TaxCycle 14.0.55440.0—CO-17 Forms
This TaxCycle release extends the filing of Québec CO-17 returns with updated forms for 2024 and 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
CCA Immediate Expensing for T1, T2 and T5013
For short taxation years, the Income Tax Regulations 1100(3) required that immediate expensing be prorated by the proportion of the number of days in the short taxation year over 365 days.
However, as per the Canada Gazette Vol. 158, No. 25 issued on December 4, 2024, this proration rule no longer applies to the calculation of immediate expensing of Capital Cost Allowance (CCA).
This amendment applies retroactively to taxation years that end on or after April 19, 2021.
We have accordingly revised TaxCycle’s CCA calculations in the T1, T2 and T5013 modules to no longer prorate immediate expensing CCA claims for short taxation years.
T2 Schedule 63 Payment Rates for 2024 and 2025
On January 10, 2025, the Minister of Finance announced the rates to return fuel charge proceeds to farmers for the 2024-25 and 2025-26 years, respectively, as well as the designated provinces in which these payment rates apply.
We have updated the T2 Schedule 63, Return of Fuel Charge Proceeds to Farmers Tax Credit, accordingly.
Updated CO-17 Forms Approved for Filing
Revenu Québec has approved TaxCycle T2 to support the filing of Québec CO-17 returns with new and updated forms for 2024 and 2025.
CO-17 Jacket
- Updated to the latest version.
- TaxCycle automatically answers Yes to Question 19b on page 1 of the CO-17 jacket if the new TP-21.4.39 form is completed.
- Updated the registration fee on line 441b for the 2025 year.
CO-17.SP
- Updated to the latest version
- Updated the registration fee on line 441b for the 2025 year.
CO-1029.8.33.13
- Added new parts 2.3.2 and 2.3.3 to take into account a second additional contribution to QPP.
- Updated various rates based on the 2025 version of the TP-1015, Guide for Employers: Source Deductions and Contributions.
CO-1029.8.33.TE
- This tax has been eliminated for salary, wages or other remuneration paid to employees after March 12, 2024.
- You can enter a portion of salary, wages or other remuneration paid to the employee prior to March 13, 2024, in part 4.2.
CO-1029.8.35
- Removed checkboxes 10a, 10f and 10h from part 2.
- Added checkboxes 10i and 10j to part 2.
- Removed lines 93 and 94 from part 4.3.
CO-1029.8.36.DA
- Added new part 2.4.1 (lines 35a to 35j) for salaries incurred in a taxation year that begins after December 31, 2024, based on the Québec budget from March 12, 2024.
CO-1029.8.36.II
CO-1029.8.36.TM
- Added new part 4.5 for qualified salary or wages for a taxation year that begins after December 31, 2024.
- Added new part 8 (parts 8.1 and 8.2), which calculates only if the corporation’s tax year begins after December 31, 2024. TaxCycle calculates part 8 only once in the first copy of the CO-1029.8.36.TM for all properties combined.
- If applicable, the amount from line 96 flows to the part 4.1 table of the CO-17 jacket with code 316. In addition, the amount from line 108 flows to the part 4.1 table of the CO-17 jacket with code 315.
- Also added a Non-refundable tax credit continuity table as an on-screen only table to assist with the calculation of the tax credit.
CO-1175.4
- Added new parts 2.1.2 and 2.2.2.
- Enter information to calculate the capital of the corporation for a taxation year that begins after December 31, 2022, in part 2.1.2.
- Enter information to calculate the capital of the corporation’s foreign insurance subsidiaries for a taxation year that begins after December 31, 2022, in part 2.1.2.
COZ-1179
- Added new parts 8.1, 8.2, 8.3 and 8.4.
TP-21.4.39
- This is a new form to disclose information related to a corporation’s crypto assets.
- Once you complete this form, TaxCycle automatically answers Yes to the questions about crypto assets on the CO-17 jacket (question 19b) and the Info worksheet.
QC1AdditionOther, QC1DeductionOther
- Line 250 from Schedule 1 now flows to the QC1AdditionOther as a new addition line item.
- Line 350 from Schedule 1 now flows to the QC1DeductionOther as a new deduction line item.
- When the above fields are completed, the amounts flow to the other addition and other deduction sections of the CO-17.A.1.
Minor Updates
The following forms received minor updates:
- CO-156.TR
- CO-156.TZ
- CO-1029.8.33.TE
- CO-1029.8.36.II
Resolved Issues
Status of File Carryforwards from 2023 to 2024
As of this release, the following 2023 to 2024 carryforwards are up to date. However, we strongly recommend you only perform batch carryforward on tax modules that are ready for filing in the list, below. We anticipate the rest of the modules will be finalized later in February.
Ready for batch carryforward:
- T2/CO-17—Carryforwards from TaxCycle, ProFile®, Taxprep®, Cantax®, DT Max®, creating files with year ends up until May 31, 2025.
- T4, T4A, RL-1/RL-2—TaxCycle, ProFile®, Taxprep®, Cantax®
- T4PS—TaxCycle, ProFile®, Taxprep®, Cantax®
- T4A-RCA—TaxCycle, ProFile®
- T5, RL-3—TaxCycle, ProFile®, Taxprep®, Cantax®
- T2202—ProFile®, Taxprep®
- T5018—TaxCycle, ProFile®, Taxprep®, Cantax®
- T3010/TP-985.22—TaxCycle, ProFile®, Taxprep®, Cantax®
- NR4—TaxCycle, ProFile®, Taxprep®, Cantax®
- Forms—TaxCycle, ProFile®, Taxprep®, Cantax®
- RL—TaxCycle, ProFile®, Taxprep®, Cantax®
Wait for batch carryforward:
- T1/TP1—TaxCycle, ProFile®, Taxprep®, Cantax®, DT Max®
- T3/TP-646, RL-16—TaxCycle, ProFile®, Taxprep®, Cantax®, DT Max®
- T5013/TP-600, RL-15—TaxCycle, ProFile®, Taxprep®, Cantax®
Status of 2024 Federal Returns and Slips
- T1—You may begin data entry. EFILE opens in late February 2025.
- T2—Certified to file tax year ends up to May 31, 2025.
- T3RET—You may begin data entry. EFILE opens in late February 2025.
- T3 slips—In progress. Wait to file 2024 returns.
- NR4 (in T3 module)—In progress. Wait to file 2024 returns.
- T4—Ready for filing.
- T4A—Ready for filing.
- T4PS—Ready for filing.
- T4A-RCA—Ready for filing.
- T5—Ready for filing.
- T5013-FIN—In progress. Wait to file 2024 returns.
- T5013 slip summary—In progress. Wait to file 2024 returns.
- T5018—Ready for filing.
- NR4 slips (standalone NR4 module)—Ready for filing.
- T4A-NR slips (in NR4 module)—Ready for filing.
- T3010—Ready for filing.
Status of 2024 Québec Returns and Relevés
- TP1—You may begin data entry. NetFile opens in late February 2025.
- TP-646—In progress. Wait to file 2024 returns.
- RL-16—In progress. Wait to file 2024 returns.
- TP-600—In progress. Wait to file 2024 returns.
- RL-15—In progress. Wait to file 2024 returns.
- RL-1—Ready for filing.
- RL-2—Ready for filing.
- RL-3—Ready for filing.
- RL-24—Ready for filing.
- RL-25—Ready for filing.
- RL-31—Ready for filing.
- TP-985.22—Ready for filing.
