News

TaxCycle 14.2.57271.0—T1 and T2 Updates, Competitor Carryforward

This release updates T1 and T2 forms to the latest versions from the CRA and updates competitor carryforward.

release notes T1 T2 carryforward CCA templates

RESOLVED: Immediate Expensing in T1 and T5013, Income Before CCA Deductions

TaxCycle currently calculates the income earned from the business or property without taking into account recapture and terminal loss.

t1 t5013 known issue immediate expensing CCA

TaxCycle 14.0.55440.0—CO-17 Forms

This release extends the filing of Québec CO-17 returns with updated forms for 2024 and 2025.

release notes CO-17 T2 CCA T2 Schedule 63

RESOLVED: Immediate Expensing of CCA No Longer Prorates (T2 Schedule 8)

The proration rule for CCPCs with short taxation years no longer applies to the calculation of immediate expensing of CCA for taxation years ending on or after April 19, 2021.

known issue T2 CCA S8

Negative half-year adjustment on T2 Schedule 8 and S8Asset?

Accelerated CCA calculations in TaxCycle T2 may show a negative half-year adjustment on T2 Schedule 8 and S8Asset.

CCA capital cost allowance UCC half-year rule Accelerated CCA