TaxCycle 14.0.55258.0—2024 Slips Filing

This TaxCycle release is ready for filing 2024 slips when systems open on January 13, 2025.

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

• 2024 Slips and Relevés Ready for Filing
• T2: 2025 Automobile Deduction Limits
• Resolved Issues

2024 Slips and Relevés Ready for Filing

The following 2024 federal slips and forms are ready for electronic filing with the Canada Revenue Agency (CRA) when systems open on January 13, 2025:

• T4 Statement of Remuneration Paid
• T4A Statement of Pension, Retirement, Annuity, and Other Income
• T5 Statement of Investment Income
• T5018 Statement of Contract Payments
• T2202 Tuition and Enrolment Certificate
• NR4 Statement of Amounts Paid or Credited to Non-Residents of Canada (in TaxCycle NR4 module, not T3 module)
• T4A-NR Payments to Non-Residents for Services Provided in Canada (in TaxCycle NR4)

Important! Before closing the transmission dialog box, make sure TaxCycle has copied the submission number from the CRA into the related field on the dialog box. If not, please manually copy the submission number from the CRA web page and paste it into the field. If you do not do this, you will see a message asking you to confirm with the CRA that they have received the return. 

The following 2024 federal slips and forms are ready for paper-filing with the CRA:

• T4PS Statement of Employee Profit-Sharing Plan Allocations and Payments
• T4A-RCA Statement of Distributions from a Retirement Compensation Arrangement (RCA)

The following 2024 Québec relevés are ready for filing with Revenu Québec:

• RL-1 Employment and Other Income
• RL-2 Retirement and Annuity Income
• RL-3 Investment Income
• RL-24 Childcare expenses
• RL-25 Income from a Profit-Sharing Plan
• RL-31 Information about a leased dwelling

T2: 2025 Automobile Deduction Limits

TaxCycle T2 now includes the 2025 automobile deduction limits and expense benefit rates announced by the Department of Finance on December 30, 2024. This includes the following changes, which took effect on January 1, 2025.

• Schedule 8 and S8AssetManager 
  
  • The ceiling for capital cost allowances (CCA) for Class 10.1 passenger vehicles has increased from $37,000 to $38,000, before tax, in respect of vehicles (new and used) acquired on or after January 1, 2025.
  • The ceiling for CCA for Class 54 zero-emission passenger vehicles remains at $61,000, before tax, in respect of vehicles (new and used) for 2025.
• Motor Vehicle Worksheet
  • The T2 Motor Vehicle worksheet has been updated for the increase of deductible leasing costs from $1,050 to $1,100 per month, before tax, for new leases entered into on or after January 1, 2025. 
  • The maximum allowable interest deduction remains at $350 for new automobile loans entered into on or after January 1, 2025.

Resolved Issues

• Known Issue: Incorrect Amounts in Part 2A and Part 2B Tables of the T2 S89
• Known Issue: $null Balance Owing on Custom Invoices. Note that custom templates created from the default TaxCycle 2024 invoice template should not be carried back as the Preferred name and Payment worksheet changes are not supported in prior years.