This version of TaxCycle releases the T1 Planner worksheet in the 2017 module, so you can plan for the 2018 tax year as you prepare returns. It also rolls over the T4/T4A, T5, NR4, and T5018 modules to 2018 so you can begin data entry if required.
This version is available as an automatic update, full download from our website and a free trial. (To deploy auto-update files from your own network, see the Download auto-update files page.)
Did you install version 7.1.32984.0 ?
Version 7.1.32984.0 of TaxCycle was released as a full download on March 16, 2018. We have since made the automatic update available. It includes improvements to the Auto-fill my return (AFR) matching and preview functionality, as well as a change to SlipSync to prevent T3 slips "excluded from filing" from being published. These changes required a revised version number before making the auto-update available. If you installed the full download of 7.1.32984.0, it will automatically update to this version.
- Updated 2017 T1/TP1 forms
- 2018 T1 Planner worksheet
- Rollover of T4/T4A, T5, NR4, T5018 modules to 2018
- T5013 changes for limited partnerships
- Customer-requested fixes and enhancements
Updated 2017 T1/TP1 forms
This release updates the following 2017 T1 forms to the latest versions:
2018 T1 Planner worksheet
This version of TaxCycle releases the T1 Planner worksheet in the 2017 module, so you can plan for the 2018 tax year as you prepare returns.
- Press F4, type T1Planner and press Enter to open the worksheet. You can also find it under the Worksheets section of the Prepare sidebar.
- Click the Insert 2017 values into planner (overwrites any existing values) link in the blue bar at the top of the form to copy the values in the return into the worksheet. This action will overwrite any data already entered on the form, so it is the first action you should do. Scroll down to enter additional amounts applicable in the 2018 tax year, modify imported data, and explore what-if scenarios.
- You can also find an option to insert values in the right-click menu when you click on a field.
- The T1Planner is a multi-copy form, so you can create as many versions as you want. They will appear separately in the sidebar and in F4 Fast Find search results.
- Enter a Description at the top of the worksheet to identify each copy in search results and the sidebar.
Rollover of T4/T4A, T5, NR4, T5018 modules to 2018
The new slips modules for TaxCycle T4/T4A, T5, NR4 and T5018 allow you to begin data entry for 2018 slips and Québec relevés RL-1, RL-2, RL-3 .
- You can carry forward T4/T4A, T5, NR4, and T5018 files from TaxCycle. Carryfowards from other software are not yet available.
- You can use these modules to begin data entry earlier in the year, and even file returns early if need be. These modules permit CRA Internet File Transfer (XML) and transmission of Relevés to Revenu Québec.
- The government forms are the 2017 forms updated to include 2018 indexed amounts and budget changes announced or estimated based on the information we have at this time. A bullletin appears at the top of the forms to remind you of this:
T5013 changes for limited partnerships
On T5013Partner, we have modified the presentation of the allocations made to each general and limited partner. It now only displays the income associated with the related partner code. In prior releases, the income allocation between general and limited partners was presented in a way that made it seem as if all the income was allocated to the partner, irrespective of partner code.
These changes only affect limited partnerships. All other types of partnerships are unaffected by theses changes.
- A general partner with business income allocated would have calculated amounts in both boxes 116 and 104 on the T5013Partner, instead of just in box 116.
- The same behaviour occurred for limited partners: both boxes 104 and 116 showed a calculated amount, instead of just box 104.
- The actual T5013 slip(s) only included the income allocated to each specific partner, which when following this example means that the general partner would only have had box 116 reported on the T5013 slip and the limited partner would only have box 104 reported on the T5013 slip.
As of this release:
- Following the same example from above, the general partner will now only have business income allocated at box 116 and the limited partner will now only have business income allocated at box 104.
The T5013Partner boxes that have been modified are as follows:
- 101—Limited partner’s farming income (loss)
- 103—Limited partner’s fishing income (loss)
- 104—Limited partner’s business income (loss)
- 107—Limited partner’s rental income (loss)
- 110—Canadian and foreign net rental income (loss)
- 111—Foreign net rental income (loss)
- 116—Business income (loss)
- 124—Farming income (loss)
- 126—Fishing income (loss)
- 149—Total business income (loss) from an active business carried on in Canada
- 150—Canadian manufacturing and processing profits under subsection 125.1(3)
- 220—Fiscal period’s income (loss)
- 410—Partner’s share of the fiscal period’s net income
Line 320, Partner’s share of the previous fiscal period’s net income (loss), on T5013Partner is now carried forward from TaxCycle and all other supported software.
T5013 returns that have been filed or locked or marked as completed but not filed will not be affected when opened in this new version. For all other returns, you will see the following review message on the Info worksheet alerting you to the calculation change. Click the link in the message to Apply the new calculations.
New!—Excel® export of Return Status
A new Excel export has been added to the Client Manager that contains the return status for each return in the current view.
- To use this export format from any view, click the Export button and select Export Return Status to an Excel® Workbook.
- The Workflow Status column was renamed to Last task.
- A new column was added called Next task.
- You can use both of these columns in any custom column layout you create.
Customer-requested fixes and enhancements
- T1 CCA—A review message now appears on the CCA worksheets and Asset Manager when class 10.1 is entered there instead of on the Motor Vehicle worksheet. It reminds preparers that 10.1 vehicle CCA should only be entered on the Motor Vehicle worksheet as it contains the calculations and fields to track amounts specific to motor vehicles, such as trade-in allowance.
- T1 Schedule 3—More review messages have been added to the principal residence section to alert you when the postal code, city, or province fields are blank.
- T1 Family Summary—This summary now includes a section for the payments of GST/HST credits. (In response to this request in our online community.)
- T7DRA—The T7DRA no longer locks on printing.
- T1 Schedule 6 for British Columbia—When a taxpayer is claiming the disability amount, has no spouse, and has a child under 18 living with them, the constant at line 36, in Step 3 had an extra "5" at the end of it, making it $295,785.00, when it should have been $29,578.00. This has been fixed.
- EFILE error 96055—A change was made relating to line 6345 on the T1014 for BC training credits in order to prevent EFILE error 96055.
- TP1000—The used condition for this form now takes into account the eligibility for NetFile Québec. The form automatically shows as used when eligible for NetFile.
- LettreC (T1 French client letter)—The section on the Child Tax Benefit (CTB) now shows the monthly payment dates in French.
- Auto-fill My Return—AFR preview and matching functionality has been improved.
- SlipSync—T3 slips marked "excluded from filing" are no longer published with SlipSync.
- T3APP—New review messages have been added to remind you to complete the representative contact information when the mailing address for the return is not being used.
- T3—A new check box has been added to the Allocation worksheet and S9WS so that you can indicate whether to carry forward allocation methods to the following year.