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News > TaxCycle version 6.1.31456.0—Correction to calculation on T2091 and change to the Quick Fix message for net capital losses downloaded from AFR

TaxCycle version 6.1.31456.0—Correction to calculation on T2091 and change to the Quick Fix message for net capital losses downloaded from AFR


This TaxCycle update provides an important correction on the T2091 to the calculation of the number of years a property was owned. It also includes an adjustment to the Quick Fix message related to Auto-fill my return (AFR) net capital loss data, an updated T2054 in TaxCycle T2, and new Client Manager filters.

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. If you are preparing a T2091 for your clients, please install this release before filing.

Release highlights

  • Correction to number of years calculation on the T2091
  • Change to Quick Fix for allocating net capital losses downloaded from Auto-fill my return (AFR)
  • 2017 version of the T2054 in TaxCycle T2
  • New Client Manager filters
  • Customer-requested fixes and enhancements

Correction to number of years calculation on the T2091

Prior to this release, TaxCycle was calculating number of years the property was owned on line 5 of the T2091 as one year fewer than required. This occurred when you enter the year of acquisition in the Principal residence section of Schedule 3 and then used it to create the related T2091.

This calculation has been corrected to follow the direction set out in Folio S1-F3-C2, Principal Residence, which shows that both the year of acquisition and the year of disposition should be included in the years of ownership.

We recommend you review any T2091 filed prior to installing this release to check whether they require an adjustment.

Change to Quick Fix for allocating net capital losses downloaded from Auto-fill my return (AFR)

In version 6.1.31427.0, we added new columns that calculate the cumulative balance of unused losses based on data downloaded from Auto-fill my return (AFR). This included a review message with Quick Fix options that applied the balance to periods across row A on the Net Capital Loss worksheet.

Shortly after the release, TaxCycle preparers informed us that the Quick Fix message was not always inserting valid amounts (see the post on our online community). This update corrects that issue and improves the Quick Fix message to remind you to compare these amounts with the client's notice of assessment.

We also heard from preparers who used the Quick Fix even when the balance was negative, which triggered a 30253 EFILE error. As of this update, a different message will show in this situation. It will remind preparers to review the client's notice of assessment for net capital losses that can be claimed, as the CRA data is likely missing data from prior to 1985.

2017 version of the T2054 in TaxCycle T2

The T2054 Election for a Capital Dividend Under Subsection 83(2) has been updated to the 2017 version. The updates affect only the text on the form. There are no calculation changes.

New Client Manager filters

New Client Manager filtersBased on feedback on our online community, we have added new Client Manager filters for locked files and to help you find clients who did not return this year:

  1. Locked files only restricts the list in the Client Manager to only those files that are in a locked state.
  2. Unlocked files only hides any files in a locked state.
  3. Not carried forward lists returns that have not been carried forward. Use this in combination with the year filter to find any of last year's returns that were not carried forward to this year. For example, check 2015 with this filter to see any returns that you prepared last year that have not been carried forward to 2016.
  4. Carried forward, not started lists returns that were carried forward but had no other changes since then. This is particularly useful if you carry forward all your returns in a batch at the beginning of the season. Use this filter in combination with the year filter to show current-year returns that were created through carry forward, but which have no changes since then. For example, check this filter and 2016 to see returns you prepared for clients last year but that have not been started.

After installing this release, the Client Manager will index the locked or unlocked state of all files. This will occur automatically overnight. To see this status immediately, manually reindex the Client Manager.

Customer-requested fixes and enhancements

  • T1—T1163CCA, T1163CEC and T1163Inv appear in print sets when used.
  • T1—Medical Travel worksheet is now selected to print for only the taxpayer who is claiming it.
  • T1—When linking a business statement to a slip (such as T2125 and T4A), TaxCycle now better handles variance between how the business name appears on the statement and what is entered in the field on the slip. It ensures they are identical to prevent creating multiple income statements.
  • T1 Auto-fill my return (AFR)—The review message about PPIP premiums does not show if a value is entered and it matches what was downloaded from AFR (reported in our online community).
  • T1 Auto-fill my return (AFR)—A review message no longer shows in the box where you enter tips not reported on T4 slips (reported in our online community).
  • T1 Auto-fill my return (AFR)—The check boxes for aggregating T5008 slips now show the name of the security.
  • T1 Auto-fill my return (AFR)—Improved the handling of slips selected in the aggregated view that were flagged as Do not import.
  • T1 Auto-fill my return (AFR)—Re-targetting a slip selected to aggregate only changes the destination for those being aggregated together. It was previously re-assigning all the slips and not just those with the boxes checked.
  • T1 Templates—The moving expenses carry forward amount now shows in the T1 Cletter, JLetter, LettreC and LettreJ, even if there was no claimable moving expense for the year.

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. If you are preparing a T2091 for your clients, please install this release before filing.


 

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