TaxCycle 14.1.56032.0—2025 Slip Modules
This release rolls over T4/T4A, T5, T5018, T2202 and NR4 slips to 2025.
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
Status of T1/TP1 Forms
This release removes the Preview watermark from the following forms:
- T657 Calculation of Capital Gains Deduction
- TP-776.42 Alternative Minimum Tax
- LE-35 Contribution and Deduction Related to the QPP or the CPP
The following forms still show the Preview watermark due to ongoing work:
- T2203 Provincial and Territorial Taxes for Multiple Jurisdictions and provincial 428MJ forms.
- 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
- TP-729 Carry-Forward of Net Capital Losses
- TP-766.34 Income Tax on Split Income
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.
Other T1/TP1 Changes
- Added electronic signature support to the TPF-1.W Keying Summary for the Income Tax Return.
- The T1134 is now certified for electronic filing.
- Revised the client (CLetter) and joint (JLetter) letters to reflect the final payment of the Canada Carbon Rebate (CCR). Updated the CCR worksheet to only show the calculation of the estimated payment for April 2025.
- Added a section for unused First Home Savings Account (FHSA) contributions and participation room to the client (CLetter) and joint (JLetter) client letters.
- NAICS industry codes for forestry and logging are now available when completing farming statements (T2042, T1163 or T1273).
- Updated the Slips Summary to show the capital gains breakdown by period boxes for T3 slips, box 34 for T5 slips.
T2 Updates
This release updates the following forms to the latest version from the CRA:
- Schedule 150 Net Income (loss) for Income Tax Purposes for Life Insurance Companies
- Schedule 151 Investment Revenue From Designated Insurance Property for Insurance Companies
Rollover of TaxCycle T4/T4A, T5, T2202, T5018 and NR4 to 2025
The new modules for T4/T4A, T5, T2202, T5018 and NR4 allow you to begin data entry for 2025 slips and related Québec RL slips. Please note the following:
- The government forms are the 2024 forms updated to include 2025 indexed amounts and budget changes announced or estimated based on the information we have at this time. A review message appears on the year-end date field and in a bulletin at the top of the forms to remind you of this.
- You can now carry forward 2024 TaxCycle files from these slips modules into 2025.
- You can use these modules to file 2025 slips now if you need to. They permit CRA Internet File Transfer (XML) and transmission of RL slips to Revenu Québec.
T5013 Updates
- Added a new question to the Info worksheet to allow transmission of a blank Schedule 130, where applicable.
Nova Scotia HST Rate Reduction
We have updated the HST rate for Nova Scotia to reflect the reduction from 15% to 14% as of April 1, 2025.
This change applies to all TaxCycle modules that include the Billing worksheet, as well as the RC71 in TaxCycle T1, and CCA class 10.1 and class 54 motor vehicles in TaxCycle T1 and T3.
Resolved Issues
- Customer Reported T1—TaxCycle no longer attaches memos to T5008 descriptions when the slips are not aggregated.
- Customer Reported T1—The Homework template now pulls in the text descriptions from the AgriStability forms.
- Customer Reported T1—Corrected the wording in the Underused Housing Tax (UHT) paragraph in the English client (CLetter) and joint (JLetter) letters that did not change from plural to singular pronouns based on the setting in the options.
- Customer Reported T1—Removed the period in the salutation after the Title shown in the correspondence fields on the Engagement worksheet.
- T1—TaxCycle no longer calculates losses on personal-use property to the return.
- Customer Reported T2—Line 76 of the RD-222 in CO-17 now includes the amounts from lines 431 and 432 of the T661.
- T3—Fixed an issue where capital gains of personal use property were not being reported on the Schedule 1 in some cases. Also updated the print copy so that impacted fields on the S1 show zero instead of negative amounts on lines 1762 and 1062.
- T3—Updated carryforward of Schedule 15 data to factor in cases where reportable entities ceased and were still carried forward to the BeneficialOnFile worksheet.
- TaxCycle Forms—Resolved issues related to errors when electronically filing UHT-2900, T2057 and T2059 for individuals using SERs.
- Customer Reported TaxCycle Forms—Fixed a calculation error on FIN542P where certain fields should allow negative values.
- Known Issue: Immediate Expensing in T1 and T5013, Income Before CCA Deductions
- Known Issue: Proration of Non-Refundable Tax Credits for Newcomers
- Known Issue: T3 S12 Incorrectly Halving Non-Capital Loss on Line 29
- Known Issue: Missing Personal-Use Capital Gains on T3SCH1
Status of File Carryforwards from 2023 to 2024
As of this release, all 2023 to 2024 carryforwards are up to date. This includes:
- 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®, Cantax®, DT Max®
- 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®
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.
