This release adds a preview of the TaxCycle integration with Xero® accounting software. The new features are fully functional and tested by our team. You can use them with your production Xero® account.
While the features remain in preview, you must enable the integration in TaxCycle to connect to Xero and see the related menu items. To try the integration, read the Getting Started with Xero help topic.
TaxConstants—This worksheet allows you to adjust trust return rates and limits when legislation changes or for planning purposes. Note that for this release, any changes made on the worksheet are reflected in the calculations and the amounts shown on the individual tax lines, but do not update the text references on the official forms for those rates. We plan to include this in a later release.
T3PreferredBen—The Preferred Beneficiary Election is available per ITA 104(14) to a beneficiary of a trust who meets the definition of a “preferred beneficiary” as defined in ITA 108(1). This allows the Trust and the Preferred Beneficiary to elect jointly, as prescribed by section 2800 of the Income Tax Regulations, to designate a portion of the Trust’s Accumulating Income to be taxed in the hands of the Preferred Beneficiary for the taxation year. TaxCycle automatically creates a new T3PreferredBen worksheet in the Filing & Authorization category for each designated preferred beneficiary that must complete beneficiary information related to the election. The amounts related to the election are calculated automatically.
New T2 AgriStability Codes
The following three new AgriStability codes were added to TaxCycle T2:
770 2020 PEI Potato Seed Recovery Program
771 Newfoundland and Labrador Livestock Insurance Program
772 Post Tropical Storm Dorian Response Program
These codes apply to the following sections in the AgriStability (AGRI) statements:
Commodity Sales and Program Payments
Commodity purchases and repayment of program benefits
Previous versions of the Alberta Consent form (AT4930) (PDF) requesting TRACS access will not be accepted after September 30, 2021.
The newer version of the form removes section 4 for online access (TRACS) to an individual.
2021 Budget Update to MB479
This release updates the calculations for the three Manitoba school tax credits on form MB479. The form currently available in TaxCycle T1 2021 is the 2020 version with minimal changes to show the revised maximums for 2021. The calculations, however, account for the 75% reduction of these credits announced in the 2021 Manitoba budget.
Customer Requests
Improved the contrast with colours of icons across TaxCycle.
Added the Client Manager Quick Search filter name under the search box when it is applied to the search results.
Resolved Issues
After receiving reports that TaxCycle was not responding for a period of time after opening, we made some improvements to the start-up time in this release.
