmation screen.
The deleted company is permanently deleted and is no longer accessible. It will no longer appear on the list of companies.

Loading OSFI

This feature is an upload of the OSFI ASCII files created using the OSFI software. Insuretax will upload data into the appropriate tax schedules and forms as found in the ASCII files. Should Insuretax encounter any corrupted fields on the OSFI file(s) during the upload it will place a zero in the field and inform you of which field was corrupt. The upload will continue. You will have to enter the corrupt OSFI amount(s) manually in Insuretax.

From the Main Menu highlight the Company you are uploading to.
Click the OSFI button
Click appropriate response
Choose directory you are loading from.
Change file type to all files.
Choose correct file
Click Open button.
When upload is successfully completed you will see 100% complete.
Wait for Successfully loaded dialog box to appear.
Click OK.
Once this process is complete, the OSFI figures should flow into the selected company when it is next opened.

Suggested Order of Preparation Life and P&C

This is the order in which Insuretax suggests you prepare forms for a Life and P&C Company. Following this guide as closely as possible will ensure Insuretax gets the information it needs in the correct order.

Life Branch, Resident and Multinational (excluding CIF and Designation)

Load OSFI
T2 Input Schedules
Schedule 150 Input Schedules 3
Federal Schedules - Schedule 2, Schedule 4, Schedules 8 etc...
Schedule 150 including CIF
Use CIF to designate Tax 14 and Tax 15
Tax 31 to 37 for minimum net revenue
T2 (Schedule 200)
Provincials
Capital Tax
Large Corporation Tax
Non Resident

P & C Branch & Resident

Load OSFI
T2 Input Schedules excluding CIF and designation
Complete CIF / CRL
Designate Investments
Federal Schedules - Schedule 2, Schedule 4, Schedules 8 etc...
Schedule 1
T2 (Schedule 200)
Provincials
Large Corporation Tax
Non Resident

Preparing Special Forms

This section will cover the forms within Insuretax that have special functions or options.

T106 Slips
Sch. 8 (CCA)
Investment
Sch. 5

Non Resident T106E (99) T106 Slips

The (99) following the T106E indicates that Insuretax is capable of creating a maximum of 99 copies of this form. The program default is one copy.

To create more T106 Slips:

Click Add T106 button or Click T106 menu from the drop down menu.
Click Add T106 Form. A new form will be added

If forms were previously deleted they will be recreated (in case they were deleted in error). This form can be cleared to allow you to use the form as a new form if necessary.

It there are no missing form numbers then a new blank form will be added with the next available slip number

To delete T106 Slips

Click Del T106 Button or
Click T106 menu from the drop down menu
Click Delete T106 Form.The selected form will be deleted.

CCA Schedule 8

To create a CCA class

Click in the CCA class column.
A drop down menu will appear allowing you to choose from the available classes.
Complete the applicable columns with black text.
Tab to end of row to calculate the remaining columns (red text)
To recalculate any changes within a row you MUST tab to the end of the row.
Tabbing to the end of the available rows will provide you with a blank row.

To Delete an Entire Row

Click on row
Press Ctrl and Del
You will be prompted to confirm action; Delete or Cancel action

Leasehold interests Class 13, and Classes 14, 15, 20, 21, 24, 27, 29, 34, 36, and 40;

Choosing any of these classes will provide a CCA rate of 0. This rate can not be changed from 0, therefore column 12 must be calculated manually and entered as an override.

To load Federal Schedule 8 to provincial CCA schedules

Open CCA schedule (Quebec CO-130-A.V, Alberta Schedule 13 etc.)
Click Update from Federal Schedule button
A pop up window will open to confirm that you want to replace ALL existing data in this schedule, click OK for Yes, or Cancel
You must repeat steps 1 to 3 for each province
If you override any amounts on either province they will NOT be updated on the Federal or other provincial schedules.
If you make any changes to the Federal Schedule that apply to the provincial schedules as well, then you must upload again to update the provincial schedules

Investment Schedules; (worksheets)

Enter data in cells with black text then tab to next column.
Tabbing to the end (right) of the worksheet will provide another blank row.
Worksheet entries will be calculated automatically once you tab to end of row.
To delete a row hit CTRL and DEL. Dialog box will appear "Do you want to delete record Yes or No"
Insuretax will extract the data entered on Tax 14 and Tax 15 into the Tax schedule format. When these schedules are printed the working papers are also printed.
Investment schedules can be entered in summary. To enter only summary information check the box located at the top of Schedule 14, 15 and 16 (Cancel Calculation inside table if checked)
Once you check this box all columns with data must be manually entered.
Enter the data in the worksheet as Total Designated CY, Total Designated PY, Total not Designated, Total Dedesignated. The codes in Designation Code Column must be entered as they allow the total columns to calculate properly.
Schedules can be sorted using the sort key located in the title section of the worksheet

Schedule 5

For P&C Branch users ONLY:

We have included Marine Insurance in the Net Premium per regulation 403. However we understand that CRA has an administrative position (not in writing) which allows P&C Branches to exclude 'Ocean Marine' and include 'Inland Marine' in net premiums. If you are a P&C Branch user and this applies to your, then you may want to override the OSFI amounts

Premium Tax Calculations

Using the OSFI load Insuretax can produce Premium Tax forms for all provinces (except New Brunswick). There are very few manual entries required for premium tax. Excluding adjustment the only entries required are instalments paid and date of filing.

OSFI premium amounts are loaded in '000's we have gotten approval from all provinces for Insuretax users to file premium tax returns in '000's. Although some provinces (Yukon) still state in their instructions that premiums must be in whole dollars they have confirmed that it is acceptable to file in '000's. They cannot change these instructions unless the legislation gets changed.

Premium written amounts in the miscellaneous column on OSFI are allocated to the province in which your Head Office is located. Insuretax gets Province of Head Office information from the Company Information file.

For multinational Companies if you have a permanent establishment out of Canada then no premium tax is payable on the out of Canada portion of premium. If you do not have a permanent establishment out of Canada then premium can be added to Province of head office or allocated to all Provinces proportionately by overriding OSFI amounts.

GENERAL INDEX OF FINANCIAL INFORMATION (GIFI)

The GIFI module is required by Revenue Canada for non-insurance companies, it standardizes the reporting of financial information by using a unique code for each of the pre-defined financial statement items has been provided by GIFI.

GIFI has eliminated the need to submit a paper copy of your financial statements with your return and schedules.

GIFI is located under Insuretax's GIFI Tab and can be printed using the procedures outlined in the printing section.

Process:

GIFI Schedule	GIFI code selection
100- Balance Sheet	Code 1000-3849
101- Opening Balance Sheet	Code 1000-3849
125- Income Statement (and all supplementary income statements)	Code 0001-0003, Code 8000-9999
140- Income Statement Summary (For use only when multiple income statements are filed)	Code 9970-9999
141-Notes Checklist	Code 0100-0265
GIFI Notes	To copy and paste a word document to GIFI notes, hi-light the selection in the word document, select CTRL C to copy your selection, then switch to GIFI notes in Insuretax and select CTRL V to paste in the document. To start a new line on GIFI notes you may have to select CRTL enter, if enter alone is not working.

Adding Detail to Total Rows

A total row will add the more detailed rows that are above it. For example the Total Assets row will be the result of the addition of the Total current Assets row and the Total Long-Term Assets row.

To insert new levels of detail for a row

Click the Insert GIFI Line button or,
Double-click on any cell in the row.
Click on the arrow button in the Edit description line.
Select the description and press the OK button.
The new line will have been inserted and will appear with a yellow background colour.

To delete levels of detail for a row

High light line you want to delete.
Click the Remove GIFI Line button or,
Hit F4.
Only yellow lines can be deleted.

To Calculate GIFI Sheets

Click calculator button or,
Choose GIFI from the drop down menu.
Select calculate, for faster access hit F5.

Changing Balance / Worksheet Data

Adjustments to the Preliminary Balance/Work-Sheet Adjustments columns

Clicking on the desired Preliminary Balance/Work-Sheet Adjustments cells can change the GIFI Balance amount.
Enter the amount in the Preliminary Balance/Work-Sheet Amount column
GIFI lines, which are totals of further detail lines, cannot be changed
The GIFI Balance column will be an addition of the Preliminary Balance and Work-Sheet Adjustments columns.