TaxCycle 13.2.54367.0—T1, T2 and T5013 Updates, SERs for Individuals in TaxCycle Forms

This release includes updates to TaxCycle T1, T2 and T5013. It also adds SERs filing support for individuals using EFILE in TaxCycle Forms.

To install this version immediately, download the full installer from our website or request a free trial. Once we enable the automatic update for this version, TaxCycle will prompt you to install it according to the priority set in your TaxCycle Options. (To deploy auto-update files from your network, see the Auto-Update Files page.)

Release Highlights

• T1/TP1 Updates
• T2 Updates
• T5013 Updates
• Other Updates
• Resolved Issues

T1/TP1 Updates

• Updated T5 box 17 to a single box for the amount and a drop-down field to select the reporting method.
• Updated forms T657 and T2017 to support years 2015 through 2024.
• Updated forms RC66, RC66-1 and RC66SCH to the latest version from the CRA. 
• Updated forms T691 and TP-776.42 to include the Alternative Minimum Tax (AMT) changes that were included in Bill C-69. 
• Added electronic signature support for the T1159.
• Added a total column to the Joint and Family summaries.
• Updated the correspondence and email templates to use the new correspondence name fields on the Engagement worksheet from the last TaxCycle update. See also the Preferred Names in Templates help topic.
• You can now carry forward 2023 T1/TP1 returns from TaxCycle, ProFile®, Taxprep® and DT Max®. All carry forward conversions are currently under review and will be updated before the next tax season. We do not recommend batch carryforward at this time.

Accelerated investment incentive

• Updated the capital cost allowance (CCA) calculations in income statements (T1163, T776, T2042, T2121, T2125 and Québec TP1 equivalents) and the Motor Vehicle worksheet to reflect the next phase of Accelerated investment incentive (AII), which was introduced in the 2018 Fall Economic Statement.
• For eligible additions in 2024, various rules apply as to how CCA is calculated for different classes. In general, in the year of acquisition in 2024, the enhanced first-year allowance is two times the normal first-year CCA deduction. This is achieved by calculating CCA at the rate relevant to that class by suspending the half-year rule. For more information, read the CRA page about the accelerated investment incentive.  

T2 Updates

• T2 2024—Added Northwest Territories as a valid territory for the AgriStability forms for harmonized provinces. 
• Updated Schedule 54 to reference “substantive CCPC.”
• Updated Schedule 58 to reflect the passing of Bill C-69 for the increase in the cap on labour expenditures per eligible newsroom employee from $55,000 to $85,000 and increasing, for four years, the Canadian journalism labour tax credit rate from 25% to 35%. Also added more columns to the Part 3 table.
• Added an Extra small check box to Schedule 60 to modify the text font size for lines 242, 244 and 246.
• Added a new column 10 to the CGI Schedule 23 table for the current tax year’s AAII (Adjusted Aggregate Investment Income). The total amount in column 10 flows to the current AAII field in the T2 Summary. 
• Updated the Alberta AT1Exempt to the 2024 version. Also divided question 3 into three separate questions.

T5013 Updates

• Updated Schedule 52 and Schedule 63 to the 2024 versions.
• Customer Request Added a review message and check box to exclude the application of a deemed capital gain under ITA 40(3.1) in cases where a limited partner is an exempt partner who holds an excluded interest.
• Customer Reported Updated T5013 carry forward to include limited losses claimed in the year at line 109 in the ACB of the partnership interest for limited partners.

Other Updates

• New! TaxCycle Forms—Updated the Special Elections and Returns (SERs) transmission service to support electronic filing of the UHT-2900, T2057 and T2059 for individuals with a valid SIN using EFILE credentials. Also updated the T2183 authorization for SERs to the 2024 version.
• TaxCycle Forms—Updated forms T400A and PD24 to the latest version.
• T3 2024—Updated Schedule 12 and forms TP-776.42F to include the Alternative Minimum Tax (AMT) changes that were included in Bill C-69.
• T3 2024—Updated the T183TRUST electronic signature request workflow to function the same way as it does in TaxCycle T1, where the status of the signature appears in the signature box.
• Electronic signatures—Added a new option in the TaxCycle electronic signature banner to mark a signature request as “Signed.” This will mark the request as Manually Completed in TaxFolder and will allow you to print the form from TaxCycle without the e-signature status text in the signature fields.

Resolved Issues

• Customer Reported T1—Fixed the electronic signature field on the RC71.
• Customer Reported T5013—Resolved an issue where TaxCycle was not automatically locking files with T1134/T1135 forms or electronic documents when the return was set to paper-filed.