This TaxCycle release offers a preview of 2018 T1/TP1 rates and forms along with new options for RC59 forms in TaxCycle T2. We resolved a T2 issue, brought changes to the S3 Dividends worksheet and added new icons.
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 Auto-update files page.)
- 2018 T1/TP1 preview rates and forms
- Competitor carryforwards
- Resolved: Known issue affecting expiring donations in T1
- NAICS industry code search
- RC59Online Consent options in T2
- Changes to the S3 Dividends worksheet
- Resolved: Known issue affecting carryforward from .2015T2 files
- New icons for Start screen and Windows
2018 T1/TP1 preview rates and forms
The new TaxCycle T1/TP1 2018 module includes preview forms, rates and calculations for 2018 personal tax returns. Use this module for planning and evaluation purposes only.
The government forms you see in the TaxCycle T1/TP1 2018 module 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.
What you need to know:
- Returns prepared with TaxCycle T1/TP1 2018 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.
- If you have purchased a 2018 TaxCycle license, you can prepare a 2018 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 2018 tax returns until February 2019.
- 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 2018 paper returns for deceased taxpayers.
- You can carry forward 2017 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:
Carryforwards from 2017 to 2018 of Taxprep T1 and FormMaster slips do not currently function.
Resolved: Known issue affecting expiring donations in T1
This release addresses an issue that affected T1 claiming prior-year expiring donations in coupled returns. The issue has been resolved for the 2018 tax year. The carryforward of 2017 T1 returns to 2018 T1 returns will recalculate the application of 2017 donations to ensure the expiring donations were applied first and any remaining donations are carried forward to the 2018 starting balance. We continue to recommend that you review expiring donations before filing.
NAICS industry code search
In the 2017 and 2018 modules of T1, T2, T3, T5013, and Forms, we have added a dialog box to allow you to search and select an NAICS (North American Industry Classification System) industry code. The preview in this dialog box provides more detailed information on the selected industry code, including examples of what falls into each code's classification. To open this box:
- Go to the industry code field on the Info worksheet in T2 or T5013, on an income statement (T2125, etc.) in T1 or T3, or on the T106 in the Forms module.
- Press F6, press the Jump button in the Home menu, or right-click on the field and choose Select Industry Code.
- In the dialog box that appears, type a keyword to narrow the results.
- Click once to select a code.
- In the preview at the bottom of the box, you will see detailed information and examples of the types of industries matching that code.
- Press OK to save the selection and return to the field.
RC59Online Consent options in T2
A new review message was added to Part 4 of the RC59OnlineConsent form since the CRA made Level 3 only available to electronic filers with a Rep ID. This level is not available to electronic filers with a Group ID or a Business Number (BN).
The new RC59 Default values are as follows:
Changes to the S3 Dividends worksheet
We added a check box to classify dividends declared from GIFI code 3700.
- If the dividend under GIFI code 3700 has been paid for the purposes of a dividend refund, select the box.
- If the dividend under GIFI code 3700 had been declared but unpaid for the purposes of a dividend refund, leave the box unchecked.
Resolved: Known issue affecting carryforward from .2015T2 files
We resolved the issue regarding the carryforward of T2 files with the extension .2015T2. These files now carry forward correctly.
New icons for Start screen and Windows
This release updates the icons both within TaxCycle and on the used files in folders in Windows.