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TaxCycle 9.0.37674.0—2019 T1/TP1 Preview

This major TaxCycle release contains preview calculations and forms for 2019 T1 and TP1 personal tax returns, CRA-certified T3010 forms and other new features.

Get this version as an automatic update, a full download from our website or a free trial. (To deploy auto-update files from your network, see the Auto-update files page.)

Update to version 9.0.37638.0

On January 2, 2020, we released an update to version 9.0.37638.0 containing the following:

  • Correction to the calculation of T2 Schedule 31 Part 15 amount AA2 that caused the investment tax credit to be reported twice on the T2 jacket (at line 652 and line 780).
  • Carryforward of form NR6 from Taxprep® into TaxCycle Forms 2019.
  • Correction to the RC59 schema validation which was preventing transmission of RC59 requests to the CRA.

Release highlights

Preview T1/TP1 forms and calculations for 2019

This release updates the T1 federal and provincial schedules, as well as many other forms, to the latest versions available from the Canada Revenue Agency (CRA). It also updates the TP1 jacket and all schedules based on 2019 Revenu Québec specifications.

All forms, other than authorization forms, remain in a Preview state and will show a watermark. The Preview watermark will be removed once we receive final forms from the CRA and Revenu Québec, and complete our carryforward and calculation testing. We will likely begin removing the watermarks in mid-January. Please update to this release to try the latest forms and calculation changes to T1 and TP1. You can begin data entry, but must await CRA and Revenu Québec certification before filing. We also strongly recommend waiting to perform any batch carryforward for files to 2019 until those changes are complete.

Notable form modifications

  • The CRA has modified many of their forms to add a great deal of spacing. In the interest of reducing your paper usage when you are printing copies for your clients and your own files, as well as to keep related parts of the form on the same page for ease of use, we have attempted to condense some of these into fewer pages where possible.
  • The CRA has merged Schedule 1 into the T1 jacket. The T1 jacket is now composed of eight pages.
  • 2019 is the first year of a seven-year plan to implement the Enhanced CPP/QPP contributions. The enhanced portion (0.15% in 2019) is taken as a deduction at line 22215 of the T1, while the base portion (4.95% outside Québec, 5.4% in Québec) remains a non-refundable tax credit amount at line 30800. The calculations for CPP/QPP contributions have been updated using Form RC381. Schedule 8 will be updated in the next release to reflect the results calculated on Form RC381.

New forms for 2019

  • T90—Income exempt under the Indian Act. Available in this preview. (A related question now appears on page 2 of the T1 jacket.)
  • T224—Nova Scotia Venture Capital Tax Credit. Available in this preview.
  • T225—Nova Scotia Innovation Equity Tax Credit. Available in this preview.
  • ON428-A—Low-Income Individuals and Families Tax Credit. Not available in this preview.
  • ON479-A—Childcare Access and Relief from Expenses Tax Credit. Available in this preview.

Easy Transition to 5-digit line numbers and no Schedule 1

The CRA has merged Schedule 1 into the T1 jacket. The T1 jacket is now composed of eight pages, with the fields of the former Schedule 1 appearing on pages 6 and 7 of the jacket. In addition, line numbers on the jacket and schedules are now five digits long instead of three.

Use F4 Fast Find for a smooth transition to these changes:

  1. Search for Schedule 1 or S1 to jump directly to page 6 of the T1 jacket.
  2. Search for an old 3-digit line number to jump directly to the line with the new, equivalent 5-digit number.

2019 versions of T3010 and TP-985.22 certified for filing

TaxCycle T3010 2019 is certified for filing by the CRA using the latest updates for 2019. The Québec TP-985.22 return is also certified by Revenu Québec. The following forms were revised:

  • T1235 Directors/Trustees and Like Officials Worksheet
  • T1236 Qualified donees worksheet/Amounts provided to other organizations
  • RC232 Corporations Information Act Annual Return for Ontario Not-for-Profit Corporations
  • RC232P7 Ontario Part 9 - Changes to Director/Officer Information
  • T2046 Tax Return Where Registration of a Charity is Revoked
  • T2046P5 Schedule 5 - Transfer of property to an eligible donee
  • T3010 Registered Charity Information Return
  • 2 Year Summary
  • 5 Year Summary
  • TP-985.22 Information Return for Registered Charities and Other Donees—Québec
  • TPA Schedule A Disbursement Quota for the Taxation Year—Québec
  • TPB Schedule B Disbursement Quota for the Taxation Year—Québec
  • TPC Schedule C Summary of Gifts Made to Qualified Donees—Québec
  • TPD Schedule D Directors and Other Officers—Québec

New Data monitors, favourites and form tabs in Options Profiles

As of this release, you can include configured data monitors, favourites and default form tabs in an Options Profile. Please take the time to review your existing Options Profiles, and move the data monitors, favourites and form tabs into those Options Profiles if you wish.

  1. To include those options in an existing Options Profile, go to the Common Folders page under the Files and Folders section. Scroll to Data monitors and favourites section, then click on the link to Move data monitors, favourites and tab settings to Options Profile
    .
    • Clicking this link moves the files to the Options Profile zip file that is currently active.
    • Clicking this link will also move the files in the Local options zip file if that is currently active.
    • It also renames these files to match the format of other settings in the zip file.
    • To include these settings in a different Options Profile, make that profile active by changing profiles on the Start screen or at the top of the Options window and then repeat the process by clicking the link again.
    • You can opt to delete the old local files at the same time as moving them. However, if you have several Options Profiles, we recommend leaving them there until you have moved them into all the profiles.
  2. New pages for Data Monitors, Favourites and Tabs now also appear under module options. Select these pages when creating an Options Profile to include the settings in the profile.

Note that if you do not include these settings in an Options Profile, TaxCycle will continue to use the local settings that it did before.

Status of 2019 federal returns and slips

  • T1—Preview of 2019 forms and calculations. You may begin data entry, but must await CRA certification before filing.
  • T2—Certified to file tax year ends up to May 31, 2020.
  • T3RET—In progress. Wait to file 2019 returns. Forms will be updated to latest versions in January, once approved by the CRA.
  • T3 slips—In progress. Wait to file 2019 returns.
  • NR4 (in T3 module)—In progress. Wait to file 2019 returns.
  • T4—Ready for filing upon system opening on January 6, 2020.
  • T4A—Ready for filing upon system opening on January 6, 2020.
  • T4PS—Ready for filing upon system opening on January 6, 2020.
  • T4ARCA—Ready for filing upon system opening on January 6, 2020.
  • T5—Ready for filing upon system opening on January 6, 2020.
  • T5013-FIN—In progress. Wait to file 2019 returns.
  • T5013 slip summary—In progress. Wait to file 2019 returns.
  • T5018—Ready for filing upon system opening on January 6, 2020.
  • NR4 slips (standalone NR4 module)—Ready for filing upon system opening on January 6, 2020.
  • T4A-NR slips (in NR4 module)—Ready for filing upon system opening on January 6, 2020.
  • T3010—Ready for filing.

Status of 2019 Québec returns and relevés

  • TP1—Preview of 2019 forms and calculations. You may begin data entry, but must await Revenu Québec certification before filing.
  • CO-17—Certified to file tax year ends up to May 31, 2020.
  • TP-646—In progress. Wait to file 2019 returns. Forms will be updated to latest versions in January, once approved by Revenu Québec.
  • RL-16—In progress. Wait to file 2019 returns.
  • RL-1—Ready for filing.
  • RL-2—Ready for filing.
  • RL-3—Ready for filing.
  • TP-600—In progress. Wait to file 2019 returns.
  • RL-15—In progress. Wait to file 2019 returns.
  • RL-24—Ready for filing.
  • RL-31—Ready for filing.
  • TP-985.22—Ready for filing.

Status of file carryforwards from 2018 to 2019

As of this release, the following 2018 to 2019 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 above. We anticipate the rest of modules to be finalized later in January.

Ready for batch carryforward:

  • T2/CO-17—Carryforwards from TaxCycle, ProFile®, Taxprep®, Cantax® DT Max®, creating files with year ends up until May 31, 2020
  • T4, T4A, RL-1/RL-2—TaxCycle, ProFile®, Taxprep®, Cantax®
  • T4PS—ProFile®, Taxprep®, Cantax®
  • T4A-RCA—ProFile®
  • T5, RL-3—TaxCycle, ProFile®, Taxprep®, Cantax®
  • T5018—TaxCycle, ProFile®, Taxprep®, Cantax®
  • T3010/TP-985.22—TaxCycle, ProFile®, Taxprep®, Cantax®
  • NR4—TaxCycle, ProFile®, Taxprep®, Cantax®
  • Forms—TaxCycle
  • 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®

Template changes

The 2019 and 2018 T1 client letters (CLetter and JLetter) have been updated to include paragraphs on interest and penalties owing upon late filing a return.

Customer Requests

  • T1—Added support for resource income not reported on a T5013 slip.
  • T1—Added support for the calculation of resource depletion balances.

Resolved issues

  • Customer Reported T2—Added support for the carryforward of CCA Class 13 and Class 14 historical additions from Taxprep®.
  • T2—Corrected the return due data that displays in the workflow. See related known issue.
  • Customer Reported T5013—Fixed the transfer of S8Asset dispositions to go to the appropriate table on Schedule 6 for assets not related to real estate.