TaxCycle 11.2.48205.0—T2 Immediate Expensing

This release is the first version that includes immediate expensing in TaxCycle T2.

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

• T2 Immediate Expensing
• 2022 Automobile Deduction Limits
• Form T1135 Updated in TaxCycle T1, T2, T3 and T5013
• 2022 Forms Module
• Prepare Sidebar Changes
• Customer Requests
• Resolved Issues

T2 Immediate Expensing

TaxCycle T2 now contains the first version to support immediate expensing in corporate tax returns. At the moment, this process still involves some manual steps, as we continue to evolve the worksheet and calculations.

Note that this release of TaxCycle T2 does not yet include the CRA's new version of Schedule 8, released on July 28, 2022. We will add it in a future release. Meanwhile, we have revised TaxCycle’s current Schedule 8 and S8Asset forms to calculate immediate expensing by incorporating the new columns from the Part 2 CCA table. Immediate expensing claims are then included in column 217 of the Part 2 CCA table on Schedule 8. However, these new columns and the new Part 1 table are not transmitted to the CRA when you file the return.

To learn how to claim immediate expensing using the S8Claim and S8Asset worksheets, see the instructions in the T2 Immediate Expensing help topic.

2022 Automobile Deduction Limits

TaxCycle T2 also includes the automobile deduction limit changes announced by the Department of Finance on December 23, 2021: 

• The CCA ceiling for Class 10.1 passenger vehicles has been increased to $34,000 for new and used vehicles acquired on or after January 1, 2022.
• The CCA ceiling for Class 54 (zero-emission passenger vehicles) has been increased to $59,000 for new and used vehicles acquired on or after January 1, 2022.
• Deductible leasing costs for new leases have increased to $900.

Form T1135 Updated in TaxCycle T1, T2, T3 and T5013

Form T1135 was updated in version 2022 of TaxCycle T1, T2, T3 and T5013 to the new 2022 version released by the Canada Revenue Agency (CRA). In addition, messages were added to ensure that the year-end amount does not exceed the maximum amount for the year.

2022 Forms Module

Forms have been updated to 2022 versions. Please note the following:

• You can carry forward 2021 Forms files from TaxCycle and competitor software.
• You can create Forms files from other TaxCycle modules (T1, T2, T3 and T5013).
• You can prepare a NR4 (Statement of Amounts Paid or Credited to Non-Residents of Canada) from 2022 Forms.
• New! You can directly invoice clients from the Forms module. 
• NAICS Codes list has been updated.
• Added form R105-S, Regulation 105 Simplified Waiver Application for Non-resident Artists and Athletes Earning No More Than CAN $15,000.

Prepare Sidebar Changes

This release makes usability changes to certain forms in the Prepare sidebar. These changes affect TaxCycle T1, T2 and the Forms module for 2021 and 2022. You'll find: 

• A new Billing category for the Billing worksheet and invoice templates (CInvoice, JInvoice and FInvoice).
• A new universal Label template in all modules that replaces the ALabel, DLabel and BLabel templates. You can clone and modify this template to meet your needs. See the Label Templates help topic.
• File Notes now appear in the Identification category.

Customer Requests

• Client Manager—The Export Contact Information report has been updated to include the client's date of birth. 

Resolved Issues

• T1—Resolved an issue with the transmission of Business Consent requests (AuthRepBus) from the 2022 module.