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TaxCycle 10.1.43219.0—2021 T3/TP-646

This release rolls over TaxCycle T3/TP-646 to 2021 and allows the automatic creation of T3-ADJ adjustments.

Get this version as an automatic update, a 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 T3/TP-646 to 2021

The new module for TaxCycle T3/TP-646 allows you to begin preparation of 2021 trust returns and slips. Please note the following:

  • You can carry forward files from TaxCycle. All carry forward conversions are currently under review and will be updated before next tax season. We do not recommend batch carryforward at this time.
  • 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 bullet at the top of the forms to remind you of this.
  • Important! The T184 is functional for T3 returns that are NOT multiple jurisdiction. If you need to prepare a multiple jurisdiction return, please review the amounts and make manual adjustments, if required. We will update the multiple jurisdiction calculations for 2021 in a future release.
  • Where applicable, these modules permit CRA Internet File Transfer (XML) and transmission of RL slips to Revenu Québec.

T3/TP-646 Updates

We added the following forms to the 2021 version of TaxCycle T3/TP-646:

  • T184 Capital Gains Refund to a Mutual Fund Trust
  • TP-274.F Designation of Property as a Principal Residence of a Personal Trust

We updated the following forms to newer versions:

  • TX19 Asking for a Clearance Certificate (Revenu Quebec equivalent of MR-14.A-V)
  • T1262 Part XIII.2 Tax Return for Non-Resident’s Investments in Canadian Mutual Funds

We also made the following enhancements:

  • Added a built-in T3 engagement letter (ELetter).
  • Added columns for instalments paid and refund applied to the T3 Instalment worksheet.
  • Added T3 new workflow tasks for T1135, TP-646 and RL-16 filing, and, in the Client Delivery section, a new Shared return securely task to track electronic sharing of documents with clients (via TaxFolder or another file sharing service).

New! Automatic T3-ADJ

This release adds automatic completion of the T3-ADJ for filing adjustment requests from TaxCycle T3. If you make changes to a completed T3 return, TaxCycle now automatically prompts you to create and file form T3-ADJ. This feature is available for tax returns filed from TaxCycle T3 2021 and onward.

For detailed instructions, please see the T3 Adjustment Request (T3-ADJ) help topic.

New Forms in TaxCycle TP1

  • TP-766.2-V Averaging of a Retroactive Payment, Support-Payment Arrears or a Repayment of Support (Revenu Quebec equivalent T1198)
  • TP-1012.B-V Carry-Back of a Deduction or Tax Credit
  • TP-1079.6-V Statement of Losses, Deductions and Tax Credits Respecting a Tax Shelter (Revenu Quebec equivalent of T5004)
  • MR-14.A-V Notice Before Distribution of the Property of a Succession (Revenu Quebec equivalent of TX19)

New and Updated in TaxCycle Forms

We added the following new forms to TaxCycle Forms:

  • FP2074 Election or Revocation of Election Respecting the Quick Method of Accounting (Revenu Quebec equivalent of GST74)
  • RC7066 GST/HST Public Service Bodies’ Rebate

We updated the following forms in TaxCycle Forms:

  • CPT1 Request for a CPP/EI Ruling—Employee or Self-Employed?
  • GST524 Ontario Rebate Schedule
  • PD24 Application for a Refund of Overdeducted CPP Contributions or EI Premiums
  • T2060 Election for Disposition of Property Upon Cessation of Partnership
  • T2059 Election on Disposition of Property by a Taxpayer to a Canadian Partnership
  • T2058 Election on Disposition of Property by a Partnership to a Taxable Canadian Corporation
  • TP-529 Transfer of Property by a Partnership to a Taxable Canadian Corporation
  • TP-614 Transfer of Property to a Canadian Partnership
  • TP-518 Transfer of Property by a Taxpayer to a Taxable Canadian Corporation
  • Forms T2057 and T2059 now support Smart Copy/Paste

New! Tooltip Preview of Slip Data in AFR

We have added new tooltips to help you preview slip data downloaded from Auto-fill my return (AFR). These are especially useful to help you determine which slips to aggregate onto a single slip in TaxCycle. These tooltips appear in two places.

  1. On the left side of the AFR window, hover over any slip in the list to see a preview of its data.
    Screen Capture: AFR Tooltip Left
  2. When aggregating slips, expand the list of aggregated slips on the right side of the AFR window, then hover over a slip to see a preview of its data.
    Screen Capture: AFR Tooltip Right

New! T5008Slips Summary in TaxCycle T1

We have added a new summary to TaxCycle T1 to help you with reconciling multiple T5008 slips downloaded from the Auto-fill my return. The T5008Slips lists all T5008 slips in the return, displays totals of slips amounts and allows you to customize columns like on other slips summaries.

New! T3 Reconciliation in TaxCycle T1

We've added a T3 Reconciliation summary to TaxCycle T1 to help you with reconciling multiple T3 slips downloaded from the Auto-fill my return with the statements you receive.

To trigger review messages on the T3Rec:

  1. Choose Do not import for all the T3 slips in the AFR import dialog box. TaxCycle then takes this data for comparison purposes but will not add it to data entry slips in the tax return.
    Screen Capture: Do not import T3 slips
  2. Then, enter the data from T3 slips you received by other means onto the data entry slips in TaxCycle.
  3. On the T3Rec, TaxCycle will detect any variance in the totals between the AFR data and the data you entered, and display a review message. 
    Screen Capture: T3Rec

Updated T3010 and Discontinued RC232

The Canada Revenue Agency (CRA) has provided us with a new version of form T3010, Registered Charities Information Return to reflect a change in reporting for charities subject to the Ontario Corporations Act; see Section B on page 1. Charities are no longer required to complete the RC232 when filing a T3010 return. As of May 15, 2021, the CRA will no longer collect this information on behalf of the Ontario Ministry of Government and Consumer Services. A review message has also been added in TaxCycle to advise users of this change. 

For more information on filing an Ontario annual information return, visit ontario.ca/businessregistry.

E-signature Support for TaxFolder/DocuSign®

We've added support for electronic signatures for the following forms in 2020 and later returns:

TaxCycle T3

  • TP-646 Trust Income Tax Return
  • T1135 Foreign Income Verification Statement
  • ELetter Engagement Letter

TaxCycle T2

  • T2054 Election for a Capital Dividend Under Subsection 83(2)

Customer Requests

  • T1—Added condition to display the words “On behalf of” in front of the client name, under the signature field of the Engagement letter (ELetter) when a legal representative must sign the form.

Resolved Issues

  • T1—Electronic signature boxes on the T1032 were showing on the wrong signature line when the principal taxpayer was the recipient of the pension income split. This fix applies to DocuSign® and TaxFolder.
  • Customer Reported T2—The positive amount for S125 GIFI code 7010 is now subtracted rather than added to calculate the total comprehensive income.