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News > TaxCycle version 6.1.31288.0—Express NOA certification, 2016 filing version of T5013, and Excel import

TaxCycle version 6.1.31288.0—Express NOA certification, 2016 filing version of T5013, and Excel import


TaxCycle T1 is now certified for the Canada Revenue Agency's Express Notice of Assessment (NOA) service. This release also includes final filing versions of TaxCycle T5013, import from Excel into business statements, and other changes suggested or requested by our customers.

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

Who should install this release?

This release contains the latest tax calculations and electronic filing certification for T1 and T5013 tax returns. All TaxCycle customers should install this version.

Release highlights

  • Express NOA—TaxCycle is CRA certified!
  • ReFILE certification underway
  • T5013 2016 certified by the CRA
  • Import data from Excel
  • Final Québec TP1 forms
  • Pre-authorized debit (PAD) changes
  • Enhanced support for married/common-law dependants
  • Customer-requested enhancements
  • Resolved issues
  • New documentation topics

Express NOA—TaxCycle is CRA certified!

We are very pleased to announce that TaxCycle is certified by the Canada Revenue Agency (CRA) for the Express NOA service. This service allows preparers to view the results of an assessment immediately after electronically filing a return in TaxCycle, and to collect the notice of assessment the next day. 

Read the Express NOA help topic for complete details on how to use this service in TaxCycle. The video below also provides a brief introduction:

ReFILE certification underway

TaxCycle T1 is in the process of being certified for ReFILE, the ability to transmit adjusted T1 returns (T1-ADJs) electronically. We opted to complete Express NOA certification first because we believe it would be more useful to have access to that service early in the season. Thank you for your patience... ReFILE will be here before you know it. 

T5013 2016 certified by the CRA

TaxCycle T5013 is certified by the CRA for filing fiscal periods ending in 2016. This includes:

  • Updated electronic filing specifications to include all the changes related to returns with a fiscal period ending in 2016.
  • Revised T5013 forms and schedules.
  • The new line 172 on the T5013FIN.
  • Removal of the ITC type code for qualified resource property, 5% rate (code 5) from box 189.
  • A new code for Box 002 of Form T5013, Statement of Partnership Income.
  • New class 14.1 to support the repealed Eligible Capital Property rules as of Jan. 1, 2017.
  • New table added to Schedule 8 for additional information required by the CRA for CCA classes 43.1 and 43.2.
Revised forms and schedules
  • T5013 slips, summary, instructions
  • T5013FIN
  • S100, S125, S140, S141
  • S1, S2, S5, S6, S8, S9, S10, S12, S50, S52
New line 172 on the T5013FIN

The T5013 has a new line 172 for the T1134 Information Return Relating To Controlled and Not-Controlled Foreign Affiliates (2011 and later taxation years). Line 172 asks: Is the partnership required to file Form T1134 in respect of any foreign affiliates in the fiscal period?

The T1134 consists of a summary and an information return. A separate supplement must be filed for each foreign affiliate (non-resident corporation or non-resident trust) or controlled foreign affiliate (CFA) of the partnership. For more information, see “Foreign affiliates” on page 76 of the T4068 guide. You can prepare a T1134 from the TaxCycle Forms module

A paper copy of the T1134 return must be filed separately from the T5013. Currently, this return cannot be filed electronically. This return is due 15 months after the end of the partnership’s fiscal period. You must send the original return, amended return or any additional information to:

Ottawa Technology Centre
Data Assessment and Evaluation Program
Validation and Verification Section
Foreign Reporting Returns
875 Heron Road
Ottawa ON K1A 1A2

New code for Box 002 of Form T5013, Statement of Partnership Income

As of January 1, 2017, a new code is implemented for Box 002 of Form T5013, Statement of Partnership Income, and for line 106 of Form T5013 SCH 50, Partner’s Ownership and Account Activity – Schedule 50. Enter the new code in Box 002 for a retired member paid under subsection 96(1.1). For more information, see “Partner code for retired partner” on page 56 of the T4068 guide.

New class 14.1 to support the repealed Eligible Capital Property rules as of Jan. 1, 2017

As of January 1, 2017, Budget 2016 repeals the eligible capital property regime and replaces it with a new capital cost allowance class available to businesses. The Budget also provides transitional rules. Under the old regime, eligible capital expenditures were added to the cumulative eligible capital pool at a 75% inclusion rate, and the rate of depreciation of those expenditures was 7% on a declining-balance basis. Under the new regime, newly-acquired eligible properties will be included in a new CCA class (class 14.1) at a 100% inclusion rate with a 5% capital cost allowance rate on a declining-balance basis.

For each taxation year that ends prior to 2027, additional deductions for CCA will be allowed for property acquired before January 1, 2017 and included in class 14.1. Also, a separate business deduction will be provided for incorporation expenses incurred after 2016, such that the first $3,000 of the expenses will be treated as a current expense rather than being added to the new class 14.1.

In TaxCycle, a review message on the S8Asset ensures the proper handling of the new eligible capital property rules: 
New review message for class 14.1 on the S8Asset

New table added to Schedule 8 for additional information required by the CRA for CCA classes 43.1 or 43.2

When you select class 43.1 or 43.2 on Schedule 8 and enter an amount for current-year additions, a new table appears at the bottom of the form. This table is on-screen only. The CRA requires you to complete this table for all electronic transmissions:

New class 43.1 and 43.2 table on Schedule 8

Import data from Excel

This release adds importing data from Excel into any form in TaxCycle. This is the first release of this feature, so we are looking for feedback on it. 

Import and Create buttons in the Data menu

  1. Open the form you want to import data into and do the following:
    1. If this is a multi-copy form, like the T2125, enter some kind of data in the form. Just one field will do. Data entered in the form will not transfer to the template.
    2. If the form contains an expandable table—for example to list donations or medical expenses—create as many blank rows in the expandable table as you need. When you create the template, you will have field codes for each of those rows in the worksheet. TaxCycle will not export the field codes for expandable tables unless you do this for at least one row.
  2. Go to the Data menu and click Create to extract a template to Excel for that form.
  3. Use Excel to get your data into the Export worksheet of this Excel file. The worksheet must meet the following requirements for the import to work:
    • All the data to be imported must appear on a worksheet (tab) called Export.
    • The first row in the worksheet is reserved for column titles and will not be imported.
    • The first column on the Export worksheet must contain the field code. These are the same field codes used in creating and editing Templates, however, they do not need the double braces {{ }} (curly brackets) , the CurrentClient. prefix, and the parent of the form. For example, the field code {{CurrentClient.T2125Forms[1].T2125.Income.M[1]}} should appear as T2125.Income.M[1]in the first column of the Export worksheet.
    • In the second column of the Export worksheet, enter the value to import into the field. This can be a number or text, depending on the type of field.
    • Expandable tables will have one row for each row in the table. The number in the field code will change to indicate the row in the table. See the Import forms from Excel help topic to see an example. (If you are copying and pasting your own field codes, this number should never be a negative number.)
    • You can include other worksheets in the same Excel file, as they will be ignored. Only data from the Export worksheet will be imported.
  4. To import the file back into TaxCycle, go to the form into which you intend to import the data.
  5. Go to the Data menu and click Import.

For more detailed information on this feature, read the Import forms from Excel help topic. To see an example of this import, watch the first part from our recent webinar (starts at 1m36s): Importing business statements from Excel into TaxCycle

Final Québec TP1 forms

The following TP1 forms are final and no longer display a Preview watermark:

  • TP-726.6 Cumulative Net Investment Loss
  • TP-726.7 Capital Gains Deduction on Qualified Property
  • TP-965.55.R Recovery of Deductions for a Stock Savings Plan II (SSP II)
  • TP-776.1.ND Tax Credit for Recent Graduates Working in Remote Resource Regions
  • TP-965.39.4 Calculation of the CIP Deduction

Enhanced support for married/common-law dependants

We have enhanced support for married dependants in the following ways:

  • You can now press F5 to switch between married/common-law dependants (same as for a principal taxpayer and spouse).
  • The Joint summary now works for married/common-law dependants.

To learn how to set up a file with married/common-law dependants, read the section on Married dependants in the Dependant and family returns help topic.

Pre-authorized debit (PAD) changes

This release brings a change to the Pre-authorized debit (PAD) filing process. Specifically, if you sign off the message suggesting you submit a PAD request, the PAD box in the Transmit sidebar will show a new message.

With this in mind, it is good to remind everyone that you can easily mark a client as declining to pay by PAD or turn off the PAD functions in TaxCycle if you don't want to offer the service to your clients. The following sections in the PAD help topic provide more details:

Customer-requested enhancements

  • You can now export invoice amounts for spouse and dependants into the same invoice in QuickBooks® (joint invoice). In options, under Return Preparation, go to the Invoicing page. On the right, check the boxes to Include the invoice amount from the spouse's return and/or Include the invoice amount from the dependants' returns. (Learn more about exporting invoices into QuickBooks® in the Export invoices to QuickBooks® help topic.
  • A new check box in T1/TP1 New file options now allows you choose whether to carry forward descriptions for each donation on the Donations worksheet.
  • When US donations for the current year or unused prior amounts are greater than 0, and there’s no net US income reported, TaxCycle will display a message to indicate where to enter the US net income on the Donations worksheet.
  • The Alternative Minimum Tax (AMT) amount from T691 is now included in the Family and 2-Year Client Summary.

Resolved issues

  • Files now lock automatically after batch T1 EFILE transmissions.
  • We have restored the ability to quickly create an alternate DCN from the Transmit sidebar after receiving an error code 78 from T1 EFILE.
  • The invoice number and invoice amount now carry forward from VisualTax™ 2015 to 2016.
  • The fitness amount from line 459 of the 2015 T1 now carries forward to the 2-year and 5-year summaries. 
  • When you answer Yes to the GST rebate question on the T777WS, TaxCycle T1 once again populates the Employer Name on the GST370.
  • On TP1 Schedule I, Schedule B, TP1029BF, and TP1029.8.66.2, the spouse's net income is now correctly calculated for part-year residents.
  • When in checklist mode for the Prepare sidebar, the cursor now shows in the first field when using Ctrl+PgDn to move to the GST/HST worksheet. This means you can type without having to first click somewhere on the form.

New documentation topics and videos

How to get this release

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

Who should install this release?

This release contains the latest tax calculations, and electronic filing certification for T1 and T5013 tax returns. All TaxCycle customers should install this version.


 

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