This TaxCycle release finalizes all slips modules for the opening of the Canada Revenue Agency (CRA) Internet file transfer (XML) system on January 8th. TaxCycle slips modules for the 2017 tax year are ready for electronic filing with the CRA via Internet file transfer (XML). This includes T3, T4, T4A, T5, T5018 and NR4 slips.
This version is available as an automatic update, as a full download from our website, and a free trial.
Who should install this release?
Please update to this release before filing any T3, T4/T4A, T5, T5018 and NR4 slips returns.
- 2017 slips modules ready for electronic filing
- New!—Québec RL-1, RL-2 and RL-3 ready for filing
- Final 2017 T1 and TP1 forms
- Exchange rates and currencies aligned with Bank of Canada list
- New!—F1 context-sensitive help
- TaxCycle T2/CO-17 changes
- New!—Invoice-related columns added to the Client Manager
- Customer-requested fixes/enhancements
2017 slips modules ready for electronic filing
TaxCycle slips modules for the 2017 tax year are ready for electronic filing with the CRA via Internet file transfer (XML). This includes T3, T4, T4A, T5, T5018 and NR4 slips. Please review the Internet file transfer (XML) help topic for instructions on how to file slips returns.
This removes the bulletin from the T5 module alerting you that it was not yet ready for filing (T4/T4A, T5018 and NR4 were already filing-ready after a prior release). Also note that in an upcoming release, we will add electronic filing of the 2017 T3RET.
All 2017 slips modules now contain a new, optional field for including notes on why the slips are being amended. This field appears in the Filing section on the Info worksheet. The information in this field is sent with the return when it is transmitted by Internet file transfer (XML).
New!—Québec RL-1, RL-2 and RL-3 (new!) ready for filing
The 2017 Québec Relevés 1, 2, and 3 are also ready for filing with their related federal slips. You can prepare RL-1 and RL-2 in TaxCycle T4/T4A. The RL-3 is a new addition to our T5 module.
To prepare RL-3 slips:
- Start a T5 return in TaxCycle.
- In the filing section on the Info worksheet, answer Yes to activate the question File Relevés for recipients living in Québec?
- Start a T5 slip for a recipient with a Québec address. The RL-3 will appear below the T5 slip recipients. Scroll down to complete the data entry. For detailed instructions, read the Québec RL-3 relevés help topic.
To file RL-3 slips with Revenu Québec:
- In the Québec section on the Info worksheet, enter the issuer's NEQ and/or the Québec ID Number.
- Resolve any outstanding errors in the return.
- On the Transmit sidebar, click on the RL3 Internet box to file the slips. For detailed instructions, read the Québec RL Internet filing help topic.
Final 2017 T1 and TP1 forms
This release finalizes many 2017 forms in TaxCycle T1/TP1. Any forms showing a Preview watermark are still under review. Please see the list below for details.
T1 federal forms still under review
- All income statements and related worksheets, including: T776, T2125, T2121, T2042, T1163/4/1273/4, and T1139
- Multiple jurisdiction forms and calculations. (The provincial 428 schedules do not show the watermark because they are final for returns other than multiple jurisdictions.)
- Bankruptcy worksheet and calculations.
- T1172 Additional tax on accumulated income payments from RESPs
- T2038 Investment tax credit (individuals)
TP1 Québec forms still under review
- TPFarm and TPFish, as part of income statements above
- TP22 and TP25, due to multiple-jurisdictions still under review above
- TP-931.1 Amounts from a spousal RRSP or RRIF
- TP-965.39.4 Calculation of the CIP deduction
- TP-776.42 Alternative minimum tax
- TP-1000 Online filing of the personal income tax return by an accredited person
- TP-1029.8.66.2 Tax credit for the treatment of infertility
- TP-1029.9 Tax credit for taxi drivers or taxi owners
Exchange rates and currencies aligned with the Bank of Canada list
As of May 1, 2017, the Bank of Canada reduced the list of foreign exchange rates that it publishes to 26 currencies. These 26 currencies reflect the vast majority of FX transactions conducted against the Canadian dollar. They are reviewed and adjusted, if required, every three years. For more information on this change, please see the Bank of Canada website: Foreign Exhanges Rates Published by the Bank of Canada.
This release updates the list of exchange rates in TaxCycle T1 and T3 to match those now supported by the Bank of Canada. This means that some exchange rates that appeared in prior versions of TaxCycle are no longer there. Here is the list of 26 currency exchange rates now supported:
Hong Kong dollar
New Zealand dollar
Peruvian new sol
South African rand
South Korean won
UK pound sterling (monthly and yearly averages)
US dollar (monthly and yearly averages)
New!—F1 context-sensitive help
This release adds context-sensitive help when you press the F1 key, or the question mark at the top right of the TaxCycle window or other dialog box. TaxCycle will open the related help topic on our website. This first release will include context links from forms within TaxCycle T1 and some pages in Options. We will continue to add more help links as the season progresses.
TaxCycle T2/CO-17 changes
- CO-17—The rates have been updated on the CO-1029.8.33.13 form in TaxCycle T2. The years 2017 and 2018 were added to line 07 on page 2 of the form. If you select one of these years, the new rates appear on lines 22, 28, 33, 40, and 45.
New!—Invoice-related columns added to the Client Manager
This release adds new columns for reporting on billing and invoicing to the Client Manager column layouts. Add these to existing layouts or create a new layout. (See the Column layouts help topic to learn how to do this.)
- Invoice balance owing
- Invoice before disbursements
- Invoice disbursements
- Invoice discount
- Invoice paid
- Invoice schedule fees
- Invoice sub-total
- Invoiced date
- Payment received date
- T1 AFR—Memos created when matching slips using T1 Auto-fill my return (AFR) no longer appear under the Require attention, Outstanding memos, All memos views in the Review sidebar. They do, however, still appear under the Memos on current form and Signed off messages views when applicable, and the memo icon still shows on the field and form icon. Remember, these memos are used to aid in matching the slip with information from subsequent downloads in the current or following year. Please do not delete them.
- Client Manager—The right-hand column that shows the result of a batch carryforward now includes a clickable link to open the newly carried-forward file.
- T1 templates—The CLetter and LettreC client letter templates are no longer missing the refund paragraph when the return is not discounted.