The CRA has released a new form for self-identifying as an employer claiming the wage subsidy, the PD27. We will include this form in TaxCycle T4 in an upcoming release.
CRA COVID-19In TaxCycle T2, on the Alberta AT1 Schedule 1, the small business deduction rate should be 0.06 effective July 1, 2020.
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Our summer sale is on now. Buy next season's tax software at our lowest prices. Save up to $200 on the TaxCycle Suite and get a no-fee monthly payment plan.
TaxCycle SaleSupports filing T2 and AT1 returns for tax year ends up to October 31, 2020. Includes a preview of 2020 T1/TP1 and rollover of T3/TP-646, NR4 and RL to 2020.
release notes t2Transmission of forms T106, T1134 and T1135 from the latest TaxCycle T2 modules returns the error code 400.
known issueIn versions 9.2.39507 and 9.2.39565, TaxCycle T2 does not claim a net capital loss carryforward on line 332 of the T2 return when there is a taxable capital gain in the current tax year.
known issueTransmitting CO-17 return using clicSÉQUR from TaxCycle version 9.1.38833.0 and above produces error code 13965.
known issue CO-17 clicSÉQURWe have discovered an issue where TaxCycle T2 does not calculate Québec CO-17 Schedule 21 (QC21) when the federal Schedule 21 (T2SCH21) is completed.
known issue t2 CO-17Line 8120 from Schedule 8 in TaxCycle T3 is not transmitted to the Canada Revenue Agency (CRA) when there are no amounts on lines 8110, 8160, 8170, 8180 or 8190.
known issue t3DocuSign® electronic signatures on T1032 and T1255. Changes requested by TaxCycle customers.
release notesThe Canada Revenue Agency (CRA) has investigated EFILE error 92271 and has determined a change made in early May cause certain returns that were previously accepted to now be rejected.
The CRA recently learned that there was an minor error in the calculation of the Nunavut cost of living supplement for single parents.
known issueThe CRA, RQ and the Govt of Alberta have extended some filing deadlines for corporations and trusts to September 1, 2020.
CRA COVID-19Known Issue. CO-17 error code 13965 due to incorrect service version number.
known issueFile returns with tax year ends after December 31, 2018 on paper until TaxCycle T2 updated in Dec. 2020.
CRA AgriStability EFILEEnhanced slips summaries. Guaranteed income supplement (GIS) worksheet. NetFile of adjusted TP1 returns.
release notesWe've launched a new design for our website at www.taxcycle.com. We hope you like it!
The calculation of line 68040 (transfer to spouse) on form T1032 (Joint Election to Split Pension Income) was not accounting for box 109.
known issueAs of April 20, 2020 the Canada Revenu Agency (CRA) will allow the transmission of a return even if it has already been mailed to CRA on paper, as long as it has not yet been processed.
This update adds the electronic signatures for the Québec MR-69 form and resolved issues reported since the prior version.
release notesThis release adds the ability to send documents to your clients for electronic signatures using DocuSign and Adobe Reader.
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Our friends at Video Tax News have published a useful list of links to COVID-19 resources and updates specifically for accounting professionals.
TaxCycle users save 20% when they purchase an annual plan before May 31, 2020 through this page.
DocuSignWe discovered that a calculation on the T4PS is incorrect. The gross-up percentage calculates at a rate of 16% rather than 15%.
known issueTaxCycle incorrectly calculates the Net Capital Loss at line 10 (in column C) using the gross amount (100%) rather than the 50% inclusion rate.
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Randy Tebbutt 1964 – 2020. It is with great sadness we share with you that one of our own passed suddenly this week.
The Canada Revenue Agency will defer the filing due date for the 2019 tax returns of individuals, including certain trusts.
This release adds updates T1 and TP1 payment and filing due date extensions.
release notesRevenu Québec has introduced flexibility measures for individuals and businesses affected by the COVID-19 situation. A summary appears below.