This TaxCycle release includes new slips in the 2018 T4 and NR4 modules, and solutions to two T2 known issues.
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.)
- T4PS and T4A-RCA slips added to the T4 2018 module
- New slip added to the NR4 module
- T2 T2054: correction made to a penalty error
- Ontario budget tax changes in the 2018 T1 and T3 modules
- Resolved: Known issue affecting incorrect rate of Québec SBD (tax year ends after March 27, 2018)
- Resolved: Known issue affecting T2 optimization and amount on line 395 of S1
New slips added to the T4 2018 module
We added the following slips:
- T4PS: T4PS (data entry), T4PS Slip, T4PS Summary and T4PS Slip Summary.
- T4A-RCA: T4A-RCA (data entry), T4A-RCA Slip, T4A-RCA Summary and TA4-RCA Slip Summary
In addition, the T4 Info form now has extra sections.
Note that these can only be paper-filed. The SlipSync feature has been enabled for these slips so that they can be published to T1 if a preparer needs to use that functionality for a client for whom they have generated slips and a T1.
New slip added to the NR4 module
- T4A-NR: T4A-NR (data entry), T4A-NR Slip, T4A-NR Summary and T4A-NR Slip Summary
This form can be filed electronically; the results will be tracked in the shared 'InternetWS' with the NR4. The NR4 Info form also has extra sections for data required along with multiple fields allowing you to set default values when opening a new slip as shown here.
T2 T2054: Part 4 - Late-filing penalty
When TaxCycle was calculating Amount N*** on the T2054 worksheet in Part 4 - Late-filing penalty, it was inserting "1" rather than the correct number of months. TaxCycle now calculates the period correctly.
Ontario budget tax changes in the 2018 T1 and T3 modules
In the Ontario budget of March 2018, the ruling government announced a proposal to eliminate the surtax and incorporate the changes in the tax tables, going from 5 to 7 brackets. These changes were implemented in our 2018 T1 and T3 modules released in May and June. Since then, the CRA has been informed that the new government will not proceed with the proposed changes. We have therefore removed them from this release.
Resolved known issue affecting incorrect rate of Québec SBD (tax year ends after March 27, 2018)
We resolved the known issue where the calculation on line 98i in Part 9.2 of the CO-771 (rate of Small Business Deduction) was incorrect when the tax year ended after March 27, 2018. TaxCycle will now calculate the SBD rate correctly.
Resolved known issue affecting T2 optimization and amount on line 395 of Schedule 1
We resolved the T2 optimization and amount on line 395 of Schedule 1 issue. TaxCycle now optimizes the calculation of the deduction and claims.