TaxCycle 10.1.42708.0—T1/TP1 Updates

This release adds new forms and updates to TaxCycle T1/TP1 that are important for this tax season.

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.) 

T1/TP1 Updates

  • The payment due date in client letters now updates to April 30, 2022, when the taxpayer received a COVID-19 benefit and is eligible for the extension. If you customized your client letters, you do not need to update with a new field code. This date uses the existing Info.CommonData.PayBalanceByDate field code.
  • Form T929 was updated to include COVID-19 and EI benefits to calculate the earned income.
  • Added form TP-358-0.1 and updated it to include EI benefits per the Ministry of Finance information bulletin 2021-1 (in French). This TP1 form is the equivalent of the T929 federal form. 
  • Added a table to the T778 to indicate if Alberta residents received the Alberta Working Parents Benefit.
  • Customer Request Added option to default method on Travel Medical worksheet for each row in T1 2020.
  • RRSP Contributions Worksheet now allows for repaying an amount exceeding the required payment for HBP and LLP, even in years when a repayment is not required.
  • Box 20 amounts on the T4RIF are now properly reported on line 13000, regardless of the age of the client.
  • Net Capital Loss Worksheet—Added a table specifically for net capital losses from prior years that may be claimed on the TP1 return. This includes a section for claiming capital losses against other income for deceased taxpayers.
  • Added lines next to the signature fields on the Engagement letter (ELetter) that show when you enter a name in the legal representative field on the Info worksheet. This clarifies who should sign the letter on behalf of the taxpayer when the taxpayer has a power of attorney.
  • Added form TP-726.20.2, Capital Gains Deduction on Resource Property. This multi-copy form allows you to complete Section 2.1 for each resource property. Enter the description for each property directly above Section 2.1.

T1/TP1 Resolved Issues

  • S3M Capital Gains (or losses) Manager—The amount of foreign tax paid was sporadically not calculating through to the applicable Foreign Tax Credit (FTC) worksheet.
  • T1 Form T691 and T3 Schedule 12, Minimum tax—Rental income from a T5013 slip was not being included in the calculation of rental income. This calculation change will not be automatically applied to completed returns. TaxCycle will display a review message with a Quick Fix solution to apply the change.
  • Form TP-1029.8.63, Tax credit for adoption expenses, was not sharing amounts properly between spouses.
  • TP1 Schedule H—The amount of the tax credit was being reduced by the income of a care receiver who was 70 years of age or older without an impairment (Part D).
  • TP1 Schedule M was not calculating the partner's portion in a coupled return.
  • Resolved the issue in version 10.1.42689.0 where TaxCycle was not reporting the self-employment income or loss on the T1 jacket of the spouse’s return. This version will automatically update from version 10.1.42689.0.
  • Resolved an issue on form PE428 with the low income tax reduction for a married couple, where both spouses were 65 or older. TaxCycle was incorrectly limiting the maximum reduction to $1,100.

T2 Updates

  • The Schedule 7 worksheet (S7WS) has new rows for reserves in Parts 1 and 2. The row for reserves in Part 1 is calculated from the table for capital gains reserves in Schedule 13 Part 1. In Schedule 13, when the answer to the question about AAII (Adjusted Aggregate Investment Income) is Yes, the amount of new net reserves entered in the additions or deductions column will transfer to S7WS to reduce the eligible portion of taxable capital gains.
  • The AT100 (AT1Exempt) form has been updated.

TaxFolder Usability Enhancements

This release includes the following enhancements in TaxCycle to improve the usability when sending documents to TaxFolder:

  • The TaxFolder icon now appears in the print set in the Print/PDF sidebar to indicate when a print set will print to TaxFolder.
  • The single-form print dialog box now displays the phone number TaxFolder will use to send a verification code to confirm the person’s identity before signing a document.
  • Completed dates and signatures now fit better in their boxes on templates.
  • Print Family from TaxCycle no longer causes duplicate engagements in TaxFolder.
  • Print Family and printing multiple print sets from the Print/PDF sidebar no longer attaches the forms to the wrong engagement in TaxFolder.
  • Improved error handling for email templates that exceed the maximum number of allowable characters.
  • Fixed an issue where the signature form icons and blue status bar did not show on the T1135 form in TaxCycle T2.

Customer Requests

  • Medical Travel Worksheet—Added the Detailed and Simplified check boxes at the top of the worksheet to allow users to select the default calculation method.
  • T4A—Added other fields to optional columns for the T4A slip summary.
  • Slips Modules—Added a mobile phone number field for an authorized person on the Info worksheet.
  • T3—A feature was added to transfer information to new T4 slips.
  • Addressed an issue where TaxCycle could not resend a document for signature through DocuSign®.