Link TaxCycle with Xero to import GIFI data into the T2125 and T776 income statements in T1 personal tax returns. To use this feature, you must have a current subscription to Xero.
The most critical step to making the import work smoothly is to configure the correct tax mappings in Xero.
Mapping allows you to pair one or more account codes to the standard list of codes that match to fields on the T2125 Statement of Business and Professional Activities or T776 Statement of Real Estate Rentals.
To map tax codes, you must be a Xero partner with the Advisor or Standard user role.
Each time you attempt to download from Xero, TaxCycle will check for a connection. You can also connect or disconnect from Options without importing data. Under the TaxCycle section, expand Service Providers and click on the Xero page.