Download the Full Setup for Important T1 Immediate Expensing Changes

The latest TaxCycle release contains important changes to T1 immediate expensing calculations. To avoid disrupting the final weeks of T1 filing season, we will not distribute this version by automatic update. If any of the situations below affect your clients, we advise you to download and install this update.

This version resolves the following issues with immediate expensing calculations in TaxCycle T1:

• Applying the personal percentage twice to class 10.1 calculations, reducing the allowable claim by half.
• Applying the personal percentage twice for all classes of additions eligible for immediate expensing where IEL was not claimed.
• Not calculating the federal Immediate Expensing Limit (IEL) for class 50 in Québec returns.
• Not factoring inventory amounts into immediate expensing calculations for farming (T2042) or AgriStability and AgriInvest statements (T1163/4 and T1273/4).

For details of other changes in this version, see the full release notes.