Welcome to the first major TaxCycle release of the coming season. We've worked hard all summer to bring you some of our most-requested enhancements. Read on and install to try them out.
Who should install this release?
- Corporate linking for associated/related corporations
- Smart Copy/Paste corporation group information
- Transmit family—EFILE an entire family's returns at one time
- Send multiple transmission types at one time
- Configuration options for automatic updates
- A new look for bulletins
- Manitoba tax credit optimizations
- T1141 and T1142 are now part of the Forms module
- DT Max® carry forward improvements
- CRA messages in our news feed
- Client Manager performance improvements
- Right-click in Print sidebar
Corporate linking shares information between associated/related corporations. The data sharing is live when both files are open on your screen, or you can edit the files separately and update them later.
- Prepare the Corporate Group Information (CGI) worksheet in a T2 return.
- Go to the Data tab and click Create CGI file. This creates a separate corporate linking file with a .CGILink file extension.
- Open a T2 return for a corporation listed on the CGI workshet and click Import CGI file on the Data tab (or, drag and drop the file onto the TaxCycle window). TaxCycle brings in the information from the CGI link file and creates a live link to it.
From this point on, TaxCycle considers the linked returns as either Source or Target. Each group can have only one Source, but it may have as many Targets as appear on the CGI worksheet. Check the message at the top of the CGI worksheet to see whether the corporation you are working on is the Source or a Target. Changes to the CGI worksheet for the Source corporation automatically transfer to all Target corporations you have open.
Learn more in the Corporate linking help topic.
Use Smart Copy/Paste to share information on a form between two files. For example, to copy the Corporate Group Information (CGI) worksheet from one corporation's file to the files of the associated/related corporations. This is a one-time copy/paste and does not create a link between the two files.
This release adds Smart Copy/Paste of the CGI worksheet in TaxCycle T2. Smart Copy/Paste of the business and income statements like the T2125 is still to come later this fall.
- With the CGI worksheet open, go to the Home tab, click Smart Copy, and then click Copy Corporate Group Information (CGI), or press Ctrl+Shift+C.
- Go to the CGI worksheet in the T2 file where you want to paste the information.
- Click Paste or press Ctrl+V.
This not only pastes the information to the form, but it re-organizes it to suit the other corporation, making the current corporation first in the list and correctly allocating the small business limit.
Read more in the Smart Copy/Paste help topic.
Transmit family and transmit multiple types
Each year, government authorities add more electronic filing types. To save you time, we have added new features to help you transmit more forms and requests at the same time:
- For any taxpayer, you can now transmit multiple types at one time, right from the Transmit sidebar. Learn how it works in the Transmit multiple types help topic.
- For families, you can now transmit multiple types for all the people in the file. Go to the File menu and select Transmit Family. Learn how it works in the Transmit Family help topic.
Remember, if you want to transmit returns for multiple taxpayers who are not in the same file, take a look at the help topic on batch transmissions through the Client Manager.
Starting with this release, you can now control automatic updates in Options. The two major enhancements allow you to:
- Control the update frequency. The Rush frequency checks for updates every time the program starts (default). If you wish to be more conservative in the timing of updates, the Moderate frequency times the updates with the hours that TaxCycle technical support is available to answer your questions. It also waits a few days after the release before making the update available to you. Learn more in the Automatic update help topic.
- Serve updates up from a location on your office network. If you choose the Custom option and specify a network folder, you download the auto-update files after we announce each release. The updates only occur once you place the files in this folder. This allows you to control when the updates are made available to your organization and keeps everyone on the same update path. Learn more on the page where you download the auto-update files.
Enhancement to bulletins
The addition of corporate linking prompted us to improve the look and behaviour of bulletins. In previous versions, bulletins appeared as red messages in the sidebar when you needed to do something important like create a T1-ADJ or upgrade a T2 file to a more recent module.
The changes to bulletins include:
- The red bulletins in the sidebar have been replaced by a bulletin bar that appears above the form area on all forms.
- The buttons at the right of the bulletin bar display the primary actions available to resolve the bulletin.
- Within the bulletin bar, links provide other actions to resolve the bulletin.
- If there is more than one bulletin available, use the buttons on the left to move through the bulletins.
- Click the Dismiss button to hide the bulletin for this session. This hides the bulletin bar but the bulletin stays active in the Review sidebar and will continue to appear in the Require attention and Bulletins views. The bulletin bar will reappear the next time you open the file.
- To hide the bulletin from the sidebar and prevent it from reappearing, you must sign off the message in the Review sidebar.
- Click the bullhorn button on the left to go to the Review sidebar
Manitoba tax credit optimizations
In TaxCycle T1, we're pleased to provide the first phase of optimization of the Manitoba tax credit between spouses.
The optimization determines which spouse should claim the personal tax credit. More specifically, it targets the taxpayer who cannot claim the credits because their spouse claimed the spouse amount (MB428, line 5812), or because the spouse claimed a transfer of the age amount or disability amount (MB428, line 5864) for them.
We will include a further elaboration of this feature in a future release.
T1141 and T1142 are now part of the Forms module
CRA recently released an update that included a reconfigured version of forms T1141 and T1142. With this release, these two forms were added to our Forms module as they can apply to individuals, corporations and trusts as well as partnerships, in the case of the T1142.
Until now, forms were available in our T1 and T3 modules. They are no longer included. You can now create them from within a T1 or T3 return by clicking Create 2015 Forms (and evenutally Create 2016 Forms) under the Data menu.
More DT Max®
This release extends the DT Max carry forward to the following forms. We will continue to work on this carry forward in coming releases:
- T5006 (Other Credits)
CRA messages in our news feed
A while back, the T2 group at the Canada Review Agency (CRA) asked us to add a place that would display their announcements. These announcements appear in the News section on the TaxCycle Start screen. A few things to note about these messages:
- They appear at the time they are published by the CRA, so sometimes they announce a potential outage a few weeks ahead of time.
- They do not link to a further topic on our blog or the CRA website but they do include a longer description.
- You can disable these messages in Options. Go to the Start Screen page in Options and clear the check mark next to Include news issued by the CRA.
Client Manager stability improvements
Thank you to our clients who reported that the Client Manager was unresponsive or displayed "database locked' errors. We resolved these issues to ensure the Client Manager is more stable. We are continuing work on performance and speed of search. Look for more improvements in a coming release.
Right-click in Print sidebar
In the bottom part of the Print sidebar:
- Right-click on a heading of a Print Set and select Clear selected to uncheck all the forms in the print set.
- Right-click again to Restore default selections.
How to get this update
Who should install this release?