TaxCycle 14.0.55258.0—2024 Slips Filing
This TaxCycle release is ready for filing 2024 slips when systems open on January 13, 2025.
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
2024 Slips and Relevés Ready for Filing
The following 2024 federal slips and forms are ready for electronic filing with the Canada Revenue Agency (CRA) when systems open on January 13, 2025:
- T4 Statement of Remuneration Paid
- T4A Statement of Pension, Retirement, Annuity, and Other Income
- T5 Statement of Investment Income
- T5018 Statement of Contract Payments
- T2202 Tuition and Enrolment Certificate
- NR4 Statement of Amounts Paid or Credited to Non-Residents of Canada (in TaxCycle NR4 module, not T3 module)
- T4A-NR Payments to Non-Residents for Services Provided in Canada (in TaxCycle NR4)
Important! Before closing the transmission dialog box, make sure TaxCycle has copied the submission number from the CRA into the related field on the dialog box. If not, please manually copy the submission number from the CRA web page and paste it into the field. If you do not do this, you will see a message asking you to confirm with the CRA that they have received the return.
The following 2024 federal slips and forms are ready for paper-filing with the CRA:
- T4PS Statement of Employee Profit-Sharing Plan Allocations and Payments
- T4A-RCA Statement of Distributions from a Retirement Compensation Arrangement (RCA)
The following 2024 Québec relevés are ready for filing with Revenu Québec:
- RL-1 Employment and Other Income
- RL-2 Retirement and Annuity Income
- RL-3 Investment Income
- RL-24 Childcare expenses
- RL-25 Income from a Profit-Sharing Plan
- RL-31 Information about a leased dwelling
T2: 2025 Automobile Deduction Limits
TaxCycle T2 now includes the 2025 automobile deduction limits and expense benefit rates announced by the Department of Finance on December 30, 2024. This includes the following changes, which took effect on January 1, 2025.
- Schedule 8 and S8AssetManager
- The ceiling for capital cost allowances (CCA) for Class 10.1 passenger vehicles has increased from $37,000 to $38,000, before tax, in respect of vehicles (new and used) acquired on or after January 1, 2025.
- The ceiling for CCA for Class 54 zero-emission passenger vehicles remains at $61,000, before tax, in respect of vehicles (new and used) for 2025.
- Motor Vehicle Worksheet
- The T2 Motor Vehicle worksheet has been updated for the increase of deductible leasing costs from $1,050 to $1,100 per month, before tax, for new leases entered into on or after January 1, 2025.
- The maximum allowable interest deduction remains at $350 for new automobile loans entered into on or after January 1, 2025.
Resolved Issues
Status of File Carryforwards from 2023 to 2024
As of this release, the following 2023 to 2024 carryforwards are up to date. However, we strongly recommend you only perform batch carryforward on tax modules that are ready for filing in the list, below. We anticipate the rest of the modules will be finalized later in February.
Ready for batch carryforward:
- T2/CO-17—Carryforwards from TaxCycle, ProFile®, Taxprep®, Cantax®, DT Max®, creating files with year ends up until May 31, 2025.
- T4, T4A, RL-1/RL-2—TaxCycle, ProFile®, Taxprep®, Cantax®
- T4PS—TaxCycle, ProFile®, Taxprep®, Cantax®
- T4A-RCA—TaxCycle, ProFile®
- T5, RL-3—TaxCycle, ProFile®, Taxprep®, Cantax®
- T2202—ProFile®, Taxprep®
- T5018—TaxCycle, ProFile®, Taxprep®, Cantax®
- T3010/TP-985.22—TaxCycle, ProFile®, Taxprep®, Cantax®
- NR4—TaxCycle, ProFile®, Taxprep®, Cantax®
- Forms—TaxCycle, ProFile®, Taxprep®, Cantax®
- RL—TaxCycle, ProFile®, Taxprep®, Cantax®
Wait for batch carryforward:
- T1/TP1—TaxCycle, ProFile®, Taxprep®, Cantax®, DT Max®
- T3/TP-646, RL-16—TaxCycle, ProFile®, Taxprep®, Cantax®, DT Max®
- T5013/TP-600, RL-15—TaxCycle, ProFile®, Taxprep®, Cantax®
Status of 2024 Federal Returns and Slips
- T1—You may begin data entry. EFILE opens in late February 2025.
- T2—Certified to file tax year ends up to May 31, 2025.
- T3RET—You may begin data entry. EFILE opens in late February 2025.
- T3 slips—In progress. Wait to file 2024 returns.
- NR4 (in T3 module)—In progress. Wait to file 2024 returns.
- T4—Ready for filing.
- T4A—Ready for filing.
- T4PS—Ready for filing.
- T4A-RCA—Ready for filing.
- T5—Ready for filing.
- T5013-FIN—In progress. Wait to file 2024 returns.
- T5013 slip summary—In progress. Wait to file 2024 returns.
- T5018—Ready for filing.
- NR4 slips (standalone NR4 module)—Ready for filing.
- T4A-NR slips (in NR4 module)—Ready for filing.
- T3010—Ready for filing.
Status of 2024 Québec Returns and Relevés
- TP1—You may begin data entry. NetFile opens in late February 2025.
- TP-646—In progress. Wait to file 2024 returns.
- RL-16—In progress. Wait to file 2024 returns.
- TP-600—In progress. Wait to file 2024 returns.
- RL-15—In progress. Wait to file 2024 returns.
- RL-1—Ready for filing.
- RL-2—Ready for filing.
- RL-3—Ready for filing.
- RL-24—Ready for filing.
- RL-25—Ready for filing.
- RL-31—Ready for filing.
- TP-985.22—Ready for filing.
