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
• T2 CCPC Credit Unions or Cooperative Corporations
• Optional Financial Statements for CO-17 Returns
• Customer Requests

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).

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.