TaxCycle 14.1.55862.0—T5013/TP-600 Certification
The Canada Revenue Agency (CRA) and Revenu Québec have certified T5013/TP-600 for filing 2024 returns.
To install this version immediately, download the full installer from our website or request a free trial. Once we enable the automatic updates 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.)
At the CRA’s request, we have disabled the ability to print any T1/TP1 and T3 returns that have capital gains or losses. This functionality will be restored in a later release once the CRA’s systems are ready and the CRA certifies TaxCycle for any forms that are related to capital gains or losses.
Release Highlights
Updated T1/TP1 Forms
The Preview watermark has been removed from the following forms:
- T936 Calculation of Cumulative Net Investment Loss (CNIL)
- T1198 Statement of Qualifying Retroactive Lump-Sum Payment
- T2048 Capital Gains Deduction for Qualifying Business Transfer
- TP-726.6 Cumulative Net Investment Loss
- Schedule 8 Québec Pension Plan Contributions
This release allows you to EFILE Form T1198, which the CRA recently added to forms eligible for transmission.
You may transmit T1 and TP1 returns by EFILE and NetFile providing they do not contain capital gains or losses.
The following forms still show the Preview watermark due to ongoing work:
- T657 Calculation of Capital Gains Deduction
- T1206 Tax on Split Income
- T1237 Saskatchewan Farm and Small Business Capital Gains Tax Credit
- T2203 Provincial and Territorial Taxes for Multiple Jurisdictions and provincial 428MJ forms.
- TP-726.7 Capital Gains Deduction on Qualified Property
- TP-726.20.2 Capital Gains Deduction on Resource Property
- TP-729 Carry-Forward of Net Capital Losses
- TP-776.42 Alternative Minimum Tax
- TP-766.34 Income Tax on Split Income
- TP-22 Income Tax Payable by an Individual Who Carries on a Business in Canada, Outside Québec
- TP-25 Income Tax Payable by an Individual Resident in Canada, Outside Québec, Who Carries on a Business in Québec
- TP-726.30 Income Averaging for Forest Producers
- LE-35 Contribution and Deduction Related to the QPP or the CPP
Future releases will allow for transmitting returns subject to tax in multiple provinces (T2203), for emigrants, deemed residents (section 250) and non-residents filing under section 116, as well as capital gains returns.
Updated T3 Forms
This release updates the following forms to the latest version from the CRA:
- Schedule 10 Part XII.2 Tax and Part XIII Non-Resident Withholding Tax
- Schedule 12 Minimum Tax
- Allowable business investment loss (ABIL) worksheet
- T3QDTWS Recovery Tax Worksheet
Forms that have not been finalized by the CRA will continue to show the Preview watermark.
You can continue to transmit T3 returns via EFILE and T3 slips via Internet File Transfer (XML) providing they do not contain any capital gains or losses.
T5013 and TP-600 for 2024
TaxCycle T5013 is ready for electronic filing of T5013 and TP-600 returns for 2024 with the CRA and Revenu Québec.
New Forms
- S75 Clean Technology Investment Tax Credit
- S78 Carbon Capture, Utilization, and Storage (CCUS) Investment Tax Credit
- S130 Partnership Interest and Financing Expenses and Interest and Financing Revenues
Updated Forms
- Updated the T5013FIN to the latest 2024 version and to reference the new schedules above.
- Updated S6 Summary of Dispositions of Capital Property to include new boxes for capital gains reporting.
- Updated S141 General Index of Financial Information to add lines for Interest and Financing reporting.
- Updated S58 Canadian Journalism Labour Tax Credit to reflect the increase of the cap on the annual eligible labour expenditures per eligible newsroom employee, which came into effect on January 1, 2023.
Resolved Issues
- Customer Reported T1—Corrected typos in the French client letter (LettreC).
- Customer Reported T1 2024—Resolved an issue where TaxCycle was not calculating the total amounts on the 5 year summaries when carrying forward a file to 2024. We also added a check box in New File Options to Calculate totals on 5 year summary. TaxCycle uses this option when carrying forward a file or creating a new file, and if it is checked, will automatically check the box to Calculate totals at the top of the 5 year summary. This applies to the T1 and TP1 5 year summaries, and the data flows to the 2 year variance summary as well. Files previously carried forward missing the default will update to have the box checked if the Option is selected.
- Customer Reported T3010—Resolved an issue in the carryforward table related to disbursement excesses.
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.
Ready for batch carryforward:
- T1/TP1—TaxCycle, ProFile®, Taxprep®, Cantax®, DT Max®
- T2/CO-17—Carryforwards from TaxCycle, ProFile®, Taxprep®, Cantax®, DT Max®, creating files with year ends up until May 31, 2025.
- T3/TP-646, RL-16—TaxCycle, ProFile®, Taxprep®
- 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®
- T5013/TP-600, RL-15—TaxCycle, ProFile®, Taxprep®, Cantax®
- 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:
- T3/TP-646, RL-16—Cantax®, DT Max®
Status of 2024 Federal Returns and Slips
- T1—Ready for filing non-capital gains returns.
- T2—Certified to file tax year ends up to May 31, 2025.
- T3RET—Ready for filing non-capital gains returns.
- T3 slips—Ready for filing non-capital gains returns.
- NR4 (in T3 module)—Ready for filing.
- T4—Ready for filing.
- T4A—Ready for filing.
- T4PS—Ready for filing.
- T4A-RCA—Ready for filing.
- T5—Ready for filing.
- T5013-FIN—Ready for filing.
- T5013 slip summary—Ready for filing.
- 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—Ready for filing non-capital gains returns.
- TP-646—Ready for filing non-capital gains returns.
- RL-16—Ready for filing non-capital gains returns.
- TP-600—Ready for filing.
- RL-15—Ready for filing.
- 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.
