TaxCycle 14.1.55915.0—TaxCycle T1/TP1 and T3/TP-646 Certified for Capital Gains
The Canada Revenue Agency (CRA) and Revenu Québec have certified TaxCycle T1/TP1 and T3/TP-646 for filing 2024 returns and slips with capital gains and losses.
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.)
Release Highlights
T1/TP1 Certified for Capital Gains Filing
The CRA and Revenu Québec have certified TaxCycle T1/TP1 for filing 2024 returns with capital gains and losses.
This release removes the Preview watermark from the following forms:
- T1206 Tax on Split Income
- T1237 Saskatchewan Farm and Small Business Capital Gains Tax Credit
- TP-726.7 Capital Gains Deduction on Qualified Property
- TP-726.20.2 Capital Gains Deduction on Resource Property
The following forms still show the Preview watermark due to ongoing work:
- T657 Calculation of Capital Gains Deduction
- T2203 Provincial and Territorial Taxes for Multiple Jurisdictions and provincial 428MJ forms.
- 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.
T3/TP-646 Certified for Capital Gains Filing
The CRA and Revenu Québec have certified TaxCycle T3/TP-646 for filing 2024 returns and slips that contain capital gains and losses.
This release removes the Preview watermark from the following forms:
- S1 Dispositions of Capital Property
- S9WS Allocation worksheet
- RL-16 Trust Income
- TP-646 Income Tax Return, and associated schedules and forms
Forms that have not been finalized by the CRA will continue to show the Preview watermark.
Other Updates
- Customer Request T3—Added a conditional paragraph about updating beneficiary information to the client letter (CLetter).
Resolved Issues
- Customer Reported T1—The total amount of qualifying First Home Savings Account (FHSA) withdrawals was not calculating on Schedule 15 line 68960, when there were no contributions or transfers in 2024 (in T4FHSA boxes 18, 32, 34, 36 or 38) and no unused limit or contributions carried forward from 2023.
- T1—On the T4FHSA slip, prior-year amounts from 2023 were not carrying forward to 2024. This has been resolved for TaxCycle and competitor carryforwards.
- Known Issue: T5013 S130 Part 4 and S12 Line 170 XML
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.
- T2—Certified to file tax year ends up to May 31, 2025.
- T3RET—Ready for filing.
- T3 slips—Ready for filing.
- 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.
- TP-646—Ready for filing.
- RL-16—Ready for filing.
- 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.
