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News > TaxCycle version 7.2.33731.0—Correction to T2/AT1 instalments and CO-17 Online Filing enhancement

TaxCycle version 7.2.33731.0—Correction to T2/AT1 instalments and CO-17 Online Filing enhancement


This TaxCycle patch addresses an issue with the T2/AT1 instalments worksheet. (Please look for a major release coming around the end of September.)

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.)

Release highlights

  • CO-17 Online Filing enhancement
  • T2 federal instalment method (monthly vs. quarterly)
  • AT1 instalment exemption calculation

CO-17 Online Filing enhancement

The CO-17 Online Filing box in the Transmit sidebar now displays more information about the error messages received from Revenu Québec.

2018-co-17-message-enhancement

T2 federal instalment method (monthly vs. quarterly)

A correction has been made to the FederalInstalment worksheet that addresses TaxCycle calculating the instalment payment method (monthly vs. quarterly) based on the incorrect year. Prior to this release, in the section titled "Monthly vs. quarterly instalment payments," TaxCycle was using amounts from the "previous year" when the selection was made to use the "current year." It was also using amounts from the "second previous year" when the selection was made to use the amounts from the "previous year."

We have also improved the wording on the FederalInstalments worksheet to help preparers better understand the instalment method calculations:

  1. At the top of the worksheet, a note was added to explain that the term current year means the year for which the instalment payments are being calculated, and that the term previous year refers to the year for which the tax return is being prepared.
  2. In the Monthly vs. quarterly instalment payments section, the questions were reworded and expanded upon to clarify the "current year" as the tax year for which instalments are calculated.
  3. In the Instalment base calculation chart, the column headings were changed to be consistent with the wording used by the CRA: Current, Previous, and Second previous.

2018-t2-instalment-worksheet-enhancements

AT1 instalment exemption calculation

A correction has been made to the AlbertaInstalment worksheet that addresses TaxCycle calculating the exemption from Alberta instalments based on the incorrect year. Prior to this release, in the section entitled "Exemption rule for instalments," TaxCycle was using amounts from the "immediate preceding year" when the selection was made to use the "current year." It was also using amounts from the "second preceding year" when the selection was made to use the amounts from the "immediate preceding year."

We have also improved the wording on the AlbertaInstalments worksheet to help preparers better understand the instalment exemption calculations:

  1. At the top of the worksheet, a note was added to explain that the term current year means the year for which the instalment payments are being calculated, and that the term immediate preceding year refers to the year for which the tax return is being prepared.
  2. In the Exemption rule for instalments section, the questions were reworded and expanded upon to clarify the "current year" as the tax year for which instalments are calculated.
  3. In the Instalment base calculation chart, the column headings were changed to be consistent with the wording used by Alberta Revenue: Current, Immediate preceding, and Second preceding.

2018-at1-instalment-worksheet-enhancements


 

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