enfr

News

News > TaxCycle version 6.0.31038.0—T3 certified for filing. Québec RL1 and RL2 approved

TaxCycle version 6.0.31038.0—T3 certified for filing. Québec RL1 and RL2 approved


This TaxCycle release updates the TaxCycle T3 trust returns for paper filing. It also includes approval for filing the Québec RL-1 and RL-2 slips that you can prepare using TaxCycle T4/T4A, other changes are based on recent customer feedback, and more updated T1 forms.

This release is available as an automatic update. It is also available as a full download from our website and a free trial

Who should install this release?

  • This release contains the latest changes for filing T3 tax return slips. Anyone wishing to file 2016 T3 returns and slips must update to this version to file with certified forms and calculations.
  • This release contains approved Québec RL1 and RL2 slips in TaxCycle T4/T4A. If you need to file Relevés, please update.
  • Other changes are general enhancements to TaxCycle and changes to modules that may not yet be certified for filing. As always at this time of year, we recommend everyone keep their software up-to-date by installing this version.

Release highlights

  • TaxCycle T3 2016 certified for paper filing
  • New donations handling using the S11A for T3 returns
  • Other TaxCycle T3 changes
  • Québec RL1 and RL2 slips approved for filing
  • Updated T1 forms and calculations
  • Create 2016 Forms files
  • Customer requests
  • New documentation topics

TaxCycle T3 2016 certified for paper filing

The 2016 T3 return is certified for filing on paper. You can also file T3 and NR4 slips from TaxCycle T3 using Internet File Transfer (XML). The following forms are new, updated or removed in this release.

New forms
  • T3QDT Joint election for a trust to be a qualified disability trust
  • T3QDT-WS Recovery tax worksheet
  • S11A Donations and gifts tax credit calculation
Updated forms

Income

  • T1055

Income slips

  • T3 slip
  • T5 slip
  • T5013
  • T5008

Income statements

  • AgriStability T1163/4, T1273/4
  • T2014
  • T2121
  • T2125
  • T776

Tax and credits

  • T3FFT
  • T3PFT

Federal schedules

  • S1
  • S1A
  • S2
  • S3
  • S4
  • S7
  • S8
  • S10
  • S11
  • S12

Worksheets

  • Allocation
  • S1M
  • Donations
  • FTC
  • Instalments
  • NetCapLoss
  • NonCapLoss
  • StatementSum

Beneficiary slips

  • T3Summary
  • NR4Summary

Trust return

  • T3RET

Filing and Authorization?

  • T3A
  • T3ADJ
  • T1079
  • T1079WS
  • T1013
  • T1135
  • TX19

Summaries

  • 2-year summary
  • 5-year summary
  • Carry forward summary
  • FTC summary
  • T3 summary

Provincial schedules

  • T3AB
  • T3BC, T88
  • T3MB, T1241, T4164
  • T3NB, T3NB-SBI
  • T3NL, T1129
  • T3NS
  • T3NT
  • T3NU
  • T3ON
  • T3PE
  • T3SK
  • T3YT, T1232

 

Removed forms

The following forms have been removed from TaxCycle T3 and are now in the TaxCycle Forms module:

  • T1141 Information Return in Respect of Contributions to Non-Resident Trusts, Arrangements or Entities
  • T1142 Information Return in Respect of Distributions from and Indebtedness to a Non-Resident Trust

The following forms are obsolete:

  • T3SK_CG Saskatchewan Farm and Small Business Capital Gains Tax Credit (Trusts)
  • T3SCH5 Spousal or Common-Law Partner Trust's Capital Gains Deduction in Year of Beneficiary's Death

New donations handling for T3 returns using S11A

The new T3 Schedule 11a (S11A) was added to the TaxCycle T3 module to handle donations. Donations were previously handled on T3 Schedule 11. As a result:

  1. The Donations worksheet now includes new fields applicable specifically to Graduated Rate Estates (GREs).
  2. Fields B1 and B2 feed into lines 7 and 8 on the new S11A.

When filling out the S11A, please note:

  1. Unused prior donation amounts are included in line 1.
  2. Lines 4 and 12 are applicable to GREs only. 
  3. Lines 17 to 28 are affected by the type of trust and TaxCycle calculates these accordingly.

Other TaxCycle T3 changes

  • The Specific Amount column on the Allocation worksheet now lets you allocate amounts using cents.
  • A review message was added to alert you when the manual allocation to beneficiairies on the T3Ben does not match the total amount available to allocate on the Allocation worksheet.

Québec RL1 and RL2 slips approved for filing

The Québec Relevé 1 and Relevé 2 slips are approved for filing by Revenu Québec. You can create these using TaxCycle T4/T4A.

Create 2016 TaxCycle Forms files from other modules

You can now create 2016 TaxCycle Forms files from all the modules that already have this ability. Look under the Data menu for this option.

Updated T1 forms and calculations

The following forms have updated cosmetic and calculation changes for 2016 T1 (in addition to those already updated in the prior release). All forms will still appear with the Preview watermark until they receive EFILE certification. 

Federal

  • T1 Jacket
  • T1Condensed
  • Schedule 1 (S1)
  • Schedule 8 (S8)

Income Statements

  • T776
  • T1139
  • T2042
  • T2125

?Tax and credits

  • T2036
  • T2209
  • RC381

Filing

  • T2091 and T2091WS
  • TX19
  • CPT30
  • T3012A

Customer requests

The following items were addressed to respond to customer requests:

  • T1—A new question in the Filing section on the Info worksheet relates to seasonal agricultural workers. Answer Yes to this question to add the text "Seasonal Agricultural Worker" to the T1 Jacket.
  • T1—T1255 Designation of a Property as a Principal Residence by the Legal Representative of a Deceased Individual has been added, as requested in our Online Community.
  • T2—In the previous release, we inadvertently set the T1135 transmission box to show the message: Closed on January 20th 2017. However, the CRA has since confirmed that T1135 transmissions for T2 returns remains open. We have removed the message as of this release. You can transmit the T1135 for T2 corporate clients.
  • T3—The Specific Amount column on the Allocation worksheet now lets you allocate amounts using cents.
  • T3—A review message was added to alert you when the manual allocation to beneficiairies on the T3Ben does not match the total amount available to allocate on the Allocation worksheet.
  • Options—A new check box has been added to the Put data monitor and favourites in field on the Files and Folders page, so you can choose whether to share this folder. This allows you to configure office-wide folders for other settings on this page and leave all users with the default folder for their Data Monitor and Favourites.

New documentation topics

The following topics have been added/updated since the last release:

How to get this release

This release is available as an automatic update. It is also available as a full download from our website and a free trial

Who should install this release?

  • This release contains the latest changes for filing T3 tax return slips. Anyone wishing to file 2016 T3 returns and slips must update to this version to file with certified forms and calculations.
  • This release contains approved Québec RL1 and RL2 slips in TaxCycle T4/T4A. If you need to file Relevés, please update.
  • Other changes are general enhancements to TaxCycle and changes to modules that may not yet be certified for filing. As always at this time of year, we recommend everyone keep their software up-to-date by installing this version.

 

Join Our Newsletter

Sign up to get TaxCycle news delivered right to your inbox.