The 2020 versions of T3/TP-646, T5013/TP-600 and T3010/TP-985.22 are ready for filing.
January 26, 2021—We released an update with the following changes since version 10.0.41833.0:
TaxCycle T3 is certified for filing by the Canada Revenue Agency (CRA) and Revenu Québec. You can now prepare T3 and TP-646 returns for 2020. Although many of the changes are cosmetic, they also include final rate and threshold updates. We also added the following forms:
TaxCycle T5013 and TP-600 are ready for filing 2020 returns. This release includes updated forms and the new Schedule 58 for the Canadian Journalism Labour Tax Credit.
TaxCycle T3010 is certified for filing by the CRA using the latest updates. You can now prepare returns with year ends up to December 31, 2021.
Forms updated in this release include the T3010 return, T1235, T1236, GST66, RC7066 and T1240. Most changes were purely cosmetic. The only notable change was the removal of parts related to Public policy dialogue and development activities, Section C, question C5 and Schedule 7, from the new version of the T3010.
Revenu Québec did not require changes to the Québec TP-985.22, so it remains valid for filing.
When carrying forward a T4 return from 2019 to 2020, TaxCycle now automatically answers Yes to the question on the Info worksheet that adds the COVID-19 codes 57 to 60 to all new T4 slips only.
A new review message on the same field on the Info worksheet provides a Quick Fix message to Add COVID-19 “Other information” boxes to all existing slips. This allows you to quickly add the boxes to all slips carried forward from the prior year.
Please remember that the CRA limits the number of boxes on a slip to six boxes per slip. If more than six codes apply to the same employee, create an additional T4 slip in TaxCycle. TaxCycle does not create this additional slip automatically.
Do not repeat all the data on the additional slip. Enter only the employer’s name and address, and the employee’s name and SIN, and complete the required boxes in the “Other information” area. Report each code, and amount only once. You can enter a note in the Footnote field on the slip to indicate it has two parts.
If a T4 carried forward from 2019 already has “Other information” boxes, TaxCycle will only add as many of the COVID-19 codes as there are available blank rows on that slip. You will need to create a new slip for the excess boxes. Before creating the new slip, we suggest changing the COVID-19 question on the Info worksheet back to No and remove any of the other default additional boxes. Otherwise, you will need to remove those before adding the remaining boxes to the second slip.
Creating a second slip will trigger a review message alerting you to a duplicate social insurance number. Once you verify the data is correct, sign off this review message.
This release adds capital cost allowance (CCA) class 56 to TaxCycle T1, T2, T3 and T5013.
Class 56 provides a temporary enhanced first-year CCA rate of 100% in respect of eligible zero-emission automotive equipment and vehicles that currently do not benefit from the accelerated rate provided by classes 54 and 55. It applies to eligible zero-emission automotive equipment and vehicles that are acquired on or after March 2, 2020, and that become available for use before 2028, subject to a phase-out for equipment and vehicles that become available for use after 2023.
For more details, see the Department of Finance news item Business Investment in Zero-Emission Automotive Vehicles and Equipment.
The following changes were made to TaxCycle T1/TP1 for 2020:
This release adds the new ContractPayments worksheet to TaxCycle T1. You can find this worksheet in the Slips category in the Prepare sidebar.
You can now save your columns for slips summaries and other tables that allow customization. (See the Slips Summary help topic to learn how to configure columns on these types of summaries.)
You can also include column settings in an Options Profile by pointing to the path on the Summary Columns page under Files and Folders in options to your Options Profile. (Learn how to do this in the Move Settings and Templates into Options Profiles help topic.)