TaxCycle 13.1.53204.0—T3/TP-646 for 2024 (Revised)

This TaxCycle release rolls over the T3/TP-646 module to 2024 and adds several customer requests to TaxCycle T3.

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 2024
• T3 Updates
• Other Updates
• Customer Requests
• Resolved Issues

Rollover of T3/TP-646 to 2024

The new module for TaxCycle T3 allows you to begin data entry for 2024 federal and Québec trust income tax and information returns. Please note the following:

• You can carry forward 2023 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 2024.
• The government forms are the 2023 forms updated to include 2024 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 the Transmission of Québec Relevés.
• T3 EFILE is available for the 2024 year.

New! Payments Worksheet

This release adds a new Payments Worksheet to the 2024 T3 module. The Payments Worksheet allows you to manage and enter payment information for your client invoice without unlocking the Billing worksheet.

• The Billing worksheet now includes a link to the Payments Worksheet where the payment details used to be.
• TaxCycle adds a “Paid” or “Overpaid” watermark to the Payments and Billing worksheets and the Client Invoice (CInvoice) template if the balance owing is zero or negative.

We will add the Payments Worksheet to other 2024 TaxCycle modules in a future release.

T3 Updates

• Added electronic signature support to the T3SlipSummary and NR4Summary. TaxCycle will use the first trustee’s signature if there are multiple signatures. If you want all trustees to sign, you can print to PDF and create a manual signature request using TaxFolder or DocuSign®.
• Moved the question about whether filing a UHT-2900 return is required from the Info worksheet to the Other Engagements section of the Engagement worksheet.

Engagement Worksheet

• Removed the Language of correspondence field as it already exists on the Info worksheet.
• Removed the Client Letter type field.
• Added a Client since field to track how long the client has been a client of your firm. We will link this field to the Client Manager in a future release.
• Added Salutation fields to determine the name TaxCycle will use in templates. If you override the text in this field, TaxCycle will capture the change in all relevant templates so you don’t have to edit each template individually.
  • If you enter a Title, TaxCycle will use the formal address (Title LastName)
  • If you do not enter a title but enter a Preferred name (formerly Nickname), TaxCycle will use the informal address with the preferred name. 
  • If you do not enter a title or preferred name, TaxCycle will use the informal address with the First name.
  • TaxCycle will use the Last name/organization name if none of the above applies.

Info Worksheet

• Added an option to select a single trustee or multiple trustees as Authorized person. This allows you to enter multiple trustees and still designate only the first trustee as the authorized person for forms and templates.
• Added phone and email fields for the second and third trustee for files with multiple trustees. 
• Reorganized the Trustee and Address sections of the worksheet.

Templates

• Updated the salutation to use the new salutation field from the Engagement worksheet.
• All French templates now use “Bonjour” as the standard salutation.
• Standardized all template salutations and email subject lines.

Other Updates

• T2 and Forms module—We made the following changes to improve workflow and help locate related authorization forms when filing Special Elections and Returns (SERs) forms by paper or electronically:
  • Removed the T183SER section from the bottom of each SERs form.
  • Each SERs form now has a distinct T183SER form associated with it. See the SERs in TaxCycle T2 and SERs in TaxCycle Forms help topics for a list of available forms.
• T5013—Added support for importing Excel® templates using drag and drop to align with similar functionality in other TaxCycle modules.
• TaxCycle Forms—Updated form RC325, Address Change Request to the 2024 version.

Customer Requests

• T3—You can now change the default answer to the final return question on the Info worksheet in New File Options.
  
• T3—TaxCycle will now display a caution message on the Schedule 15 if you answer No to the second question about beneficial ownership information in Part A, but enter reportable entities in Part B. 
• T3—Added a line for tax withheld in excess of the tax treaty limit to the Foreign Tax Credit (FTC) worksheet. 
• T3—Improved support for returns with multiple authorized signers to better support e-signature workflow.
• T3 2024—You can now create a 2024 T4 file from a 2024 T3 return. To get started, go to the Data menu and click on Create 2024 T4 slips.
  
• T3 2024—Added a new Beneficial Owners on File (BeneficialOnFile) worksheet to carried-forward 2024 T3 returns to track the information reported on the T3 Schedule 15 in the prior year. The worksheet lists all entities reported in the prior year. You can make adjustments to the reportable information by selecting Modify from the drop-down menu in the Reportable entity column to have it flow to the S15 again.

Resolved Issues

• RESOLVED: Incorrect Calculations on TP1 Schedule J and TP-1029.61.MD
• Customer Reported T1 2019 to 2023—Fixed an issue where the MR-69 receipt wrongly showed a message that it had not been transmitted.
• Customer Reported T1 2017 to 2023—Fixed a typo in the French QCSummary template where the word “de” was missing. 
• T5013—Resolved an issue where TaxCycle was not automatically locking files after transmission when the questions about the T1134 and T1135 were set to No on the Info worksheet.
• T5013—Added a missing workflow task for T1134 FRRMS Submit e-Documents transmissions.
• TaxCycle Forms—Adjusted the reporting of exemptions in Part 5 and Part 6 of the UHT-2900 to allow for successful transmission of the UHT through SERs without triggering CRA error 1720 until the CRA updates their system to resolve the issue.