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Incorrect CRA Penalty for Late-filed Bare Trusts

The CRA is erroneously charging some bare trusts a penalty for late filing T3 Schedule 15 after March 30 and before April 3, 2024.

T3 CRA
RESOLVED: Incorrect Amount in Box 25 in TaxCycle T3

In TaxCycle T3, the allocation to beneficiaries is incorrectly including foreign capital gains in box 25 (Foreign non-business income) when it is already included in box 21.

known issue T3
TaxCycle 13.1.52777.0—2023 Multiple Jurisdiction Returns

This version of TaxCycle allows the transmission of multiple jurisdiction returns in TaxCycle T1 2023.

release notes T1 T3 UHT-2900
TaxCycle 13.1.52666.0—2024 Slips Modules

This release rolls over T4/T4A, T5, T5018, T2202 and NR4 slips to 2024.

release notes slips T1 T3 T4 UHT-2900 client manager
CRA's Updated Guidance on Penalty Relief for T3 Bare Trusts

The CRA has updated their guidance on penalty relief for 2023 T3 bare trust returns.

CRA T3 Bare Trusts
Mandatory Internet Filing and Electronic Payments

Bill C-47 makes internet filing for T2 returns mandatory regardless of the corporation’s gross revenue. This rule comes into effect on January 1, 2024, and applies to T2 returns with a tax year beginning after 2023.

EFILE T1 T2 T3 slips
TaxCycle 13.1.52339.0—T1 EFILE, T3 and T5013 Certification

The CRA and RQ have certified TaxCycle T1/TP1, T3 and T5013/TP-600 for filing 2023 returns when EFILE systems open on Monday, February 19, 2024.

release notes T1 TP1 EFILE NetFile T3 T5013 T2 T2 Schedule 63 T2SCH63 Climate Action Incentive
TaxCycle 12.2.51186.0—T3 Schedule 15, Beneficial Ownership Information of a Trust

This release adds Schedule 15, Beneficial Ownership Information of a Trust to TaxCycle T3. It also includes changes to templates and Client Manager indexing.

release notes T3 client manager
TaxCycle 12.1.50074.0—T3 for 2023

This TaxCycle release rolls over the T3 module to the 2023 tax year.

release notes T3
TaxCycle 12.1.49236.0—T1 EFILE, TaxFolder and DocuSign®

The CRA has certified TaxCycle T1 for filing 2022 returns when EFILE systems open on Monday, February 20, 2023. This version also includes TaxFolder and DocuSign® requests from TaxCycle.

release notes T1 T3 EFILE TaxFolder UHT-2900 Underused Housing Tax
TaxCycle 12.0.49161.0—T1/TP1 and T3 Preview, T5013 Immediate Expensing

Paper-filing of 2022 T1/TP1 returns. T3 EFILE for T3ATH-IND, T3M and T3S returns. Immediate expensing calculations to T5013 returns.

release notes T3 T1 TP1 T5013 Immediate Expensing templates
TaxCycle 12.0.48916.0—2022 Slips Filing

Ready for filing 2022 slips with the CRA when systems open on January 9, 2023. T3010/TP-985.22 and T5013/TP-600 returns also ready for filing.

release notes slips RL T2 T3 T5013
RESOLVED: DCN Not Printed on T183TRUST

TaxCycle T3 does not populate the document control number (DCN) in Part D when printing the T183TRUST form.

known issue T3 T183
TaxCycle 11.1.46243.0—T3 EFILE (Revised)

The Canada Revenue Agency (CRA) has certified TaxCycle T3 for electronic filing T3RET, T3RCA returns and T1135 statements.

release notes T3 T1 templates
RESOLVED: T3RET EFILE Fails for First-Time Filers

EFILE of a T3RET currently fails with errors if you indicate that itis the trust’s first year filing a return. A copy of the trust document or will, and a list of assets at death, were attached with the T3APP.

known issue T3 EFILE
T3 EFILE and Attaching Supporting Documentation

We asked the CRA for clarification on whether to mail the documents to the CRA, upload them in Represent a Client, or keep them in case the CRA asks to see them.

T3 EFILE
T3 EFILE Now Available!

The CRA T3 EFILE system is now open! Please update to the latest version to begin filing T3RET and T3RCA returns.

T3 EFILE
TaxCycle 11.1.46117.0—2021 T1/TP1, T3/TP-646 and T5013/TP-600 Ready for Filing

The CRA has certified T1 2021 for EFILE. 2021 T3, T5013 and Québec TP1, TP-646 and TP-600 returns are also ready for filing.

release notes TaxCycle EFILE T3 T5013 TP1 TP-646 T1 NetFile Québec TP-600
Beneficial Ownership Reporting Requirements for T3 Returns

Legislation still pending: changes filing requirements for certain trusts in 2021 and subsequent years.

T3 trust CRA
TaxCycle 11.0.45841.0—2021 Slips Filing and T1/TP1 Preview (Revised)

Ready for filing 2021 slips with the CRA when systems open on January 10, 2022. Preview forms for 2021 T1/TP1 returns.

release notes templates slips T1 TP1 T2 CO-17 RL Xero T2202 T3
TaxCycle 10.2.44806.0—Xero Integration

This release includes a preview of the integration with Xero® accounting software, new T2 AgriStability codes and new T3 worksheets.

release notes T2 T3 Client Manager xero
RESOLVED: 2021 T3 Schedule 11 Miscalculates Tax Owing

In version 10.2.43808.0, T3 Schedule 11 may miscalculate the tax owing. This issue only affects 2021 T3 returns.

known issue T3