TaxCycle 11.1.46623.0—T3 for 2022

This TaxCycle release rolls over the T3 module to 2022. We initially released this version as a full download only. We will make the auto-update version available after the T1 filing deadline. Install this version if you would like to try a new feature, or if you need a change included in this release.

To install this version immediately, download the full installer from our website or request a free trial. Once we enable the automatic update for this version, TaxCycle will prompt you to install it according to the priority set in your TaxCycle Options. (To deploy auto-update files from your network, see the Auto-Update Files page.)

Release Highlights

Rollover of T3/TP-646 to 2022

The new module for TaxCycle T3 allows you to begin data entry for 2022 federal and Québec Trust income tax and information returns. Please note the following:

  • You can carry forward 2021 T3 returns from TaxCycle. Competitor carry forwards will be available in a future release.
  • You can use this module to file T3 trust returns with fiscal year ends in 2022.
  • The government forms are the 2021 forms updated to include 2022 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 form.
  • This module permits the transmission of T3 slips through the CRA Internet File Transfer (XML) and transmission of RL slips to Revenu Québec.
  • T3 EFILE is available for the 2022 year.

Customer Request T2 CCPC Credit Unions or Cooperative Corporations

When credit unions or cooperative corporations meet a definition of a Canadian controlled private corporation (CCPC), the T2 guide requires that you select CCPC as the type of corporation for line 040 in the T2 jacket:

"Credit unions or cooperative corporations should tick box 1 at line 040 if they meet the definition of a Canadian-controlled private corporation under subsection 125(7) (without reference to subsections 137(7) or 136(1) respectively)."

When this situation applies, TaxCycle will no longer calculate the "Refundable portion of Part I tax" (line 450) on page 6 or the "Refundable tax on CCPC's investment income" (line 604) on page 8 of the T2 jacket, in accordance with exceptions listed under ITA subsection 137(7).

To meet this requirement in TaxCycle T2:

  1. On the Info worksheet, select 1. Canadian controlled private corporation, CCPC for the corporation type at the end of the tax year.
  2. Also select 5. Credit union as the special corporation status.

Screen Capture: T2 Info Worksheet

Optional Financial Statements for CO-17 Returns

Revenu Québec no longer requires that you attach the financial statements and related to the transmission of a CO-17 return. However, they still recommend you include them, if possible. To accommodate this new change, we have revised the wording in CO-17 transmission process in TaxCycle.

Customer Requests

  • T1—Added title to the Tuition transfer section of the T1 client and joint client letters.