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News > Taxcycle version 6.2.31865.0—T2 and AT1 certification extended for corporate tax year ends up to October 31, 2017

Taxcycle version 6.2.31865.0—T2 and AT1 certification extended for corporate tax year ends up to October 31, 2017


This major TaxCycle T2 release extends CRA and Alberta certification for corporate year ends up until October 31, 2017. (For CO-17, this version continues to support returns with tax years ending in 2016 or later up until October 31, 2017.) The highlights of this release include new and revised forms, as well as recent federal and provincial budget changes. It also includes an update to the Client Manager to allow you to choose columns and column order.

This version is available as an automatic update only if you have the Rush, plus optional auto-update option set. See the Automatic-updates help topic for details. You can also get it as a full download from our website.

Who should install this release?

This release extends CRA and Alberta certification for corporate year ends up until October 31, 2017. If you wish to prepare corporate tax returns, please install this version.

Release highlights

  • T2 and AT1 certified for year ends until October 31, 2017
  • T2 conversion message
  • New T2 forms
  • Removed T2 forms
  • Updated T2 forms
  • Updated British Columbia forms
  • Updated Manitoba forms
  • Updated Nova Scotia forms
  • Updated Saskatchewan forms
  • Updated Yukon forms
  • Québec budget and form updates
  • Resolved T2 issues
  • New! T2 Schedule 3 Maximum taxable dividend estimator
  • New! Client Manager: Show/hide columns, re-order columns and save layouts

T2 and AT1 certified for year-ends until October 31, 2017

This release extends CRA and Alberta certification for corporate year ends up until October 31, 2017. For CO-17, this version continues to support returns with tax years ending in 2016 or later up until October 31, 2017. For more detailed information on CO-17, view our blog post of May 5th.

T2 conversion message

When you open an existing return, TaxCycle may prompt you to convert it to the new module (as shown below):

T2 conversion message

This happens when the workflow status of the T2 return you are working on is other than Completed and the corporation's tax year starts on or after January 1, 2015. To see the workflow status, go to File and click Info. To learn more about T2 file name extensions, read the section on the "T2 file name extensions" in the Create a T2 tax return help topic.

New T2 forms

  • RC59X: Cancel Business Consent or Delegated Authority

Removed T2 forms

  • Schedule 37: Calculation of Unused Surtax Credit
  • Schedule 410: Additional Certificate Numbers for the SK Film Employment Tax Credit
  • Schedule 490: NU business training tax credit

Updated T2 forms

  • Info: for corporations with previous taxation year ending and new taxation year starting on the same day at certain hour and minute, answer Yes to the question “Show hours and minutes", then enter the appropriate hours and minutes in a 24-hour format. For example, tax year start date of January 1, 2016 8:35 P.M. is entered as 2016/01/01 20:35. T2 returns with an answer Yes to any of the below situations may require HHMM in the corporation’s tax year start and end dates on the Info worksheet.
    • Acquisition of Control under subsection 249(4) [question at line 200063]
    • Year end on [CCPC] status change – subsection 249(3.1) [question line 200066]
    • Successor’s 1st year after amalgamation – section 87 [question at line 200071]
    • Winding up of a Subsidiary – subsection 88(1) [question at line 200072]
    • Predecessor’s final year to amalgamation – section 87 [question at line 200076]
    Info form changes
  • Changes to NAICS (North American Industry Classification System) codes
    • Removed codes: 211113, 211114, 512210, 512220, 517111, 517112, 517210, 517910, 532220, 532230, 532290, 711211, 711218, 711410, 713990
    • New codes: 211110, 211141, 211142, 512250, 517310, 517911, 517919, 532280, 711214, 711215, 711217, 711411, 711412, 713991, 713992, 713999
  • T2 jacket / Schedule 200
    • Removed line: 237
    • New lines: 427, 490, 500, 510 and 515. These lines account for specified corporate income and assignment
  • Schedule 2
    • Lines 263 (NS food bank tax credit for farmers), 265 (BC farmer's food donation tax credit). To claim the donation, enter amounts in the donations table in the schedule and select the applicable province in the drop down list on the side.
    • Budget: an additional deduction for gifts of medicine repealed in respect of gifts made on or after March 22, 2017. A review message has been added if line 610 in Part 5 is being claimed for tax years straddling March 22, 2017.
  • Schedule 5
    • Removed lines:
      • 414: ON transitional tax credits
      • 643: SK film employment tax credit
      • 860: Certificate number for SK film employment tax credit
      • 740: NU business training tax credit
    • New lines:
      • 570: NS food bank tax credit for farmers
      • 683: BC farmer's food donation tax credit
  • Schedule 7: revised to accommodate specified partnership income, specified corporate income and assignment
    • New columns 311, 335, 336 added to Part 3, table 1
    • New tables 2 and 3 added to Part 3
    • New Part 6 added
  • Schedule 31
    • Budget: The March 22, 2017 federal budget (Bill C-44) repeals the 25-percent Investment Tax Credit for Child Care Spaces. The budget repeals the definition “child care space amount” in subsection 127(9), applicable in respect of expenditures incurred after March 21, 2017, except that the amendment does not apply in respect of expenditures incurred before 2020 under a written agreement entered before March 22, 2017. A warning message has been added to amount C6 in Part 25 of Schedule 31 for tax years straddling March 22, 2017.
  • T183

Updated British Columbia forms

  • Schedule 422 (T1196)
  • Schedule 423 (T1197)

Updated Manitoba forms

  • Schedule 380
    • Budget: Effective for eligible expenditures made after April 11, 2017, the Research and Development Tax Credit is reduced from 20% to 15%. New fields have been created above lines 108, 116, 123 and 121 in Parts 1 and 2 to account for the expenditures and credits subject to 20% and 15%.
  • Schedule 381
    • Budget: Eligible property acquired on or after April 12th, 2017 is subject to a reduced 9% tax credit (from 10%). Parts 1 and 2 have been revised.
  • S385, S390, S391, S392, S393
    • Budget: Warnings have been added for the following budget changes announced on April 11, 2017 if the tax year straddles April 11, 2017.
    • S385: Odour Control Tax Credit is eliminated for expenditures made after April 11, 2017.
    • S390: Co-operative Development Tax Credit is eliminated for contributions made after April 11, 2017.
    • S391: Neighbourhoods Alive! Tax Credit is eliminated effective immediately.
    • S392: Data Processing Investment Tax Credits are eliminated effective immediately. This does not impact credits earned but which remain unused and eligible to be carried forward by corporations or partnerships for qualified property purchased or leased before April 12, 2017.
    • S393: Nutrient Management Tax Credit is eliminated for expenditures made after April 11, 2017.

Updated New Brunswick form

  • Schedule 366
    • Budget: As of April 1, 2017, the lower tax rate is reduced from 3.5% to 3%. Part 3 has been revised.

Updated Nova Scotia form

  • Schedule 346
    • Budget: Small business threshold is increased from $350,000 to $500,000 effective January 1, 2017.

Updated Ontario forms

  • Schedule 500
  • Schedule 508
  • Schedule 566
  • Schedule 569: 3 new ERI codes (codes 515, 516 and 517) added to line 115

Updated Saskatchewan forms

  • Schedule 411
    • Budget: Effective July 1, 2017, the general corporate tax rate decreases from 12% to 11.5; the credit unions’ preferential tax reduction is to be phased out over the next four years beginning in 2017. Parts 1 and 3 have been revised.
  • Schedule 403
    • Budget: Expenditures incurred after March 31, 2017 are eligible for a new 10% refundable R&D tax credit for the first $1 million. Part 1 has been revised.

Updated Yukon forms

  • Schedule 443
    • Budget: Effective July 1, 2017, the lower rate is reduced to 2% (from 3%) and the higher rate is reduced to 12% (from 15%). Part 3 has been revised.

Québec budget and form updates

  • CO-771 has been updated to the latest 2017-06 version.
  • To support manufacturing sector businesses, the Québec tax legislation and regulations will be amended to introduce an additional allowance for acquisitions of qualified manufacturing or processing equipment and computer equipment before April 1, 2019. The additional allowance will be equal to 35% of the amount deducted as capital cost allowance for classes 50 and 53 acquisitions of qualified properties. A taxpayer will be entitled to the additional allowance for two taxation years:
    • taxation year in which the property is first put to use;
    • taxation year following that year.
  • In TaxCycle, for a Québec corporation, when you select a CCA class of 50 or 53, you will see a line in S8Asset where you can enter the additional allowance.
  • The total amounts entered in the line above will appear in the QC1DeductionOther worksheet.

New! T2 Schedule 3 Maximum taxable dividend estimator

Based on user feedback, we've added Part 3.1Maximum taxable dividend estimator to help you clear out the RDTOH balance. This section only appears on-screen and will not print. For further details, view more information on our online community.

Client Manager: Show/hide columns, re-order columns and save layouts

colomn-layout-selectIn the Client Manager List Returns view, you can now choose which columns show and set the order in which they appear. You can also save these layouts and apply them to saved Quick Searches and Excel® exports.

To select a column layout:

  1. Go to the List returns view in the Client Manager.
  2. Click on the Layout button.
  3. Select a column layout to apply to the current view.

As of this first release, TaxCycle will include a Standard Column Layout, as well as layouts with columns that apply to various tax modules. You can customize these layouts or create your own

If you have existing saved search, TaxCycle will attempt to match the saved search with a module-specific column layout. If it cannot, it will use the Standard Column Layout unless you change the setting in options.

When you export to Excel®, TaxCycle will use the same columns in the same order as they appear on screen.

Read the Column layouts help topic to learn how to create layouts, assign them to saved searches, and set layout options.

How to get this release

This version is available as an automatic update only if you have the Rush, plus optional auto-update option set. See the Automatic-updates help topic for details. You can also get it as a full download from our website.

Who should install this release?

This release extends CRA and Alberta certification for corporate year ends up until October 31, 2017. If you wish to prepare corporate tax returns, please install this version.


 

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