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TaxCycle 9.1.38268.0—Extension to T1/TP1 Due Dates

This release adds updates T1 and TP1 payment and filing due date extensions. It also adds SlipSync for Québec RL slips, a new worksheet for the Canada Training Credit and other customer requests.

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.)

Updated Due Dates

On March 17, 2020, we released version 9.1.38260.0 as a full download only. In the release of the automatic update, we adjusted the due dates in personal tax returns to align those announced by the CRA and Revenu Québec:

  • T1 and TP1 filing due dates extended to June 1, 2020
  • T1 and TP1 payment due dates extended to August 31, 2020

The built-in client letters will automatically use these updated dates. You do not need to update your customized templates. T2 and T3 due dates will be updated in the following release. We will make changes to built-in T2 and T3 templates to support the new dates at that time.

Update highlights

Customer Requests

  • Redesigned the display of entries on the federal Schedule 50 (S50) and Québec Schedule A (TPA) to resolve issues with crashing when attempting to view or scroll lists with many partners.
  • Improved performance when printing federal Schedule 50 (S50) and Québec Schedule A (TPA) from TaxCycle T5013 for returns with many partners.
  • Added the R102-R Regulation 102 Waiver Application to TaxCycle Forms 2019.
  • Added a new T1 and TP1 Client copy print set. This set contains both the T1 and TP1 returns. Print it to attach a single PDF to an email cover letter to send to your clients. This print set shows in the Print sidebar and is selected for print when the taxpayer must file a TP1 return.
  • Added a new table to form T746 for entering unused RRSP, PRPP, and SPP contributions in more than one year.
  • Added the option to create a stub year return in T5013 (similar to T3).
  • Resolved an issue in TaxCycle T1 where the recalculation of the optimized tuition transfer from the NBS11 to the NBS2 prevented EFILE.
  • Resolved an issue where NB428 line 58600 (Tuition transfer from a dependant) was not transmitted through T1 EFILE.

New! Canada Training Credit Worksheet

The Canada Training Credit is new refundable tax credit available for eligible tuition and other fees paid for courses taken in 2020 and subsequent taxation years. The credit is the lesser of the individual’s Canada training credit limit for the taxation year, and half of the eligible tuition and fees paid to an eligible educational institution in respect of the year. Starting in 2019, an eligible individual will be able to accumulate $250 in each year (provided the individual satisfies all the conditions), up to a maximum of $5,000 in a lifetime.

In TaxCycle, the new Training worksheet calculates the client's eligible Canada Training Credit limit for 2020, taking into account the prescribed conditions. This is the amount available to the taxpayer to claim on their 2020 return if they pay eligible tuition fees. Please review the eligibility criteria on the worksheet.

SlipSync for Québec RL Slips

This release adds support for the following Québec RL slips to TaxCycle SlipSync: RL-1, RL-2, RL-3, RL-15, RL-16.

  1. Data from Québec RL slips is published along with the related federal slip. For example, the data from the Québec RL-1 goes with the data from the federal T4 slip.
  2. When importing RL slip data into a TP1 return, TaxCycle attempts to associate the RL slip information with the equivalent federal slip. The T4 data imports into the T4 data entry field and flows to the applicable RL fields. Any remaining RL slip data imports directly into RL data entry fields.
  3. When required, TaxCycle creates a new federal slip and associates the RL slip(s) with the new slip. These new slips are numbered to assist in matching the Québec data with the appropriate new federal slip.

See the SlipSync help topic for detailed instructions.

Foreign Exchange Rate Tool

This release adds a new tool for selecting foreign exchange rates. This is available on any form with an exchange rate field in TaxCycle.

  1. Place your cursor in the Exchange Rate field.
  2. Go to the Tools menu and click Exchange Rates.
  3. Select a currency from the drop-down list.
  4. Click on a rate (annual or monthly).
  5. Click on a monthly rate to see the daily rates for that month at the bottom left. Click on a daily rate there to use it.
  6. Double-click on a rate to copy it to the clipboard, or click on a rate and then click the Copy to clipboard button.
  7. Click the Copy to field button to enter the rate on the field.
  8. TaxCycle adds the rate to the field along with a memo to indicate the currency and the date for the exchange rate.

T2 Budget Updates and Changes

Schedule 346 (Nova Scotia corporation tax calculation)

On February 25, 2020, Nova Scotia’s Finance Minister tabled a budget which proposed to decrease the general corporate tax rate to 14% (from 16%) and the small business tax rate to 2.5% (from 3%) effective April 1, 2020. We have adjusted the calculations on Schedule 346 to reflect this change.

Schedule 443 (Yukon corporation tax calculation)

The March 5, 2020 budget proposed to cut the small business tax rate from 2% to zero effective January 1, 2021. We have adjusted the calculations on Schedule 443 to reflect this change.

Issue with AT1 Schedule 18 Line 066

We resolved an issue with AT1 Schedule 18. Line 066 did not include the total amount from the column “Transfer on an amalgamation or the wind-up of subsidiary” in the Capital Gains Reserve table on AT1 Schedule 17.

T2 Schedule 3 Amount 2E in Part 2 Miscalculation

We resolved an issue with amount 2E in Part 2 of Schedule 3 calculated from the part 1 table. For each connected corporation (such as Column 205 = 1), this amount is now correctly calculated as: Column 275 x Column I.1 ÷ Column 260

Template Changes

  • Added a paragraph about the Canada Training Credit to the 2019 client letters (CLetter and JLetter).
  • Removed the reference to Transit pass from the 2019 pre-season and postseason letters (PreSeason, PostSeason, JPreSeason, JPostSeason, FPreSeason, FPostSeason).
  • Corrected an issue with the alignment of the paragraphs after the list of payment methods in the 2019 T1 deceased client letter (DLetter).
  • Corrected an issue with the display of the legal representative's name in the last paragraph of the 2019 T1 deceased engagement letter (DELetter).