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News > TaxCycle version 6.1.31340.0—Final T1 forms, improved T5008 AFR tools, invoice enhancements, and DoxCycle T2 linking

TaxCycle version 6.1.31340.0—Final T1 forms, improved T5008 AFR tools, invoice enhancements, and DoxCycle T2 linking


This release adds a new export to assist you in reconciling T5008 slips downloaded from Auto-fill my return (AFR). It also provides more final T1 forms, linking of T2 returns with DoxCycle, T2 BC budget changes, resolved issues and customer-requested enhancements.

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 features and calculations for filing T1 returns. All TaxCycle customers should update their software.

Release highlights

  • Final T1 forms
  • Forms module updates
  • Export T5008 slips after download from Auto-fill my return (AFR)
  • Invoice template enhancements
  • BC budget changes in TaxCycle T2
  • Link TaxCycle T2 and DoxCycle T2 files
  • Customer-requested enhancements
  • Resolved issues
  • ReFILE coming soon

Final T1 forms

The following forms no longer show a Preview watermark:

  • T2038 Investment tax credit
  • Bankruptcy worksheet
  • Foreign Tax Credit (FTC) worksheet

Forms module updates

The T106 Information return of non-arm's length transactions with non-residents has been updated in the TaxCycle Forms module.

Export T5008 slips after downloading from Auto-fill my return (AFR)

We have added the ability to export T5008 slip information to Excel after downloading from Auto-fill my return (AFR). This, in conjunction with the existing aggregate and do-not-import links, assists in reconciling the downloaded information with statements received from your client(s).

  1. On the matching dialog box, click on one of the T5008 slips in the left-hand column.
  2. Click the Export T5008 slips link to create an Excel worksheet of all the slips in the file.
  3. To aggregate the amounts from T5008 slips from the same issuer onto a single slip in TaxCycle, click the Aggregate T5008 slips link. Repeat this for each group of slips.
  4. To skip importing the T5008 slips altogether (for example, if you intend to review reconcile the slips in Excel and make one entry in TaxCycle later), click the Do not import T5008 slips.

Handling of large numbers of slips

Invoice template enhancements

  • The JInvoice template (FactureJ in French) now lists the detailed schedules even if those schedules have zero amounts. To have this work, you must also: checked the box for detailed per-form billing at the top of the Billing worksheet, and checked the asterisk (*) column next to the form/item in Price options.)
  • The CInvoice(FactureC) and JInvoice(FactureJ) have an improved layout, including:
    • Borders on the invoice lines to aid in reading.
    • Slightly smaller font size and line height to save space.
    • A new layout at the top of the template with a box containing the recipient information and the invoice number/date.

BC budget changes in TaxCycle T2

On February 21, 2017, the British Columbia government announced proposed changes to the provincial tax laws. Budget 2017 proposes to reduce the small business corporate income tax rate to 2.0%, effective April 1, 2017.

We have incorporated these rate changes in TaxCycle T2.

Link TaxCycle and DoxCycle T2 files

DoxCycle TaxLink with T2Great news! You can now link DoxCycle files that contain a corporation's tax documents to TaxCycle T2 files.

  • Use the TaxLink button in either TaxCycle or DoxCycle, just like you do for T1 files. (See the Link DoxCycle and TaxCycle files help topic.)
  • Once you create a link, you can print the corporate return back into DoxCycle.
  • If you added links to TaxCycle forms in a DoxCycle outline, those links will now open the related form in TaxCycle T2.
Important!

If you have a custom DoxCycle outline for corporate tax documents, you must add the Current Year Tax Return nodes to that outline before you can print a T2 return back into DoxCycle. To see how this should appear, look at the DoxCycle Default outline for T2 source documents.

Customer-requested enhancements

  • Excel import—A new Data Type column was added to any Excel form template files you create from TaxCycle. This column indicates the numerical value associated with any check boxes or radio buttons.
  • Excel import—When creating an Excel template for forms with expandable tables (like Medical worksheet), TaxCycle will now include a line which will clear the table upon import.
  • T1—A review message now appears if the Principal Residence section of the S3 contains information but the sale of principal residence question has not been answered as Yes on the Info worksheet.

Resolved issues

  • T1—The Donations worksheet now correctly shows the unused amounts available for carry forward, in both tables at the bottom of the worksheet. This also corrects any issues seen with the amounts in the client letters in coupled returns. (We are still working on an issue with expiring donations being claimed when optimized, but not showing up correctly.)
  • T1—The calculation of medical and medical travel expenses in coupled returns now updates immediately.
  • T1—Now allows deductions of amounts from T4 boxes 44 or 20, even when there is no amount in box 14. A new review message will alert you when the total of the amounts at lines 207 (RPP), 212 (Union dues) and 229 (employment expenses) exceeds the total of lines 101 and 104 on the T1 jacket.
  • TP1—We have also addressed an issue with TP1 returns for which some users have reported receiving message TPT00001 which indicates that there is a problem with the file format. Returns that included Schedule G were encountering this error.
  • DoxCycle and AFR—When importing a T4 from DoxCycle, and downloading the same data from AFR, box 28A, 28B and 28C no longer show as a variance when unchecked.
  • Forms module—Field 955 on the FIN542S, FIN542P and FIN196 is now correctly labelled as date signed and the date flows from the signing date on the Info worksheet.

ReFILE coming soon

We are putting the finishing touches on ReFILE, the ability to transmit adjusted T1 returns (T1-ADJs) electronically. We anticipate releasing ReFILE to you within the next week. Thank you for your patience... ReFILE will be here before you know it.

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 features and calculations for filing T1 returns. All TaxCycle customers should update their software.



 

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