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TaxCycle 9.2.39956.0—2020 T5013

This release rolls over the T5013 module to 2020 for early data entry. It also includes other requests and fixes.

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

Release Highlights

Rollover of T5013 to 2020

The new module for TaxCycle T5013 allows you to begin data entry for 2020 federal and Québec partnership returns. Please note the following:

  • You can carry forward 2019 T5013 returns from TaxCycle and competitors.
  • You can use this module to file partnership returns with fiscal year ends in 2020.
  • The government forms are the 2019 forms updated to include 2020 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 forms serve to remind you of this.
  • This module permits CRA Internet File Transfer (XML) and transmission of RL slips to Revenu Québec.
  • The T1135 in this module is certified for filing for year ends up to October 31, 2020.

Changes in TaxCycle T5013 2020

Partner Worksheet

Redesigned the tables on the Partner worksheet to show one row for each partner, rather than two tables. You can sort, and add or remove columns to customize the table, similar to the Slips summary. This change includes consolidating the following into one field/column each:

  • Postal Code and Zip Code
  • Business Number, Partnership Number and Charity Number

Partner Interest Worksheet and Slip Summaries

Redesigned the tables on the Partner Interest and Slip summaries to allow sorting and customizing of the table, similar to other Slips summary in other modules.

T5013Partner Slip and RL15Partner

  • Added a field to exclude the selected slip from filing. Selecting this excludes the slip from being included in the electronic filing and print sets.

Info Worksheet

  • Removed the Transmitter section from the Info worksheet. Standardized to use the preparer information on the Engagement worksheet, as in other TaxCycle modules.

Authorization Forms

  • Removed RC59 and RC59X from TaxCycle T5013.
  • The replacements for these forms, AUT-01 (Authorize a Representative for Access by Phone and Mail) and AUT-01X (Cancel Authorization for a Representative), are available in TaxCycle Forms.

Other Enhancements

  • Added the ability to allocate residual amounts to a specific partner on the S1WS and TPFWS.
  • Added the ability to activate the At-Risk-Amount (ARA) calculations regardless of partner type (as in the case of a deemed limited partner).
  • Automated capital gains adjustments for ARA and carry forward ACB adjustments for Capital Gains/Losses and Deemed Capital Gain for limited partners.
  • Added the ability to designate adjustments to specific ARA lines reported on the S50 and TP-600 Schedule A (TPA).

New Options

  • Added a general module option to lock files automatically in completed returns.

Changes to TaxCycle T3 2020

Added a new Slips summary of beneficiaries of T3 slips. This summary supports customizing the display and sorting of columns/rows.

T2 Updates and Changes

  • Schedule 341 (Nova Scotia Corporate Tax Reduction for New Small Businesses) has been updated to incorporate the new 2.5% rate as of April 1, 2020.
  • The CRA payment extension to September 30, 2020 has been made to the T2PaymentDueDateWS, Federal instalments, AT1 instalments and QC instalments forms. The T2 client letter has also been updated to reflect this.
  • Added CO771WS Small Business Deduction (SMD)—Adjusted the number of paid hours, calculated for the taxation year and based on the number of days in the closing period. This worksheet includes the ad hoc adjustment to the calculation of remunerated hours for the SBD announced on June 29, 2020, in the 2020-9 Information Bulletin by Finances Québec.

New in TaxCycle Forms

  • RC473 Non-Resident Employer Certification
  • T2027 Election to Deem Amount of Settlement of a Debt or Obligation on the Winding-Up of a Subsidiary

Competitor Carryforwards 2019 to 2020

This version of TaxCycle adds the conversion of 2019 files from the following competitors. These are in addition to those added in the previous release and those listed on the Carry Forward Prior Year Returns help topic.

  • ProFile® T4/RL-1, T4/RL-2, T5/RL-3, T5013/TP-600, T3010/TP-985.22, T5018, NR4, RL-24, RL-31
  • Taxprep® T4/RL-1, T4/RL-2, T5/RL-3, T5013/TP-600, T3010/TP-985.22, T5018, NR4, RL-24, RL-31
  • Cantax® T3, T4, T5, T5013, T3010, T5018, NR-4

Important! While TaxCycle now supports 2019 carryforwards into all 2020 TaxCycle modules except TaxCycle Forms, all carry forwards are currently under review and will be updated before the next tax season. We do not recommend batch carryforward at this time.

Customer Requests

  • Options—Added a new Start Screen option to show the prior year as the primary module. The prior year becomes the default large module on the Start screen and the default in the Open (Ctrl+O) dialog box. The current-year module shows as a smaller icon on the right. On January 1, the default reverts to the current year until a newer module becomes available.
  • Options—The Start Screen option to show only purchased modules now also hides any preview modules for years not yet included in your license. Once you renew your license, those preview modules will become available.
  • T2PaymentDueDateWS—The payment due dates on the T2PaymentDueDateWS have been adjusted to a Monday if the date falls on a Saturday or a Sunday.
    T2PaymentDueDates
  • T5013—Lengthened the name field for a corporate partner on the T5013 jacket and slips.
  • Client Manager—Search results now correctly distinguish between the Invoice Date on the Billing Worksheet (in TaxCycle T1 and T2) and the date the Invoice was sent to the client as recorded in the Billing group in workflow tasks (in the Track sidebar).
  • Added server options and settings in the Client Manager to address issues with resource limits when returning search results. To learn more, read the Client Manager Options help topic.

Template Changes

  • T1—Added a condition to the paragraph on RRSP over-contribution to hide the paragraph when no RRSP contributions were made. (Corrected in 2019 and 2020 T1 client letters and joint client letters.)
  • T1—Updated the instalment payment due dates for T1 and TP1 returns to September 30, 2020.
  • T2—Updated the COVID-19 paragraph in the 2019 and 2020 T2 client letters to refer to the extended payment deadline of September 30, 2020.

Resolved Issues