TaxCycle 9.2.40541.0—2020 Forms Module

Revisions to Initial Version

October 8, 2020—Update to resolve an issue introduced in version 9.2.40466.0. In that version, missing local Options Profile files prevented saving changes to options. This issue arose after installing TaxCycle for the first time, or after resetting all options. Upon installing this update, TaxCycle will recreate the missing Options Profile files.

This release rolls over the Forms module to 2020, and updates calculations and templates in other modules.

Get this version as an automatic update, 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

File Carryforwards From 2019 to 2020

TaxCycle now supports 2019 carryforwards into all 2020 TaxCycle modules. 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.

Rollover of TaxCycle Forms to 2020

The new module for TaxCycle Forms allows you to create 2020 forms collection. Please note the following:

  • You can carry forward 2019 TaxCycle Forms files.
  • You can create Forms files from other 2020 TaxCycle modules.
  • 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.

The following new forms were added:

  • RC66, Canada Child Benefits Application for 2019 and 2020.
  • RC66Sch, Status in Canada and Income Information for 2019 and 2020. 
  • CO-502, Election in Respect of a Dividend Paid Out of a Capital Dividend Account;
    RQ equivalent of form T2054, Election for a Capital Dividend Under Subsection 83(2). 
  • TP-518, Transfer of Property by a Taxpayer to a Taxable Canadian Corporation;
    RQ equivalent of form T2057, Election on disposition of property by a taxpayer to a taxable Canadian corporation.
  • TP-529, Transfer of Property by a Partnership to a Taxable Canadian Corporation;
    RQ equivalent of form T2058, Election on Disposition of Property by a Partnership to a Taxable Canadian Corporation.
  • TP-614, Transfer of Property to a Canadian Partnership;
    RQ equivalent of form T2059, Election on Disposition of Property by a Taxpayer to a Canadian Partnership.

T1 Changes

  • Updated the Canada Training Credit worksheet to allow for claiming the credit which will appear in a new field on the T1 return and reduces the amount of eligible tuition on Schedule 11.
  • Updated the TL2 and T1-M to use the new meal allowance rate for the simplified method that increased from $17 to $23, as per the CRA announcement on September 3, 2020.
  • Updated the RC71 and Billing worksheet to reflect that the Manitoba RST no longer applies to personal tax preparation fees as of October 1, 2020.
  • Updated the SK428 to add the new firefighter, search and rescue and medical first responder amounts.
  • Adjusted the MB428A and MB479 calculations for the disability amount, or credit, for self to now only calculate when the disability amount for self is claimed on MB428.
  • Updated British Columbia, Nova Scotia and Northwest Territories child benefits (paid with the CCB).
  • Added Northwest Territories and Yukon carbon tax rebates (paid with the GST/HST credit).
  • Updated AgriStability commodity and inventory codes for 2020.

T2 Changes

  • Updated AgriStability commodity and inventory codes for 2020.

T3 Changes

  • TaxCycle T3 now limits the foreign tax credit to the basic federal tax on Schedule 11. This change applies to both 2019 and 2020 returns. However, in 2019 returns that are completed or filed, you must agree to the Quick Fix review message to update the calculations.
  • Updated AgriStability commodity and inventory codes for 2020.

T4 Changes

  • New PD27, 10% Temporary Wage Subsidy Self-identification Form for Employers, which will populate based on information previously entered on the COVID worksheet.
  • Added the Prior Year column in the Slips Modules T4, T5, NR4, T5018 with TaxCycle to TaxCycle carry forward. Support for competitor software carryforward will be added in a future release.

T3010 Changes

On the RC232, replaced the separate form for part 9, Changes to Director/Officer information, with an expandable table at the bottom of the form. TaxCycle will move any data in existing files to appear in the new table.

T5013 Changes

  • Schedule 125: as per CRA’s mandate, GIFI code 8500, Closing inventory, can no longer be used/submitted as a standalone code and is now calculated as the sum of the amounts for the following GIFI codes:
    • 8501 Closing inventory – Finished goods
    • 8502 Closing inventory – Raw materials
    • 8503 Closing inventory – Goods in process
  • Form T1135: certification has been extended to May 31, 2021 for filing purposes.
  • T5013: fixed a slip filing error (Prov_cd is invalid) related to the Preparer Province on the Engagement form.
  • T5013: fixed the preparer information on the Engagement form to use the Slip Transmitter name from Options for FIN and T5013 transmissions.

View Data Monitors, Favourites and Tabs in Options

This release adds the ability to view your default Data Monitors, Favourites and Form Tabs in module options for all modules, and edit the Data Monitors from these pages.

  1. Separate Data Monitors, Favourites and Tabs pages appear for each year and module.
  2. Click on the Data Monitors page to view and edit your default data monitors. To add more data monitors, open a file for the same module and year, and add the data monitor you need. See the Work with Data Monitors help topic. You may also change the content of existing data monitors that appear on module options pages. See the Data Monitor Expressions help topic.
  3. Click on the Favourites page to view your default favourites. To change these defaults, open a file and change the favourites there. See the Favourites Bar help topic.
  4. Click on the Tabs page to view your default Initial and Review tabs. To change these defaults, open a file and change the tabs there. See the Form Tabs help topic.
  5. You can also add these pages to Options Profiles to share them with others. We only made this possible in early 2020. If you had previously customized any of these settings, you will want to move them into your Options Profile. See the Options Profiles help topic for instructions.

Screen Capture: Options for Data Monitors, Favourites and Tabs

Customer Requests

Improvements to Microsoft Excel files exported from the Client Manager:

  • Support for filtering and sorting.
  • A new row for the totals from columns that contain amounts.
  • Support for Excel formulas, such as Sum or Average, in cells that contain amounts.

Template Changes

  • Customer Request T1—Hid the RRSP section in the client and joint client letters for non-residents.
  • Customer Request T1—Fixed the condition for showing the T1DD in the list of forms to sign in the 2012 and 2013 T1 client and joint client letters.
  • Customer Request T2—Added an address label for T2 in 2020. This included creating salutation and address snippets and using them in the client letter, engagement letter and invoice.
  • Customer Request T1 and T2—Fixed the display of subtotal before taxes on the invoices where GST is not applied in the 2019 and 2020 modules

Resolved Issue

T2 return, lines 460, 465 and 480 from page 7