TaxCycle 11.2.47506.0—2022 T1 Module

This release adds the 2022 T1/TP1 module that includes forms in preview mode, rates and calculations for 2022 personal tax returns.

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

2022 T1/TP1 Preview Rates and Forms

The new TaxCycle T1/TP1 2022 module includes preview forms, rates and calculations for 2022 personal tax returns. Use this module for planning and evaluation purposes only.

The government forms you see in the TaxCycle T1/TP1 2022 module are the 2021 forms. The amounts and rates are those already announced or that we have estimated based on information we have at this time, as well as those announced in the federal and provincial/territorial 2022 budgets.

What you need to know:

  • You can carry forward 2021 T1/TP1 returns from TaxCycle, ProFile® and DT Max®. All carry forward conversions are currently under review and will be updated before the next tax season. We do not recommend batch carryforward at this time. Taxprep® carryforward will be available in a future release.
  • Files you create now will continue to work after the module receives certification from the CRA. EFILE is not available for 2022 tax returns until February 2023.
  • The CRA has not yet certified TaxCycle T1/TP1 2022 for electronic or paper-filing. However, you may use it to prepare and file a deceased taxpayer’s 2022 return.
  • All forms show a Preview watermark on screen and when printing, except those used for authorization and some summaries.
  • If you have already purchased a 2022 TaxCycle license, you may enter a date of death in 2022, or a date of bankruptcy in 2022 and select pre-bankruptcy as the type, to remove the Preview watermark from forms. This allows you to print and paper-file the T1Condensed (the bar code will not show on the form) if you need to before we release a filing version next December or January. 

To learn how to create planning files, review the following help topics:

T1/TP1 Updates

This version does include the following 2022 budget measures:

  • Home buyers’ amount increased to $10,000.
  • Home accessibility expenses limit increased to $20,000.
  • Prince Edward Island Volunteer firefighter tax credit increased to $1,000.
  • Québec Tax Credit for Home-Support Services for Seniors rent limits and revised reduction calculation.
  • Ontario Low-income Individuals and Families tax credit enhancements.
  • Ontario Staycation tax credit.
  • Manitoba Education Property tax credit, phaseout rate of 62.5%.

The following measures will be implemented in the December 2022 TaxCycle release, according to the CRA forms:

  • Tradespersons and apprentices mobility deduction.
  • Immediate expensing of eligible property.
  • Automobile deduction limit changes announced on December 23, 2021 by the Department of Finance.
  • Nova Scotia Children’s Sports and Arts tax credit.
  • Nova Scotia Fertility and Surrogacy Rebate.
  • Ontario Seniors Care at Home tax credit.

Form TP-1029.9, Tax credit for Taxi Drivers or Taxi Owners, was removed as this credit is no longer available.

T2 Schedule 63

As per the CRA's request, we've updated Schedule 63 as follows:

  • Added line 080 in Part 1.
  • Updated to adjusted farming expense from Schedule 125 to eligible farming expenses for tax purposes. Additional on-screen fields have been provided to help with reconciliation from accounting to tax adjustment.

T3010 Updated Forms

The following forms have been slightly updated:

  • GST66, Application for GST/HST Public Service Bodies' Rebate and GST Self-Government Refund
  • RC7066, GST/HST Public Service Bodies' Rebate (provincial schedule)

Forms Module

The following forms were added:

  • RC325, Address change request
  • T1158, Registration of Family Support Payments

Customer Requests

New workflow items added to TaxCycle T1.

  • Prior year Notice of Assessment reviewed
    • Completed on Date by User 
  • CRA Represent a Client summary reviewed
    • Completed on Date by User

T2 Updates

  • New question added on the Info form, in the Québec section, related to question 31 on the CO-17: "Is the corporation exempt from income tax under section 984, 985, 991, 995, 996 or 998 of the Taxation Act?".
  • When the answer to question 31 on the CO-17 is "No", the CO-771 is now transmitted to Revenu Québec if line 299 of the CO-17 is greater than zero and the corporation is not a tax-exempt corporation.

Resolved Issues

  • Forms module: Sort order for T106 Slips changed to sort by sequence number for print.
  • T5013: updates for calculations related to limited partnership losses.
    • Calculations for T5013 Box 220 and corresponding TP-600, line H were updated to exclude limited partner losses.
    • Net income inclusion for limited partners for the At-Risk calculation (T5013 line 410 and TP-600 line P) has been updated to sum each individual source of net taxable income allocated to the limited partner in the current fiscal year.
    • The review message on Schedule 50 comparing net taxable income from Schedule 1 has been changed and now compares the sum of amounts allocated at line 220 with the amount reported at line 015 on Schedule 50.