Filing T1 Returns with Business or Rental Income Statements

As of the latest TaxCycle T1 release, we have removed the Preview watermark from the main body of the business and rental statements but have left it on the related CCA portions.

You may proceed with filing most business and rental statements, provided they do not include Capital Cost Allowance (CCA) on acquisitions during the year that may be affected by the new Reaccelerated Investment Incentive Property (RIIP) measures proposed in federal Bill C-15.

Wait to File Returns with CCA Claims for New Vehicles and Equipment

We are currently implementing calculation changes for the RIIP measures. Please wait to file any business and rental statements (T776, T2042, T2121, T2125 and T1163/T1273) that include CCA claims for new equipment or vehicles acquired during the year.

T777, Statement of Employment Expenses

The T777 form now displays the Preview watermark. The Canada Revenue Agency (CRA) is currently preparing a revised version of this form to incorporate the new RIIP provisions. As requested by the CRA, please wait to file any T777 forms that include a CCA claim for newly acquired equipment or vehicles until the updated form is implemented in TaxCycle.