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TaxCycle 10.1.42514.0—2021 Slips Modules

This release rolls over T4/T4A, T5, T5018 and NR4 slips to 2021 and adds final multiple jurisdiction returns forms to TaxCycle T1 2020.

Get this version as an automatic update, full download from our website or a free trial. (To deploy auto-update files from your network, see the Auto-Update Files page.)

Release Highlights

Rollover of T4/T4A, T5, T5018 and NR4 slips to 2021

The new modules for TaxCycle T4/T4A, TaxCycle T5, TaxCycle T5018 and NR4 allow you to begin data entry for 2021 slips and related Québec RL slips. Please note the following:

  • The government forms are the 2020 forms updated to include 2021 indexed amounts and budget changes announced or estimated based on the information we have at this time. A review message appears on the year-end date field and in a bulletin at the top of the forms to remind you of this.
  • Note that the 2021 T4 module does not include the COVID-19 boxes 57 to 60 as they are no longer applicable. If the CRA announces boxes for COVID-19 measures in 2021, we will add them at a later date.
  • You can use these modules to file 2021 slips now if you need to. They permit CRA Internet File Transfer (XML) and transmission of RL slips to Revenu Québec. 

Multiple Jurisdiction Forms in TaxCycle T1

Multiple jurisdiction returns have been approved by the CRA and can now be filed through EFILE.

TP1 Updates

  • Added several messages to ensure Form TP-274-V, Designation of a Property as a Principal Residence, is fully completed.
  • Updated Form TP-1012.A to the version issued by Revenu Québec on March 5, 2021.
  • Added several links (accessible through F6, right-click or double-click) to jump from fields on TP1 Schedule H, Tax credit for caregivers, to Schedule H for data entry fields.

Template Changes

  • Customer Request T1—The Client Letter (CLetter) now includes the additional period(s) of estimated instalment payments.
  • Customer Request T1—Service Canada now shows as the issuer for T4A(OAS) slips in the ISlips, JISlips and FISlips templates.
  • Customer Reported T1—We fixed an issue in the French Deceased Client Letter (DLetter) where the letter was cut off after the first couple of paragraphs in Québec tax returns.
  • T3—Engagement Letter (ELetter) and Engagement Letter Cover Email (EngagementEmail) added to the 2020 module.
  • Adjusted the vertical alignment of the e-signature anchors in all engagement letters that support e-signatures so that the signature returned from TaxFolder displays correctly. 

Customer Requests

  • Billing—e-Transfer added as an option for recording payments on the Billing worksheet in TaxCycle T1 and T2.
  • T2—The Federal Tax Instalments Worksheet and Quebec Tax Instalments Worksheet have been updated to include additional periods of estimated instalment payments: two additional periods for monthly instalments and one additional period for quarterly instalments.
  • T2—The Alberta Tax Instalments Worksheet now includes two additional periods of estimated instalment payments.
  • T2Section 2 – Certification of the T1134 Summary contains the contact person’s first and last name. By default, the information that displays in the first and last name fields flows from the T2 Info worksheet. If you wish to enter a different name, select 'No' as the answer to the question Use the contact person name entered on the Info worksheet? By doing so, these fields become editable.

Resolved Issues

  • T1—Data entered on Home accessibility expenses worksheet did not appear on the spouse’s form.
  • T1—The age amount transferred from a deceased spouse on a Provincial Schedule 2 was not calculating when the return of the surviving spouse was prepared in a separate file.
  • T2—Calculation issue with T2 Schedule 3, amount 2E, as reported in the T2 Schedule 3 - ERDTOH post on www.protaxcommunity.com. In previous versions of TaxCyle T2, amount 2E was incorrectly calculated as column I.1 in Schedule 3 Part 1 table, divided by Column 260 in Schedule 3 Part 1 table, times column 275 in Schedule 3 Part 1 table. The corrected calculation now applies amount 2E as the total of column I.1 in the Part 1 table on Schedule 3. See also the Income Tax Act, section 129(4)(a)(ii).
  • TaxFolder—Printing from TaxCycle to TaxFolder using a print set and a label that is different from the default creates a duplicate engagement.