Planning Tools

Updated: 2020-05-15

There are several ways to use TaxCycle T1/TP1 to create a plan for the following tax year. You can either create a complete planning file using carry forward and plan or by copying the prior-year plan values into the current year tax return. Or, in the prior-year file, use the T1 Planner worksheet to design a plan.

T1 Planner worksheet

The T1 Planner worksheet allows to you to plan for the following tax year within the current-year file.

  1. Press F4, type T1Planner and press Enter to open the worksheet. You can also find it under the Worksheets section of the Prepare sidebar. 
  2. Click the Insert 2017 values into planner (overwrites any existing values) link in the blue bar at the top of the form to copy the values in the return into the worksheet. This action will overwrite any data already entered on the form, so it is the first action you should do. Scroll down to enter additional amounts applicable in the 2018 tax year, modify imported data, and explore what-if scenarios.
  3. You can also find an option to insert values in the right-click menu when you click on a field.
  4. The T1Planner is a multi-copy form, so you can create as many versions as you want. They will appear separately in the sidebar and in F4 Fast Find search results. 
  5. Enter a Description at the top of the worksheet to identify each copy in search results and the sidebar.

T1 planner 2018

Create a T1/TP1 planning file

In TaxCycle T1/TP1, you can create a file and mark it for planning purposes after you Carry forward a prior-year T1 tax return. Or, create a new tax return.

  1. Go to the Info worksheet and scroll down to the Filing section. Then set the tax Purpose to Planning.
  2. When you do this, the bottom of the TaxCycle window changes to orange so you can easily tell when you're working on a planning return. 
  3. A watermark is also added to all forms in the file.
  4. Save the return and TaxCycle adds PLAN to the file name. 

When the purpose is set to Planning:

  • Paper-filing print sets, T1013, EFILE transmissions are deactivated so you can't accidentally file the planning return. 
  • Spouse and dependant returns in the same file are also marked as planning returns.
  • In the Client Manager, planning returns are labeled as such in the status column and wherever you usually see the transmission status. You can filter out planning and training returns if you need to.

Planning options on the Info worksheet.

Training returns

There is a third option in the Purpose drop down, for marking a return for Training. This allows you to create files when training staff. These behave the same way as planning files, except they are labelled in the Client Manager and in their file name as training.

Carry forward and plan

Save time when creating a T1/TP1 planning return by using Carry forward and Plan. It combines the actions of carrying forward a return and then getting plan values from the prior year.

This is different from carry forward alone in that instead of bringing forward only amounts (such as unused credits) that were eligible to carry forward from the prior year, it copies values entered on slips and forms in the prior year return, making it quick to plan for the upcoming year without re-entering data.

Select carry forward and plan on the start screen

  1. Click Carry forward and Plan.
  2. Browse to where you saved the prior-year tax return.
  3. Select the file(s) you want to carry forward.
  4. Click the Open button

TaxCycle brings in values from certain slips and forms entered in the prior year and uses them in the return. You can then review and modify them based on projected changes for the upcoming year. This also automatically changes the Return purpose in the Filing section on the Info worksheet to avoid filing returns with the plan values. 

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