T1 Summaries

Updated: 2023-04-14

TaxCycle contains summaries to assist in reviewing returns and communicating with clients.

1. In any of the tax modules, expand the Summaries section in the Prepare sidebar to view the summaries for any return.
2. Many summaries—like the T1Summary—only display rows for fields that contain relevant information in the tax return, so they remain compact for printing.
3. Double-click on amounts to jump to the source form and field, or press F6. You can also press Shift+F6 to open the form in a new window.
4. Review messages appear on summaries so you can resolve them in this location without jumping to the source form.
5. You can also add review marks and memos to most summaries. The marks and memos flow through to the original slip and appear in the Review sidebar.

Keyboard Shortcuts

• Ctrl+1—T1Summary/T2Summary
• Ctrl+2—2YearSummary
• Ctrl+3—2YearClient
• Ctrl+4—Family
• Ctrl+5—5YearSummary

Popular Summaries

• The Slips summary lists all slips entered in the return and has a link to add a new slip.
• The Joint summary compares spouses' tax returns.
• The Carry Forward summary lists amounts carried forward from the prior year.
• The T1ShortSummary is a shortened version of the T1 jacket.
• The TP1ShortSummary provides an abbreviated version of the TP1 that summarizes the Québec return.
• The 2YearSummary shows year-over-year variance. Set the variance threshold at the top of the form to alert you to significant differences. Mark items for follow-up and note explanations for significant differences.
• The 2YearClient is a two-year comparison to share with your clients.
• The 5YearSummary compares the last five years. You can enter prior year data if you have it.
• The Tapes summary shows all the tapes in the return.
• The Memos summary shows all the memos

Carry Forward Summary (Carry)

The T1 Carry Forward Summary (Carry) lists amounts carried forward from the prior year, such as RRSP deduction limit, unused donations and other deductions.

1. Click the blue text of the section headings to jump to the related form or worksheet.
2. The fields have links to jump to the form or worksheet where the amount is used (the blue arrow in the top left of the field indicates a link). Click or Tab into the field and press the F6 key. Or, double-click on the field to jump to the source.
3. If you add review marks and memos to any of the fields on this summary, they also appear on the linked field.

Family Summary

The Family summary in TaxCycle T1/TP1 provides a comparative summary of all family members in the return. Dependants are only included if they are full returns, not if they are only listed on the Dep worksheet.

1. The Family summary displays the principal taxpayer, spouse/partner and all dependant returns. 
2. Like the T1 Summary, it only displays relevant fields from the return, so it is compact and easy to explain to your clients.
3. Double-click on any amount on the summary to jump to the relevant form and field in the tax return.
4. If you're using the Tab key to move from one amount to the next, press F6 to jump to the source field.
5. If you add review marks and memos to any of the fields on this summary, they also appear on the source field.

Slips Summary

1. The Slips summary displays a list of all slips in the tax return and the details from each of those slips.
2. The top of the summary shows a count of the types of slips and outstanding issues.
3. Click the Add slip link next to the type of slip to start a new slip of that type.
4. You can add review marks to the slips summary, making it a much better review tool. Click on the review marks in the ribbon and then click on an amount to attach them to the field.
5. You can also add memos to fields on the slip summary. Click on an amount and then press F8 to create the memo.
6. Review messages from the original slip appear on the Slips summary, and you can resolve them with Quick Fix messages there.

Income Statement Summaries

Five-year income statement summaries—T776Summary, T2121Summary, T2042Summary, and T2125Summary—appear in the forms list as part of the set of forms for each income statement you create.

For example, for each T2125 form you create, you will see a T2125Summary.

1. The information in the prior-year columns on this summary is populated when you carry forward a tax return to the current year. However, you can also manually enter amounts in these fields if you did not carry forward the return.
2. The current-year column (farthest to the left) contains amounts flowing from the related income statement. These fields have links to jump to the form where the amount flows from (the blue arrow in the top left of the field indicates a link). Click or Tab into the field and press the F6 key. Or, double-click on the field to jump to the source.
3. If you add review marks and memos to any of the fields on this summary, they also appear in the linked field on the income statement.