This TaxCycle update fixes an issue with the T5013FIN XML that was causing an error after filing. It also includes a new T2 CDA Next Year worksheet to make an election after the corporation 's year end, and a new clause addressing the reporting requirement for the sale of a principal residence in the T1 2016 Engagement letter (ELetter)
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?
- Anyone who intends to file T5013FIN with TaxCycle T5013 must update to this release.
- Fix to the XML for filing the T5013FIN
- New T2 CDA Next Year worksheet
- New TaxCycle T2 review message for donations
- Sale of principal residence clause added to the T1 2016 ELetter
- Fixes to other reported issues
Fix to the XML for filing the T5013FIN
We have received reports of difficulties transmitting T5013FIN returns using TaxCycle T5013. The return appears to upload correctly to CRA Internet File Transfer (XML) system, but then the preparer later receives an email saying that it did not meet submission specifications.
This update fixes the XML schema for the file that is uploaded to the CRA. Please re-transmit any returns affected by this issue.
New TaxCycle T2 T2054/CDA Next Year worksheet
In response to a discussion on our Online Community, we have added a worksheet that will allow you to prepare T2054 for the period after the tax year end of the corporation for which you are preparing the T2 return.
- The first page of the CDA Next Year worksheet shows the date that is one year from the year end of the current file.
- The second page of the worksheet contains the T2054 form.
- When you print the CDA Next Year worksheet, it also prints the T2054.
New TaxCycle T2 review message for donations
In response to a discussion on our Online Community, we have added a review message when the amount of donations—GIFI code 8522—on the S125 doesn't agree with the charitable donation amount entered in Schedule 2.
Sale of principal residence clause added to the T1 2016 ELetter
We have added a clause to the ELetter in TaxCycle T1 2016 to inform your clients regarding the new requirement for reporting the sale of a principal residence on their tax return. It was inserted as point c) and the subsequent clauses were renumbered accordingly.
Fixes to other reported issues
- TaxCycle T1 now carrries forward motor vehicle worksheets in coupled returns, even if the worksheet is not shared between spouses. We previously received reports that the worksheet carry foward was skipped when it wasn't shared.
- The corporate linking in TaxCycle T2 no longer attempt to open a ProFile T2 return if it finds one with the same business number.