TaxCycle 12.1.50074.0—T3 for 2023

This TaxCycle release rolls over the T3 module to 2023.

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 2023
• Other Updates
• Resolved Issues

Rollover of T3/TP-646 to 2023

The new module for TaxCycle T3 allows you to begin data entry for 2023 federal and Québec trust income tax and information returns. Please note the following:

• You can carry forward 2022 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 2023.
• The government forms are the 2022 forms updated to include 2023 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 2023 year.

Other Updates

• All modules—Updated the program identifier drop-down menu on the AuthRepBus worksheet to include Luxury Tax (LT), Underused Housing (RU) and Canada Emergency Rent Subsidy (ZA) as program identifiers.
• TaxCycle Forms—Added a new field on the Info worksheet for the T2 Underused Housing (RU) program identifier. 
• TaxCycle Forms—Updated the program identifier drop-down menu on AUT01 to include Luxury Tax (LT), Underused Housing (RU) and Canada Emergency Rent Subsidy (ZA) as program identifiers. Removed Softwood Lumber (SL).
• TaxCycle Forms—Updated form T2057, Election on Disposition of Property by a Taxpayer to a Taxable Canadian Corporation to the latest version.
• TaxCycle Forms—Updated forms AUT01 and AUT01X to the latest version.

Resolved Issues

• Customer Reported Added a warning message that displays if you are printing to TaxFolder or DocuSign^® without being signed in to TaxCycle (for example, when printing using print sets).