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News > TaxCycle version 6.2.31935.0—2017 modules and T1 planner

TaxCycle version 6.2.31935.0—2017 modules and T1 planner


This major TaxCycle Suite release rolls over T1/TP1, T4/T4A, T5018, NR4, and Forms modules to 2017. It also adds a preview version of a T1 planning worksheet to the T1 2016 module.

This version is available as an automatic update only if you have the Rush, plus optional auto-update option set. See the Automatic updates help topic for details. You can also get it as a full download from our website.

Who should install this release?

If you wish to create early or planning 2017 returns in the T1/TP1, T3, T4/T4A T5018, NR4 and Forms, please install this update.

Release highlights

  • 2017 T1/TP1 preview rates and forms
  • Preview! T1Planner worksheet in 2016 T1
  • Instalment calculation and default options in T1
  • TaxCycle T3 contains 2016 forms with 2017 rates
  • 2017 T4/T4A, T5, NR4, T5018, and Forms modules
  • Improved F6 jump links for CCA, StatementSum and DepCredSum
  • New threshold field on the T4AdjustmentOptions in TaxCycle T4/T4A
  • T106 and T1134 added to TaxCycle T2
  • T2202 updated in the 2017 Forms module
  • Engagement worksheet in slips modules

2017 T1/TP1 preview rates and forms

The new TaxCycle T1/TP1 2017 module includes preview forms, rates and calculations for 2017 personal tax returns. Use this module for planning and evaluation purposes only.

The government forms you see in the TaxCycle T1/TP1 2017 module are the 2016 forms updated to include 2017 indexed amounts and budget changes announced or estimated based on the information we have at this time. 

What you need to know:

  • Returns prepared with TaxCycle T1/TP1 2017 are not certified for filing with the CRA except for a deceased taxpayer's return.
  • All forms show a Preview watermark on screen and when printing.
  • You can prepare a 2017 T1 return for a deceased taxpayer by entering the date of death on the Info form. The Preview watermark will be removed. You can print and paper-file the return with the CRA.
  • EFILE is not available for 2017 tax returns until February 2018.
  • You can print the T1Condensed return, but the bar code does not show so it cannot be paper-filed with the CRA. The exception is that you can create early-file 2017 paper returns for deceased taxpayers.
  • You can carry forward 2016 T1/TP1 returns from TaxCycle® and other software. Please remember, all carry forwards are currently under review to update them with any changes for the coming season. 
  • Files you create now will continue to work after the module receives certification from the CRA.

To learn how to create planning files, review the following help topics:

Preview!  T1Planner worksheet in 2016 T1

This release adds a first Preview version of the T1Planner worksheet. Use this form to create a plan for 2017 while in a 2016 T1 return.

You can currently create multiple copies of the form, enter data and see the resulting calculations. Other functionality is still to come (see below). Meanwhile, we are looking for feedback on the contents of the form. Specifically:

  • Does it contain the information you would expect? Is anything missing?
  • Several areas in the form use expanding tables. What do you think of this design?

Functionality planned for an upcoming release:

  • Right-click to populate the worksheet with data in the 2016 return.
  • Comparing two T1Planner worksheets.

T1 Planner

Instalment calculation and default options in T1

TaxCycle automatically calculates the tax instalments using five different options and then selects the option that provides the most tax-deferred benefits. In the Estimated instalment on the option selected section on the Instalments worksheet, you can now select your preferred calculation method without overriding.

TaxCycle T3 contains 2016 forms with 2017 rates

The forms you see in the TaxCycle T3 2017 module are the 2016 forms updated to include 2017 rates, thresholds and amounts based on the information we have at this time. We will provide an update in early 2018 once the CRA provides and approves our 2017 T3 forms.

If you need to file a T3 return with a year ending in 2017, you can use this version of TaxCycle T3. We recommend reviewing the amounts and rates for accuracy in case updates are announced in the meantime.

2017 T4/T4A, T5, NR4, T5018, and Forms modules

  • The new slips modules for T4/T4A, T5, NR4 and T5018 allow you to prepare and file 2017 slips returns.
  • You can carry forward 2016 T4/T4A, T5 and T5018 slips from TaxCycle and other software. Please remember, all carry forwards are currently under review to update them with any changes for the coming season. 
  • The government forms are the 2016 forms updated to include 2017 indexed amounts and budget changes announced or estimated based on the information we have at this time. 
  • You can use these modules to begin data entry earlier in the year, or even file returns early if need be. These modules permit Internet File Transfer (XML).

Improved F6 jump links for CCA, StatementSum and DepCredSum

This release improves the behaviour when you press F6 to jump to the source field on the following forms in TaxCycle T1 and T3:

  • CCA tables now jump to the correct Asset entry.
  • StatementSum jumps to the related business statement.
  • DepCredSum jumps to the related dependant worksheet.

New threshold field on the T4AdjustmentOptions in TaxCycle T4/T4A

By customer request, this release adds a new field to enter a threshold amount to the T4AdjustmentOoptions only if the contributions/premiums exceed the annual maximum contribution/premiums or for under-contributions/deductions. You can also set a default for this amount in New File options for TaxCycle T4/T4A. By default this value is set to zero.

T106 and T1134 added to TaxCycle T2

This release adds the T106 and T1134 to TaxCycle T2 as they are often prepared for corporations. This is in response to a request from current TaxCycle users.

T2202 updated in the 2017 Forms module

This release updates the T2202 in the 2017 Forms module.

Engagement worksheet in slips modules

This release standardizes the Engagement worksheet in T4/T4A, T5, and T5018 slips module so that it behaves as it does in TaxCycle T1. This involved moving the fields related to preparer and filing from the Info worksheet to the Engagement worksheet and activating bulletin review messages to allow you to update information from options.

How to get this release

This version is available as an automatic update only if you have the Rush, plus optional auto-update option set. See the Automatic updates help topic for details. You can also get it as a full download from our website.

Who should install this release?

If you wish to create early or planning 2017 returns in the T1/TP1, T3, T4/T4A T5018, NR4, and Forms, please install this update.


 

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