News

TaxCycle 15.0.58181.0—Forms Rollover to 2025 (Revised)

This release rolls over the TaxCycle Forms module to 2025.

release notes Forms module T1 T2 T3 T5013

TaxCycle 14.2.57646.0—Resolved Issues

This release resolves issues discovered since the last release.

release notes T2 T1 T3

RESOLVED: T3 Alberta Provincial Tax Calculation Error

TaxCycle is not calculating provincial tax for Alberta T3 returns when the taxable income is between $241,974.01 and $362,961.

known issue T3 Alberta

TaxCycle 14.1.56515.0—T3/TP-646 and T5013/TP-600 Rollover

This TaxCycle release rolls over the T3/TP-646 and T5013/TP-600 modules to 2025.

release notes T3 T5013

TaxCycle 14.1.56032.0—2025 Slip Modules

This release rolls over T4/T4A, T5, T5018, T2202 and NR4 slips to 2025.

release notes T1 TP1 T2 T3 T5013 slips

RESOLVED: Missing Personal-Use Capital Gains on T3SCH1

TaxCycle T3 is excluding the total capital gains in the personal-use property table on S1.

known issue T3

RESOLVED: T3SCH12 Incorrectly Halving Non-Capital Loss on Line 29

TaxCycle is incorrectly halving the non-capital loss amount on line 29 of T3SCH12 with AMT.

known issue T3

TaxCycle 14.1.55915.0—T1/TP1 and T3/TP-646 Certified for Capital Gains

The CRA and Revenu Québec have certified TaxCycle T1/TP1 and T3/TP-646 for filing 2024 returns and slips with capital gains and losses.

release notes T1 TP1 T3 TP-646 Capital Gains

TaxCycle 14.1.55862.0—T5013/TP-600 Certification

The CRA and Revenu Québec have certified T5013/TP-600 for filing 2024 returns.

release notes T1 TP1 T3 T5013 TP-600

TaxCycle 14.1.55777.0—T1/TP1 and T3 Form Updates

This version of TaxCycle updates T1/TP1 and T3 forms to the latest version from the CRA.

release notes T1 TP1 T3

TaxCycle 14.1.55674.0—T1/TP1 and T3 EFILE

The CRA and Revenu Québec have certified TaxCycle T1/TP1 and T3 for filing 2024 returns when EFILE systems open on February 24, 2025.

release notes T1 TP1 T3 EFILE

CRA: Relief for Late-filing Information Returns and Slips (T3, T4, T4A and T5)

If you file information returns, such as the T3 (trust income), T4 (remuneration paid), T4A (pension and other income), or T5 (investment income), you need to be aware of some important updates.

CRA T3 T4 T4A T5

Deferral in Implementation of Change to Capital Gains Inclusion Rate (Updated)

We are awaiting guidance from the CRA on existing draft or published forms.

T1 T2 T3 capital gains inclusion rate

Bare trusts are exempt from trust reporting requirements for 2024

The CRA just introduced new reporting requirements for trusts.

bare trusts T3

TaxCycle 13.1.53204.0—T3/TP-646 for 2024 (Revised)

This TaxCycle release rolls over the T3/TP-646 module to the 2024 tax year and adds several customer requests to TaxCycle T3.

release notes T3 TP-646

Incorrect CRA Penalty for Late-filed Bare Trusts

The CRA is erroneously charging some bare trusts a penalty for late filing T3 Schedule 15 after March 30 and before April 3, 2024.

T3 CRA

RESOLVED: Incorrect Amount in Box 25 in TaxCycle T3

In TaxCycle T3, the allocation to beneficiaries is incorrectly including foreign capital gains in box 25 (Foreign non-business income) when it is already included in box 21.

known issue T3

TaxCycle 13.1.52777.0—2023 Multiple Jurisdiction Returns

This version of TaxCycle allows the transmission of multiple jurisdiction returns in TaxCycle T1 2023.

release notes T1 T3 UHT-2900

TaxCycle 13.1.52666.0—2024 Slips Modules

This release rolls over T4/T4A, T5, T5018, T2202 and NR4 slips to 2024.

release notes slips T1 T3 T4 UHT-2900 client manager

CRA's Updated Guidance on Penalty Relief for T3 Bare Trusts

The CRA has updated their guidance on penalty relief for 2023 T3 bare trust returns.

CRA T3 Bare Trusts

Mandatory Internet Filing and Electronic Payments

Bill C-47 makes internet filing for T2 returns mandatory regardless of the corporation’s gross revenue. This rule comes into effect on January 1, 2024, and applies to T2 returns with a tax year beginning after 2023.

EFILE T1 T2 T3 slips

TaxCycle 13.1.52339.0—T1 EFILE, T3 and T5013 Certification

The CRA and RQ have certified TaxCycle T1/TP1, T3 and T5013/TP-600 for filing 2023 returns when EFILE systems open on Monday, February 19, 2024.

release notes T1 TP1 EFILE NetFile T3 T5013 T2 T2 Schedule 63 T2SCH63 Climate Action Incentive

TaxCycle 12.2.51186.0—T3 Schedule 15, Beneficial Ownership Information of a Trust

This release adds Schedule 15, Beneficial Ownership Information of a Trust to TaxCycle T3. It also includes changes to templates and Client Manager indexing.

release notes T3 client manager

T3 EFILE and Attaching Supporting Documentation

We asked the CRA for clarification on whether to mail the documents to the CRA, upload them in Represent a Client, or keep them in case the CRA asks to see them.

T3 EFILE

T3 EFILE Now Available!

The CRA T3 EFILE system is now open! Please update to the latest version to begin filing T3RET and T3RCA returns.

T3 EFILE

Beneficial Ownership Reporting Requirements for T3 Returns

Legislation still pending: changes filing requirements for certain trusts in 2021 and subsequent years.

T3 trust CRA