enfr

News

News > TaxCycle version 8.0.34624.0—Accelerated CCA in T2, T3 optimizations, RL-31, Excel Import of T3 and T5013 slips

TaxCycle version 8.0.34624.0—Accelerated CCA in T2, T3 optimizations, RL-31, Excel Import of T3 and T5013 slips


This major TaxCycle release adds Accelerated CCA measures in T2, Excel® import of T3 and T5013 slips, T3 optimizations, Québec RL-31 slip preparation, new workflow tasks and print options.

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.)

Ces notes de version sont également disponibles en français.

Did you install version 8.0.34609.0?

On Feburary 4, 2019, we released version 8.0.34609.0 with all the enhancements listed below. On February 7, 2019, we released the patch (version 8.0.34624.0) to resolve an issue with printing tenant copy of the RL-31. If you need to distribute tenant copies of RL-31, please install this patch. This patch also adds: the carryforward of T4PS slips from ProFile® FX, Taxprep® Forms, and Cantax® FormMaster; and the carryforward of T4A-RCA slips from ProFile® FX.


Status of 2018 federal returns and slips

  • T1 – T1013 updated to 2018 version. T1 Condensed and bar code certified for paper filing. EFILE certification in progress. (See below for details.)
  • T2 – Certified to file tax year ends up to May 31, 2019.
  • T3RET – Ready for filing.
  • T3 slips – Ready for filing.
  • NR4 (in T3 module) – Ready for filing.
  • T4 – Ready for filing.
  • T4A – Ready for filing.
  • T4PS – Ready for filing.
  • T4ARCA – Ready for filing.
  • T5 – Ready for filing.
  • T5013-FIN – Ready for filing.
  • T5013 slip summary – Ready for filing.
  • T5018 – Ready for filing.
  • NR4 slips (standalone NR4 module) – Ready for filing.
  • T4A-NR slips (in NR4 module) – Ready for filing.

Status of 2018 Québec returns and relevés

  • TP1 – In preview. Wait to file until later release.
  • CO-17 – Certified to file tax year ends up to May 31, 2019.
  • TP-646 – Ready for filing.
  • RL-16 – Ready for filing.
  • RL-1 – Ready for filing.
  • RL-2 – Ready for filing.
  • RL-3 – Ready for filing.
  • TP-600 – In progress. Coming in a future release.
  • RL-15 – In progress. Coming in a future release.
  • RL-31 – Ready for filing.

Status of file carryforwards from 2017 to 2018

As of this release, the following 2017 to 2018 carryforwards are final and ready for batch carryforward:

  • T1/TP1 – TaxCycle, ProFile®, Taxprep®, Cantax®, DT Max®, VisualTax™
  • T2/CO-17 – Carryforwards from TaxCycle, ProFile®, Taxprep®, Cantax® DT Max®, VisualTax™ support creating files with year ends up until May 31, 2019
  • T3/TP-646, RL-16 – TaxCycle, ProFile®, Taxprep®, Cantax®, DT Max®
  • T4, T4A, RL-1/RL-2 – TaxCycle, ProFile®, Taxprep®, Cantax®
  • T4PS – ProFile®, Taxprep®, Cantax®
  • T4A-RCA – ProFile®
  • T5, RL-3 – TaxCycle, ProFile®, Taxprep®, Cantax®
  • T5013 – TaxCycle, ProFile®, Taxprep®, Cantax®
  • T5018 – TaxCycle, ProFile®, Taxprep®, Cantax®
  • T3010 – TaxCycle, ProFile®, Taxprep®, Cantax®
  • TP-985.22 – ProFile®, Taxprep®, Cantax®
  • NR4 – TaxCycle, ProFile®, Taxprep®, Cantax®
  • Forms – TaxCycle
  • RL-31 – ProFile®, Taxprep®, Cantax®

Please wait to carry forward 2017 files from the following modules and software:

  • T5013 files that contain Québec TP-600 returns and RL-15 slips

Updates to TaxCycle T1/TP1 2018

  • The 2018 version of the T1013 is now available. This is the only version of the form that will be accepted as of February 11, 2019. (Until then, both the 2017 and the 2018 versions are accepted.)
  • The T1 Condensed and bar code are certified by the CRA for paper filing.
  • Certification by the CRA for T1 EFILE is still in progress.
  • Most 2018 federal T1 forms are final and no longer show the Preview watermark.
  • The following 2018 forms are still in progress and will show a Preview watermark:
    • T1206 Tax on Split Income
    • T657 Calculation of Capital Gains Deduction for Canada
    • T2038 Investment Tax Credit (Individuals)
    • All income statement form sets are pending final versions from the CRA and the implementation of accelerated CCA changes. This includes forms related to: T776, T2125, T2121, T2042, T1273 and T1163.
  • All 2018 TP1 forms remain in Preview.
  • Customer Request A new 5-year summary of provincial tax and credits—428 5YearSummary—appears in the Summaries category in the Prepare sidebar.
  • Customer Request The T1 Split Pension Summary now allows negative values in the summary table at the bottom of the form, as requested on protaxcommunity.com.
  • Customer Request A warning has been added to remind you to indicate on the T777WS that the employee was a commission-paid employee when there is an amount in box 42 on the T4 slip.
  • Customer Request For Quebec TP1 returns, a new one page summary of the return is now available. It is called the TP1Summary.
  • Customer Request New module options for T1 2018 to allow you to default the fields for claiming the Climate Action Initiative on the S14 in applicable T1 returns.

Accelerated CCA calculations in TaxCycle T2

In the 2018 Federal Fall Economic Statement, the federal Minister of Finance introduced the Accelerated Investment Incentive (AII). This measure allows Canadian businesses to write off a larger share of the cost of newly acquired depreciable assets (tangible and intangible) in the year the investment is made. (To learn how Accelerated CCA is calculated for the affected classes, please read the Accelerated CCA help topic.)

In TaxCycle T2, you will notice the following changes to calculations on the S8Asset asset manager (similar changes will follow in T1, T3 and T5013 in a future release). New sections on the asset manager (S8Asset) calculate accelerated CCA and explain the applicable rules. If you have already filed a return and you wish to claim accelerated CCA, you can file an amended T2 return.

To claim accelerated CCA using the S8Asset in TaxCycle, please review the following instructions:

  1. If the tax year of a corporation ends after November 20, 2018, you must enter the date of purchase in the Transaction date field when entering an addition. TaxCycle uses this date to determine if the addition is eligible for accelerated CCA.
  2. If you enter a transaction date that is after November 20, 2018, TaxCycle answers Yes to the AIIP? question. This indicates that the addition is eligible for an accelerated CCA. If you open an existing file and do not have a transaction date on a current-year addition, the answer to the AIIP question remains No until you enter an eligible date.
  3. TaxCycle also automatically answers Yes to the Québec AIIP? question when the Québec measures apply to the addition.
  4. IMPORTANT! Generally, the half-year rule is suspended for an eligible addition. This occurs automatically in TaxCycle when calculating the accelerated CCA. DO NOT answer NO to the half-year rule question on the asset manager to achieve this result. Answer the question based on whether the half-year rule would apply in normal circumstances and TaxCycle will take care of the rest. For example, you should still answer No when a taxpayer is incorporating and rolling over existing assets into the corporation, regardless of the transaction date.
  5. Eligible additions are transferred to the AIIP addition row in the Net addition calculation section of the asset manager, and a corresponding UCC bump-up is calculated.
  6. If the transaction date is before November 21, 2018, the addition is not eligible for accelerated CCA. TaxCycle answers the AIIP? with No. This indicates that the addition is not eligible for an accelerated CCA.
  7. Ineligible additions are transferred to the Non AIIP addition row in the Net addition calculation section of the asset manager, and any applicable half-year adjustment is calculated.
  8. When you enter a disposition, TaxCycle first applies the amount to any Non AIIP additions.
  9. If there is a remaining disposition amount, it is then applied to AIIP additions.
  10. For additional information about the calculations, refer to the Accelerated Investment Incentive Property (AIIP) section which explains the applicable rule and calculation. This section changes based on the Class of the asset selected at the top of the asset manager.
  11. To collapse/hide or expand/show the notes in the Accelerated Investment Incentive Property (AIIP) section, click the arrow on the far left of the section title.

2019-s8asset-aiip-addition-disposition


Other updates to TaxCycle T2

  • T2054 Election for a Capital Dividend Under Subsection 83(2) has been updated to the latest version.
  • Customer Request In the Specified Corporate Income (SCI) table on page 4 of the T2 jacket, the corporation name, tax year end and BN now carry forward.
  • Customer Request On the S8RecWS in TaxCycle T2, the explanation and the amount of the difference now carry forward.
  • Customer Request The T2 FederalInstalments worksheet now has a new question (on page 2) that allows the previous year tax credits column to be calculated based on the tax return you are working on.
  • Customer Request On Schedule 60 (Part 2 of the T661), the project number now displays at the top right corner of the form. This project number corresponds to the project number in the T661 Part 6 - Project costs table.
  • Customer Request Boxes 242, 244 and 246 of Schedule 60 now print all the information entered into them. Upon printing only, these boxes have been expanded to print all the content. The font in these boxes is a standard font that will support the maximum number of characters accepted for these boxes. To achieve this, the space allocated for box 242 has been expanded and boxes 244 and 246 now also print on separate pages. On screen, the boxes appear the same as before. If you cannot see all the content entered into the boxes, please use the check boxes to control the size of the display font.

2019-t2-s60-text-size


New! T3 Optimizations

This release adds optimizations to TaxCycle T3. Similar to TaxCycle T1, the Optimizations worksheet allows you to see and customize optimizations for the trust.

The optimizations currently only apply to federal T3 calculations. Amounts are not optimized for Québec TP-646 returns.

  1. At the top of the worksheet, select the optimization goal, or disable the optimizations altogether. You can set a default for this field for any new files you create in T3 New File options. See New file defaults help topic.
  2. Further down the worksheet, you can see and adjust optimizations for donations, net capital losses and non-capital losses. Each section shows you the calculation made to achieve the optimized result.

2019-t3-optimizations-worksheet (2)

Please read the T3 Optimizations help topic for details of the optimization goals and the specific sections for losses and donations.


New! Excel® import of T3 and T5013 slips

This release expands the enhanced Excel® slip import to include T3 and T5013 slips.

  1. To create a base spreadsheet file in which to insert the slip data, open a T3 or T5013 return, and open the T3Ben or T5013Partner slip. Then, go to the Data menu, select Excel import and then Create Excel® Template.
  2. Insert your data into the Export worksheet within the template file.
  3. Go to the Data menu, select Excel import and then Import Excel® Worksheet.

For full instructions and details on how to format data in the file, please read the Import slips from Excel help topic.

2019-excel-import-t3


RL-31 slips

This release launches a new module for Québec relevés that do not have an equivalent federal slip. For 2018, it includes the RL-31 slip respecting information about a leased dwelling.

  • The module is approved by Revenu Québec for paper and electronic filing.
  • You can carry forward the details of RL-31 slips from ProFile®, Taxprep® and Cantax®.
  • All currently licensed TaxCycle users will have access to this module until the end of the tax season, after which it will be packaged as part of the complete suite and available for standalone purchase.

2019-start-screen-rl-31636845488251127116


Updates to the TaxCycle Forms module

The following forms have been updated in the 2018 TaxCycle Forms module:

  • CPT1 Request for a Ruling as to the Status of a Worker under the Canada Pension Plan and/or the Employment Insurance Act
  • NR95 Authorizing or Cancelling a Representative for a Non-Resident Tax Account
  • T2054 Election for a Capital Dividend Under Subsection 83(2)
  • NR6 Undertaking to File an Income Tax Return by a Non-Resident Receiving Rent from Real or Immovable Property or Receiving a Timber Royalty

New workflow group and tasks to track return delivery

Four new workflow tasks have been added to assist in tracking return delivery:

  • Client collected return
  • Emailed return to client
  • Mailed return to client
  • Couriered return to client

2019-workflow-client-delivery-task

By default, these tasks appear in the new Client Delivery group for all return types. They are optional, so you must only check off one of the tasks to complete the group.

The new tasks are only selected to show in the 2018 modules. If you wish to use them in prior-year modules, you must check the Show box for the task in Workflow options. To learn how to do this, see the "Workflow options" section in the Workflow groups and tasks help topic.

For the Couriered return to client task, you will have the option enter a tracking number when completing the task. This tracking number is then searchable in the Client Manager, and available as a column in Column layouts. To learn more about column layouts, including how to create a custom column layout, see the Column layouts help topic.

2019-workflow-client-manager-tracking-column636838716310677114


This release includes user interface changes to the print options, including:

  1. A redesign of the Print Configuration dialog box to accomodate the increasing number of options.
  2. In Print options, the printer/output configuration has been removed from the options page and is replaced by this box that pops up when you click the edit link.
  3. It also allows for more space when working with forms selection in Print options.
  4. A similar Print Configuration box appears when you print a single form or if you edit the printer/output configuration by clicking the edit link in the Print/PDF sidebar.
  5. The new box includes the same printer/output options as previously. Please refer to the Print and PDF output options help topic for a full list.

2019-print-configuration-changes


Complete workflow tasks upon printing Customer Request

In the new Print Configuration dialog box, you can now choose to complete up to three workflow tasks upon printing. Select up to three tasks from the drop-down menus under the Complete tasks heading. These options are available when printing a print set or a single form.

2019-print-configuration-workflow-tasks636843929864155305


Print as appears on screen Customer Request

A new Print Configuration option allows you to print the form(s) as they appear on screen. Select Print as appears on screen to print the form so it includes all the content you see on screen. This may also hide other content that is usually only available in the printed version. DO NOT use the forms printed this way to send to tax agencies as they do not meet the certification and approval requirements.

2019-print-configuration-as-appears-on-screen


Template changes

  • T5008 are once again showing as a count in the PreSeason and PostSeason letters rather than listing all the slips. Correcting this issue did not require a change to template files. Resolve this issue by installing this release.
  • Customer Request The 2018 T1 JSalutations snippet has been enhanced to use the taxpayer's title if it is entered on the Info worksheet. (This change has also been made to the French version of the snippet.)
  • Customer Request The CPT20 now shows in the list of forms requiring a signature when paper filing when someone elects to pay CPP on under-deducted employment income. This change affects the CLetter and JLetter templates, in English and in French, going back to 2013.
  • Customer Request The CPT30 now shows in the list of forms requiring a signature when paper filing when used. This change affects the CLetter and JLetter templates, in English and in French, going back to 2013.
  • Customer Request A new section has been added to the client letter templates that shows when the taxpayer has received a credit from the Climate Action Initiative (CAI). This change affects the 2018 CLetter and JLetter templates, in English and in French.
  • Customer Request The pre-season and post-season letters in the 2018 and 2017 T1 module now show items on the checklist requesting the rent, property tax, utility and long-term care receipts to aid in applying for the Ontario Trillium benefits. In the pre-season letters, these items appear only for Ontario residents. In the post-season letters, these items appear only for Ontario residents who made those claims on the ONBEN in the same year. These changes affect PreSeason, JPreSeason, FPreSeason in T1 2018; PostSeason, JPostSeason, and FPostSeason in T1 2018 and 2017. Equivalent changes were made to the French templates.
  • Customer Reported The threshold amount in the conditions triggering the Guaranteed Income Supplement (GIS) paragraph have been updated to the 2018 values: $18,240.01, $24,096.01 and $43,728.01. This change affects the CLetter and JLetter templates, in English and in French.
  • The French PostSeason (AprèsSaison) template now uses the correct condition to list the slips completed in the return. Previously, it was looking for slips that were carried forward.

Workflow task details in templates Customer Request

This release adds the ability to use more information from workflow tasks in templates. By placing the following items within the task() function and calling the task's workflow ID, you can get details of the task to use in templates.

Code Description Sample result
{{# task("WorkflowID") }}
{{/ task }}
Statement to surround all of the following elements with. It declares the task from which to pull the information. Be sure to surround it with {{#CurrentClient}} or another tag to define the context, and replace WorkflowID with the ID of the task you want to reference. You can copy this ID by right-clicking on a task in options or in File Info. See the Workflow ids help topic for more details. n/a
{{ Title }}Title of the workflow item. Engagement letter signed and on file
{{ Subtitle }}Subtitle of the workflow item (if available). Depending on the task, this could be a tracking number or transmission confirmation number, etc. n/a
{{ InProgressSummary }}Display a summary of what shows when the task is not yet complete. Waiting to receive engagement letter
{{ Summary }}Display the summary of the task when complete. Engagement received by Elizabeth on 2018-08-10
{{ ShortSummary }}Display the short summary of the task when complete. Signed engagement letter received
{{ IsCompleted }}Check whether the task is complete. True or False
{{ IsNotCompleted }}Check whether the task is not complete. True or False
{{ CompletionDate }}Display the date when the task was completed. 2018-08-10 3:24:36 PM
{{ TargetCompletionDate }}Display the expected completion date for the task. Currently only applies to the CompletionDate workflow id in the Due date task. 2018-08-10 3:24:36 PM
{{ IsOverdue }}Check whether the task is past-due based on the completion date. Currently only applies to the CompletionDate workflow id in the Due date task. True or False
{{ UserName }}Display the username of the person who completed the task. Elizabeth
{{ HasComments }}Check whether there are any comments on the task. True or False
{{ Comments }}Display the comments associated with the task. n/a
{{ IsVisible }}Check whether this task is visible based on the Show check box in options. True or False
{{ IsOptional }}Check whether this task is optional based on the Required check box in options. True or False
{{ IsRelevant }}Check whether this task is relevant based on the content in the return. For example, is a T1135 required? If so, the T1135 tasks display. True or False
{{ IsOverridden }}Check whether an automatic task is manually overriden in the client's return. True or False
{{ TrackingNumber }}Display the tracking number for the task. Currently only applies to the TrackingNumber workflow ID. Must be surrounded by {{# task("CourieredReturnToClient")}} {{/task}} to work. 1234577

Using task details in conditions

For any of the True or False task details, you can write template code to check the state and then show or hide text based on the result. For example:

Example
{{# CurrentClient }}
{{# task("EngagementLetter") }}
{{# IsCompleted }}Show this text if the task is complete.{{/ IsCompleted }}
{{# not(IsCompleted) }}Show this text if the task is not complete.{{/ not(IsCompleted) }}
{{/ task }}
{{/ CurrentClient}}

Formatting dates from task details

You can format dates outputted by these task details. See the Dates help topic for more examples.

Example Result
{{# CurrentClient }}
{{# task("EngagementLetter") }}
{{ CompletionDate }}
{{ format(CompletionDate) }}
{{/ task }}
{{/ CurrentClient }}
2019-01-23 3:02:00 PM
January 23, 2019

More customer requests

  • This release adds multiple-jurisdiction forms and calculations to TaxCycle T3. This also includes all the related provincial forms for multiple jurisdictions. These forms behave similarly to those in the T1 module.
  • In TaxCycle T4/T4A, a new check box on the T4 data entry slip allows you to Ignore adjustments for a specific slip.
  • A Create 2018 Forms button on the Data menu in TaxCycle T3, T3010 and T5013 allows you to start a TaxCycle Forms file with the data in those types of returns.
  • The Client Manager now handles client numbers that are all zeros. If a client's identifying number (SIN, BN, Trust etc.) is all zeros, the Client Manager does not use that number to identify the client and match returns. Instead, for T1 returns it will use a combination of the client's first name, last name and date of birth. For all other return types, it will use the entity's name.

 

Join Our Newsletter

Sign up to get TaxCycle news delivered right to your inbox.