This major TaxCycle release is ready for filing 2020 slips with the Canada Revenue Agency (CRA) when systems open on January 11, 2021. It also contains preview calculations and forms for 2020 T1 and TP1, personal tax returns, the addition of business authorization filing to T1, T3 and T5013 modules, and enhancements to Options Profiles and the Template Editor for the coming tax season.
January 12, 2021—We released an update with the following changes since version 10.0.41679.0:
This release updates the T1 federal and provincial schedules, as well as many other forms, to the latest versions available from the Canada Revenue Agency (CRA). It also updates the TP1 jacket and all schedules to the latest versions available from Revenu Québec.
All forms other than authorization forms, remain in a Preview state and will show a watermark. The Preview watermark will be removed once we receive approval of the T1 Condensed and barcode from the CRA, as well as a number of final forms, and complete our carryforward and calculation testing. We will likely begin removing the watermarks in mid-January.
Update to this release to try the latest forms and calculation changes to T1 and TP1. You can begin data entry, but must wait CRA and Revenu Québec certification before filing. We also strongly recommend waiting to perform any batch carryforward for files to 2020 until those changes are complete.
Form T183 remains the 2019 version pending receipt of a final 2020 version from CRA. At that time, we will implement both the 2020 version as well as the new Form T185, Electronic Filing of a Pre-authorized Debit Agreement (PAD). In the meantime, if you do complete a return for a client that you will be sending through EFILE once it opens on February 22, 2021, you can print the current version and have your client sign it to authorize the future transmission of the return.
Important form modifications
New forms for 2020
This release makes the electronic filing of AuthRepBus and AuthRepBusCancel available in TaxCycle T1, T3 and T5013. Complete these worksheets to request or cancel online authorization for your business clients. Your client must sign and date this form before you can submit the request electronically, and you can request an electronic signature on this form.
To learn how to file authorization requests and cancellations from TaxCycle using these forms, please read the updated Business Authorization/Cancellation Request (formerly RC59 and RC59X) help topic.
Please note that the CRA no longer accepts forms RC59 (Business Consent for Offline Access) and RC59X (Cancel Business Consent or Delegated Authority). The CRA has replaced these forms with electronic filing of an online authorization request, mentioned above or AUT-01 (Authorize a Representative for Access by Phone and Mail) and AUT-01X (Cancel Authorization for a Representative), for cases where online access is not needed.
Answer Yes to the new question on the Info worksheet in TaxCycle T4 to automatically add the new codes 57 through 60 as Other information for all new T4 slips in the return.
If you only require some of these boxes, delete those you do not need from the Info worksheet and this will remove them from the T4 data entry slips in the return.
If you are importing slips from XML or Excel and already have values for these boxes entered in those files, leave this question blank when you import the information. You can change the field to Yes after importing to add the boxes to any new T4 slips for manual data entry.
Use these new other information codes when reporting employment income and retroactive payments during COVID-19 pay periods. These additional reporting requirements apply to all employers, and will help the CRA validate payments under the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Response Benefit (CERB), and the Canada Emergency Student Benefit (CESB). For more information see the CRA information on the New T4 reporting requirements.
As of this release, the following 2019 to 2020 carryforwards are up-to-date. However, we strongly recommend you only perform batch carryforward on tax modules that are ready for filing in the list above. We anticipate the rest of modules to be finalized later in January.
Ready for batch carryforward:
Wait for batch carryforward:
This release improves the calculations behind optimizations in Québec TP1 returns.
All returns now consider the impact on the Québec return when calculating an RRSP deduction (line 214).
Coupled returns now only claim enough of the following amounts to reduce the couple’s Québec tax to zero:
CO-17 jacket, line 441b
CO-1029.8.33.13, Tax credit for the reporting of tips
We have added new pages under the Files and Folders section in options. You can now add the following pages to your Options Profiles to easily share this information with others or migrate settings to a new computer. Previously, the only way to share these files was to copy them from the folder in C:\ProgramData\Trilogy\TaxCycle\ or create a shared folder on your network.
In addition, logo and signature image files configured on the Correspondence page can now also be moved into Options Profiles through a similar mechanism.
For the moment, these settings will continue to work from the current folder. At some point in the future, we will require everyone to transition their settings and template files to this new format. It is a simple process that involves clicking the link at the top of the new options page. For example, on the Printer Settings page, below. Please read the Move Settings and Templates to an Options Profile for detailed instructions.
Any time you add a file to an Options Profile, save a template file that is in an Options Profile, or click Apply or OK in the Options dialog to save changes to an Options Profile, TaxCycle automatically creates a copy of the zip file before saving the changes.
You can find backups of the zip files in same folder as the original Options Profile. The files have the extension .zipbak and the file name includes the date the file was created.
To revert to a backup copy of your Options Profile:
When you reopen TaxCycle, the restored profile will show in the list of available Options Profiles.
A new option allows you to choose which pronouns show in letter and email templates. By default, TaxCycle templates use plural pronouns, including “we,” “us,” “our” and “ours.” If you prefer to address your clients using the pronouns “I,” “me,” “my” and “mine,” change the selection on the Correspondence page in Options.
We have updated all the English templates in the 2019 and 2020 tax modules to use the new code syntax that s displaying content based on the selected option (this option is not applicable in French). If you usually customize your own templates, you can also use this syntax. To learn more, read the Singular and Plural Pronouns help topic for details.
Have you ever struggled to get a template to print when expected? Does the idea of writing a condition to print the Joint Client letter or the Joint Invoice display sound challenging? And, if you’ve done this with your templates, are you frustrated that by cloning our built-in template it is now disconnected from any future updates to the template code? We have good news for you…
On the Templates page in module options, choose from a list of pre-set relevant (visible in the return) or used conditions for each template. Or type to enter your own custom condition in either field. The selections on this page take precedence over the condition set in the built-in templates, without requiring that you clone the template. This means the template will continue to receive any updates we release.
For instructions on setting relevant and used conditions for your templates, read the Template Print Conditions help topic.
Add an image as the Background layer of any template in Templates module options. Upon printing to PDF or paper, TaxCycle inserts the image as a layer under the text of the template. This image does not display in the preview on-screen.
Use this feature to add an image as letterhead that spans the entire width of the page—just like with preprinted letterhead—or to add a footer to every page of the printed document. To learn how, see the Background Layers help topic.
TaxCycle T2—Schedule 3 Part 1 table column I.1: description
TaxCycle T2—T106 Summary: new exchange rate field
TaxCycle T3—Form AUT-01 added