TaxCycle 11.0.45606.0—T5013 Customer Requests (Revised)

This release addresses customer requests for changes in TaxCycle T5013, along with updating the T2054 form and other improvements.

To install this version immediately, download the full installer from our website or request a free trial. This version is also available as an automatic update according to your settings in TaxCycle Options. (To deploy auto-update files from your network, see the Auto-Update Files page.)

Release Highlights

• T5013 Changes
• Updated Form T2054
• T2 Changes
• Forms Module Updates
• Customer Requests
• Resolved Issue

T5013 Changes

Customer Requests

• Added an automated calculation for TP-600 Schedule D (TP-600.D-V) paid-up capital of member corporations partner share reported on the RL-15 at lines 24a, 24b and 24c.
• Added a new field in the at-risk calculation section of the T5013Partner worksheet for an ACB adjustment to the at-risk amount under ITA section 96(2.3). This includes support for carrying forward these amounts from ProFile^® and Taxprep^®.
• Adjusted Schedule 6 columns to better accommodate dollar amounts that are larger than seven digits.

Resolved Reported Issues

• Added additional support for carrying forward CCA Class 14.1 from Taxprep^® to split amounts eligible for 7% from those eligible for 5% CCA.
• Corrected a delay in the calculation of certain fields related to Other adjustments, specifically capital gains/losses in the current year and similar automated adjustments in the at-risk section on the T5013Partner and RL15Partner worksheets.
• Allowed a negative ACB to flow to the at-risk opening balance for limited partners.
• Corrected the calculation on line 388 of TP-600 Schedule D (TP-600.D-V) and added "Other Description" fields at lines 348, 359, 379 and 383.

Updates to the Carryforward from Taxprep^®

• Added support for carrying forward GIFI codes 3546, 3547 and 3548 (retained earnings adjustments).
• Added support for carrying forward prior-year carrying charges to the ACB prior-year net income amount.
• Improved the carryforward of class 13 assets to add more historical information, such as date acquired, number of amortization periods and annual CCA.
• Corrected the carryforward of partner business numbers that were transferring as RR instead of RC or RZ.
• Corrected an issue on Schedule 9 where TaxCycle was carrying forward the wrong country of residence for partners and omitting their relationship code.
• Corrected the carry forward of prior-year capital gains reserves for qualified farm or fishing property (QFFP) and qualified small business corporation shares (QSBCS) to include missing amounts from 2019 and 2020.

Updated Form T2054

Form T2054, Election for a Capital Dividend Under Subsection 83(2), was updated to the final version issued by the CRA on November 22, 2021. Note: this form was also updated in TaxCycle T2.

Our previous update of the T2054 added questions 150 and 160, as well as section 7 to the form. However, in this final version, the two questions and section 7 have been removed.

T2 Changes

• T2SCH89—Updated to the final version issued by the CRA on November 25, 2021.
• T2SCH31—Updated to the latest version. 
• T2054, Election for a Capital Dividend Under Subsection 83(2), was updated to the final version issued by the CRA on November 22, 2021. Note: this form was also updated in the Forms module.

Forms Module Updates

• Updated RC7191-ON, GST191 Ontario Rebate Schedule, to the latest version.
• Updated CPT1, Request for a CPP/EI Ruling, to the latest version.

Customer Requests

• T1, T2 and T3—Interest and Penalties paragraph in the client letter (CLetter and JLetter) were updated to specify the individual amounts related to penalties, interest and other penalties.
• T1—Adjusted the layout of the joint and family client invoices (JInvoice and FInvoice) to allow more rows to fit on page one of the invoice.
• T5018—Added the ability to import a current-year XML file.

Resolved Issue

• Known Issue: Erroneous T2 “Calculations Have Changed Since...” Message